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GDXJ just dumped their 26 million shares of Banro.
The market knew this was going to happen so that caused the SP to decline as well.
Banro doesn't have a big enough market cap for GDXJ anymore so they had no choice but to dump it.
I do not own any BAA but I have a feeling it will be back into the mid $.20's soon.
I wish I had bought some Friday but wasn't paying attention.
GDXJ SEC info:
From the GDXJ SEC filing
The Junior Gold Miners Index (the “Junior Gold Miners Index”) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies of small-and medium-capitalization that are involved primarily in the mining for gold and/or silver. The Junior Gold Miners Index includes common stocks and depositary receipts of U.S. and foreign companies that are involved in mining for gold and/or silver and that are listed for trading on a leading stock exchange.
Constituent stocks for the Junior Gold Miners Index must have a market capitalization of greater than $150 million on a rebalancing date to be eligible for the Junior Gold Miners Index. Stocks whose market capitalization falls below $75 million as of any rebalancing date will no longer be eligible for the Junior Gold Miners Index. Stocks must have a three-month average daily trading volume of at least $1 million to be eligible for the Junior Gold Miners Index and issuers of such stocks must have traded at least 250,000 shares each month over the last six months. Only shares that trade on a recognized domestic or international stock exchange may qualify (e.g., National Stock Market stocks must be “reported securities” under Rule 11Aa3-1 of the Exchange Act. Similar criteria and standards apply to stocks with foreign listings).
Read more at www.stockhouse.com/companies/bullboard/t.baa/banro-corporation#vRyMF7dmvDpsymPc.99
GDXJ Banro holdings as of Sept 9, 2014
GDXJ holdings
Banro Corp BAA CN 26,329,945
Whether gold goes down or up you can say you predicted it, LOL.
I predict a massive multi-year cup and handle
45 minute mine tour
Scorpio Gold Mine tour May 2014
Everyone is extremely bearish on gold and silver right now. At times like this I am only influenced by people who called the top in gold and silver.
Ben Davies: Called the run-up in Aug 2010, called the top in 2011 and is calling for $30 silver by end of year. He also called the weak period we are in now.
Ben Davies March 28,2014
Ron Rosen called top in PM's fairly well and accurately predicted the destruction of mining shares in May 2011:
Ron Rosen 2011
Here is what Ron Rosen is saying now..pdf file(He is very bullish):
Ron Rosen May 2014 pdf
Larry Edelson publicly called the top Dec 2011 and called for gold to go down to $1100 and silver $22.
Larry Edelson dec 2011
Larry Edelson has now called the bottom in miners and for gold and silver to bottom soon. He called this latest crash in PM's a fakeout. Told subscribers to buy JNUG on Thurs at $13.45
Market Anthropology called the bubble top in Silver:
MA May 2, 2011
Market Anthropology is somewhat bullish now:
MA May 30, 2014
Gary Savage has an nice chart he put out yesterday. Gary has been calling the cycles quite accurately lately.He was bearish on PM's near the top so I am including him. His timing is good, but his price targets are so-so.
Gary Savage May 31, 2014
Charles Nenner From what I hear, Charles Nenner called the top in PM's at $1900 gold. He is now out of the S&P and is waiting to buy gold in July. He calls the lowest for gold to go is $1150. He says the move from July should be a 15 month bull market. Jay Taylor mentions it here
Jay Taylor on Nenner
That's about it for now. I don't pay any attention to chartists like Dan Norcini, Louise Yamada and others who are bullish near the top and bearish near the bottom. They are useless for someone who doesn't day trade. Cheers!
Presentation from European gold forum.
scorpio gold presentation
"Given our success there are a lot of people interested in potential relationships with Scorpio gold"
"We are operators, we are mine builders, we are turn around guys"
"We have two drills on site and there is a third one about to come, so at the same time other companies are dropping drills we are adding drills"
Currently pre-stripping Satellite deposits for 2015 production
Bought out claim near Solberry and can now do infill drilling so the area can now become its own pit.
looking at 20-30,000 ounces per year from Goldwedge if drilling successful
Lawrence Roulston recommends SGN:
Roulston says why to buy Scorpio Gold
2014-01-07 19:25 ET - In the News
Lawrence Roulston, in the Dec. 30, 2013, edition of Resource Opportunities, says why to buy Scorpio Gold Corp., recently 20.5 cents. This is the first time he has recommended the stock. Scorpio hopes to begin production soon at its second gold operation in Nevada, called Gold Wedge. It acquired this project for $1.25-million and three million shares after the previous operator ran into money troubles. Since then, it has been working on rehabilitating the mill. The near-term plan is to use the mill to treat ore from Scorpio's first Nevada gold operation, Mineral Ridge. This mine produced 35,000 to 40,000 ounces of gold in 2013. Between Gold Wedge, Mineral Ridge and a third Nevada project called Pinon, Mr. Roulston thinks Scorpio will achieve its goal of becoming a 100,000-plus-ounce gold producer within three years. He likes the company's management, which includes president Steve Roebuck, a geologist and production engineer, and chief executive officer Peter Hawley, the former CEO of Scorpio Mining until Scorpio Gold was spun out in 2010. Scorpio Gold had $2.3-million in cash as of Sept. 30, which management might use to acquire more projects. Mr. Roulston concludes that the stock offers "excellent value."
That was me who sold yesterday!
Just kidding, not sure what happened. Canaccord was dumping on CDN side, not sure who was dumping on USA side.
They are reporting total cash costs of less than $800.
Total cash costs:
total cash costs include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes, net of by-product revenues earned from all metals other than the primary metal produced at each unit. Total cash costs provide management and investors an indication of net cash flow, after consideration of the realized price received for production sold
These juniors are only as good as their shareholders. There are few buyers these days so any selling will depress the price. From what I can tell the company has about 3 years or more of mining with current reserves possibly more if you include expanding the current mary pit.
The company doesn't seem too concerned about the low gold price. They continue exploring the property.
This year is worst than 2008 in my opinion. I never have seen such negative sentiment on miners. Hopefully that will change soon.
One of the historic holes, MH-16 was 67 metres @ 12.48 g/t gold.
An intersect like that would have caused a buying frenzy a couple of years ago. Now nobody even mentions it.
Oil collapsing would help the miners if true. Clive has made some pretty good calls on PM's in the last couple of years. I hope he is correct on these ones.
Not sure if anyone follows Gold Standard Ventures V.GSV, but they have had some drilling success on their claims north of SGN's Pinon deposit. Hopefully some of the market enthusiasm for GSV will come Scorpio's way !
Have to correct you Talldude, SGN gets 80% of cashflow.
Another SGN article
Metal News interviews Roebuck
financials out, looks good.
10,769 ounces of gold produced compared to 7,394 during Q2 of 2012.
• Increased revenue of $14.8 million compared to $12.5 million during Q2 of 2012, mainly due to increased
production and higher grades which resulted in a higher number of ounces sold albeit a lower average gold
price.
• Improved total cash cost per ounce of gold sold(1) of $713 compared to $965 during Q2 of 2012 mainly
attributable to higher production level as well as higher head grade.
• Mine operating earnings (1) of $3.3 million compared to $3.4 million during Q2 of 2012.
• Net loss of $7.8 million ($0.05 basic and diluted per share) following non-cash impairment charges of $9.9
million ($0.06 basic and diluted per share), compared to net earnings of $2.6 million ($0.01 basic and
diluted per share) during Q2 of 2012.
• Adjusted net earnings (1) of $2.7 million ($0.01 basic and diluted per share) compared to $2.6 million ($0.01
basic and diluted per share) during Q2 of 2012.
• Increased adjusted EBITDA (1) of $8.0 million ($0.04 basic and diluted per share) compared to $4.7 million
($0.03 basic and diluted per share) during Q2 of 2012, as a result of increased revenue and lower cash
costs.
• Adjusted cash flow from operating activities (1) of $5.4 million down from $7.5 million during Q2 of 2012,
mainly due to an increase in inventory level during Q2 of 2013.
(1) This is a non-IFRS measure; please see Non-IFRS performance measures section.
Management Discussion and Analysis
For the six months ended June 30, 2013
2
HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2013
• 18,180 ounces of gold produced compared to 14,591 during the six months ended June 30, 2012.
• Increased revenue of $26.5 million compared to $25.4 million during the six months ended June 30, 2012,
mainly due to increased production and higher grades which resulted in a higher number of ounces sold
albeit a lower average gold price.
• Improved total cash cost per ounce of gold sold(1) of $738 compared to $944 during the six months ended
June 30, 2012, mainly attributable to higher production level as well as higher head grade.
• Mine operating earnings (1) of $6.5 million compared to $8.3 million during the six months ended June 30,
2012.
• Net loss of $5.7 million ($0.04 basic and diluted per share) following non-cash impairment charges of $9.9
million ($0.06 basic and diluted per share), compared to net earnings $5.7 million ($0.03 basic and diluted
per share) during the six months ended June 30, 2012.
• Adjusted net earnings (1) of $4.8 million ($0.02 basic and diluted per share) compared to $6.8 million ($0.04
basic and diluted per share) during the six months ended June 30, 2012.
• Increased adjusted EBITDA (1) of $14.5 million ($0.08 basic and diluted per share) compared to $10.7
($0.06 basic and diluted per share) million during the six months ended June 30, 2012 as a result of
increased revenue and lower cash costs.
• Adjusted cash flow from operating activities (1) of $11.5 million down from $14.3 million during the six
months ended June 30, 2012, mainly due to an increase in inventory level during Q2 of 2013.
UPDATED 2013 PRODUCTION AND OPERATING GUIDANCE
• 2013 gold production now forecast to be between 35,000 and 40,000 ounces compared to earlier guidance
of between 32,000 and 35,000 ounces.
• Total cash cost now forecast to be between $700 and $800 per ounce compared to earlier guidance of
between $800 and $900 per ounce. (For more information on the parameters and assumptions upon which
the updated production and operating guidance is based, please see the “Outlook” section below).
As of June 30, 2013, the Company had $2.4 million in cash compared to $2.0 million as of December 31, 2012.
Working capital was $8.5 million as of June 30, 2013 compared to $5.9 million as of December 31, 2012. The
Company anticipates that it will make the required payments on its debt and fund its planned capital expenditures
and other cash requirements from cash flow from operations at Mineral Ridge. However, if cash flow is insufficient,
additional financing will be required.
New satellite resource out.
Mineral Resource Estimate on the Satellite Deposits
What stands out to me is :
"Within Telesto's resource block model there is approximately an additional 1.5 million tons of mineralized material outside the floating cone economics that is above a cutoff grade of 0.02 opt gold. The areal extent of this mineralization is presented in a plan section of the resource model wireframes available at: View Map. Cross-section views of the mineralized wireframe envelopes that extend or lie outside of the pit shells is available at: View Cross-Sections. With additional drilling; some or all of these areas could potentially be added to the mineral resource estimate after applying floating cone economics."
It looks like there is much more gold not included in the resource calculation than is included. I have never seen a resource calculated this way. Why are they using floating cones for a resource calculation? Isn't something like that used only when calculating reserves? If they didn't use floating cones the resource would have been well over 100,000 ounces.
Anyone have thoughts on this?
Good discussion of Scorpio Gold at Mexico Mike's forum.
Mexico Mike (coach247) knows Peter Hawley and has a long write-up of a site tour he went on recently you guys might find interesting. Mike moderates the forums so their is no bashers like on Stockhouse.
http://www.mexicomike.ca/php/phpBB2/viewtopic.php?t=14906&postdays=0&postorder=&start=0
New July presentation. Shows over 10,000 ounces produced in Q2, 18,180 ounces produced H1 2013, minus 7411 ounces Q1 equals 10,769 ounces for Q2.
"June 2013 Production exceeds forecast with 18,180 oz. gold
produced in H1 2013"