The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
OK Ricky so that's the contribution from sale of gold I get that. but cash has gone down not up and debt only dropped 8 million so where did it go.
19 mill contribution less 8 mill debt reduction = 11 million . However cash dropped from 8 to 6 million it didn't go up 11 million? So even if we go with your calculation we're missing 13 million?
At Q1 results we had 25 Million in cash and gold(8M cash 17M gold)
and debt of 34 Million
We have made 24000 x $600 approx from poured gold this quarter circa $14.400,000
Cash and Gold end Q2 = 16M (6 M cash 10M gold)
debt 26M
So we've made 14.4M in the quarter yet our net cash and gold has dropped 9 Mil and debt has only dropped 8Mil.
14.4 + 9 - 8 = 15 .4 Million unaccounted for
So where has the other 15.4 million been spent? Seems a lot for drilling?
What am I missing here guys?
Hope these guys will sort their website out then as it doesn't currently work. Only way of finding out about this project at the moment is via Southern golds website, so if they drop out, potential investors are not going to be able to find anything out.
I've said it before but I'll say it again we have a working mine, likely on target for 100 million a year in profit yet we sit on 140 million mcap. GGP have some nice drill results 1km underground, no jorc, no profits, no mine yet sit at half a billion mcap.
AIM is ridiculous in the extreme.
So we've gone straight back up to where LSE stopped reporting trades yesterday, all very peculiar. It would have been interesting to see what volume caused the drop at the end of yesterday. Anyway looks like it'll be next week for news then.
I'm choosing to believe that the delay in the RNS is due to the pile of cash and gold being so big that its taking a long time to count. Alternatively that the pile of ORE on the ROM pad ready for the wet season is of such biblical proportions its difficult to calculate. I'm choosing to be optimistic.
Jammer
I keep hearing about these trade payables. Can you elaborate on what these are and why they get excluded from the ASIC and why they don't seem to get report in the updates. I find it quite annoying that companies can't be straight up about such things.
Think clearing $1000 an ounce this last quarter is probably a bit optimistic. last quarter ASIC was 839 (be nice if they got this down next quarter) but they have warning for extra $100 due to Covid, I'm assuming that is on top of the last quarter ASIC.
That being said should still be in region of $800 an ounce so 24 million for the quarter approx.
End Q1 net debt was 34m debt less 17m in gold and 8 in cash so 9 million net debt, so this quarter we should be net debt free and a very healthy balance above that unless there's been any ****up's. Aslo of course hopefully drill results sometime soon
I'm assuming the airfield was completed so hopefully been shipping the gold OK. Anyway all to hold for.
Morning all
I looking a taking a position here however I use HSBC for my investments and they seem unable to give a live price, just the price at close of business last night. Has anyone come across this before, seems a bit strange?
If you think that's mind boggling explain to me how GGP has a market cap of north 400 million and doesn't even have a jorc resource let alone producing and its resource is half a kilometre underground?
Didn't Shanta have a issue with government failing to pay them back their VAT. I looked at them a couple of years ago and they were owed millions. By the government. I always assumed it was government risk that kept that one low, though to be fair to them they seem to have made steady progress over last couple of years.