Conf Call Transcript - AISC and TCRCRobert Reynolds (Credit Suisse)
Okay. And then, just on the realized gold price in Q4, the 1211 that look to be above 5% below the average for the quarter. How much of that is related to the Offtake Agreement terms? If you can quantify or just provide some commentary around that? And then, just versus the timing of your sales during the quarter?
Joseph Ovsenek
Thanks, Robert. The differential was primarily due to the TC/RCs that are related to our constant sales. So in the quarter, we have about $5.7 million related to that. So if you factor that back in, we will be pretty well on spot, right? With respect to the Offtake, there is approximately $1.5 million for the year that's related to that Offtake Agreement, but that's really charged against our obligation, which is on the balance sheet.
Robert Reynolds
Okay, so just so I'm clear. I guess this might be a little bit different than how I have seen other companies do it. You are taking the TC/RCs off of your realized gold price instead of including that in your total cash cost, is that right?
Joseph Ovsenek
Correct.
So... AISC per ounce of gold sold would really be $60-70 higher, that leave us basically with a $1000 AISC for Q4 per ounce of gold sold... Much worse if we consider AISC per ounces produced in Q4...
Question... Did they treat TCRC costs the same way when reporting Q3 numbers?