Ann: Sale of Yogi to Padbury Terminated, page-113

I'd say Gary's in China. He's got that nice office just across the road from a very pretty golf club and it'd be a shame to waste it. Why compare AGO with PDY ? Because if AGO can't raise a cent of Chinese money despite being a producer with active minesites and infrastructure, PDY doesn't stand a chance, no ifs, no buts, it has very little to offer.

As for going bust:

31/12/2014 - Cash = $1.599m, Estimated Cash Outflow next Quarter = $0.35m
31/03/2015 - Cash = $0.449m, Actual Cash Outflow for Quarter = $0.762m, Estimated Cash Outflow next Quarter = $0.25m

Their variance between forecast and actual for March 2015 was (negative) -$412,000 ! They have problems forecasting their expenditure - which is odd since they do no real exploration. If they suffer a similar lapse in forecasting abilities cash will be rather low.

Then there's the loan facility from Terry Quinn, $300,000 which is fully drawn on and "payable by 31/03/2015".

So, if we say Cash = ($449,000 - Proposed Expenditure = $250,000 - Loan = $300,000) = (negative) -$110,000.

Yep, great shape.