RE:PgolThe Bruner project is a mess because of poor tactics from CSQ, but I believe management will just sell it outright to someone and cover their bills. It's not a tomorrow project, but I'm not concerned as Moss will still be paying PGOL 2-3 years from now and we will likely have many other projects and assets on the books from all the cash coming in every quarter. Cash can't just sit there building, has to be used for something.
Northern Vertex is down not because of the company performence, but rather all the stock. The merger with EGLD, mixed with the $22 million EGLD just raised, plus all those warrants exercised on NEE, creates a very paper heavy company. I think NEE should rollback at least 3:1(after the merger) to reduce all those shares. Too much dilution can damage even the best of stocks. That's why I like how PGOL doesn't need to dilute, there's 74.3 million shares and almost a decade of positive cash flow, no need to do a placement. Insiders have several million options at $0.10, but it doesn't worry me because they can't sell their positions anyway(requires a buyout of the company).
Just something to think about regarding NEE. Once the merger is done, there will be around 370 million common shares total. Northern Vertex however, will have an additional $40 million or so in cash to work with($9 million in EGLD books + $22.5 million raised in pp + $8 million warrant exercise from NEE). EGLD has very clean books, they are bringing financing and another project that's still early strage. But the worry about Moss and the future of Northern Vertex is unwarranted, given they are cash flow positive(less the derivatives).
From 2018 until the quarter recently announced, NEE has produced less than 75,000 ounces of gold, with 425,000 still to produce and that is just based on the old 43-101, which all of that is encompassed in Patriot's royalty obligation. This year we should see that resource expanded as per Ken(Northern Vertex CEO). The map shows anything within 1.5 miles of the moss mine pit is under royalty obligation.
I get your concern about Northern Vertex as they are the ones paying us, but I believe this merger makes it better for both companies as NEE will be much more stable after it. Wish the US politicans would hurry up and pass that next stimulus package so we can get $30+ silver and $2000+ gold, but it'll happen. Side note, the Wallstreetbets group is targeting Silver, so you never know what kind of catalyst it can bring for silver produces and royalty holders.
I calculated PGOL's last quarter based on what NEE announced ($26.8 million revenue) and 3% is $804,000 USD, which is exactly what Patriot shows on their revenue for the quarter. So that means we are getting some of the silver royalty.
The beauty here is that whatever NEE announces for revenue, just take 3% off that number and that's what we get every quarter. Recently NEE announced $23.4 million (less than the prior quarter because the ore they processed was lower grade) but that's $700,000 USD more for PGOL in the coming quarter.