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Gold is going to hit $1,800/oz soon. Where is Dror? Is PRMO selling? Are we holding for $5,000/oz?
The most recent promises from PRMO management are as follow:
Main course will be served.
Details of minor interest in refinery will be announced.
Details of Ivory Coast perimeters will be announced.
Where is Dror these days?
Is annual financial report coming soon?
AS is at 20.5B.
OS is at 8.4B. It has not been changed for more than one year. Thus no dilution.
The OS has been at 8.4B for around 2 years. Thus, no dilution.
They could have done aggressive promotion for what they put on financial reports and detail information such as perimeters, mining operations include pictures, production rates, inventory tonnage and grades with pictures of gold bearing material, $4.5M worth of equipment, details of gold sales, refinery details etc. So that investors can estimate the market value of PRMO and bid on the pps accordingly.
The old web site need update too. If they want to promote it.
Track records have been horrible for these management and principal. Hope they learn from their mistakes and failures. Someday, they want to get rich and start promoting PRMO.
They are paying $100,000 USD annually for gold inventory storage, based on financial reports. If the report is true.
I don't understand this gold selling business. It seems PROM has difficulty selling gold based on quarterly reports. Only $2M sale in Q3.
Obviously they are capable of supplying 250kg gold dust at 96.9 % purity per month. With gold index at all time high, it should be seller's market. Buyers should be lining up at PROM's door.
I recall one of the PRs said PROm need to sell it at lower price due to low grade of gold bearing material. Unfortunately, management do not disclose assay results. No one knows the grade of the gold ore.
It seems the business plan is to minimize gold sale to avoid tax. Can't understand this strategy. How do they get rich if they don't sell gold. Can't get rich if the huge inventory sit in the storage room.
Why are they producing if they don't sell gold? May be they are expecting $5,000/oz gold price. :)
Yes, I am still around. I am kind of wait and see if PROM will come out from hibernation. It seems gold index won't wake him up. Management is still satisfied with 0.0001. No sign of promoting it.
If they own ~10,000kg gold bearing material and if they still mining as stated on financial reports. What is stopping them from promoting it? It is a mystery.
I think the current inventory worth more than $100,000,000 USD. Could be up to $300,000,000. They are sitting on it. No one knows exactly the amount, grade or market value of it. This is why sitting at 0.0001. Lack of transparency is the problem. No one know management's agenda.
Q3 report confirmed minimal gold sale, tight budget, loan (millions $) from major shareholder, on going mining operations etc. Business plan is to put away gold bearing material in a storage room. No one knows the amount, grade and market value of the inventory. Or it may not even exist. IMO.
Management is sitting on a huge stockpile and they are happy with 0.0001. Difficult to figure out their business plan. One possibility is that they want to produce as much as they can for the duration of the lease. Once it expires, they can liquid the gold. Just a thought.
Gold index broke through $1,625 today. I don't think PRMO is selling. They don't want to pay tax.
OTC Markets ranking is now back to "Yield".
The PRs said details will be released for refinery and Ivory Coast. Couldn't find it in the Q3 report. They are trying very hard to hide good news and facts and keep pps at 0.0001.
The PRMO web site still has 20.5B AS. It seems a typo in Q3 for 10.5B. Hopefully it will be corrected.
They used to put tonnage of inventory in the financial reports. However, they removed the tonnage of inventory since June 2010 financial report. No one knows the amount and grade of gold bearing material sitting in the storage room. It is growing. PRMO is paying $100,000 USD for storage fee. But they are selling minimal volume. May be a big hole in the back door.
I can't understand their business plan. Limited sale volume to avoid tax. If they don't sell big volume, but keep producing and increase inventory, how do they get rich? It is a mystery.
The monthly mining operating cost is ~$400,000. They are still mining actively. This is good sign. Labour, fuel & camp supplies are consistent. However, export tax and shipping cost has been reduced significantly. Gold sale volume has been minimal. Management decides to sell minimum gold to run the operation. They are probably still worry about the paying tax. Also rely on loan from major shareholders.
The OS is still at 8.4B, thus no dilution.
Based on the production and minimal gold sale, it seems the inventory is still growing. I am lead to believe they are running PRMO with a tight budget. Make sure no profit shown on the balance sheet. They are sitting on a huge inventory that no one knows the market value. How do they make big bucks without selling the huge stockpile? It is a mystery. May be eventually looking for a buy out. IMO.
I am hoping more gold sale in Q3&Q4. Also Q1 in 2011. Next financial should reflect these sales. IMO.
Too bad that they don't PR gold sales anymore. Obviously, management don't want to promote this stock yet.
Another possibility is that PRMO's wholly owned subsidiaries are operating under the following names:
Saowani Development SARL in Madagascar
Stones & Wood Corp SARL in Madascargar
Madagascar Gold & Gems Ltd in Ghana
With 6,100 to 10,000 kg gold bearing material in inventory, close to $20,000,000 gold sale in last 2 years, $4,500,000 mining equipment, $350,000 monthly mining operating cost, new perimeter in Ivory Coast, minority interest in refinery, etc.
What is going on trading at $0.0001?????????
Is it a real company?????
It is a mystery.
Gold is now @ $1620. Is PRMO selling?
Where are the buyers? Who are the buyers?
It seems PRMO has been selling gold bearing material to refinery. PRMO has now got minor interest in a refinery, it means they can produce purer gold. i.e. sell purer gold dust to buyers at higher price. Results in higher profit.
looking good. Hoping things will turn around.
I expect 2011 financial to be announced in August/September. The Q3 & 4 gold sale will be interesting. Also growth in gold inventory is expected.
Hoping more details in refinery deal and Ivory Coast perimeters.
I am in favor of buy back. It is the best scenario. $500,000 can buy back 5B shares at 0.0001.It is peanuts to PRMO. If management decides to promote this baby and if it is a real company. IMO.
Speaking of RS, a 10 to 1 RS may be a healthy move to drop the OS to 0.84B. The pps would be $0.001.
I am not in favor of the above strategy. But for PRMO's situation, it worth consideration to bring it to realistic level. With multiple PRs and good news, it can easily move to penny land. IMO.
I understand the RS (200:1)in July 2007 hurt lots of PRMO investors. However, the above strategy is just a thought for discussion.
According to recent PRs, PRMO should be selling in Q3 & Q4 (Jan. to June). It has a selling program, if the PR tell the true.
However, PRMO stop selling in Q2, due to tax reasons. On one hand they want to sell gold, use the profit to run the mining operation. On the otehr hand, they don't want to sell big volume, since they don't want to pay tax. It is a strange business plan. IMO.
Gold index broke through $1,600 today. Is PRMO selling?????????
I suggest:
It is traded in Nasdaq.
Failed to disclose subsidiary information.
Failed to disclose inventory tonnage and quality control data.
Failed to update web site.
Failed to provide audit financial report
Buy back scenario:
1,000,000,000 shares x 0.0001 = $100,000 USD
As PRMO is selling gold and profit margin is at ~75% as per Q2 report, it can easily generate $500,000 and buy back 5B shares. The current 8.4B common shares can easily be cut back to 3.4B. My point is the potential for it to earn exponential gain is very good.
However, management has shown no sign of promoting this baby. Make me wonder if it is real company. It is a mystery.
If the un-audit financials are true and if management decides to promote this baby, it will rock. IMO.
However, too many "ifs". This hibernation performance is taking way too much time. Management is trying very hard to keep it at 0.0001. It is a mystery so far.
Management and principal own 1.5B common shares and 350,000 preferred shares at $10.00 per share. If pps goes up, they are rich. If buy out or dividend, they have priority to receive money. The balance goes to common share holders. They are covered from both ends.
May be they want more shares at 0.0001. May be they are waiting for the lease to expire, then sell the inventory in one shot. They work for themself only.
Agreed 101%. Multiple PRs will definitely help the pps.
The question is "why don't they doing the right thing?"
Do they hate money?
I am guessing that MMs have been passing billions of shares from right hand to left hand and also to guru followers. No dilution. The next financial report should clarify this issue.
Gold index is going to break through $1,600/oz. (USD is going down the drain.) Time for PRMO to shine, if it is real company.
The "as" is 20.5B and the "os" is approximately 8.4B. The 8.4 B os has not been changed in the last year or so. It seems no dilution.
The reason for the 20.5B "as" is that to ensure no hostile take over. IMO.
If PRMO is real company, it will explode. IMO.
In regard to inventory in financials, management are reliable to the gold tonnage written on reports, which is 6100kg as of June 2009. They have been producing in last two years, the inventory should be ~10,000kg by now. Based on the previous sales since 2008, the estimated market value of inventory is as follow:
10,000kg x $1550/oz x 32.15 oz/kg x 96%(purity) = $478,000,000 USD
Mining cost as of Q2 report at 25 %, or 75 % net profit
Net profit is $478,000,000 x 0.75 = $359,000,000
For 8.4 B common shares:
$359,000,000 / 8,400,000,000 = $0.04 / share
I wish PRMO is real.
Gold index is climbing up again. Is PRMO selling today?
My point is, if their advertisement said can supplu 250kg/ month at 96% purity, they should have a good idea of the market value of the inventory. They are hiding lots of vital information, for what ever reasons.
On one hand they said they don't have assay. On the other hand , they said they can supply up to 250kg /month gold dust at 96% purity. Which one is true?
Speaking of "real assay report". They keep producing and stockpiling gold bearing material. They said they don't have assay and they don't know the gold content and grade of the inventory. Which mean they don't know what they are producing?
They have spent more than $15,000,000 in mining operation, they may have a sand stockpile sitting there that worth next to nothing. It sounds funny, but it is exactly what they are trying to tell the investors.
Management can't be rich if they sit on the gold inventory and not selling them. Strange situation.
This is why I am leaning towards to buy out scenario. They keep building up a huge stockpile. One of these days they will find a buyer for the entire company. IMO.
In regard to "the lower of cost", PRMO's financial reports used to include both inventory tonnage and the lower of cost. However, they purposely removed the inventory tonnage from the June 2010 financial.
June 2008 financial @ 5000kg & $4,715,000 lower of cost
June 2009 financial @ 6100kg & $7,232,000 lower of cost
June 2010 financial @ 12,315,000 lower of cost
Q1 financial @ $15,315,000 lower of cost
They are hiding the inventory tonnage for a reason. It seems the inventory has been growing. My estimation should be around 10,000kg by now. Why are they hiding this vital information??????
Most gold mining company announce the tonnage of gold found and their pps is at penny.
I can't understand PRMO's business plan.
Management owns 1.5B common shares. I would imagine they want to get rich by boosting the pps. However, they are trying very hard to keep it as 0.0001, for whatever reasons. May be they and their brothers want more. May be they are already rich.
Anyways, if their reports had been true with all those mining operations, perimeters and inventory etc. They will eventually explode. IMO. They have been in Africa for more than 10 years, it's time to cash in, before it's too late. History tells us that gold price will eventually drop to < $1,000/oz. So take advantage of the all time high prices and get rich. IMO.
I expect strong gold sale in Q3 & Q4. More details in minor gold refinery deal and Ivory Coast perimeters are coming. Although management may hide these good news in fluffy reports and keep pps at 0.0001, at least it is heading to right direction. Some day it will explode. Miracle may happen here. IMO.