RE:RE:RE:RE:RE:RE:7th Turd CFO - and then we shut down for winter as plannedIt is targeting annual production in 2021 and 2022 of between 50,000 to 60,000 oz and then a transition to the fresh rock ores in 2023. Production forecasts for 2021 are dependent on a restart of leaching in April 2021 and no further delays on procurement due to COVID 19.
The Company is now stacking ore on cell 3 of the leach pad. Stacking of the first level of the leach pad (Cells 1-5) will continue through 2021. Completion of the boiler house, used to warm the barren solution, is planned for Summer 2021.
In March 2021, the Company purchased a new Crusher through a loan from Capitron Bank. The new crusher will have a crushing capacity of 1,000t/hr, more than three times the current crusher, and it will fully support planned mining rates for the fresh rock phase where we have estimated throughput rates of 2-2.5m t.p.a. Construction of foundations and installation of the new crusher will start in early April and it is scheduled to be operational by July 2021.
In conjunction with the start of procurement of long lead items the Company continues discussions with Mongolian and international lenders on a multi-tranche project debt facility to finance the Phase 2 expansion, expected to include a grinding circuit, a leach/CIP plant, and a flotation circuit. Metallurgical testing is progressing well with encouraging results and the bankable feasibility study is on track for completion in summer 2021
...this is all you have to know.. don't be a fool ... in Q4 2020 they had an operating profit of appr. 5 million USD and this at lower rate of production.
The "virtual" loss form the convertible cames due lower conversion price in relation to the sharply risen SP in 2020 ... If you issue convertibles at 1$ conversion-price at times the stock stands at 1 $ there is no loss ... in the event the SP moves up to 3$ you have to book the 2$ differnce as a loss ... this accounting, nothing more... this is a non-cash and a one-time-loss....
an absolutly non-event .... the only thing i don't like here are the 3 million USD administration costs per quarter..looks a bit high but OK for an producer... at a rate auf 150000 oz/year this costs are absolutely in line with the peers
..next news are restart of leaching and short time thereafter resume of gold -production...the heap-leach-pads are at level1 , so the solution will quickly go through the ore they already stacked...possibly they already started with leaching and it was not worth a news release....
..the same with the permanent crusher..they already bought the crusher and installation will happen in the last 3-4 months..this crusher already was in budget for the expansion.. so its no additional expense. They realized the mobile crusher was a bottleneck and acted wisely.. i really don't know what not to like about this.... its a logical step...