RE:BMO PresentationMany misleading statements in your post...
Huet came clean but it doesnt make the situation any better.
Fire Creek is not going to be like True North. It produced 100,000 oz last year. Guidance is for the same in 2018. If you look thru 2017 FC never hit the higher grades they had in 2P. The revision was closer to actual production. In the call there are 320,000 oz in ground where Joyce and Karen are located in the main zone. ZEUS and Spiral 9 have big potential with veins twice the width. Much more gold in the ground to get with new vein systems.
I beileve the open pit is conservative in estimates. There is a whole large section that has yet to be drilled. Numbers could change for the better at a later date. The only additional mill will be for an open pit heap leach program at a later date for Hollister.
The Gold Collar you referred to is only for 40,000 ounces which was set 6 months ago. From last 10Q:
Gold Collar
The Company entered into short-term zero cost gold collars. The collars total 40,503 gold ounces from October 1, 2017 through September 30, 2018 with a floor ranging from $1,200 to $1,300 per ounce and a ceiling ranging from $1,318 to $ $1,385 per ounce. The value of these collars at September 30, 2017 was $0.7 million.
This collar has not affected them materially based on production numbers and that Gold has not exceeded $1,385 an oz in this time period. At worst the collar cost them $20 an ounce for 40,000 oz. for a total of $800,000. I dont think it would have been that high either. That collar probably used some in Q4 of last year.
The second this algo heavy short steps off our neck this stock is going much higher. The price is artifically surpressed. We are trading close to book value and .9X Sales (based on 200,000 oz's and $1,350 avg. gold price)