RE:RE:RE:RE:RE:RE:BMO Presentation
No fear just facts. As I mentioned the Gold Collar should have no material impact, but the forward trades are a huge overhang. Below is the statement from the Q3 2017 10Q. 278K of gold hedged. That is all of the production for five quarters Q4 17 until the end of 2018 which will be sold between 1268 and 1285 resulting in 10's of millions of impairments with gold above 1300. Also notice the large increase in forward sales from Q2 which I posted earlier. Desperate management gathering pennies in front of a steam roller.
During the three and nine months ended September 30, 2017, we entered into forward trades which covered 78,976 and 169,826 gold ounces, respectively, at average prices of $1,285 and $1,268, respectively. We also entered into forward trades which covered 343,983 and 937,882 silver ounces, respectively, at average prices of $17.10 and $17.39 per ounce, respectively. Additionally, during the second and third quarters of 2017, we 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 to a ceiling ranging from $1,277 to $1,385 per ounce