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Great piece cork, thank you, you should sticky that.
Gold Just Ticked $1250!
Teranga Gold Looks Ahead to Growth Opportunities in 2017 Following Strong Performance in 2016
TORONTO, ONTARIO--(Marketwired - Feb. 23, 2017
Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ)(ASX:TGZ) is pleased to report its financial results for the fourth quarter and full year ended December 31, 2016.
"In addition to exceeding our full year production and cost guidance, we undertook strategic actions in 2016 which have opened up significant growth opportunities for us," stated Richard Young, President and Chief Executive Officer. "For shareholders, Teranga offers meaningful upside potential, backstopped by a robust production profile, a strong balance sheet, and a supportive cornerstone investor. These are exciting times."
2017 CATALYSTS
Banfora gold project: Following completion of a NI 43-101 technical report targeted in mid-2017, the Company's board of directors will assess project economics in advance of a potential construction decision in the second half of 2017.
Continued strong operational performance at Sabodala: The Company's outlook for 2017 production of between 205,000 and 225,000 ounces of gold and all-in sustaining cash costs per ounce(1) of $900-$975, is enhanced by a de-risked profile following the completion of a mill optimization, the implementation of new grade control procedures and the build-up of high-grade inventory.
Multi-jurisdictional exploration programs: With $12-$15 million earmarked for exploration, Teranga is focused on increasing its reserve and resource base and increasing the likelihood of an exploration discovery in three major gold regions: Burkina Faso, Côte d'Ivoire and Senegal.
2016: THE YEAR IN REVIEW
Financial Highlights
Net income attributable to shareholders for the year increased to $23.1 million or $0.06 per share
EBITDA(2) improved to $99.2 million
Strengthened the Company's balance sheet by more than doubling its cash position to $95.2 million
Revenue $268.9 million
http://www.stockhouse.com/news/press-releases/2017/02/23/teranga-gold-looks-ahead-to-growth-opportunities-in-2017-following-strong
Gold just hit $1247, this along with the good Q4 report yesterday should drop GSS to .90 today. /sarc
I think you may be right, was a nice run though.
The scumbag cartels in charge are defending $1240 as if their miserable lives depended on it.
More propaganda by the banks, demonizing gold, while they bring it in the back door by the truck load. By the way, historically, higher rates have proven to be good for gold, just more disinformation for the masses.
GSS Beats by .02, Slight Y/Y Miss on Revenue.
Very solid results for a $1 miner...
The Company expects to strengthen its gold production and profitability in 2017, with an increase in ounces produced of 31-44% compared to 2016 production and a decrease in cash operating cost per ounce of 1-11% compared to the 2016 result. Accordingly, 2017 guidance is as follows:
•Gold production of 255,000-280,000 ounces
•Cash operating cost per ounce1 of $780-$860
•AISC per ounce1 of $970-$1,070
•Capital expenditures of $58 million
HIGHLIGHTS:
2016 full year consolidated guidance achieved on all metrics of gold production, cash operating cost per ounce, All-In Sustaining Cost ("AISC") per ounce and capital expenditures
Gold production of 194,054 ounces in 2016 and 53,403 ounces during the fourth quarter of 2016, representing Golden Star's strongest quarterly performance of the year
Cash operating cost per ounce of $872 in 2016, an 11% decrease compared to 2015, and $880 per ounce in the fourth quarter of 2016, reflecting Golden Star's on-going transition into a low cost, non-refractory producer
AlSC per ounce of $1,093 in 2016 and $1,197 in the fourth quarter of 2016
Capital expenditures of $84.4 million in 2016, with 84% representing development capital primarily for the advancement of the Wassa Underground Gold Mine ("Wassa Underground") and the Prestea Underground Gold Mine ("Prestea Underground")
Post-period end, commercial production was achieved at Wassa Underground on January 1, 2017
West Reef ore body intersected on 24 Level for the first time by Golden Star's mining operations at Prestea Underground and first Alimak mining equipment moved underground - commercial production on schedule for mid-2017
Mine operating margin of $27.5 million in 2016, compared to a mine operating loss of $27.6 million in 2015 due to the closure of the high cost, refractory operations in the third quarter of 2015
Cash generated by operations before changes in working capital of $75.5 million ($0.26 per share) in 2016, a 41% increase compared to 2015
Consolidated cash balance of $21.8 million, prior to the receipt of the $10 million scheduled advance payment under the streaming transaction on January 3, 2017 from RGLD Gold AG ("RGLD"), a subsidiary of Royal Gold, Inc.
In addition the Company received net proceeds of C$32.7 million ($24.8 million) from the bought deal public offering, which completed on February 7, 2017
http://seekingalpha.com/pr/16748977-golden-star-reports-fourth-quarter-full-year-2016-results
Hopefully they won't be able to keep it pinned under $1 tomorrow.
GSS Beats by .02, Slight Y/Y Miss on Revenue.
http://seekingalpha.com/pr/16748977-golden-star-reports-fourth-quarter-full-year-2016-results
This is precisely why I only invest in producers with revenue, lost too much money in the past on explorers with hope and promises.
Gold looking really good @ 1237, up over $10 off it's lows this morning with a flat dollar. Maybe something is brewing?
GEO.TO just popped over 10%.
Audited results Feb 22nd?
Oh hell no...did you see that Dow joke of a ramp into the close?
Kaiser Sousa's picture
Kaiser Sousa Feb 17, 2017 4:06 PM
Oh, what a nail biter we had today on the fraudulent Dow Jones Propaganda Index today in attempts of achieving another “Happy Ending Friday” in the "exceptionally” bankrupt United States of Insolvency….
You know we can’t have losses going into a weekend now can we???
Behold the last minute miracle brought to you courtesy of "investors”, the Fed, and the Exchange Stabilization Fund…
http://www.marketwatch.com/investing/index/djia
Markets????
Fucking hilarious…
DEATH TO THE FUCKING MONEYCHANGERS.
It's interesting that most miners started the day off down, with gold looking pretty good at $1243. Now an hour later, gold is off it's highs after a mild slam, sure does seem coordinated doesn't it?
Miners are looking very nice here, after opex tomorrow they should really start to move.
Geo, Amazing that this company with their quality assets and numbers, the current price of copper and zinc, cannot hold onto any gains. I don't get it, is this stock like so many others now with the volatility in commodities, just a play thing for shorts?
Nothing against Trump here but, spot on market wise, how ridiculous is this 8 year stock market bull, enough is enough already, it's all been legalized accounting fraud, stock buy backs fueled with zero percent rates and fed induced liquidity at tax payers expense!
The Pattern of The Market looks awfully similar to 2008.
2017-02-12 06:00 by Karl Denninger
Rotation back and forth, with most of the gains coming in a handful of big names with big stories -- but no earnings to back them up. Claims from the media, including most-notably CNBS, citing 2018 earnings projections that have built in 50% or more increases in earnings -- that have not happened yet -- to "justify" P/E ratios that today stand in the area of 40, 50, 100 or more on current earnings. These same firms are themselves showing slower growth rates and increases in both spending on "new things" and decreasing margins, along with near-zero growth of customers in the United States.
In 2008 this was happening in banks and...... big tech.
Today it's happening (mostly) in big tech. But those firms today are even further down the road (if they existed at all) than they were in 2008, and yet..... suddenly, we seem to have magically grown a few new continents for them to expand into (never mind that the revenue available from people in those places, thus far, appears to be near-zero on a per-person basis.)
The market always balances fear and greed; along with this nebulous thing called "liquidity" -- the availability of cheap credit to leverage forward results. What everyone intentionally refuses to consider is that leverage works both ways; it both amplifies profits and losses. Every turn of the crank irretrievably impacts both in exactly the same amount. If you buy back shares and reduce the float of your stock by 50% then your earnings are doubled on an EPS basis -- but when the worm turns and you take losses, the losses on an EPS basis are doubled as well.
Nobody believes there will be losses, you see, therefore there is no cost, no penalty, and no risk to turning the crank.
Uh huh. Sure.
If you think firms like Netflix, Amazon, Facebook and similar are going to grow trees to the sky you're deluded. Amazon managed to somehow double SG&A expense this last quarter over the same quarter last year. How did that actually happen and where was that expense from? By the way, their sales did not double -- not even close.
You can argue, if you'd like, that there's something special -- "water walking" of some sort -- by these firms. There's not. There is plenty of accounting gaming going on, but it's legal to do that within broad limits. The onus is on you as an investor or trader to actually read said releases and figure out, if you can, what they're doing. Like, for instance, exactly why Amazon's SG&A doubled -- from what section of their business are they hiding broken-out expenses to prevent you from evaluating, on a fair basis, what the forward profitability of that segment of the business is.....
I have considered banks uninvestable since before the crash. The reason is simple: I cannot get my arms around their contingent liabilities because the law allows them to hide those liabilities to a degree that putting a number on them with any sort of accuracy is impossible.
You could forgive most of the people in the so-called "analyst" community in this regard up to a point. You see, the world of ever-lower interest rates has been firmly in place since the 1980s. That's driven better than half the gains in the markets since 1980 as a purely mathematical matter. Without that the DOW would stand at 10,000 and the S&P at about 1200 today.
But how do you continue that pattern today when it's not possible to continue the ever-lower interest rate paradigm? It's entirely possible that we could stall out here and never reverse -- that is, the 10 year Treasury could trade in a range of around 2.2-2.5% for decades. It has before, and it might again. But if it does that still doesn't help you expand leverage because you've already borrowed the money at the low rates of the last 10 years!
Note that firms like Netflix, with negative operating cash flow that has persisted through a period spanning years, only exist because of their ability to continue to turn that crank!
If that ability to disappears the firm is literally out of business because they have contracted to spend money over the next several years that they do not have, do not generate from operations and cannot raise -- this means their stock suddenly becomes worth zero.
It is not the absolute rate that determines which direction leverage goes it is the change in rate and direction of that change. If there is no change then there is no change in the bias for leverage. If rates rise then you wind up with a forced de-leveraging because any money borrowed not to be paid back but simply to be paid coupon upon cannot be held out -- either you pay back those loans or you default, and in a corporate environment that means the firm goes bankrupt and the stock value of said firm is zeroed.
When you look through the economy of today in the United States from 20,000' you find two things that stand out:
Forced extraction of money, often apparently in violation of black-letter felony law (e.g. 15 USC Ch 1), supported by either intentional refusal to prosecute or even government involvement in same. Health care is the standout example, but not the only one. Forced "net neutrality" was one of them from the Obama era, and is the reason Netflix exists at the scale and pricing that it does in the US. Anything that upsets that apple cart will detonate all the businesses dependent on it.
Ridiculous borrowing for uneconomic purposes such as stock buybacks and similar. Borrowing funds is always dangerous. It also, however, is sometimes a risk worth taking. There is no such thing as life without risk. The question is what's the risk, what's the reward, what's the timeline on that risk and what forward assumptions and their probabilities are you using to measure all three? That last question, in the last 30 years and especially in the last six or seven has never been asked and expanded upon in public by any firm's public filings I've seen.
Finally, we appear to have a President that cares not for the boundaries of the Constitution when it comes to said extraction, nor will he enforce existing law. The fact that Trump supports "civil forfeiture" is enough to disqualify him as a President standing alone. That he has demonstrated no intention to act on medical monopolies is far worse, however, as while civil forfeiture is unlikely to impact you medical monopolies will, with near-certainty, impact either you or someone you love and care about at some point in your life.
You need only get into a car accident that you cannot foresee nor are at fault for to be victimized by this system even if only to a mild or moderate degree. Your mother or father, or child need only get injured in a pure accident, such as by a snake bite to get rat****ed beyond words and face a quarter-million dollar charge they never consented to. Unlike many of the injustices this one hoses nearly everyone at some point in their life and yet there is exactly zero outrage in the streets, state-houses or directed at the cops and other law enforcement agencies over any of it.
It was obvious to me in 1997 that the stock market was going to crash and the pets.com wonderkind would be zeros. What people cite as "different" today is that firms like Facebook and Amazon have "actual earnings." Well, perhaps, but that just changes whether the bottom number for their price is zero, or some small number over zero. That you have a functional business that actually does generate something beyond what you spend doesn't make your 2% operating margin delivering goods, and what is rapidly trending toward a commodity-style 10% operating margin delivering services, worth the near-200 times earnings your stock sells for today on the premise that you can manage to hold 50% service margins along with the necessary companion expectation that sales volume will expand by a factor of 10.
Last time around the stupidity centered on the premise that the S-1 filings claimed somewhere north of 10x Global GDP for "expected outcomes" -- a radically stupid proposition that should have met with exactly zero willing buyers in the market.
This time around it centers on equally-stupid premises -- such as the idea that AWS is a $200 billion a year business operating at a 50% margin -- a pair of assumptions that together mean (1) there will be no competitors and (2) there will be no corporate data centers. Either one of those presumptions standing alone is laughable. Together they are hucksterism far worse than anything P.T. Barnum ever cooked up.
This sort of "analysis" by Wall Street and their willing mouthpieces in the media ought to be good for felony indictments because they are claims that have a statistical probability of occurrence less-likely than an asteroid hit on the White House in the next 72 hours.
Yet just as was the case in 2000, and in 2008, exactly nobody will face any sort of sanction for any of it -- just as nobody has for nearly 40 years in the medical industry for violating 100+ year old law.
You, on the other hand, will pay the price -- just as you will for the medical monopolies -- because we, the people refuse to demand that it change now and that this crap be put to a stop.
As for exactly when the roof will fall on your head, that's unknowable. Every time it happens someone calls it right, but hundreds, even thousands of people call it wrong, and usually the person who called it right got it wrong previously for the same event. The underlying cause of 2008 was clearly visible early in 2007, yet the insanity went on (and the market continued to rise) for more than 18 months. In 2000 the insanity was clearly visible in 1997, I exited in 1998, and yet from the point that "this is stupid" was obvious until it blew was close to three years -- and well more than a double in the Nasdaq later.
I have utterly no remorse, however, over sitting out the "last burst" of run-up in either case -- because the odds are nearly 100% that you won't get the call on the exact time right to exit, and you risk far more than you can make by trying to do so -- or even worse you wind up second guessing on what you think is a "dip to be bought" and finding out that what you just walked into with your money is an elevator shaft on the 100th floor -- with no car.
The math is never wrong.
That's odd, a free membership is 15 posts, no matter which boards.
It sometimes gets me in trouble but, I like to get my position sorted and will usually pay the extra to get it done, especially on a stock this undervalued, a half cent means nothing. I guess that's probably why I'm all in TPRFF @ .10 huh.
T, are you still to low or nobody selling?
Nice Friday close, heavy volume on an uptick @.11, been awhile since we looked this good.
Geo, I sincerely hope Mimran helps financially with the new mine or, once again as soon as we break $1 and gain some momentum, they will announce more dilution on top of their already heavy 500M shares to build the mine, and we are dead money for another year.
It's a pretty strong up trend, that's why yesterday's slam was sooo over the top, ridiculously fraudulent.
Thanks eik, eye opening article, great comments to.
Huge buy volume over last few days, something is up.
eik, I'm on board but, if 11T is 30% of available gold, how is it that they were able to dump 8000T on election night as many stories reported?
30.5M miss on revenue, EPS missed by .08, but they have been massively paying down debt, expanding reserves and lowering costs, the long term picture looks bright for them.
How did you like that extra little $3 dump at the close.
There was a time last year when the JPY was in direct correlation with the USD, WTF?
Well, I'm just going to look at it as a correction, which was due anyways.
JD, Ya beat me to it, I was just about ready to post that, sickening isn't it, on a day when many miners would have broken out to the up side.
Kaiser Sousa's market wrap for today, from Zerohedge 2/9/2017
Kaiser Sousa Feb 9, 2017 4:09 PM
Lets review the phenomenal fraudulent activity that occurred today in U.S. Fraud Markets. Before we start be mindful of the fact that none of what we witnessed today could have in any way justified new all time fucking “recorder’er” highs on the Dow Jones Propaganda Index, NasCrap, and S&Piss, or the phony paper price antics in Londone & New Dork regarding the only 2 forms of real money - Gold & Silver.
Roll tape…
*New “Savior-In-Chief” Donald Chump’Ya met with the phenomenal heads of Ameirdumbs Airline racket’s and promised them; “mo’ mutha fuckin’ money”, which of course means a continuation of “no peanuts, no carry-on’s, more delays, and more cavity searches for grandma & little “Skippy” going forward. No details of course were given regarding logistics, or the source of funding though its widely understood that the “exceptional” nation is indeed fucking bankrupt…
*“Savior In Chief” Donald Chump’Ya announced he would be announcing “something phenomenal” in weeks to come regarding “taxes”. No details of course were given regarding what the fuck this “something” would be as its widely understood that almost half of Ameridumb’s currently pay no taxes, the U.S deficit is approaching $21 trillion, and the “exceptional” nation with nearly $300 trillion in unfunded liabilities is indeed fucking bankrupt…
*After “trading” in very narrow ranges all week, but nonetheless at new highs for the year driven by the continuous flow of ABSOLUTELY HORRID MACRO-ECNOMIC NEWS & DATA both abroad & in the “exceptional” Divided States of Ameridumb, there was phenomenal selling of non-existent Gold & Silver that coincided with the Londone close and Donald Chump’Ya’s phenomenally vague announcements of “really big something’s” to come.
Of course, this blatant manipulative action by the Federal Reserve, Exchange Stabilization Fund, and their agent western bullion banks was undertaken to protect the "exceptional” nations currency which is indeed completely fucking worthless…
http://investmentresearchdynamics.com/11-1-tonnes-of-paper-gold-dumped-i...
to summarize -
DEATH TO THE FUCKING MONEYCHANGERS.
Oh, that's just TPTB throwing another temper tantrum with tax payer dollars because gold and the dollar weren't going in the directions they preferred. Not to worry, this bull will bounce right back.
DB, You might want to take a look at Gran Columbia Gold GCM/TPRFF. They produce 150,000oz/yr have great revenue are low cost and are very profitable. They have a convertible debt overhang issue they are working through right now, that is holding the pps @ .08, extremely undervalued. Once they get that debt handled, easily a $1 stock.
Yeah, their current run is slowing a bit, until gold makes its next move higher, which I'm confident it will in the coming months. You had mentioned last year you would be a buyer at $2.65, did you buy any when they dipped to that level last December? I think MUX will easily top $5 this time around, gold willing.
DB, I personally only buy mid cap producers with revenue. Too long term and too many things to go wrong with small explorers looking to get into production phase.