cant believe the price of this stock, page-8

I decided to have a look at this stock this afternoon as I am invested heavily in AAM but looking for other gold stocks to back considering the direction the gold price is heading.

TBR popped up as for what it is producing it has an extremely low MC. But reading their quarterly has turned me off a bit.

It seems they are definitely hedged against the gold price as their share of mined gold was nearly 17,000 oz but they only have receipts for $10.5 million which gives them an average sale price of $632 per oz. They have missed out on over $500 per oz by not selling at spot price. Not very good forward thinking on their behalf unless someone like Barrick is buying their gold and arranged the hedge for their own benefit.

Also with receipts of $10.5 million they only have a net cash flow of $462,000 which is very low approx 4.4 % profit. So not really worth investing in this until they cancel their hedging contract and sell on market.
I dont mean to offend anyone but this is what I came up with and would love someone to prove me wrong as I need another great gold stock to invest in.

Cheers