AGM Presentation I am anxiously awaiting an update from OGC. In the meantime, have a look at their latest presentation for today’s Annual General Meeting.
https://www.oceanagold.com/wp-content/uploads/2017/06/170723-AGM-Presentation-FINAL-003.pdf As before, the reported information is impressive but somewhat out of date. There are snippets of information about what the next report should reveal.
- Still meeting guidance.
- Balance sheet on March 31 = $ 70.6 million in cash, excluding $90m in marketable securities.
- Debt at that time was $333m, giving a net debt of $262m (again excluding marketable securities).
- Net Debt/EBITA on 2017 Consensus is 0.3
- Haile is in transition—still stated as commissioning to operations, but all milestones seem to be positive (80% of design at present, recoveries at or near expected levels, costs under control, steady state mining with productivity improvements). Very soon, I would expect an announcement about both commission completion.
- Snake (2nd pit) is 4 months ahead of schedule.
- Optimization at Haile (update drill data, optimal pit size, optimal interface between open pit & underground) is on track for mid-2017 completion. Mid-year in now! I would expect an update news release on Haile very soon).
- At Wahi – drifting to higher grade under the Martha pit.
- 2017 guidance is 550,000-610,000 ounces at a low AISC
- Didipio is transitioning to underground. However, the last stages of open pit are into the higher grades at lower levels.
Overall, impressive company!