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"Didn't Inmet say in their PR they would allow PDI and Spain to be spun off? I think they just want Molejon, but still how would PTQ operate without a mill?"
No they did not say that PDI could be spun out. they said it would be part of the deal but they tried to down play any inherent value by saying that although they have had some dealings with PDI, the contracts were open to all bidders and nothing had been signed yet. They tried to play down any value PDI might have.
JFF7
the short interest was not very big was it? under 1 million shares if I recall. They are not a significant part of todays action (18 million so far).
The initial offer is 48 cents plus spanish properties. The market is putting 7 cents value on the spanish properties right now.
55 cents might be that bottom for now.
JFF7
can you think of any reason why Inmet would not be buying this morning?
JFF7
Inmet is strecthed thin trying to make their big project work. It has been tough for them to get the capital they need. They still need a little more (half a billion?).
Inmet needs PTQ's two concessions.
Inmet can save 100s of millions on aggregate costs by getting PDI as part of the PTQ deal.
Inmet probably has some PTQ shareholders in their pocket already. Lots of overlap between PTQ shareholders and Inmet shareholders (at least the Panamanian ones).
How many MORE shares do they need to secure?
They bought some are the suppressed prices. But the volume was very low.
They are buying today after their lowball offer frees up some volume. They are still getting them cheaper than what they would have to pay FMV for.
The more they can shake the tree and get PTQ shares into friendly hands, the better.
That's my opinion of what is happening right now.
JFF7
You can bet Inmet (or someone acting on their behalf) is picking up all the PTQ shares they can this morning..
Another reason why they decided to play their cards this way and make a public plea to PTQ shareholders. If they don't have enough votes lines up already, they can sure secure a lot more shares this morning.
Then put a lid on the price again to drive it down.
Rinse and repeat until you have enough shares.
JFF7
its clearer now that the offer is to the larger PTQ shareholders they are making this pitch to. They are end running PTQ management who they consider to be a project risk that needs to be mitigated.
JFF7
I was thinking this public low ball offer was more for INMET shareholders benefit than anything. They already know that PTQ wants more for the two concessions than they were willing to pay. If their budget is already tight (still need a little more financing which they are finding hard to get), they can't afford to go out and throw money at PTQ. They need a public reason to raise the budget or to ask their shareholders to raise the budget if it comes to that.
I also believe there is something else they are after. They have requested all info and documents from PTQ that have not been filed. That's a strange request in itself to be part of the deal. My gut tells me there is something there important to them.
The most important thing is that shareholder value is being unlocked and it is happening in the near future, not years down the road.
JFF7
Inmet screwed up by not nailing down all the property rights they needed. Now they are going to find out what the true cost of doing business in Panama is if your not a Panamanian.
JFF7
Yahoo! Finally something that CAN move the share price.
One way or another it will never this year.
Thank you, thank you, .....thank you.
JFF7
I hope they announce the PP finalization separate from the PDI approval and in that order. I would seriously consider buying a couple hundred thousand shares if the PP comes out and the share price stays at these levels.
I like the chart basing, the timeline for getting the ball mill and other stuff done before the end of the year, and the big factor...POG rising on strength and volume.
JFF7
your reward is another buying opportunity....
how many times are you going to not accept the gift that keeps on giving.
JFF7
MMT.v
My money is on Keith Schaefer's newsletter having this impact. He has a decent following despite his record. Most of the people following him bought up near the 1.70s if I remember correctly. Don't blame them for bailing. For following Schaefer...not something I would do.
JFF7
I like the odds of the share price going up...eventually!
In the meantime, enjoy the buying opportunity.
JFF7
I don't know if bad news is coming or not but it is pretty obvious that someone with a lot of shares wants to sell. That will keep a lid on the price or even push us lower.
Hard to tell where we go from here until we see if the secured debt gets signed and what the terms are. Certainly PTQ has not shown anything that would justify the share price will run with the other gold stock price leaders.
Trying to be patient and let PTQ. Live up to its potential.
JFF7
POG flexing, getting ready to run. Time to double down your gold bets. PTQ will not be participating anytime soon. The ask queue looks like someone big wants to get out.
I bought another 10000 though.
JFF7
I am also a little concerned with how they paid for it. it was worth only 100,000 dollars but they issued shares for it instead of paying cash for it. I dislike when companies feel free to pay for things with shares. The share count can add up quickly.
JFF7
"In March 2012 the Company sold its 31.12% interest in the Belencillo mineral concession in the Republic of
Panama to Petaquilla Minerals Ltd. ("Petaquilla"), an arm's length corporation whose shares are listed and trade on
the Toronto Stock Exchange (the "Exchange"), in consideration of: a) shares of Petaquilla with a value of $100,000
issuable upon regulatory approval; and b) a further 250,000 shares of Petaquilla issuable upon the commencement
of commercial production on the subject concession. On March 8, 2012 the Company received 175,438 shares of
Petaquilla in satisfaction of the first tranche of shares to be issued (Note 3). In accordance with Exchange policy,
those shares cannot be traded until July 7, 2012. The Company had in prior fiscal years written off all carrying costs
in respect of this project. Accordingly, the Company recorded a gain on sale of $100,000."
from their financial statements. PTQ owns it outright now I guess.
yes and I think their partner owns an interest only in zone 1.
JFF7
Looks like their interest in this concession is held in one of PTQs subsidiaries.
http://www.smallcapnetwork.com/Petaquilla-Minerals-Ltd/s/quote/p/s/PTQMF/
I look at the 18,000 as a target production rate. I don't think they have to do that much in fiscal 2013 for the share price to react. They just have to reach towards that target production rate and maintain for a couple of qtrs.
For me, its more about the sustained production rate over a few months that is important. Placing a timeline on it is fruitless as we have seen.
Incremental monthly production rates is what I want to see start in three months.
JFF7
map of where this concession is.
http://www.madisonminerals.com/project_panama.php
Sounds like their partner wants to sell out their interest.
JFF7
http://www.madisonminerals.com/project_panama_info.php
here's their partner....
not sure what your point is...they did 300 in all of 2012 so essentially they are starting at zero....their target is 1500 per month..PROGRESSIVELY ....will they get there a step at a time if they are capable of producing that much? Of course it would be progressively. No heap leach come online at full potential, especially not multiple heap leach fields.
if your point is that they may have difficulties making their target....well that goes without saying. I am not going to resize their targeted production increase for them.
JFF7
not much. they expect PDI spin out to conclude in first half of fiscal 2013. With the regulatory authorities fro the time being.
Looks like PTQ is keeping costs in control, channeling money to further improvements of production. Expect to get another 18,000 out of heap leach.
Need to see that high yield debt approved. No mention of it it being convertible so hopefully it gets signed that way. Only convertible is a loan for 6 million at a price of 65 cents (around there anyways). If they get the high yield debt that will get rid of the mineral sales contracts which really muddy the water. That should clean up the balance sheet some.
There's a glimmer of hope (or is it gold?) for the future share price. Need to sign that secured debt notes and get PDI spun out. But they are probably waiting on others for those to happen for now.
JFF7
better than I thought....glad to get it out of the way....Management discussion is more important
JFF7
MMT.to
Don't expect Mart's share of production to bounce back up to 82% like in Q1. That was a very high qtr, they are usually closer to mid 60s percentile. In fact Q3 will probably be closer to the 52% of Q2.
From the Management Discussion page 8 : ".....UMU-10 well cost recovery that has been deferred for ninety days from the well's spud date, July 4, 2012......".
JFF7
I'm buying trading shares. Couldn't resist. Will ride back up and collect the Sept divy. Might hold for another divy if it looks like it will happen.
JFF7
I was hoping PTQ would get this not-so-good qtr out of the way before POG took off too much. It might happen. Hoping Jackson Hole brings little or no action and then a coordinated Fed / Euro action at the next Fed meeting. At least that is what I think will happen. Which means there may be some general market sell off after a disappointing Jackson Hole. Of course that negative market action is just so much more ammo for taking size-able action later in September. Took profits on most of my stocks where I could. Now it's just ride out the next few weeks to see how things unfold.
Downside for PTQ over the next few weeks might only be low 30s or high 20s so I will hold through whatever happens.
JFF7
MMT.TO Dr_Airtime
as far as costs incurred for the qtr being reported. Would costs incurred related to the pipeline be recoverable costs? Acquiring right of ways, etc. Do you think there would have been any this qtr?
JFF7
"We are very pleased with our shareholders ongoing support and commitment"
I guess they didn't hear Coinmaker.
My impression is, they are small time management who won't make a go of this and be just like most juniors and keep printing shares to fund work going forward.
JFF7
turtles....boy are things slow
JFF7
all I smell is more delays until certainty is found.
JFF7
cultural divide? - wag - wild assed guess
as in anyone want to take a wild assed guess on why the short volume has gone up.
JFF7
ORT.to/EORBF
That was a good interview because even though he or his firm do not own any shares, they are watching closely. I think Sprott also falls in that same boat, having owned early and then selling into the run up and now only holding a small position waiting for things to prove up.
I'm in with a full position as well. I'll wait till I see them prove the process through on the HPA plant and if I hear no problems with things like acid regeneration or any other potential pitfalls I'll take an overweight position. I may buy some trading shares if it pulls back below 2 bucks again.
Tremendous potential there.
JFF7
Some would call it P/E compression. Why is it happening? I don't have an answer to that question. Is it manipulation? Is it fear that POG will suddenly fall and profits disappear? Who knows? But it is enough to have kept me out of the gold sector for the most part for most of the year. I only have about a 3-5% exposure to gold stocks now. The markets are now improving for your help gold stocks so I am rethinking that percentage.
JFF7
The market is telling me to sell, why am I holding on?
there's got to be some value there. With all this Panamanian chest thumping, there must be some profits in there somewhere.
JFF7
Loj
"Physical gold is currently down 14% from the same time 12 months ago. I had thought that would drive ETF investors to the miners, who are still making profits at these prices, but I haven't seen any evidence of that. "
gold down 14% and gold juniors down how much in the same time period?
I think the ETF holders made the right decision.
Endeaver taking over Avion. More industry consolidation to follow at these cheap prices. Hopefully this is a catalyst for other gold stock prices to increase. It used to be this way but nowadays? who knows. People are willing to pay up for the gems but the slugs don't get the same effect of "all ships rise on the rising tide" as they used to.
JFF7
Nice little jump in the gold price to 1635 this morning. We're getting closer.
JFF7
Inmet secures financing from Franco Nevada by selling pm stream.
Good for Inmet.
JFF7
One year return - (50%)
Nice production profile.
2013 has to be better......doesn't it?
JFF7