Minor net loss, but postive EBITA and Operating Cash flow. All mines except Macraes produced a positive AISC margin (Gold Price > AISC). Operations at Macraes were hindered by heavy rain.
With consolidated AISC at $1554 and averge gold price of $1699, they are only making $145 per ounce. That is causing me some concern. Haile cash cost is $1175 whereas it was always < $1000 in the past. Perhaps, preparation costs for underground mining is causing that.
Good news is that the underground mine expansion at Haile has started. With strong indications that full permitting is forthcoming, the company has received advance permits to start. .
"The ACOE has advised the Company that all comments received in the review period have been adequately addressed and that it is ready to simultaneously issue both the final Record of Decision ("ROD") and the Clean Water Act ("CWA") Section 404 Permit very shortly after the CWA 401 Water Quality Certification issued by the South Carolina Department of Health and Environmental Control ("DHEC") takes effect."
"DHEC recently published notice that it has issued the CWA Section 401 Water Quality Certification, which will be effective in the first half of November 2022 unless a request for DHEC Board review is submitted. No such request is expected given the agreement reached earlier this year with the environmental groups participating in the permit process."
"During the September quarter DHEC approved an early works program enabling the Company to commence initial development of the main production portal and drilling the intake and exhaust ventilation portals of the Underground Horseshoe Deposit. To date, the Company has developed approximately 50 metres of the decline and work on the the ventilation portals is progressing well. Overall, this means the Company's access into the first ore from Haile underground remains on track for delivery in the fourth quarter of 2023."