I will do a quick comparison of what was PROJECTED vs, actuals. This will be broken down into 3/4 of a year as we only have actuals for three quarters and will have to wait some time for the year end. The last quarter is projected at 10 500 oz.
What is really disappointing is not the trouble with a collapsed stope, but that they have missed on every single metric and continued to reward themselves like kings.
How they have determined this is a successful operation deserving additional compensation I just don't know.
PROJECTED ACTUAL 700 TPD 645 TPD
Reason given for under performance = NONE
7.38 g/t 5.47 g/t
Reason given, stope collapse.
Grade has never reached projected and was under performing prior to collapse.
1182 ALL IN 2014 1255 ALL IN
Management continues to contend that ALL IN is continuing to improve (FALSE)
296.5MM SHARES 356.6MM
Another Private Placement (After management said never again) greatly dilluting existing shareholders due to continued lack of funds and inability to pay off debt.
Possibly the most important metic of all - drilling.
65000m 21696m + ? last quarter - slightly over 1/3 expected
Drilling has declined every quarter this year, management says drilling is a priority?
For the coming year, Metanor expects to produce 50,000 ounces of gold from its Bachelor Mine. In addition, Metanor plans to drill between 60,000 and 65,000 meters of exploration and definition drilling at Bachelor during the same period. Clearly management news releases and projections cannot be relied upon, reasons for deviation are rarely if ever publically stated even when they are obviously under performing.
Ron will continues to state numbers that have been proven to be highly optomistic and proven as not acheivable repeatedly up to and including his last (and next) public appearances.
THE MATH (Projected to year end)
645/700 = 92% TPD
5.47/7.38 = 74% grade
1255/1182 = 1.06% ALL IN
356.6/296.5 = 1.20 dilution factor (additional shares issued)
28928/65000 = 44.5% drilling completed
$12 885 000 = Asset depreciation
Dibentures = 90% 9MM dollars
Debt = $485 715
Cost up, production down, shares outstanding greater, debt lower.
Compared to this time last year shares are trading at less than 1/2 of 0.15
The market has discounted MTO more than it's pitful performance deserves.
MTO Shares valued at 0.09 considering if the following come to fruition.
NO MORE P.P! (This is a big one, no paying off debt with shares or other dillution mechanisms)
MTO issues a believable, acheivable, and measureable MD&A (BAM)
MTO produces 12500-15000oz/quarter - no more excuses, execute the mandate!
The mill has capacity, the mine has the ore - what's the problem here? Lack of discipline only.
MTO lowers ALL IN costs - including MTO management taking a pay cut
MTO attains power line and runs to Barry
Barry concentrator
Drilling is upgraded and frequency increased - results are published
Alas it's like asking little Johnny not to tell little Johnny jokes.
