Dubbo Project (DP)
- Hafnium oxide exceeding 99.8% HfO2, and 99.9% (Hf+Zr)O2, was produced using a proprietary process to separate hafnium from zirconium at the demonstration pilot plant at ANSTO.
- The modularised build study output is being reviewed and incorporated into an updated project execution and financial model, expected to be released in February.
- Upward price movements in the zirconium chemicals and powders have continued. Rare earth magnet material prices have returned to their medium term upward trend.
Tomingley Gold Operations (TGO)
- Continued solid performance sees guidance for the full year lifted to 70,000 to 80,000 ounces of gold at a reduced AISC of A$1,000 to A$1,100.
- Site operating cash flow for the quarter was A$4.6M1 (YTD: $22.9M) excluding increase in bullion on hand at fair value of $5.7M.
- Quarter Results
- Gold production was above forecast at 16,641 ounces.
- Site operating cash costs were A$840/ounce with all in sustaining costs (AISC2) of A$1,058/ounce.
- Gold sales 13,184 ounces for revenue of A$22.3M at an average price of A$1,694/ounce.
- There were no open forward contracts at 31 December 2017.
- The Group’s cash position totalled A$57.7M with A$44.8M in cash and bullion on hand at fair value of A$12.9M, an increase of A$4.4M from the previous quarter.
- Gavin Smith welcomed to the Board on election by shareholders.