Don't Shoot the Messanger.I don't have a bone in this fight, neither long nor short. I have been longin the past.
Made a little profit trading.
The company "story" so far on the BruceJack mine has always been a bit suspicious since start-up.
They did start with lower grades than the mine plan. They did scrambe to extend the number of stopes opened early to recover. They do have higher costs than than forecast.
These are facts. Have they moved more waste rock. For sure. Have they developed more ore and milled more ore............probably. How much, nobody knows.
Are they high grading the stopes to get these reported results for the last 2 Q's? Probably.
How long can they continue with this and how much high grade is in the rocksis the real question. Apparently there is enough high grade to cash flow decently for the next few Q's to buy back the stream. Good for PVG shareholders.
My educated guess would be that total ounces over life of mine, and mill grade in the future are at least somewhat diminished.
The company has not done a reconciliation of actual results compared to the expected from the FEAS, and the part that has kept me away from buying back into the stock is that they publically said they had no intention to do this work until after year end 2018.
Hopefully, the longs did notice that the company friends at Zijin and the Canadian Mining Company that spawned these fish all exited the stock in 2017 and early 2018 before the 4th Q production results were published.
IMO longs are going to need a bit of luck to pull this one out. Luck being that they find better grades in some veins than expected.