RE: RE: 2012 Financial and Operating Highlights 20 This is a very strong company! Yes your first point is comparing apples and oranges...
To your second point...I love what Woodyer has done with the debt facility!...Note the following:
"As of December 31, 2012, Endeavour had cash and cash equivalents of $105.9 million and 27,000 ounces of gold ($45.2 million) with long-term debt of $200 million"
I suspect that what Woodyer is doing (or soon will be doing) is holding $150 million in gold and gold shares (with the cash equivalents), here against the $200 million debt facility. Since we are now at the bottom of the intermediate gold cycle, he is expecting large upward moves in the gold price this year, which he can take advantage of by leveraging with his debt facility. I have done the same thing with my credit line!
He wants to be fully invested, and leveraged to the next gold rise. Good plan imho.