Quickly rebuilding stock piled oreUntil Peranghi came along, Monument was funding part of its production from stockpiled ore.
Typically, stockpiled ore inventories would be of the order of $25 million including finished goods.
The GC massive drilling program in Q3 at Peranghi provided the opportunity to rebuild stockpiled ore from the dessimiated gold in the top 10 m.
As a consequence, 122,000 tons of auriferous ore was redirected from production to rebuild the stockpiled ore in Q3.
Invenbtory levels increased from $14.7 m US in Q2 to $17.2 m US in Q3.
Including finished gold dores, approx 8500 ounces of gold are now in our ore inventory to support gold sales.
Undoubtedly, with direct mining of Peranghi now proceeding, there will be continued priority to rebuild ore inventories to the $25 m US level.
Such a stockpile provides sustainability of production for periods such as the current Covid suspension.
I fully suspect that our ore inventory will reach $20 million US by exit Q4, if not higher even with a significant increase in gold production in Q4.