RE:RE:It seems to me that most folks here are focusingsnowshoedb,
check out the Q3 financials Sherm... they only have positive cash to service debt by selling assets. It doesn't matter how much gold they find if you can only process 2000 tpd. And you can't get the tons out unless you do mine development so that you can get at the rock and they spent $94M to do that...
They are not generating cash to pay the debt.
Pardon my ignorance, again, maybe I am missing something, but the 3rd quarter clearly shows a net profit of C$8.4 million from operations, and depreciation expense is basically a non-cash item, so cash flow is significantly higher than actual profit.
Would really like to understand your overly negative view point. Can understand your concerns about the recent hiccups with operational issues, and Q4 is expected to be considerably less impressive than Q3 results, so are you less inclined to believe that the company cannot overcome the mining issues disclosed over the past few months ?
TMAC Q3 Financial Statement
https://s1.q4cdn.com/893791552/files/doc_financials/2019/q3/TMAC-Financial-Statements-Q3-2019-_Filing-Copy.pdf Revenue Metal sales $72.8 million Cost of sales Production costs $34.0 million
Royalties and selling expenses $2.3 million
Depreciation $17.2 million $53.5 million
Profit (loss) from mining operations $19.3 million General and administrative Salaries and wages $1.9 million
Share-based payments (11d) $1.1 million
Other corporate $0.9 million Profit (loss) before the following
$15.4 million Net finance income (expense) 12 ($4.9) millon
Foreign exchange gain (loss) ($1.7) million
Fair value gain (loss) ($1.2) million
Profit on sale of property, plant and equipment 6 $5.5 million
Other income (expenses) ($0.1) million
Profit (loss) before income taxes 13.0 million Current income tax expense ($1.3) million
Deferred income tax (expense) recovery ($3.3) million
($4.6) million Profit (loss) and comprehensive
profit (loss) for the period $8.4 million Quite clearly the company has the ability to generate not only enough positive cash flow from current operations, they are actually operating at a profit.
Still trying to understand where you think they can't afford to start paying the US$2.5 million quarterly debt repayments ?
Even when you strip out out the $5.5 million profit on the sale of assets (details in Note 6) in regards to the royalty agreement with Maverix Metals, TMAC would still have shown a profit of C$2.9 million
Thanx in advance