Conclusions-

After waiting for years for results from this company the latest financials are a disappointment. But I managed to get 8 hours sleep, only because I find that some of my assumptions are now proven correct.

The shareholder is sorely prejudiced here, but you can pick up a number that may satisfy yet another assumption in those financials.

The original PEA called for 14 cents a share. In the financials you get 28 cents a share recorded as losses, but would be earnings after taxes, since taxes are deferrred, but not a part of earnings or losses. Roughly twice what was called for in the PEA, meaning they are escrowing 100k oz., since they called for 50koz. initially.

The earnings are in the bank held as liabilities(or losses), or really you would mean that bars are held in escrow in a secure facility.

Fair value in the stock would be ~$3 a share. Plus they managed to raise capital and implement construction for a new phase.

-F6