And yet, it is as though the bullion holdings are hidden from investors. They have to dig into the annual accounts to find these and they are consistently excluded from the cash and equivalents in quarterly reports.
Clearly, the controlling shareholder(s) assign no value to retail holders but expect them to be satisfied with a depressed SP in the face of a surging POG and a dividend yield that is admittedly above the norm for gold producers.
As evidence of the disregard for other shareholders, just look at the SP performance in the chart below over a period when the POG has been holding its own, and then increasing, whereas only lately has the SP responded. Even so, it is so very much behind the POG increase.
As for Ghana and The Philippines, it is as though these do not exist
