The assumption I am making regarding smelter credits is that they will be included when a market for the product has been established. I hope they start this quarter but this is not a simple process. The MN market is willing buyer/ willing seller kind of thing. Just because you have something slightly better than the norm because of other minerals present doesn't necessarily mean somebody is going to buy it.
And I disagree on 2 fronts. inclusion of mineral credits from this quarter will not instantaneously make the ore business profitable. Shipping costs are more material. I have included mineral credits but expectations are still 50/50.
On the second front a lot of information has been supplied in one form or another. We do know what corporate overheads are. We have a good idea where the benchmark is. We know where the currency is, how much was shipped, when it was mined and how much they got paid. When you put the combination together there are only a couple of variables left. FOB/CIF conversion including shipping costs, and grade discount. You can work out what the combination of them was, and by implication what it needs to be.
The days of sugar coating have been and gone. What I use works for me. I held 100k+ shares last year and sold most the day the quarterly cashflow was released because to me, something was amiss. I won't buy back until I see something that resembles the ability to generate positive cashflow. Days of buying on promise has gone IMO. Mr Market going to want to see something tangible.
E25 Price at posting:
$1.45 Sentiment: Hold Disclosure: Held
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