I think were we are not connecting on the 1450 +/- figure is you seem to be saying/thinking profit whereas I am looking at expenditures to stay on track with growth of Black Fox production and to keep Grey Fox preparations, but not new exploration, happening.
As I understand the company's meaning for the per ounce cash cost of operations at Black Fox is production costs. met with cash, for operating BF and I assume producing the ore to point of sale. This seems to be a bit more than half of revenue expenditures.
I am more interested in ( BRD, shareholders, myself as estimator ) getting at the levels where funding the next planned open pit operations is not put off schedule when done only by internal funding. To estimate that based on reported financials with sensitivity to PM market range isn't easy. What all costs/expenses get cooked into the reported values by then? Besides I hold no fondness for accountancy. So, I cop out and look at net profit per oz produced. It would be nice for BRD to build funds for opportunistic hunting or cushion for timelines stability, but can't net profits go to zero without BRD becoming unprofitable? So I use net profit per oz to see how low the per oz could go without timeline adjustment (on stable projected costs).
If they get to Grey Fox development, get to deeper levels in current BF footprint, to producing from higher grades, newer findings, and expansion zones then projected increased production seems able to lower the needed AU per Oz price significantly, and there is also that "eventual" upward adjustment of Au prices.
IMO it all paints at improving profitability and growth. At what rate as/if metals dive too far does seem an issue, but there also seems to be a lot of spending that could be deferred with adjustment of guidance.
