RE:RE:End of Month - SeptemberIn Turkey they will have finished their earn in share by the end of this year so from next year on I'd say it is 60:40 with Teck which should add nice leverage to the money spent there.
Beginning of September the company had around 27mio of working capital. So I assume they should be able to get through 2015 and a good part of 2016 without additional money needed if I take a burn rate of 1mio/month into account.
End of October 11.4mio warrants expire which tightens the share structure.
Their drill holes continue to hit paydirt.
And I am not sure if this is of any worth but at a panel O'Dea was asked which of his companies (Pilot Gold, True Gold, Pure Gold) he would buy if he was allowed to only buy one he said Pilot.
Currently it is on the one hand hard to see companies one had 100%+ gains on now trade +/- zero and your depot down by 30% but on the other hand there are very interesting companies out there that have all in sustaining costs of 700-800$/oz that are fully financed to build their projects and trade at prices one would have hoped for some weeks ago but suddenly I see myself hesitating if this is an opportunity or a falling knife...
But especially one or two names in West Africa are tempting as Ebola put additional pressure on some share prices besides the decline in the POG.
Comming back to Pilot: On my shopping list as well as the combination of management, money and property looks convincing to me.
Just my personal thoughts. DYODD
carinthian