via Terraserver - Roy Lloyd Mine, 13 April 2014

The Roy Loyd Mine location for the 13th April, 2014 almost a year ago shows that the company was already engaged in the process of drawing from stockpiles, even though it was claimed to be in a "clean up" phase.

It could just as easily mean processing stockpiled ore. You can select the date of a more recent view. My guess is most of the stockpiled ore to be processed had already been delivered to the mill, though stockpiles were further reduced during the course of the year.

The company does not produce cash flow as per the escrow agreement, so the stockpiled ore processed by the company would have been at the cost of transportation and milling, and will have continued from the end of Q2 fiscal 2014 until the end of Q2 fiscal 2015, producing a year's worth of doré, adding to the total liabilities on the balance sheet.

Adding $8m. To the liabilities column means 80k oz. doré production at the cost of transportation and milling, ~$100/oz. Perhaps this was the average rate of production for the first phase, without removing costs.

A wild guess of the total production under the liabilities column would be ~320k oz. over five years.

You can toggle the date under image options.

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