BGM Comparison Golden Band has been underperforming in relation to all of my comparison companies, except Claude, as of late.
On Jan 30/12, Barkerville reported the results the Financial Statement for the 9 month ending Nov 30/11 on Sedar. Though the Barkerville website has been down for over a week, it seems the market is quite excited about the results. The SP touched over the $1 mark from 0.80/share a week ago. Take into consideration the 52 week high in May was $2.33 for Barkerville.
Assets for the 9 months decreased by ~$4.5M, Total Assets as of Nov 30/11 are $37.9M. Cash and Equivalents have not really changed at $500k. Sounds similar to GBN's Q2 cash of $770k but GBN has a greater asset base of $92.9M.
Barkerville was able to generate cash thru with $9.7M in warrants being exercised during the 9 month period to Nov 30/11. Whereas, GBN saw 17.8M warrants expire on Feb 4/12.
Barkerville Current Liabilities increased by $3.3M to $13.8M and Total Liabilities increased from $22.3M to $24.6M. GBN Q2 showed similar liabilities of $17.3M current and $23M total (which was $1.7M lower than Apr 30/11).
Accum Deficit increased by $22.1M to $96.1M from Feb28/11 to Nov 30/11. At Oct 31/11, GBN's total deficit was $16.7M, down from $19M on Apr 30/11.
After 15 months of production, Barkerville posted another losing quarter. Though they did have a profit of $1.14M from mining operations, the Comprehensive Loss for the 3 months ending was $7.9M or .10 per share. Barkerville spent $6.1M on exploration for the quarter. Barkerville's Total Comprehensive Loss for the 9 months is $22.6M. On the other hand, GBN posted their first ever profitable quarter in Q2 ending Oct 31/11 with Cash Flows from Operations of $4.5M and a Comprehensive Income of $2.3M.
Barkerville closed a PP of $24.35M on Jan 23/12. As well, in Dec/11, they received the long anticipated permit for Bonanza Ledge so the cash influx from the PP should help bring the open pit into production. Bonanza Ledge open pit @ 9 g/t is permitted for 73,000 tonnes/yr and should add 20,000 low cost oz/yr to production. As well, they closed the$5M acquisition of the Mosquito property on Jan 17/12.
Barkerville does not like to talk about production and costs. So here are the #'s they give. The new MDA stated production for the 9 months ended Nov 30/11 as 10,906 oz which is consistent w/ the 339.241 kg figure they also state. The six month Aug 31/11 production was stated as 240.539 kg therefore a conversion calculation shows the recent 3 month Nov 30 production to be 3,173 oz. The Financial Statement Cost of Sales was $2.993M which translates to $943/oz. This is actually not to bad of a number considering the costs of production the previous quarter, after the statements were amended, was $1002/oz. The quarterly cash cost of $943/oz is also respectable considering the ore produced from the QR underground mine graded 2.8 g/t.
During the quarter ended Oct 31/11, GBN produced 11,870 oz and posted Cash Costs of $900/oz. Ore grades from Roy Lloyd underground were 11.95 g/t and the 6,284 tonne bulk sample from Alimak open pit graded 6.76 g/t. Overall, the Jolu Mill processed an average grade of 10.91 g/t.
Barkerville stated the QR Mill processed 95,811 tonnes for the 9 months ending Nov 30/11, an average of 348 tpd. The QR Mill is rated for 900 tpd capacity. Golden Band processed 33,822 tonnes, a stated average of 367 tpd, for the 3 months ending Oct 31/11 with a 700 tpd capacity.
Barkerville are still awaiting long anticipated 43-101 resource estimates. Golden Band is awaiting drilling results though resource updates are unlikely until the year end Apr 30/12 report is released.
Link to my most recent previous BGM comparison update:
https://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30390934&l=0&r=0&s=GBN&t=LIST