Monday, June 05, 2017 9:11:36 PM
ORV.TO - predicting $1500 AISC in H2-F2017
Exhibit 1: ORV still has $15-$18M in capex to incur in H2 which is higher than H1 where they have already had AISC of $1422. See my highlights.
Exhibit 2: AISC includes only sustaining capex and 75% of YTD-F2017 capex has been sustaining ($9M of $12M), NOT GROWTH, which leads me to believe Orvana will be a potential capex-suck going forward like it has been historically. See my highlights of their AISC policy.
Even if capex drops dramatically for F2018 I don't see how H2-F2017 can have lower AISC than H1 with capex higher.
Exhibit 1: ORV still has $15-$18M in capex to incur in H2 which is higher than H1 where they have already had AISC of $1422. See my highlights.
Exhibit 2: AISC includes only sustaining capex and 75% of YTD-F2017 capex has been sustaining ($9M of $12M), NOT GROWTH, which leads me to believe Orvana will be a potential capex-suck going forward like it has been historically. See my highlights of their AISC policy.
Even if capex drops dramatically for F2018 I don't see how H2-F2017 can have lower AISC than H1 with capex higher.
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