Still buying right along with insiders.
There is definitely not a 'For Sale' sign in front of our offices in Panama City or Penonome. I have been by both this week.
The company continues to grow and prosper with a seventh consecutive profitable quarter soon to be filed, on January 15th.
Our Stockholder's Equity has grown to reflect successful operations:
2009 $(09.43MM)
2010 $(21.85MM)
2011 $ 10.07MM
2012 $ 57.93MM
2013 $ 93.00MM (Estimated)
A multi-million dollar 30% expansion at Molejon has just been commissioned last month, and will result in a very large increase on the bottom line that you can easily estimate from a simple discounted present value breakeven analysis. We are the largest exporter in Panama and have not yet tapped even one ounce of gold from our own reserves that will give us many LOM years.
So other than our current share price which correlates almost exactly with the sector depressed value of the GDXJ of about 50%, (non-Petaquilla specific), we will move back to a reasonable level as the sector improves due to macro economic events.
Our production cost at $524.00/oz. is one of the lowest in the industry giving us a GP of nearly $1,200.00oz. and, we are producing at a rate of 8,000oz./mo. since the expansion. For those on ignore, and too slow to do the math, that is a rate of 96,000oz. per year. With a little help from heap leaching that will be fully on line with the completion and loading of the new #3-400,000 ton pad we will be at the rate of over 100,000oz./yr. quite easily achieved. The first couple of cycles from the test 40,000 ton pad gave us apx. 300 ouncesin the quarter, so most fifth graders can figure out what 750,000 tons can yield. It is all at a cost of about $450.00/oz. too! Remember once the start up cycles are complete there is a steady flow of concentrate.
We have begun operations in Spain where we have booked one million ounces of reserves and where another million ounces will be incorporated into the reserves there as the twining drill holes are completed, per the Behre Dolbear report, and the additional open pit scenario is filed with the revised LP NI 43-101. By the end of this month we should have 350 people working
full time at Lomero-Poyatos.
Most inane comments would appear to be based on some emotional feeling, and is certainly not backed by any research, or the public record. More oafish comments that anything else. There is absolutely no reason to suspect that the company will not continue to grow and prosper, as it has since initiation of operations. We are well positioned in stable mining friendly environments, in both countries, and certainly should continue to prosper, as we do now. While ankle biting view may be supported by the majority of posters on this board, I can assure you it is not supported by our BOD, Management Team, and 2,000 plus employees.
It is unfortunate that most of the serious posters, who are actually informed, experienced, and educated, have ceased to post here. Perhaps those who dislike management, Panama, and the company in general, should sell and move on, especially if holdings are based on some hope that there will be a sale or some sort of liquidation of the company. No one really pays any attention to you and you have no influence over events or decisions.
It is just too absurd to complain that IR will not disclose information that is prohibited by law from dissemination to individual stockholders outside of all legal protocols and regulations. To expect such dis-closer just reflects the ignorance of the requester. To insult the IR spokes person and demean her position is cruel and totally without merit.
In the mean time those of us who do know what is happening continue to accumulate shares on the open market and are happy to take yours at these level. We have plenty of patience and very deep pockets. This is just too easy and too much fun!!!
Almost forgot...don't forget those shares bought in August and September and then sold on the open market in late September, up though October 8th, and not tendered to Inmet,can no be repurchased with all that profit and receive nearly twice as many shares as "wash sale" rule has passed and moves forward every day!! Great tax write offs also!!! What's not to like!!!! This has been a fantastic fall!!!!
Saludos!!
(PORTIONS TAKEN FROM SH POST AND EDITED.)
AI
