They failed to do this (link) by falling 5% short of their lower guidance expectations, and just to top off the good news, we get a nice PR investigating the trading it is shares (link).
So how bad were the Q4 numbers?
Pretty shitty, there has been a consistent decline (but like my school grades) since the mine reached steady state production and the new grade control system came into place.
It is almost as if Pretium, by some coincidence managed to be mining some high-grade zones the same time. How fortunate.....
We can clearly see that only once (Q2), did production come close to the Feasibility Study number, and Q4 was a huge miss.
My bug concern, and I've mentioned this a few times, is what will happen to the grade once they ramp up to 3,800 tonnes per day?
If they manage to maintain the same average head grades (11.98 g/t Au) and recoveries (97%) that they achieved in 2018 (around 11.98 g/t Au) after the expansion we should expect quarterly production to be around:
- (90 x 3800 x 11.98 x 97%) /31.1 = ~128,000 oz per quarter
However, the common thing that happens when a mind finds itself with a hungry hungry mill, it that they chuck any old crap into it and the grade plummets.
I wonder what will happen here?