1) OCT-NOV: 4TH QUARTER INFO: They don't need to tell us how much gold they produced btwn Oct 1-November 14th: that's 4th quarter information. I believe they released that info to assure investors that they did indeed start 4th Q production that's already matched entire 3Q production.
2) EXPLANATION OF LOW YIELD: I am bummed that the rates are low: ~0.13g/yard. I thought the stockpile "mudflow" gravels were gone but I can't help but to hopefully think that they processed mostly the mudflow. Based on their two production PRs:
3rd Quarter:
July-August: Mined: 0 yds, Screened: 6,500yd (30oz gold)
August-Sept: Mined: 12,000yds, Screened: 5,500yds (20oz gold)
TOTAL 3Q: July-Sept: Mined: 12,000yds Screened: 12,000yds (50oz gold)
4th Quarter:
October-November 14th: Mined: 12,750yds, Screened: 8,000 (?? gold)
*TOTAL 4Q October-December: Mined: ~37,000yds, Screened: 24,000+ (minimum 80oz to 320oz)
* - Projection, given that they are telling the truth and most of October was spent fixing stuff, so real processing rate was 8000yards/about 3wks (1 week in Oct-Nov 14th), that rate for 6 more weeks remaining in 4th Q.
3) PROCESSING SPEED The fact that I believe they did ramp up production from 43yd/hr (assuming 8 hr days 350yd/day) to 80yd/hr is a good sign. Based on the fact that they processed 8000 yards in October-November with those "many days in October" for fixing things (I assume 3 out of the 4 weeks), I can assume they hit that 100yd/hr speed sometime this month.
4) MY (REALISTIC) PROJECTIONS Hoping for a 0.3g/yard rate, and if PCFG can really process anything close to 20000yards/month in December (based on November rates, it's very realistic number), we're back in business with 200oz of gold. It kinda sucks to have to wait so long for another 10Q, but yea, we're headed in the right direction.
5) MITCH/LANDAU Yea they screwed up not telling us some of these pieces of news, but it does seem like one thing piled on another. NDEP, truck accident, failed pump. Suffering builds character. I am sure they were hoping it was just one of those3 'bump on the road' and hoped to continue working after one thing got resolved, but another event occurred. And then another.
At that point they were probably at a loss as to what to do, and decided to make a decision to just wait until 10Q. I think they are struggling for their lives to get this mine working, it's their personal investment, maybe their lifelong savings. They want this stock to soar too.
6) LAST WORDS January 3rd will mark 1 year since they ordered new equipment for this monster of a project. They basically went from bare land -> production in less than a year. 3 part-timers to 20+ employees. I really got nothing more to say. Let's GO PCFG.
