Their cash is mainly held in ringgit. Ringgit depreciation results in forex losses

Take a look at FSL Trust's recent price movement, if u wish to see how share buy back impacts share price. Of coz, management has to execute its mandate and not just sit on it and do nothing. I believe cnmc has the financial muscle to do it.

A new low for all-in-cost and all-in-sustaining-cost. Which means the profit margin is as fat as ever hahaha.

I wrote to CNMC's investor relations asking for the reason why their production numbers are so lumpy. Below is their reply. Thumbs up to CNMC for their excellent shareholder engagement.

Dear Mr Soo,

Thank you for your query and your support of CNMC.

Aside from the hardware involved in the mining of gold, many other factors beyond our control impacts upon the production volume; key of which are ore quality & soil composition of the vein currently mined and prevailing weather conditions during the leaching processing.

With regard to weather conditions, heat & humidity affects greatly on the leaching processing. For example, if the weather is hot and dry, more water is needed to maintain the required alkaline level and the leaching process will be lengthened. The soil composition will also greatly affect the alkalinity of the water in the leaching process thereby affect leaching time. In effect, each gold pour is distinctly different from the one before and the one after.

The installation of new equipment in our mining operation and refining plant will increase the amount of ore processed. The quantity of the output i.e. how many ounces of gold produced per pour, is primarily determined by the quality of the ore. The time it takes to extract maximum amount of gold from the ore in each leaching process is determined by prevailing weather conditions -- for example, it may take 20 days to leach one batch of ore, it may take 25-30 days to leach another. As such, it is almost impossible to "smooth out the lumpiness of the production level" as you mentioned.

The fact that production peaked at the final months of Q2 & Q3 is happenstance, essentially dictated by mother nature.

I hope this answers your questions. Please do not hesitate to contact us again should you have more queries about CNMC.

I used protasco's profit guarantee as reference.