So in your calculus, you have forgotten a very important factor....

So in your calculus, you have forgotten a very important factor. That is management. The same management who put together the prospectus where they said they would be cashflow positive from day one and would pay down the company's debt within the first few quarters, from Mt Boppy, before moving to silver production.

Their performance so far absolutely should be factored into any investment in the company.

If they said they were going to go and mine the remaining gold and use free cash flow from that to pay down debt and that never happens, what makes you so sure you can trust them to transition to a profitable silver mining operation?

Sure, anyone could run a profitable mine at $100 oz Ag. Hopefully they are blessed with those prices but that is pie in the sky stuff.

Please correct me if I am wrong, but they have only paid down $1 milllion so far and have also raised another $7 million since IPO.

The debt carries interest of 18%.

The gold mine last quarter was returning a -%.

They would have been better off smashing down the debt with the cap raise funds. That would have provided a higher 'return' to shareholders than running Mt Boppy last qtr.

Something is simply not adding up IMO.

Like I said, next quarter all will be revealed either way.

I am holding for now. External tailwinds and potential positive newsflow. Will re evaluate next qtr re long term business case.