Petaquilla Minerals Ltd PTQMF

Q1 is Out

[wwadehammer]

Not much of a loss - 1 cent which is a lot better than I thought.  Put on Sedar in the dead of night.  Not much to brag about, but then we knew it was coming.  Not much detail on production but it looks like 9,500 ounces of gold produced.  No MM&As yet so no detail on what has happened this current quarter (which is over half way gone).  $108 million of liabilities payable within one year.  With quarterly negative earnings, you can see what a hole we're in.  Can't see anyway out via current operations.  Gold price would have to go back up above $1,500 an ounce to make operations profitable enough to keep current with accounts payable.  Possible shipment of high grade ore from Lom Poy to Panama is between 7 to 13 months away per company statements,  and probably they won't even be ready in 13 months.  Something has to give soon.

Might get some good news by Monday such as new NI 43-101s on Lom Poy or ODN which might be useful in negotiating a large loan, but if there is good news on that front, I'm sure the Company has already shown it to potential lenders.  Doubt any lenders are interested in us now with the price of gold down and no asset left to mortgage.  Only way out is Progafa's scenario where Panama is sold. If Progafa's scenario doesn't happen, I can't see anyway out but bankruptcy.