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Considering that only 16 widely scattered holes were dug, it is unlikely that any real averaging technique was implied. Theoretically, the best estimating method would have been Kriging, but I doubt even it would give usable numbers. I think the purpose was really an attempt to determine the overall size (in hectares, not ounces of gold) of the Santa Elena property. In that sense, any "average", weighted or not, is simply an indication that gold/silver is present over a wide area.
You are right. That information would have been misleading for a mining engineer or geologist; however, they would have recognized, as both you and I did - and probably everyone else who actually read the PR - that the "average" quoted was useless. That's why the next sentence said
Nope. Doesn't bother me that much. I'd like to have more information, but I'd rather Paul spent his time making it possible to produce gold. Now that he's getting a steady flow (both gold and cash), he's looking at adding the staff you so desperately need.
Dino
They must have forgotten to tell TDA.
Dino
I haven't heard anything recently. Interest may have waned, or it's in the quiet period. Either way, we'll hear eventually if anything happens.
Dino
Neither.
It's called a deal that fell through or unsuccessful negotiations.
Happens frequently in business.
Dino
Because of this announcement, I think.
On September 28, 2021, new amendments adopted by the U.S. Securities Exchange Commission (SEC) go into effect to enhance investor protection and improve issuer transparency. These amendments restrict the ability of market makers to publish quotations for those companies that have not made required current financial and company information available to regulators and investors.
Ahead of the regulatory enforcement date, we will only accept orders to liquidate positions (i.e. no new buy orders) starting August 13, 2021. After the amendment officially goes into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.
ITRO is not current.
Dino
Response to my enquiry:
Hi XXXXX,
Thanks so much for reaching out! While our candy is made in facilities that work with other products that include soy, Yumy Bear candy does not contain any ingredients that have soy. I have attached a list of our ingredients here for our peach flavour.
As well, unfortunately we are only able to sell within Canada at this time, but hope to be in the US very soon! If you're not already, I would recommend signing up for our newsletter (www.yumybear.com) or staying connected with us on Instagram (@yumybearcandy) where we share what we're working on and will be where we will share when we are available in the US.
Thanks,
Bronwyn
Dino
I think the 75 ounces is included in this shipment. Setting up the shipping process has taken longer than expected (as usual, permits in Mexico never seems to run smoothly), and leaching has continued.
Based on the shipment size increase in 2 weeks, I infer that the current rate is 129-75=54/14, or a little less than 4 ounces Au equivalent/day. That's not a wonderful number for production, but it's a great start. In a month or so, with increased production from the expanded pad, Mexus should enter the ranks of "Junior Producers".
Steady as she goes.
Dino
I believe if you read the filing carefully, you'll find that Paul Thompson is ineligible to receive options from the plan.
I wasn't happy about the reverse split either.
Dino
It's beginning to look like Fortitude is going to be able to sustain that 3.5 cent/month dividend even after the tax benefits run out. Maybe even increase it again?
Dino
Pedro, read section 3.
"The persons who shall be eligible to receive Grants shall be directors, officers, employees or consultants to the Company. The term consultant shall mean any person, other than an employee, who is engaged by the Company to render services and is compensated for such services."
This is a pretty much standard Stock Option Plan, just like most corporations have. No special tweaks that I noticed except for the ability to award an option on restricted stock as well as unrestricted. Unusual, but not unheard of.
Sounds to me like he's getting ready to graduate to the next corporate level - real BOD, additional full and/or part time employees, compensation committee, etc. All the things he hasn't had time nor money for until now.
I think that's a good sign.
Dino
I'm not an accountant, but I used to do my own taxes.
Debt and equity are different animals. If you borrow money to cover your losses/expenses, that is a debt. If you sell stock to cover them, that is equity (ownership) in the company. If you sell a product or service, for more then you paid for it or not, that is income.
So much for sources of revenue. Money received for selling stock is not income.
Only the third source may be taxable. The US tax code (and I believe the Mexican one also) allows you to deduct both costs and losses, including carry-overs, from your income before computing the taxes due. Debt itself doesn't enter the equation, but the interest paid on that debt usually does. The interest, whether paid in cash, in kind services/product or stock is an expense and deducted from your current income.
At that point, your equation becomes true. So, if Mexus has accumulated losses (expenses, depreciation of equipment, and depletion of resources) of about $30 million, it can offset current profits by that amount in calculating its taxes.
I think you are confusing your schedule "D" if you file a US form 1040. You are limited to deducting $3000 per year of excess capital losses. N.B. "Capital losses", not operating losses. Schedule "D" both for businesses and individuals only applies to capital gains and losses, not operating losses.
Hope this helps.
Dino
They sent the confirmation to the wrong address (I left out a letter, apparently). I called and they sent me the one they use for phone contributions, so it doesn't have the dedication to you.
DONATION TYPE One-Time
LOCATION RECEIPT ISSUED 1415 Rhoadmiller St
Richmond, VA 23220
AUTHORIZED SIGNATURE Jeff Wilklow , Chief Development Officer
CAMPAIGN CONTACT EMAIL
give@feedmore.org RECEIPT NUMBER (OID) 46213506
ORGANIZATION NAME Feed More
ORGANIZATION ADDRESS 1415 Rhoadmiller St
Richmond, VA 23220
FEDERAL TAX ID 54-1150923
DATE DONATION RECEIVED Jun 30, 2021
RECEIPT ISSUE DATE 07/02/2021
DONATED BY
DONOR ADDRESS
AMOUNT $520.00
Official Donation Receipt
For Income Tax Purposes
TAX DEDUCTIBILITY
Your donation to Feed More is fully tax-deductible to the extent allowed by law. No goods or services in consideration, in whole or in part, were provided for this contribution. To claim a donation as a
deduction on your U.S. taxes, please keep your gift receipt as your official record. Our tax ID number is 54-1150923. If you would prefer a receipt sent via US Mail, email give@feedmore.org.
POWERED BY
I also made my contribution to Feed More. Maybe, someday, they'll send me an email to acknowledge it. IF so, I'll post it for you.
I talked to Debbie/Paul yesterday. He thought it was going to be filed on time also. Debbie filed the NT just in case, but expected to meet the deadline.
#$%^&* accountants!
Dino
I'm surprised. Really thought they'd make it this time. Thanks for donating, anyway.
Dino
Thank you,
Your donation information
Confirmation Number
4-
Date
June 30, 2021 10:45 AM
Payment Method
Credit Card
Donation Amount (USD)
$510.00
Donation Frequency
One Time
More details
This donation was made in memory of T Hawk
I'm sure the processor and/or assayer takes the residual gold number into consideration when computing the 90% number. They both have been doing this for a long time. I think the residual is on the order of <1%.
I think this horse is dead by now.
Dino
Just make it round numbers. That way the challenge is the 10-K, not math.
Dino
Since you're favorite charity is Food Bank, if I lose, I'll send $100 to Feed More - the name of our local food bank.
You're on!
Dino
PT knows the weight of the carbon in the filter. In shipping terms, it would be part of the "Tare" along with the weight of the container. The assay samples the PM-laden carbon, measures the amount of each and assumes homogeneity of the mixture in the filter.
The weight of the container and carbon only matter for shipping charges. Think of a box of cereal. They often have a notation that the product is sold by weight, not volume so you won't complain about a 2/3 empty box. However, the price/ounce you pay is for the "net weight", not the weight you would see if you put the box on a scale.
Dino
Do you want a piece of the action of the bet between T-Hawk and me?
Dino
The carbon doesn't exist so far as the assay is concerned. The assayed amount is the total recoverable amount of gold and silver believed to be in the carbon.
Dino
That's what 8 said. They will pay 90% of the assayed value of the gold and silver and the remaining 7/5% after processing it. Normal procedure is the makeup payment is added to the 90% payment for the next shipment, or subtracted if the assay over-estimated.
Dino
Okay. The contamination was worse than they thought in October, so it took longer than the end of the year. The contaminated ore was removed and stacked for later processing (perhaps with help from Itronics?) and they built an entirely new pad. COVID slowed the process - crew sickness, Mexican government delays, etc.- but they are now in a repeatable process to produce gold.
In addition, the main difference from the PR you cited is David H. Fell & Company agreed to purchase doré from Mexus and refine and pay for it and the PR today says that Mexus will ship the activated carbon to SIPI Metals who will perform the electrowinning process, refine the gold and silver 11% more efficiently than Mexus' equipment is capable of and pay near-spot prices.
That's a major difference.
Dino
Sure. What kind do you have in mind?
How about a $100 contribution to St. Jude Children's Research Hospital?
Dino
There have been many that were filled on time. For example, as the last one.
Dino
Someone just in it for an exit scam wouldn't be working at the mine on a day when it's going to be 120 degrees! That's where PT is today. He's busy making gold.
That doesn't sound like a scammer to me.
Dino
I'll laugh all the way to the bank...or the Riviera.
Dino
Here's the title of today's investment letter from Jim Rickards
"MIDAS Buy Alert: An Undiscovered Nevada Gold Miner With 200% Upside – Plus Dividends"
That might account for some of today's rise. He makes a pretty good argument.
Dino
Probably taking care of business in US. You know he is a commuter, n'est pas? Negotiations with prospective buyers could be in Arizona, northern California, Mexico, or possibly even Canada. Cesar runs the show when Paul's not there.
He was healthy and in Walnut Grove last week. Thought he was heading south last weekend, but maybe he meant the one coming up?
Dino
The 1st quarter 10Q is due out on 5/5. The preliminary production is 11,536 ounces.
Not too shabby for a beginner.
Dino
I've bee ready for about 10 years. What makes you think it's going to happen now?
Dino
Look at https://www.otcmarkets.com/stock/ITRO/security
It says "Transfer Agent Verified" which should mean that they got that number from the transfer agent. Since all shares get issued through that agent...
Dino
When that "quiet period" expires, I'm expecting Jason to announce the first of the (probably) monthly dividends.
Dino
Gee, he answered the phone when I called him. Sure you're using the right number? He was busy talking to folks from other companies and making gold.
Dino
I think the "quiet period" expires on the 24th, so they can tell us both what's happened and what's likely to happen.
Dino
The stock is, anyway. Not only can I not find any information about the company, but even their website www.sportspouchinc.com takes me to an insurance company. I actually had a customer for them, but couldn't find a current address or phone number. The ones OTCMarkets.com shows don't work.
Do you have any idea if they're still in business?
Dino
Fortitude Gold has a symbol. It's FRTT.
No data/price available yet.
Dino