Those were numbers reported in PRs. A lot of BS things are said by this company that they don't dare put in an actual SEC filing. Remember the 8.2 ounces? Remember the cost per ounce estimates?
The 10-Q, which is due in the next few days, will be very interesting. How many new toxic loans? Deb hasn't had to put out an urgent plea for private placements.....the only way they can be paying bills is through another round of toxic convertible loans.
These were not reported as gold sales, only "recovered" and/or "produced" gold. Additionally, you're double counting the amount.
The PR on Jan 21 stated "Since January 17th the company has recovered 15 oz. of gold."
The PR on January 24 stated "The gold recovery system was started on January 16th and has produced 22 oz Au."
The total amount produced has been 22oz, not 15oz + 22 oz.
Do not confuse the terms "recovered" and "produced" with "sold". Produced does not mean it should show up on the financials. Sold indicates it should appear somewhere on the financials. In Mexus case, gold sales are not showing up on the financials. Below are the examples;
Feb 21, 2018 PR announced 8.2 oz of gold sold – Nothing reported in that quarter’s financials. It was rationalized away as MarMar sold the gold not Mexus, so no reporting was required from Mexus.
March 19, 2018 PR announced $26,841 of gold was sold. Again nothing reported in that quarter’s financials. It was again rationalized away as not being reportable because MarMar was the entity who sold the gold. (Note – in both of these occasions Mexus was entitled to 10% of these gold sales per the JV agreement. In the case that MarMar didn’t pay the owed amount to Mexus it still should have shown up in Mexus financials as some form of an accounts receivable or bad debt line item.)
August 12, 2019 PR announced gold recovery testing completed and that “The pour completed all necessary testing for the mine including mining, crushing, leaching, gold recovery and gold sales with minor adjustments to the flux smelting formula." No details on the sale amounts were given. And again, nothing reported on the quarterly financials. It was rationalized away that Mexus cannot report gold sales because it is not considered to be in production by the SEC. While I’m not familiar with that rule, it may be the case that the company’s financials can’t reflect gold sales. However, it would still need to show up in the financials as some form of offset of expenses.
December 16, 2019 PR announced Mexus pays off loans using “limited sales of gold” along with other shareholder support. No 8-K was filed to provide additional details. Whether or not these sales are reported on the quarterly or annual financials is to be determined.
If we are to believe the PRs then there is only one mention of Gold sales in the last quarter of 2019. Since no details were provided regarding amounts I find it highly unlikely anything regarding sales will be disclosed on the upcoming 10-K.
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