RE:THIS STOCK AND THIS COMPANY JUST DONT ADD UP???They capitalize a bunch of costs to make the OCF look better than it is!!!! Look at cap-ex these past two years for an open existing mine? Even with the Bagassi South opening, they dropped a lot of $$$ here in Cap-ex and Exploration Expense. Then salaries for G&A and stock issuance dilution.
Working capital was a positive $50M US as at December 2018.
Now it is negative a few $M. Yes about $10M US to pay down debt. The rest went to
cap-ex for this project. Exploration expense for this project and SEGuela. And they spent
$20M on the land package of SEGuela.
Most of the officers and directors own little stock. They have about ZERO skin in the game. THey are salary boys. THere is ONE director who has some shares. If he's not getting some bars out the back door in Africa he's and idiot.
When they found no NEAR mine exploration prospects in Yaramoko to feed the existing mill, the company should have been sold. Instead, the village idiot director who actually owns some shares let them go off to this next exploration project. It was not a rational allocation of capital or a decent corporate desision. THis was done to preserve salaries and jobs for the people with no skin in the game. THey all own these freebie options, so it's obviously worth it to them to pick up the drill bit and exploration maps/data and go off somewhere else in hopes and prayers for a still bigger hit!!!
Looking at the drill results and data existing from the previous operator, just the public data I see, Seguela is just o.k. I don't see anything mouth watering.
What is the reserve life left at Yaramoko? Assuming that 2019 production estimate.