Anyone wanting discussion on the Ann?
Main points I see are:
Cash!!!
- NO cash (at 30 June), but working on further facillities
- Far Pacific Resources, a company controlled by Ian Smith the 42% shareholder, is tipping money in - interest free by the looks of it.
- the UK bonds $10 mill first drawdown is scheduled in October
Comment: cash position is explainable (but maybe not forgivable) given the months of delay, and survivable as the Directors have put more of their own dough in, and surely the UK $ 10 million will get them over the hurdle???.
Delay
Comment: - mines and gold plants are often delayed.
Inventory:
- Gold Stocks - $166,789
- Inventory - $ 7,544
Comment:- Where did that come from? Does this mean they produced 166 oz in June, but didn't tell anyone ????
Production - (by a different report) - seems to be an expectation of around 200 oz in October, whilst they are still going slowly with the new plant.
Production Expectation - "5000oz in a quarter by the end of the fy 2010"
Comment: this is a giant step back from 20,000 oz in fy 2009!
Projections - being updated for publication end October.
Total assets - 13 mill
Net assets - 9 mill
market cap - now what - 7 mill.
= seems like a buy, now for risk takers, and a watch until the UK money starts to flow for the more conservative???
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