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Yes, I pretty much agree with that assessment. People likely, as do I, figure that if they show their hand and if it is decent then there will be lots of time and room for making some change. I also agree that some solid PRs are needed, which is what I was "complaining (as some saw it)" about the past couple PRs indicating that we will likely not get "solid" numbers (i.e. an "interpretation"). Oh well, just makes it wait and see.
After so many years the last thing I expected would be for this board to go quiet in the "final days" !
two weeks and counting . . . where is the volume positioning ?
I am chalking up much of yesterday as pricing in the rights, maybe a little above 3/4 of the gain, with the rest being rebound from strength returning to silver and/or MUX generally.
If resistance has been around 4.9 it would seem that after the market fully prices in the rights offering that should shift to somewhere just below 5.2, being a rise of 1/10 of (pps - 2.24)
Of course, that assumes thing behave in a logical manner
yea, noticed about a 50% change intraday today.
it can be tough sometimes recognizing the time to give up and/or get out.
There was an indication that pictures, not sure if that is video, is to be released before the Nov 15th release from the lab.
There has been no statement about any release of any numbers what-so-ever
Look at it this way . . . for the up-front cash to help BRD get things going they had agreed to sell 12% of production from some areas for less than the cost of production. That has now been reduced to 8%.
BRD received 53.6 million, and has the right, soon to expire, to reduce the size of the goldstream by paying 36.6 million, so this payment represents 2/3 of what could be redeemed before its option to do so expires.
If it pays the additional 12.2 million in time, then the goldstream is reduced to 6% of production from Black Fox mine and 4.5% of production from a defined part of the Black Fox Extension.
Given that the price for which that percentage of production will be sold is fixed at $500/oz with an inflation adjustment not to exceed 2% annually, it is apparent that whatever part of the stream is not repurchased in time will be a net loss of the books for as long as there is production from those deposits.
Sorry about the confusion ironwill.
Today when I bring up the trading quote box in Fidelity for MUX it shows 4.4800 and above says "Real-Time Quote As of 10/26/2012 04:03pm ET"
So I don't know where you are seeing $4.428 in Fidelity.
For the US there is the market, and also the pre-market and post-market trading. Generally I believe that charting uses the close of the main market as the price, and for the US today, the current price would either be that, the close as of last Friday, or the most recent trade, presumably after-market last Friday, or the bids waiting for pre-market trading when the US markets next open.
Fidelity non-sheltered accounts can be enabled for international trading.
So in my retail, international enabled Fidelity I can just use MUX:CA to get the quote for the Canadian listed MUX, or buy and sell it.
Right now it is bid/ask/last 4.40/4.42/4.42 $CA
In a Fidelity non-international enabled account, even if retirement sheltered, you can use MUX.TO in the quote box, where my Roth right now shows the same bid/ask/last and volume doing that as does my international quote. You cannot however trade the international exchanges, just see the current quote info.
Hope that helps you out some.
when someone offers to sell you something, if you buy it then I would say you wanted it
the market price is what shows in a quote of the stock, just the way you normally track the present value of your investime 2.04 one day, 5.62 some other day
It is really not rock science.
If you bought 100 shares at 2.04 originally, and they now have a market price of 4.47 then you are up over 100%
If you want to buy all that the rights offering allows for you then you would be buying 10 shares at 2.24 each
So your average cost would go up from 2.04 to around 2.06, but you would get 10 shares for half of the current market price (2.24 instead of 4.47)
Had a real laugh today, driving and NPR radio had a report about a ship sinking along the Russian Pacific coast with 900 tonnes of gold !
Now, knowing 900 tonnes to not be chicken feed, a little Googling showed it to be 900 tonnes of gold ore concentrate valued by the mining company at about 800,000 (must be about 2/3 Oz/tonne)
Later there was a brief mention on the nightly news, without mention of quantity, of a Russian ship carrying gold sinking.
What got me about this is the interest in gold . . . this kind of thing would almost never get reported, and the confusion.
it means you get to decide whether you want more shares at a slightly higher price (hint: they will cost about half of today's market price)
wow, that is some expensive money !
11% annual on the drawn, 2.4% annual on the undrawn
(that's is $50,000/mo for the initial $25 million undrawn)
plus at origination with the initial $5 million draw
$50,000 to be credited toward the $300,000 due upon securitization
$100,000 cash drawdown fee
$100,000 in stock drawdown fee
450,000 shares
plus no later that Dec 28, 2012
$250,000 (remainder of amount due at securitization)
plus secured recourse to title over JAG's properties
plus, if remaining (after origination) $25 million is drawn
$500,000 cash at time of draw(s)
$500,000 worth of shares at time of draw(s)
So, using a $1 share price, use of this $30 million facility, drawable over 12 months, fully payable in 18 months, costs
$1.95 million
plus interest at 11% annual on the drawn and at 2.4% annual on the undrawn, payable monthly
Now who with the money would not grant these terms (assuming full drawdown that is about 6.6% plus interest) IF then believed the properties could be marketed for at least $30 million to recover in event of a default
Well, I do see how the rights would cause problems with any shares that have been "naked short"ed . . . meaning they are ficticious shares that were sold.
With shorted shares however, there was a buyer that could exercise the associated rights. The house that "lent" the shares would be out the rights, as they go to the holder that bought the shares from the shorting party.
I guess it all depends on the terms that exist between the house that "lent" the shares and the shorter that borrowed and sold them.
Don't get me wrong, just trying to get clear, or some idea. If it acts to reduce shorting that would be great, but in the long run that I think is going to have to be cured by MUX production figures and net cash-flow reports.
Yep, MUX down on TSX today, but was up for a while, I saw 4.52 when silver was only down around 0.12, but it didn't last long. I almost pulled the trigger to add some early in the day at 4.43ca, maybe tomorrow.
I don't get the logic behind your point 2
Is the reasoning that a short, having borrowed shares to sell, will owe repayment of the borrowed shares plus the associated rights (unless they unwind the short position before the record date for the rights issuance) ? Obviously the borrowed shares were sold and those that bought them receive the rights (assuming ownership on record date). Also, those that loaned the shares, if they held them would have received the rights. But didn't those shorting only promise to return the borrowed shares?
Well, using information on insider transaction reporting as required under Canadian law give a very different picture
https://www.sedi.ca
show no insider transactions that are not option related since 2010
One director did sell 100,000 shares in 2012 subsequent to exercise of equal amount of options.
But otherwise there have been no transactions in the public market since 2010, for example CD made 11 sales in early 2010.
Yes, and that 5% increase in basis is only if one is even at current share price, so the percentage basis increase is larger for many/most here that are green.
But any way one looks at it one gets to enlarge their position at half-price to today's market (MUX:CA is up to 4.49 today last I looked, moving counter to silver for a change).
You should call those brokerages and find out why this shows as MCEAF.
When I try to pull up that ticker at a could of my brokerages it is not even found. So I suspect nothing is going to change for you until you force the hand and get them to look into it.
It is also possible/likely that this needs to get cleared up in order to have your rights recognized.
The long short of the rights offering as I see it is that if one fully participates and MUX share value stays about where it is then one gets about a 5% increase in value gain by increasing the basis by 5% (i.e. a total 5% + 5% = 10% increase in the position)
Hopefully neither yourself nor JD maid if I take a try at that . . .
It means that you have the right
a) to increase the number of shares you hold (or are on track to hold if your shares are not yet fully exchanged from Minera Andes and US Gold to MUX) or that you will have by the Nov 8 record date
b) your right allows you to increase your holding (per a above) by 10%
c) your cost to do this is approx 50% for the recent market price of MIX
and
d) you will receive info on how to do this sometime after the record date (Nov 8)
e) you will have until sometime in December to complete this
and
f) there is an outside chance you might be able to buy more than your alotted 10% increase in your sharecount holdings
and
g) since this is offered to everyone the worse you will come out of it in terms of the part of the company you own is that it stays the same, but if you get some overallotment your little fraction might increas
You always state your max for entry IF feeling risk is low enough for an in/out gain, and it always surprises me by being significantly, like 25% give or take, higher than an entry level I at the time feel might offer a sufficient risk/reward trade. But then I guess that is why I got totally out of this, expressively so, before you were willing to see things the same way
A 10 meter by 10 meter by 10 meter nugget
Isn't that a non-trivial fraction of the volume that would be occupied by all the gold even mined by the earth civilizations over all time ?
http://www.usagold.com/reference/properties.html
The annual worldwide production of gold is approximately 80 million troy ounces per year. There are 32.15 troy ounces in a kilogram. Gold has a specific gravity of 19.3, meaning that it is 19.3 times heavier than water. So gold weighs 19.3 kilograms per liter. A liter is a cube that measures 10 centimeters (about 4 inches) on a side. Therefore, the world produces a cube of gold that is about 5.1 meters (about 17 feet) on each side every year. In other words, all of the gold produced worldwide in one year could approximately fit into an average living room and garage!
it is estimated that all the gold ever mined in the world (160,000 tonnes as of 2007), could be placed in a single cube roughly 60 ft. on a side, with a value of $3.68 trillion
Over time I have noticed the new news phenom with which we must deal is that an article at 7 pm may not say what it did at 5 pm . . . some newsfeeds are good about pointing out edits/updates
This was apparently a matter of shifting sand / changing plans while we were exchanging posts
yes, they only seem to be building the size of the resource and moreso of the prospects for the property
what the heck, they are, for Kootenay, in fairly good shareprice territory, so if someone begged for more shares I guess why not, they will certainly have a use for the cash
they did at one so time look like a beacon in a troubled community
Makes one wonder doesn't it. Announce a $6 million placement but then 3 weeks later close the "First Tranche" of 7.2 million, 20% more than the announced placement. ??
Stocks open for electronic trading Monday
http://money.cnn.com/2012/10/28/investing/hurricane-sandy-stock-exchange
NYSE to Trade Electronically Monday, Shut Floor
http://abcnews.go.com/US/wireStory/nyse-trade-electronically-monday-shut-floor-17584733
You are correct that changing those two in the manner suggested would have the effect of increasing the ounces. However, imo, wither change would indeed raise eyebrows. The 2.0 cutoff used, instead of the 2.2 used in the initial estimate (which is now the same as LSG has been using) is generally based on estimates of the cost of mining the resource (depth, type of mining, strip ratio or dilution mucked, labor/fuel costs, etc). Moving much lower with the cutoff imo would not change how anyone but the general public reads a new estimate, with 2.0 probably being generous as it is.
The other factor you mention, use of inverse cube interpolation instead of inverse square is something I discussed here when the first resource was released. There is the possibility that a switch here for only those volumes where infill drilling has sufficiently increased the assay density and hence the confidence. The type of deposit plays into this . . . smaller, narrower veins and stringers without any named veins or model showing connection between assays all argue against use of the more favorable modeling.
Remember, "independent" NI certified estimators are not answering to the company (except to justify what they have done, correct errors, reexamine the basis of their work, etc.) but they are answering to the terms of their certification.
Rye Patch Receives New Trial Date From Sixth District Court
October 26, 2012 09:00 ET
http://www.marketwire.com/press-release/rye-patch-receives-new-trial-date-from-sixth-district-court-tsx-venture-rpm-1718349.htm
This may not the best of news, almost a year delay. Market seems to be shaking out those that were only playing Rye for the news with Coeur litigation.
When one considers the other irons Rye has in the fire, could be an opportunity building here. I don't know about others, but Rye was on my horizon before the Coeur claims and before the JV with US Gold (now MUX), just for the sake of their land package and prior/ongoing work.
Also, the possible length of the delay likely provides Rye with some good arguments to get the current restrictions on its work program lifted.
Good to see you two have taken ownership on the iBox here.
Rye Patch Receives New Trial Date From Sixth District Court
October 26, 2012 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2012) - Rye Patch Gold Corp (TSX VENTURE:RPM)(OTCQX:RPMGF)(FRANKFURT:5TN) (the "Company") reports on the legal dispute between the Company and its wholly-owned Nevada subsidiary Rye Patch Gold US Inc. against Coeur Rochester, Inc. ("CRI") a wholly-owned subsidiary of Idaho's Coeur d'Alene Mines Corporation. In order to complete the trial, a two-week time frame is estimated. The District Court's calendar shows the earliest available consecutive two-week period starts on September 16, 2013; however, Rye Patch Gold US Inc.'s legal counsel will confer with the court to seek an earlier trial date.
Rye Patch Gold US Inc. is awaiting the outcome of several pending motions before the Sixth District Court including its motion for preliminary injunction, and a motion for partial summary judgment. In addition, Rye Patch Gold US Inc. petitioned the Nevada Supreme Court for a writ of mandamus to revoke the appointment of the special master. Rye Patch Gold US Inc. asserts the appointment of the special master is not authorized under the Nevada Rules for Civil Procedure. The Nevada Supreme Court has issued a stay of the order appointing the special master and has directed CRI to respond.
Last fall, Rye Patch Gold US Inc. located unpatented lode mining claims on open federally owned public lands of the United States of America. The federal lands became open for the staking of unpatented lode mining claims on September 1, 2011, because CRI did not pay the time-sensitive, mandatory unpatented claim maintenance fee. The result of CRI's failure was, its former 541 unpatented lode mining claims were forfeited and void as a matter of law, and the public lands became open for the location of unpatented lode mining claims by United States citizens.
CRI received documentation from the United States Bureau of Land Management issuing its letter officially declaring CRI's former 541 unpatented lode mining claims forfeited and void as a matter of law. CRI's parent corporation, Coeur d'Alene Mines Corporation (NYSE:CDE), in its 10-K reported that CRI failed to pay the mandatory claim maintenance fees causing their mining claims - the former 541 unpatented lode mining claims - to be void.
Since the federal lands were open to mineral location by all United States citizens, including Rye Patch Gold US Inc., for 56 days, Rye Patch Gold US Inc. began staking the 402 LH unpatented lode mining claims on the open federal lands. The claim staking commenced on October 27, 2011, and all monumentation was completed by November 21, 2011. In late November 2011, Rye Patch Gold US Inc. contacted CRI to notify them the 402 LH unpatented lode mining claims had been staked. CRI's response was to overstake the senior 402 LH unpatented lode mining claims with a junior set of claims denoted as the N unpatented lode mining claims; hence the lawsuit. In 2012, an additional 11 unpatented lode mining claims were staked on open lands bringing Rye Patch Gold US Inc.'s total number of unpatented lode mining claims to 413 for the Rochester project.
Rye Patch Gold US Inc. controls over 100 square kilometres (40 sq. miles) along the Oreana trend. The Rochester Property - LH and OG Claims - cover over 30 square kilometres (7,500 acres) in 413 unpatented lode mining claims.
The Company is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. is developing gold and silver resources along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about the Company, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
nothing like an intelligent critique of the risk/reward potentials
so the pictures that were to have been made available how long ago are again being rumored to be immanent . . . can hardly wait.
Thanks for making the effort to contact Dave, and for sharing this here.
my oh my, quite a diversity in the thoughts expressed here today . . .
about time some drill results were released, wish they had been outstanding above and beyond all expectations
the most significant from my point of view was multiple holes showing something above 300 meters
Good point Greenpar. People in US are also being transitioned to renters, more transient than the prior Federal homeownership target (seriously, Washington talks of need for a mobile workforce, where renting is a key part)
In that economic reality buying more disposable Harbor Freight Chinese QA dropout product makes sense . . . need it now, for this, don't want a lot invested (sic! spent) just sitting there waiting for me to abandon it when I truck cross-country.
OK, so with that context, I would argue that something like a water heater is different, where someone invested in home equity does have the flexibility (maybe not the financial flexibility, but the flexibility in outlook) to see the sense in a longer-term cost/benefit analysis.
It is all yet to be seen imo with WDRP but I am viewing it as an investment to be a long shot (as speculation for flip is different)with the possiblities coming from total cost of ownership in the consumer market and on getting toe-holds in specialty niche markets . . . both of which imo while making for many nice PRs are a crap shoot and long shot.
wonder where they hope to borrow that other 1.05 to 1.3 to be able to get to 2 ?
Sometimes I look at it this way. Resistance element based water heating is close to 100% on conversion of electric energy to heat energy in water. The same very likely can be said for the microwave based heating, with heat recovery from the entire circuitry. However resistive elements are much cheaper than magnetrons and their driving circuitry. So, if there is a successful product it will be due to the other costs of ownership, as shown by lifespan, reliability, etc..
I agree. Finalizing the Everton sale is just completion of a prior decision, with BRD positioned to benefit from any upside on the disposed assets and any results from Everton's other Dominican prospects.
The fundamentals of BRD seem unchanged. We will soon see more with the Q3 earnings (and conference call) on Nov 13. The short interest remains trivial, going up a minuscule amount on the 10/15 report.
The two things that do concern me are the drop in institutional ownership, down from (if I correctly recall) almost 20% to a little above 18%, and the fact that on the days recently when the precious metals were going down but the HUI and XAU were going up anyway BRD did not participate but instead went down with the PMs. But these are indications of sentiment, not necessarily of fundamentals, and these could reflect profit taking to deploy elsewhere. We will soon see if there is something substantive that has spooked some. The road to solidifying $1 as a strong floor support is not unexpectedly a psychological and for some buyers a real barrier, so retracing consolidation here is welcome actually.
We just need a nice Q3 and then Q4 reporting at this point imo.
Excellon Intersects Additional Source-style Mineralization At Rincon Del Caido
http://www.prnewswire.com/news-releases/excellon-intersects-additional-source-style-mineralization-at-rincon-del-caido-175597531.html
146 g/t (4.3 oz/T) Ag, 2.8% Pb, 1.9% Zn, 0.216 g/t Au over 43.4 metres
including 381 g/t (11.1 oz/T) Ag, 10.6% Pb, 11.5% Zn, 0.354 g/t Au over 5.8 metres
Platosa Exploration Highlights:
Holes LP1023A, LP1024 and LP1025 encountered significant widths of semi-massive to massive to patchy sulphides at Rincon del Caido, 1 km northwest of the Platosa Mine;
All three holes intersected multiple intersections of high metal values, including:
146 g/t (4.3 oz/T) Ag, 2.8% Pb, 1.9% Zn and 0.216 g/t Au over 43.40 m including 381 g/t (11.1 oz/T) Ag, 10.6% Pb, 11.5% Zn, 0.354 g/t Au over 5.8 m in LP1023A;
All three holes intersected anomalous gold, including 13.8 g/t over 0.72 m in LP1025;
Anomalous gold values, combined with anomalous bismuth (8,280 ppm over 1.0 m in LP1023A) and copper (0.23% over 1.1 m in LP1024 and 0.12% over 8.1 m in LP1025), suggest increasing proximity to the Source of the high-grade Platosa mantos;
Four drills are now deployed at Rincón del Caído;
Excellon is in full production and has resumed shipping ore to its mill in Miguel Auza.
TORONTO, Oct. 24, 2012 /PRNewswire/ - Excellon Resources Inc. (TSX:EXN) ("Excellon" or "the Company"), Mexico's highest grade silver producer, is pleased to report results for diamond drill holes EX12LP1023A, LP1024 and LP1025 drilled in the Rincón del Caído ("Rincón") area, 1 km northwest of the Platosa Mine. All three holes encountered significant sulphide mineralization within "Source"-type geology. The holes are step-outs from drill hole LP1019 (see press release dated July 9, 2012) and six holes have now encountered encouraging results within an irregularly shaped area roughly 60 m from east to west and 35 m north to south that remains largely open. Assay results are shown in Table 1 below. Drilling continues with four rigs.
"The combination of skarn, gold, bismuth, felsic dykes and the highly siliceous granite porphyry is a strong indication that we are approaching the large-tonnage CRD-Source that is the primary goal of the Company's exploration program at Platosa," stated John Sullivan, Vice-President of Exploration. "We are also excited about the long-contemplated possibility of finding more near-surface manto-style mineralization related to the structures that channeled fluids from a deep source into the upper limestones. The corridor between Rincón and the Platosa Mine has seen very little drilling and virtually none of it has reached the marble unit that hosts the Rincón skarn-sulphide intersections. The potential of this area for both additional manto and Source mineralization remains untapped."
Table 1: Platosa Assay Results
Location DDH # Interval
From (m) Interval
To
(m) Interval
Width (m)* Silver
(g/t) Silver
(oz/T) Lead
(%) Zinc
(%) Gold
(g/t)
Rincón del Caído LP1023A 513.00 515.00 2.00 610 17.8 3.08 0.11 0.571
525.65 569.05 43.40 146 4.3 2.76 1.85 0.216
incl. 525.65 527.10 1.45 279 8.1 7.42 4.48 0.233
and 530.60 536.40 5.80 381 11.1 10.63 11.51 0.354
LP1024 511.40 512.50 1.10 623 18.2 9.92 7.98 1.620
526.40 526.75 0.35 661 19.3 16.8 37.5 1.025
555.95 572.10 16.15 107 3.1 2.87 2.18 0.106
incl. 555.95 557.85 1.90 573 16.7 18.68 11.98 0.192
LP1025 492.30 506.03 13.73 42 1.2 1.27 1.12 1.140
579.35 582.85 3.50 96 2.8 1.52 1.37 0.021
590.12 594.36 4.24 57 1.7 2.31 0.44 0.038
* All three holes were drilled vertical and intervals are core widths. Mineralization banding lies at highly variable angles to core axes in all three holes (as is typical of skarn-related sulphide mineralization) and data points remain sparse. Further geometric information is required to estimate true thicknesses.
The new mineralization is developed in a marbleized limestone sequence located beneath the thick hornfelsed shale unit that underlies the dolomitized limestones hosting the Platosa Mantos (Map 3). Relatively pristine marble extends for tens of metres below the skarn and all holes bottom in high-silica, crowded granite porphyry containing small amounts of pyrite located at approximately 800 m vertical depth. Several of the sulphide intercepts surround pervasively sericitized felsic dykes. The orientation of the mineralized skarn cannot yet be determined, but the pattern of intersections suggests strong structural control. This control may be reflected by the numerous high-angle structures that cut the overlying rock units in all holes. These structures are being carefully sampled to determine if one of them was the pathway along which mineralizing fluids escaped from beneath the hornfels into the upper, manto-hosting limestone units.
The mineralization demonstrates multi-stage, pyrite-rich, massive to semi-massive textures that clearly overprint earlier pyroxene and garnet-rich skarn. Mineralization is concentrated at or near marble-hornfels contacts. The multi-stage characteristics are similar to those shown by the sulphides being mined from the Platosa mantos, although there are distinct compositional differences reflected by much higher pyrite content, the appearance of chalcopyrite and much darker-coloured sphalerite. The consistently anomalous gold, bismuth (8,280 ppm over 1.0 m in LP1023A and 1,685 ppm over 2.6 m in LP1024) and copper (0.23% over 1.1 m in LP1024 and 0.12% over 8.1 m in LP1025) combined with the overall skarn mineralogy indicate that this area is still somewhat distal to the Source itself, but may lie along a feeder system leading from the Source. The Source may lie between Rincón and the high-grade Platosa mantos currently in production, or farther to the northwest. Given the high pyrite content of the skarn, the mineralization may respond to electrical geophysical methods, and downhole geophysical surveying is underway to gather orientation data to guide further drilling. In the interim all four exploration drills are concentrated at Rincón.
Since the exploration press release dated July 9, 2012, five holes in addition to LP1023A, LP1024 and LP1025 have been drilled at Rincón. Holes LP1020, LP1023 and LP1027 were abandoned prior to target depth because of technical problems. Holes LP1021 and LP1022, both drilled west of LP1019, encountered only minor sulphides, but do not close off the area.
Platosa drill core samples are prepared and assayed by SGS Minerals Services in Durango, Mexico. The lab is accredited to ISO/IEC 17025. The Company has a comprehensive QAQC program, supervised by an independent Qualified Person.
In my experience that is very, very often how it is with minor producers. When the precious metals go down the equity goes down more, but when they go (back) up the equity lags in recovering. The problem arises when the metals are very volatile as the equities sometimes take multiple amplified drops without seeing the commensurate price recovery during the ups resulting in exaggeration in the equity price depression. These very often however make for opportunity in undervalued equities that do recover once the volatility lightens. I think this all may be a natural assumption that the smaller producers are on a tighter margin so their cash-flow is more endangered by falling metal prices so during times of volatility or of extended depression in metals prices their future looks more uncertain.
Pretty much the same here . . . difficult situation with such low volume and tightly held equity
The problem with seeing the future is that it is often dissonant with the present.
Well, the CC was never "filed" as far as I know, but it was straight from the horse's mouth. One would have to go back and listen to the CC again.
When I say "product" I mean something ready for manufacturer to produce. That would be way past proof-of-concept, development unit, prototype, or beta, or whatever other name for pre-production versions. Product is done with engineering and design, testing, reconciled with component supply/cost/availability, etc. and is basically at the fully spec'd, fit and finish stage ready to go into sourcing, assembly, production, distribution, sales.
What is at the lab is without doubt in my mind not product level. I understand beta to be the closest to product, units ready for field testing, hopefully not going to have any final changes before production. IMO at best the lab has prototype that may or may not see significant change to components and certainly to fit and finish prior to a small run to make some beta units for reliability testing.
As to numbers, as I understand contracting for services a company specifies the scope of work. This details what is to be done and what is the deliverable. This is stated in the PR as
According to the Company, Intertek's mandate includes:
To evaluate a fully functioning microwave water heating unit
To safely complete performance efficiency testing services and analysis, while taking into consideration the unique nature and characteristics of Wanderport's microwave water heating unit and technology
To supply Intertek's independent interpretation of their efficiency analysis performed on the eco-friendly microwave tank-less water heater.
In the conference call, during the Q&A, in response to (Maurice's?) pounding over their prior misleading PR info, they were directly confronted over having said that they were moving to Phase 3 but now (i.e. then) seemed to be back at Phase 1 all over again. They basically just said that was how they were looking at things then, but they didn't any longer. The followup then criticized them for never having said as much. If I recall they really did not respond to that part.