Stock was approx $1.30 when announced blizzard offinaincing to build mine. This was after 6 months of ceo yapping about how he had great bank fiancing package line up. What was that. 2-3 years ago. They build the world's simplist mine. Shallow quarry operation with as simple processing as your can get. Gold is at 2400 now? Phase 2 debt financing was suppose to be any day now 5 months ago. And at 2000 plus gold the expansion, also as easy as you can get will take us to 250,000 becasue guess what The land is loaded with gold and they can add high grade to the hopper from all the shallow satylte deposits around them. The cap ex is tiny for the additional 120,000 oz. Run the numbers on a 250,000 oz operation at 2300 oz gold. 75% free cashflow after tax.
Pay back debt, buy back shares and you turn 75% free cashlow to over 100% if the share price doesn't move. But of course it will move or they will keep buying back shares. NAV per share of 250,000 operation is what. 4 Times current market cap.
Yet all the CEO talks about is dillution our ownership in this cash cow by making an aquisiion.
He doesn't get it. And the cheerleading shareholders on this board don't get it. Build the mine. And buy back shares. And someone will take it private for 4 times the current shareprice. If of course gold stays about 2000 oz. Doesn't have to be 2300.
Yet stock can't even hold 80 cents after mine was built and gold 2300. Stock was 1.30 when finaincing for mine was announce. Mine was built. Shareholder valued destroyed. Worse CEO ever.