You need to add in a further $2M USD that is held in escrow accounts. "US$1.0 million is on deposit with the project’s power supplier as a performance bond, and US$1.0 million is in an escrow account with CAMIF 1. Both amounts should be returned to the Company on completion of the Las Lagunas project"
I suspect that PGI participated in the ASX listing of Black Dragon which has the Salave Gold Project in Spain. In the company accounts PGI has a $500k investment already.
https://www.blackdragongold.com/salave-gold/
Something does,nt add up, page-2
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