Two things.

The Waterton Agreement serves solely as a legal construct and has no merit or basis, and serves solely as a means of creating misrepresentions. Utter fabrication. Financial results look to be written by a madman.

The company is witholding information from shareholders on financial matters, which is illegal. The colloquial term that people use for such an instance is called a swindle. They may have raised capital in Q3 fiscal 2014. Where did the money come from for mine, mill and equipment? They would be into construction with that kind of money.

Conclusions- They were into 'full tilt' production, for the fiscal year, but escrowed just about every last bar. Bars that were 'produced' out of escrow, and not necessarily poured at the mill were the merest fraction of production, because ore came out of stockpiles that had already been depreciated and depleted, meaning near-zero cost. A $164m. accrued deficit means they poured that amount of money into the project since commercial production began. This is called growth.

Where does all the money come from? Why didn't they go bankrupt?

-F6