Top 10 Very Bullish Points!1.Magino is already running at 10000tpd!
2.Magino is running above reserve grade now 1.2g - 1.4g/ton and previous low grade was intentional due to startup issues and not representative of ore body which is exceeding expectations.
3. Won't have to go back and raise equity again, with NO FURTHER EQUITY DILLUTION to fund Magino and Florida canyon expansion which will be accomplished with current raise and substantial cashflows from ops and refinanced loan package.
4.GMT participated and is still fully supportive and would have taken more of offering but was limited to pro rata share.
5. Believe Magino can be one of largest lowest cost and longest life mines in country with 250 000 oz per year at AISC of $1000 - $1100 per oz . This also does not account for potential higher grade at Magino which is currently running through the mill or very high grade underground potential but is based consevatively on 20000tpd at 1.1gpt.
6. The proceeds of this raise are not for existing operations but for growth that will be split evenly between Magino and FC. This and comparisons of Florida Canyon to Equinox's mine makes me think Florida Canyon may be a bigger part of this picture than previously thought!
7. Employment positions almost fully realized.
8. Rollback not in the plans but instead focus on proving out existing operations and increasing share price.
9. Sounds like refinancing the loan is underway to allow for growth without further dillution and if I am reading between the lines this tough equity financing was a necessary behind the scenes part of the process of achieving this and getting out of the tight spot we were in once and for all.
10 Sounds like the worst is behind us and this is the last feed at the trough and now that everyone has filled their pockets from here the emphasis will be on increasing per share value which the CEO seems to think is multiples of our $1 analyst target prices. Very bullish comment on share price future backed up by his massive insider buying and GMT on board in agreement makes me think they see the golden sun getting ready to shine through the clouds!
Just my opinion. Good luck to all.