Revenue $140M (based on 500ktpa x $280 as per PDAC pres.) Estimated EBIT $40M or $50M with tailings added (my estimate) less tax $25M Profit, or possibly $30+= with added tailings.
Market Cap $65M
That's 3 times the revenue, 5 times the profit, and about 1/8th the Market Cap.
Sure GPR has a lot more reserves, but what a glaring disparity between the two. We are talking a P/E of 100 for GPR and a bit over 2 for BSM....a 50x difference!
You gotta laugh...
What am I missing here folks?
Perhaps we need a listing on the TSX???
Mar 16, 2011 Great Panther Silver Reports Annual Net Profit Of $5 Million GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE Amex: GPL; the "Company") is pleased to announce the audited financial results for the Company's year ending December 31, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.greatpanther.com or on SEDAR at www.sedar.com. To view the Company's Annual Report on Form 20-F which includes the Company's audited financial statements for the year ended December 31, 2010, please click on the following link http://sec.gov/edgar.shtml.
"Great Panther continued to achieve record revenue and earnings from mining operations in the fourth quarter of 2010, up 40% and 60% respectively, over 2009," said Kaare Foy, Executive Chairman. "In addition, 2010 marks a significant milestone for the Company as we report our first year of net income."
2010 ANNUAL AND FOURTH QUARTER HIGHLIGHTS
33% increase in mineral sales revenues to $42.2 million for the year ended December 31, 2010 from $31.7 million for 2009. 40% increase in mineral sales revenues to $13.8 million for the three months ended December 31, 2010 from $9.9 million for the same period in 2009. 63% increase in earnings from mining operations to $18.7 million for the year ended December 31, 2010 from $11.5 million for the same period in 2009. 60% increase in earnings from mining operations to $6.8 million for the three months ended December 31, 2010 from $4.2 million for the same period in 2009. 212% increase in cash flows from operations to $4.2 million for the year ended December 31, 2010 from $1.4 million in 2009. $5.8 million increase in net income to $5.0 million for the year ended December 31, 2010 from a net loss of $0.9 million for 2009. Record annual metal production of 2,255,802 silver equivalent ounces ("Ag eq oz"), up 2% from 2,202,456 Ag eq oz in 2009. Record silver production of 1,534,957 silver ounces, up 5% from 1,456,830 in 2009. Record metal recoveries of gold and silver at Guanajuato and silver, lead and zinc at Topia 33% increase in cash cost per silver ounce, net of by-products, to US$7.43 in 2010 from US$5.58 in 2009. This increase in costs during 2010 was primarily due to lower than forecasted production, lower ore grades, higher smelting and refining charges and development costs at Guanajuato, and lower ore grades and higher mining costs at Topia. 75% increase in cash cost per silver ounce, net of by-products, for the fourth quarter of 2010 to US$8.41 from US$4.80 for the fourth quarter of 2009 primarily due to lower than forecast production and ore grades, general inflation and higher power costs.
BSM
Phase 1 - Fossey Ore Reserve* ? estimate of financial outcome/tonne ore Financial Outcomes* Gross Revenue Net Smelter Return Site Operating costs Royalties EBITDA Start‐up Capital Costs Ongoing Capital Expenditure EBIT A$/t ore 285 215 81 22 112 29 10 73 ? c. $40M / year estimate of operating surplus (EBIT/yr) ? C1 cost of c.US15 cents/lb payable Zn (after credits) ? Lowest quartile of world cost curve
BSM Price at posting:
32.7¢ Sentiment: Buy Disclosure: Held
(20min delay)