March 2016 Quarterly Report


  • Group quarterly gold production of 32,472 ounces at a total cash cost of US$870/ounce.
  • Chatree (Thailand) gold production of 23,053 ounces at a total cash cost of US$954/ounce was below trend due to fleet availability issues and reduced access to higher grade ore.
  • Challenger (Australia) made a strong final contribution during the quarter with a quarterly gold production of 9,419 ounces at a total cash cost of US$662/ounce. The mine was placed on care and maintenance and the sale completed effective 15 March 2016.
  • The Nueva Esperanza Project (Chile) has now moved into the Feasibility Study stage.
  • Completion of the Optimisation Study at Nueva Esperanza to a Pre-Feasibility level confirms robust project economics with the potential to be one of the exciting emerging precious metals projects in South America.
  • Systematic property scale exploration continued at Nueva Esperanza with the completion of a 485 hole basement geochemistry drilling program to help unlock the potential of the 50 kilometre2 alteration footprint and establish RC drill targeting.
  • The sale of an 85% interest in the Bowdens Silver Project is on track for completion with an A$18 million final payment due by 30 June 2016.
  • Cash and bullion/doré totalled A$49.8 million (December quarter: A$55.5 million), comprising cash of A$43.1 million and bullion/doré of A$6.7 million.
  • Debt facilities of A$92 million comprising a A$10 million corporate facility and an A$82 million equivalent syndicated loan facility against Chatree.
  • Debt reduction continued with Group Net Debt* down to A$49 million. (*Debt facilities less cash.)

Group Operating Summary

Operation Production
Total Cash Costs
Chatree 23,053 954
Challenger* 9,419 662
Total 32,472 870


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