placement facility, page-10

Thanks Eshmun that is encouraging if it's a standing annual resolution that will only get used for value accretive purposes for all shareholders.

While not paying dividends will give us a lower valuation (in the short term), it also allows cheap shares to be bought back, as well as not adding to gold supply (although I don't know how much $200m worth of gold being sold would effect the market price of gold). It may also reduce taxes paid by not selling any more than required to meet costs and building up a lot of inventory. If you assume they are waiting for a roaring gold bull market before selling the gold, over the long term, it would likely create additional shareholder value compared to selling it as they mine it. Once the gold was sold in this scenario, the market would definitely apply a value to the enterprise. We need to keep in mind that 30% of the gold sold would be taken in taxes, so by holding it we are compounding our growth tax fee. I guess it is rare for a business to be able to hold inventory that goes up in value over time.

If that is their strategy, then to be honest, I like it. Then again, it may not be their strategy.