Looking ForwardI have been a semi-regular reader and a disgruntled shareholder for awhile. It seems waiting is the toughest test in investing in any stock as we all want things to happen quickly. Seeings that we haven't had any concrete news and the rumours have been less than encouraging, I thought I'd make some calls.
It looks like the auditor Bill Uniack [W. T.Uniack & Co. CPA's P.C., Woodstock, Georgia] will be travelling to the mill site this week for verification of equipment etc. and then submitting the F10 Filing. Also, Mr. Quillam will be there for the week taking care of the remaining things to get the mill authorized for start up. I discussed the numbers as far as net revenues with him that are currently available on SFMI's website [ updated investor pkg., which is a very interesting read]. The numbers seem very realistic as long as gold/silver hold there values and other than short term, the trend should certainly be higher for precious metal prices. Keep in mind that there is enough tailing's alone [300,000 tons] to last ten years, unless they decide to increase the size of the ball mill. I think the net figures are about $650/ton. I queried him about the share buyback and he was adamant that this would take place as soon as the revenue stream started. With 15% of the net to go to buy back, the number of shares could add up to a lot of shares and really tighten the float. I think that after what seems like a very long wait we should see progress on a few fronts shortly. I think there is a few people watching this and waiting for the actual start up, a new listing, or some production numbers at which point they then may decide to par take or not. Mr. Quillam said the company also has quite an aggressive plan for the existing mines this year.
With any stock [especially these days] it always comes down to risk/ reward and I feel confident to average down at these prices and have been doing so as funds come available. This is my opinion only and my money that I'm willing to venture so if you don't agree that's just fine, so keep your pennies in your piggy bank as copper is doing well. [not that there is much copper in them anymore] Hopefully we will get the news this week and it will quell our concerns and it's my thoughts that the share price will adjust accordingly with any positive proven news. imho