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Trades between 2017-June and 2018-June
other trades are list below for comparison.
from the quarterly statements
month equity shares book mrkt mult
2017-Jun $8.5M 123.4M 6.9c 17.5c 2.5x
2018-Jun $13.1M 174.8M 7.5c 4.5c 0.6x
During the fiscal year there were private placements, Corcoran was sold, shares were issued for debt, credit facility was put in place.
Pros: the book value went up
Cons: dilution of payout ( but gold doesn't mine itself )
89.2/123.5 = 72c
89.2/174.8 = 51c
As a reference let’s say book was 7.5c
Trades (** see below)
24M shares traded (13.7% of 174.8M shares)
$2.3M value of trades
between June 2017 and June 2018
18.0c/sh 2.40x book High
9.4c/sh 1.25x book Avg
4.0c/sh 0.53x book Low
Note:
The credit facility of Dec 2017 includes 12.5c warrants
30% of trades were above 12.5c before Oct 2017.
It should pay out eventually.
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Trades 2018-June-30 to 2019-Jan-28
After the completion of bulk sampling program.
book value 7.5c/sh
32M shares traded (18.3% of 174.8M shares)
$0.8M value of trades
5.0c/sh 0.66x book High
2.5c/sh 0.25x book Avg
1.0c/sh 0.53x book Low
Note:
PEA pg 207
models a loss during an illustrative bulk sampling program.
Post-tax NPV,5% $89.2M
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Bigger picture between 2016-June to 2019-Jan-28
reboot as RCG
79M shares traded
$7.6M value of trades
33.0c/sh = 4.4x book** High
9.6c/sh = 1.28x book Avg
1.0c/sh = 0.13x book Low
** relative to June 2018 7.5c book to give context.
Notes:
digging deeper
Highest price was paid for the lowest book value.
Lowest price was paid for the highest book value.
RCG/Reliance had a $7.8M write-off the Indonesian Properties in the quarter ending June 2016. Book value was negative.
Book value has grown from sub-zero to 7.3c/sh.
Book value is not a perfect measure.
Cost and potential rewards are high.
Cash is need to fund operations.
Dilution is part of the process.
Gold doesn't mine itself
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** Yahoo Historical daily data
computed dollars traded per day based on daily market close and daily volume
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my math. my perspective. I might be wrong.