The company spent $10.25m in the June quarter and had nothing much to show for it.
At 30 June their cash was still a healthy $52.36m, and had around 400m shares on issue.
GRY indicated they would "only" spend $6m in the September quarter which has now reached its end (actually that happens next Monday). If they did not overspend (which they are anyway given their reported outcomes) above their $6m budget there will now be around $46.3M or 11.6 cents per share left.
I think people are jumping ship ahead of the quarterly which will again say nothing much.
The review of the heap leach potential was the thing that got me interested enough to stay in but I decided that this would not save a decline in GRY's share price and I jumped ship a while ago.
I may look to buy back at some point in time once the POG does more of a selldown. Yeah, I think it will get back to at least USD1200 and possibly USD1000-1050.
As we all know GRY's ore reserves/resources does not have much economic value at the current POG. Somebody might buy it to keep in reserve for the longer term but they would not develop it now. The same goes for AMX, and perhaps PVM (where the high Ghana taxes would make it unattractive). Gold production in Ghana is heading downhill, which is nice to see given how they have been biting the hands that feed them.
loki (gottalovthagoldies)
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