Their cash balance was down big from 2018 to 2019, but that's because they acquired a lot of land. So, they just transferred their assets from cash to land. I read the independent auditors statement on their website and I don't see where they are in "debt". However, they have some really interesting properties. I mean, they don't appear to be an extremely healthy company as far as money goes, but I didn't see anything super worrisome. They just really need to find some gold on their properties because they appear to be "all-in" on their current properties.
all that aside... The recent optimism for SPMT originates from the fact that they own 10,000 acres in direct vicinity of Amex's Perron property which just pulled out a bonanza grade hole. So I think there is really good reason to think that SPMT has the goods... But there definitely some reasons to temper the optimism. Just IMO. I bought in yesterday so obviously I'm hoping it all works out. This one will be interesting to watch play out."
Good observations, with a nice balanced approach...
Nice to see a newbie on the board that isn't a basher...
So welcome and thank-you for the sensible DD...
GSTA THE LONGS