Maritime Management ..The Ultimate ScroungersVery modest working capital for nearly a decade but great scroungers.
1..acquired the HD property for just a few millions .
2..Acquired Black Ridge with its highly prospective VMS Copper-Gold-Silver deposit.
3..Acquired the Gold Circuit from Rambler which ,along with other credits which were sold , at a profit.
4..Acquired Point Rousse assets including the Pine Cove mill for $8 million , which included over 60,000 ounces of gold at Stoger Tight , 15 year tailings Pond , world class Talc deposit , the Placer gold capital of NL ( Deer Cove ) indicative of quartz bedrock lodes near surface , deep water Port, Partner in Aggregate business, historical tailings facility containing over 20,000 oiunces of gold fines , 4000 ounces of gold in stockpioles ......all at a substantial profit when monetized.
Stockpiles....3500 ounces recovered x $3600 CAD per ounce =$12.6 million x 50 % net profit = $6 million in free cash flows.
Pine Cove Mill ....enhanced efficieny measures raises gold recovery to 98 % versus 95.5 % for Nuggett Ponr = 7000 ounces increased recovery relative to 2022 FS = $25 million Revenue less 27 % income tax =$19.5 million in after tax profit.
....Reduced milling costs, transportation costs , and capex reduction saves over $92 million relative to the 2022 FS
..60,000 ounces of gold at Stoger, with definition drilling converted to 45,000 ounces of Reserves X3600 = $160 millionin gross revenues upon being mined
And so on.
Add it all up including cost savings , recovery gains and monetizatiuon of left behind gold resources ,and the total is over $300 million in net gains for less than $10 million outlay.
And, Signal , which gave away these assets for a pittance , now trades at half of MAE market cap, with a dismal future , if at all..
AIMHO
GLTA