From my conversations today I came away with the following
1. They only sell the required amount of bullion each quarter to cover production costs. That is why their receipts and production costs etc. are so closely balanced. This is why you mistakenly thought they were hedged. Repeat, they have NO hedging.
2. That said the cash at end of the last quarter was approx. 7 million. Of that 7 million most is GOLD Bullion calculated at production cost only, NOT spot. If that is the case then you could do the math and double to 14+ million.
3. Being such a tight registry, there is no doubt the SP is distorted. To me 75c seems cheap.
From my conversations today I came away with the following1....
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