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Troajan I have read the article.
The problem with these channels they never ask any awkward questions so just act as a company mouthpiece.
We have had bad management presiding over a good asset. There is no evidence that the current management are any better.I would have thought one of the big boys will make a low ball bid and take it out. If they don't it is going to be a very long journey from here.
I lost a lot of money here and vgm. No doubt there is no similarity between the geological metrics of the two assets.However vgm management constant cry was we just need a placing and we will reach the promised land.
Guess there's no point in asking for an AISC in those results then? ;)
Losing money on 4-5 g/t of Gold takes some doing - I would presume the future is a tad brighter than that :)
https://www.stockwatch.com/News/Item/Z-C!PGM-3228868/C/PGM
Thanks, TDT for setting this all out; why no RNS over here yet is baffling, as you say...
A pretty wretched indictment on the mismanagement of the outgoing Directors and one can only hope that the new BoD can deliver on their intentions to turn this around. Assuming the latest fund raise is secured, the road to get this back on track is going to be a slow process, seemingly, with the sp reflecting that for quite some time.
However, as Buffet intones - "It's better to have good management presiding over a poor asset than bad management presiding over a good one" - let's hope the latter's behind us at last! - sasa.
Leadership Changes
On October 27, 2021, Maryse Belanger, PureGold Director, and experienced mine operator and builder, stepped into the role of Mine General Manager at the PureGold Mine, following retirement by the incumbent. In this role, Ms. Bélanger oversaw all of the day-to-day operations of the PureGold Mine.
On January 4, 2022, Troy Fierro, PureGold Director and seasoned mining engineer, replaced Darin Labrenz as President & CEO. Chris Haubrich, PureGold Vice President Business Development, replaced Sean Tetzlaff as CFO. Ashley Kates, PureGold Corporate Controller, was promoted to Vice President Finance & Corporate Secretary.
On February 17, 2022, Terrence Smith was appointed to the position of Chief Operating Officer and Bryan Wilson was appointed Vice President Mine General Manager of the PureGold Mine. Phil Smerchanski was promoted to Vice President Exploration & Technical Services. Maryse Bélanger remains on PureGold’s Board of Directors.
Technical Report Update
Work on an updated Mineral Resource Estimate for the PureGold Mine including satellite deposits Wedge, Russet South and Fork is underway. Following completion of the updated resource estimate, an updated Technical Report is expected to be completed including an updated Mineral Reserve. Expected timing for the updated Technical Report is in the second half of 2022.
Financial results for the fourth quarter and year ended December 31, 2021, and subsequent to date for the Company and its 100% owned PureGold Mine Project (“PureGold Mine”) or the (“Project”) are as follows:
Mine operating loss of $13.2 million for the three months ended December 31, 2021. Mine operating loss of $19.1 million since the start of commercial production on August 1, 2021.
Revenues, net of refining costs of $15.9 million for the three months ended December 31, 2021. Revenues, net of refining costs since the start of commercial production on August 1, 2021 of $31.9 million. Total proceeds received from gold sales for the year ended December 31, 2021 was $56.6 million.
Net loss and comprehensive loss for the three and twelve months ended December 31, 2021 totaled $17.8 million and $34.9 million, respectively.
Basic and diluted loss per share for the three and twelve months ended December 31, 2021 of $0.04 and $0.08, respectively.
Cash balance as of December 31, 2021 of $8.5 million
Total loans and borrowings as of December 31, 2021 of $123.4 million
Gold Stream derivative liability as of December 31, 2021 of $44.7 million.
Ore Processing
For the quarter ended December 31, 2021, the PureGold Mine processed a total of 51,129 tonnes of ore, or an average of 556 tpd, at an average head grade of 4.8 grams of gold per tonne of ore (“g/t Au”) and achieved an average recovery of 95.3%.
For the year ended December 31, 2021, the PureGold Mine processed a total of 208,874 tonnes of ore, or an average of 576 tpd, at an average head grade of 4.2 g/t Au and achieved an average recovery of 95.1%.
The main operating units in the mill and process facility are performing as expected.
Mill upgrades are planned for the gravity circuit which are expected to increase gravity recovery by 10-15% and overall gold recoveries by 1-2% to 96-97% from 95%. These upgrades are also expected to reduce operating costs by reducing cyanide dosages (consumption) in leaching, carbon in carbon-in-pulp (CIP), and metabisulfite/copper sulfate in the detox circuit.
Several key upgrades were completed at the milling facilities during 2021 including the installation of interstage screens on each of the six CIP tanks, installation of a trommel screen on the SAG mill discharge, and several pump upgrades.
The mill has demonstrated capability of operating consistently and reliably at and above its design capacity of 800 tpd.
Significant progress was made in 2021 on permit amendments to increase annual ore production limits from 292,000 tonnes (800 tpd) to 360,000 tonnes (1,000 tpd), and final approval of the amendment is on track to be received well in advance of the current limit becoming a constraint on production.
Gold Production
Gold production for the quarter ended December 31, 2021 was 7,565 ounces and gold production for the year ended December 31, 2021 was 26,899 ounces.
Gold sold for the quarter ended December 31, 2021 was 7,100 ounces and gold sold for the year ended December 31, 2021 was 25,238 ounces.
Surface Exploration
A limited program of surface exploration drilling was completed outside of the mine reserve footprint during the first quarter of the year as the Company was focused on production ramp-up. Drilling at the Derlak and Gap targets with two surface rigs initiated in January, was completed in March 2021. The two surface drill rigs completed 5,234 metres of drilling on four deep holes at Derlak and Gap targets during 2021 with strong alteration and anomalous gold values intersected warranting follow-up. No surface exploration was completed during the last three quarters of 2021. Exploration is expected to resume in the second half of 2022.
PureGold Reports Fourth Quarter and Annual 2021 Operating and Financial Results
VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”), reports its fourth quarter and full year 2021 summary financial and operating results. The Company’s audited financial statements and related management’s discussion and analysis for the year ended December 31, 2021, will be available for download on SEDAR and on the Company’s website. All amounts are expressed in Canadian dollars (“$”), unless otherwise noted.
Key operating results for the fourth quarter and year ended December 31, 2021, and subsequent to date for the Company and its 100% owned PureGold Mine Project (“PureGold Mine” or the “Project”) are as follows:
Mining
For the quarter ended December 31, 2021, a total of 46,949 tonnes of ore were mined from the PureGold Mine, or an average of 510 tpd.
For the year ended December 31, 2021, a total of 177,192 tonnes of ore were mined from the PureGold Mine, or an average of 485 tpd.
Mined tonnes and gold grades have, on average, been lower than expected throughout 2021 due to shortages of high-grade ore at various times. High-grade ore shortages led to blending of low-grade material and stockpiles which reduced the overall feed grade to the mill. These shortages were caused by a combination of factors including development delays, insufficient scheduling flexibility, insufficient geologic information available for stopes prior to mining, equipment downtime, and strategic misalignments.
Significant changes to mine planning and scheduling were implemented during the fourth quarter of 2021 to establish and maintain access to enough high-confidence, high-grade stopes to feed the mill, with early signs of positive progress evident in December’s operating results. These changes include reorganization of information and workflow structures, resulting in enhanced accountability and reduced assay turnaround times. Additionally, definition drilling activity was expanded to provide mine planners with better information in a timely manner leading to improved stope designs and enhanced scheduling flexibility. Finally, a geologic confidence-based model was implemented to standardize decision making and improve mine scheduling and planning. Together, these changes are expected to drive sustainable increases in both ore throughput and head grade, though will require more time to fully implement.
I know you were joking ProfitWarning. It is about all we can do for now whilst we await to see how much of the company TF has sold away to Ashanti after he purposely halved the value of Pure in two days. At least it has stabilized after the 50% hit.
To final rug-pull or not to final rug-pull, that is the question.
It's really very low - see what turns up :)
This share price needs to recover and fast.
I was been sarcastic, I needed something to cheer me up.
Lol, Darin is mostly to blame for NOT putting the mine in a position to mine profitably with POG at $1900+
and Darin was the principle serial ramper so few will want him back I feel.
Troy Fierro has the job of getting Pure to being a professional mining operation, however he has already blotted his copybook with the absurd stupidity of deliberately trashing the share price with the last dreadful RNS.
I know Landore Resources did the same thing and it trashed their SP too.
I've written my rather large investment in Pure off until Quarter 4, when with luck, we might have some green shoots if Fierro is better at mining than he is at being CEO.
Come back Darin all's forgiven !
Need to speak to Kinross to save this flecking disaster of a share.
This sure is low :)
Worthwhile having a look at what the Canadians think about Pur. CEO.ca with ticker PGM
Always tough to know where the exact bottom is but I'm always a buyer of anything with a sub-20 RSI, not a seller ...
The bottom should be in.
https://www.tradingview.com/x/VsNV2vxf/
The major low of 25p from 2020 is acting as support and the share price is currently in a bullish downward pointing wedge.
However, if the share price breaks below 25p, that will be a really bad sign in which all bets are off as to whether this survives or not.
If the share price can remain above 25p and eventually breakout of the wedge, the share price and the company will recover.
However the new management have ALOT of work to do to help this happen and the gold price will have to rally somewhat.
I have just bought at this level...because why not. In for a pound in for a penny.
But I'd recommend you don't be the house on this.
All that is required with this share is an endless cash pot to keep buying more *rolleyes*
For what is worth I bought some share yesterday and today and they both show as sell.
If it drops from here I will buy more
PS: Don't assume the 10% discount you mention will be from the current SP - it could be from the prior 32p placing number, I've not seen a ton of selling here, right?
Time will tell.
It is what it is guys - heavily oversold on the daily now, tapping oversold on the weekly - at the all-time-low of 25p right now.
I expect the rest of the year from here to go far smoother, if you catch my drift.
Seen this sort of stuff time and again ahead of precious metals/commodity booms.
As for Sprott, well again, it is what it is ...