Hey Paul, so it would seem you and @bdell got very close, although I think the numbers are actually slightly better than what you both expected? Cash costs were excellent, overall cash costs only rose 3%.
Some of the debt paid down, plus fees to the ever blood sucking lenders we have on board.
So... CAMIF 1 redeemable preference shares still add up to US $9.5m (plus 500k fee in Sept).... so its back to $10m but we are not paying interest on the $500k I guess.
Then we have the ALCIP and PGI owe them US $9.5m (Very happy to see that PGI can pay it off anytime they want with no penalties. So that will be first to go, other than the other structured payments etc as below.
Then we have BanReservas with US $7.5m
Finally we have the AUD $3.3m in shareholder loans which will be converted before the end of the year at $0.10 with the options. So... that debt will cease with some dilution, but at least the shares are mostly going to BJ and other shareholders.
Total debt (and 1 off fee) = US $29.4 million. Then we can reduce that by approx US $2.42m when the shareholders convert their shares = USD $27m.
As for the repayment schedule, here is how I see it (All numbers in USD)
In Summary, PGI should be able to build up a very sizable cash balance by Dec 31 since up to that date they are only going to have to pay the $700k + interest on the loans.
The current hedge up until Dec pretty much uses most of the production, I see approx 1200 ounces a quarter being unhedged, which whilst not exciting considering the price of gold could go up, they clearly have some of the hold hedge still to get rid of. Hence the varying average prices. Still nice to have that info to then crunch the numbers. PGI will I believe continue to hedge small increments going forward, so by Dec we will be looking at receiving prices around the current price for approx 90% of the production.
Looking forward to others thoughts (and corrections for any mistakes I have made). In the end, PGI is making money, will pay down the debt and is scouring the world for new opportunities that won't cost them much. Interesting to see that Cuba is now a potential new location for a plant.
PGI Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
(20min delay)