Ann: Acquisition of Harte Gold Credit Facilities, page-53

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ktrianta

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22/11/21

18:16

Post #: 57761975
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Originally posted by PulpCutter: ↑

Cliff Notes version of Harte story is perhaps best told by listing the quarterly production figures.
Note that the PFS averages 61k oz/year, at $845/oz US AISC, for 14 years.

Q1 2019: 5476 oz
Q2 2019: 7754 oz @ 1734 US AISC
Q3 2019: 6069 oz @ 3.64 g/t (CEO, COO, and CFO sacked)
Q4 2019: 8017 oz @ 5.03 g/t and $2017 US AISC, made small mine operating profit due to high spot gold price at the time
Q1 2020: 8597 oz @ 5.50 g/t
Q2 2020: operations suspended due to covid
Q3 2020: 6218 oz @ 5.7g/t; mining restarted July 17, mill August 5th
Q4 2020: 10835 oz @ 6.35 g/t
Q1 2021: 11776 oz @ 6.1 g/t and $1916 US AISC, $9.2 million mine operating cash flow
Q2 2021: 11283 @ 6.1 g/t and $2033 US AISC, mill closed 6 days due to covid

All along this time stretch, there have been near-continual share offerings, and the business has never built much of a cash margin (even aside from longer term debt). In the same time period, there were notable new exploration finds.

My preliminary sense is that the business, which has clearly been harmed by being cash-strapped, MIGHT turn around given adequate funding, similar to Detour Mine.
By "MIGHT", I mean it seems to have potential in my naive opinion - I have nowhere near the mining experience to make an independent judgement.

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No doubt that they have done their due diligence on this acquisition. Interestingly, i wonder who approached who?

SLR Price at posting: $1.79 Sentiment: Hold Disclosure: Held
4 Upvote

1 Great analysis

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Ann: Acquisition of Harte Gold Credit Facilities, page-53

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