RE: Market awarenesThat is a very good point.
Certainly, PTQ is not well known in the marketplace.
Just look at the measly volume traded.
Part of the reason is that Molejon is the first major mining project in Panama, a country which is more or less off the map of most investors.
Secondly, being in the second year of ramp-up, they are going flat out just trying to co-ordinate everything from expanding production in the mill, building out the heap leach plant, bulking up PDI as well as searching for and making advanced acquisitions like Iberia.
Thirdly, and as a consequence of ramp-up etc, they have little investor promotion programs.
They dont attend conferences and their web site needs significant upgrading, and they are lax with assay releases( note that they have a ODN 43-101 but have not released all assays ).
But, the value here is remarkable.
They mined 27,500 oz in Q3 , sold 13,900 oz and stockpiled about 14,000 oz for the heap leach plant , including about 4000 oz for the rainy season.
Cash costs have declined every quarter from $825 per oz in Q1 to $729 per oz in Q3.
Further declines to the $600 level are forecast once current expansions are complete , later this summer.
Lots of gold and silver too.
About 2.4 million oz at Molejon plus another 2.2 million oz and 46 million oz of silver added by the Iberian acquisition.
Altogether, about 6.2 million oz of gold equivalent precious metals ( 60 % gold and 40 % silver ).
Thats only about $30 of market cap per oz when the average is about $200 per oz.
Current gold sales of 70,000 oz per year are being accorded only $2500 of market cap per oz of gold sales when the average is about $8500.
All lt debt has been paid, gold sales will more than double to about 140,000-150,000 later this year, and should double again in 2013 when Iberia moves into production.
Then there is that sleeper PDI , a wild card of which we will get a share and which could be even bigger than the value of Molejon output.
Talk to them and they are aware of weak promotion.
They also recognize that they have about $30 million to gain from getting those $1.45 and $1.54 warrants exercised.
Eventually, all of this will come together.
Patience , patience while the pump is being primed.