They would be lucky to get 50 cents on the dollar for all the equipment they have bought. But, there is some value there, to be sure. They also own many properties in and around Chloride - 39 different assessor's parcels, the last time I checked on the Mohave County Assessor's website. So, there is more value. They don't have much cash, according to the latest 10Q.
As for value of the metal in the ground, that is the problem. They have never posted assays for samples collected by a credible, third-party professional (geologist or engineer). The closest they came was sampling conducted by Howard Metzler - he is not an Arizona registered geologist, but at least he is a CPG (certified by the AIPG). Hondo quotes his results in their public filings and PR's, but have never issued a report signed by Metzler or any of the associated assay sheets.
Historic assay data (1940's) from the actual company that created the tailings show the tailings to have very little gold or silver - they effectively removed most of the gold and silver. Those old-time miners were pretty good, despite what Hondo would have you believe. And their head grade was not very impressive for gold and silver anyway - this was primarily a lead and zinc mine. Now Hondo claims to have 1 to 3 oz/ton gold in the waste product from mining operations where the original gold grades were between 0.05 and 0.1 oz/ton? Not very likely. How do you take an ore with 0.05 oz/ton gold, process it, and have the waste product (tailings) with 100 times higher gold than it started out with? The bottom line is that there is not billions of dollars in precious metals sitting there. Maybe a few millions worth (to be generous), but so low-grade that it is not recoverable at a profit.
And don't forget the open environmental violations issued by the State of Arizona to Hondo in May of this year. In order to operate, Hondo must obtain an Aquifer Protection Permit which is a multi-year process costing hundreds of thousands of dollars (monitoring wells, lab costs, consulting costs, etc.). They cannot legally discharge anything on-site until the APP is in place.
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