Metanor Resources MEAOD

RE:$1700 gold is profitable for Metanor

[fruitvale3067]

Luv, If MTO produced 5700 ounces of gold last quarter, and the selling prices per ounce was $1683 and MTO AISC is as they claim $1150. Then how did availabl cash fall $6.5 million for the quarter?

They should have shown a profit of: 5700 X 1683 / 1500 = $8341

You can do the accounting dance all you want. However at the end of the previous quarter the company had 10 million in available cash now it's down to 3.5 million.  As for as the gold stored, lets see if they dip into it or if they hold it and wait for the price of gold increase. Which is what they are hoping it does. 

They can keep finding gold all they want, but until they become consistantly profitable without the accounting games the share price isn't going to appreciate. The financials are terrible at the moment. Couple that with waiting on bulk sample results and the share price stays stagnent. If the bulk samples say it's economical to mine and they back it up with the financials then you got something (including the eventual sale of the company). If the bulk samples show it's not economical at this time with the price of gold then (if they are good management) they will put it into care and maintenance and wait for a better time. Moroy is currently in Bulk sample collection mode which explains the tempory improvement in ore production comments. Barry dosn't happen until fall (more costs). So you will get Moroy results first, and Barry sometime next year. Until then the waiting game continues, like it or not.