The year in perspective.
As we turn the page today it is probably worth looking at the big picture once again. For this last fiscal year GDXJ is down 42% and Petaquilla is down 21%. So, in a very difficult market we have actually done much better than the median peer.
The future of the GDXJ does not look promising, the price of gold seems to be holding around $1,400.00oz. and costs are going up for cash strapped Junior Miners. For those that are not in production, and/or not profitable, the future is very bleak and they will probably fail. Others may struggle through, but shut down much of their operations as funding is non-existent for them.
The future of Petaquilla looks very promising. Expanded production, expanded reserves, continued and increasing profits, very competitive cash costs, and of course greatly improved FCF helped by sales of aggregate and PDI contracts. The Buyout Boogeyman has finally been put to sleep, although he was never a serious threat. There is every reason to be positive about the company and our shares are very cheap.
Those who continually rant against our company and management, and continue to do so even today, are just ignorant fools whose bleatings just blow like little parachutes off a thistle in a high wind. Those with vision have greatly increased their holdings and will be rewarded accordingly in the future. Those who sold and moved on made a mistake. Those who stayed, but did nothing, made an even bigger mistake.
So...have a HAPPY NEW YEAR, 2014 has begun!!!
"PETAQUILLA ES PANAMA!!!"
