RE:Second Fiscal Quarter financial results
Obviously not the greatest quarter production wise. The important thing is the lower production was not due to a techical failure or anything fundamental that isn't resolved yet. Rather it's due to a planned one-time action to help model dilution. Oversize rock creation is said to be under control with the new blasting contracter.
The number of ounced stacked this quarter is a record at 12k-ish ounces, so that should result in a much better production next quarter. This is also pointed out in the press release and let's not forget they have already been producing 2 months of that next quarter. If there had been any other issues in those 2 months they would not set those expectations.
As I said before I care more about the MPO approval right now than this quarterly release. That's where the upside is, both in terms of exploration and operational efficiency. If there is any truth about a potential buy-out candidate then probably this is conditional to MPO approval as well.
What I am missing in the quarterly is any information with respect to the updated block models after the exploration last quarter. These were due mid january. Also no mention is made of the status of the powerline, nor of the cost optimization exercise to increase the crushing size.