Q1 earnings could have been higher..but they did not sell all the metal they produced. They produced 11 million pounds of copper, 10 thousand ounces of gold, and 160 thousand ounces of silver which they did not sell yet. Something to do with the copper smelter shutdown in this qtr, which incidentally has been completed as normal. Someone correct me if Im wrong about the fact that this was potential revenue for last qtr. It just keeps getting better and better.
I'm was relieved to see they are still unhedged. I must admit, I think it might be a good time to lock in copper, just about now.
Its great when the worst thing people can say about HBM is that balmat "may" have some rampup up delays. Other companies would kill to have that kind of a problem. The project came onstream ahead of schedule and only a few million over budget. Great performance these days.
Now, we need an announcement of a share buyback program, in the near future. Management has not ruled this out, they just say it is to early as yet. Which is true.
Incidentally, I own 80% warrants, and I'm very happy about the deal.