Metanor Resources MEAOD

Tough read

[btrevorb]

Very difficult to read the financials, the MD&A are required to make sense of the transfer of assets from exploration to plant and equipment.  Opinons from any learned accounting persons are more than welcome.  How do they reconcile the Gold depletion of 29031 with revenue for 2014?
My assumption is that revenue is based on the depletion number not the actual oz mined for the year.  This creates a strange situation where the actual mined is greater than the depletion claimed.  The real depletion is closer to 22% than the claimed as gold prior to declared production does not count as depleted resources.
 
Overall impressions
13.5% depletion of Bachelor will need to be recovered through drilling(and then some) to retain mine value.
Expenses are going up for administration and finance charges
Share issuance and debentures have to stop, they are dilluting all value from share base
A large number of warrants have been issued creating downward pressure all the way up to 0.25 for 8+ years
Break even at 12230 oz production per month @  $1220 oz POG
Right now MTO is running at or near break even

The win lose scenario is entirely dependant on POG combined with better grade and higher tonnes per month being brought to surface.

Fiscal restraint from upper management and putting an end to wild financings and share dillution could significantly impact bottom line as profitabliliy becomes a sustained reality.

That is all IMHO, PS wait for the court date to be over before you flip your coin.