Hi Auge,its a story of woe I won't lie.... although,...

Hi Auge,
its a story of woe I won't lie.... although, technically, there is still a heartbeat even after 5 months of being in Admin (they are still producing, but... not making any money, even though not being hedged).

The reasons for Admin were largely related to grade and not being able to feed a 2.5mtpa plant. I could write a whole essay on it, but in the end, infill drilling was not done properly, management over-promised and ignored that the grades kept decreasing.

At one point, their market cap was $300m, now... they have around $100m in debt.
I am confident I will never see $1.

MOY is almost in a worst position, if that can be possible, because IMC have the rights to everything. Because of the debt.

Its a very frustrating outcome, because for quite a while, MOY was actually making money, but... then management got gold in their eyes and decided they needed do everything at once. Plant upgrade and go U/G simultaneously. Obviously, they could not handle it... plus all the other issues like high costs for contractors etc. GCY had similar issues with costs. But they have less excuses, they were running a normal open cut pit operation, nothing more.

I take no solace in having run from the company when it clearly was in trouble (easy to say now I know). I have held many gold stocks and lost much of my capital. Only taken me 20 years to be able to start dodging a few. sigh.
Anything is possible of course, but... at best, perhaps MOY shareholders (not IMC) might be able to claw back 10% of their capital if somehow they are able to salvage things (just a guess really though).

I will still watch on, in the hope that I learn a little more and remember that capital preservation is key.