As a potential investor
As a potential investor, I will NOT invest until the company PROVES it can make a REAL profit. Cash flow and AISC are great, but the company needs to show a profit according to accounting standards. For a company to show value, it must have a P/E ratio. If there is no E, there is no P/E.
Things like depreciation are part of the game. The mines must bring in enough money to cover depreciation. That is pretty simple to calculate, and the lack of profit should not have been a mystery.
With too many of these small mining companies, all you get is excuses. I do not want excuses; I want PROFITS.