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Bullboard - Stock Discussion Forum Metanor Resources MEAOD

Metanor Resources Inc is engaged in the production and sale of gold as well as acquisition, exploration, and development of mining properties. It projects include the Moroy Project and Barry project among others.

OTCPK:MEAOD - Post Discussion

Metanor Resources > Good news ... IKN
View:
Post by Queen4All on Oct 21, 2016 10:36pm

Good news ... IKN

https://incakolanews.blogspot.ca/

Hey, I wonder why Metanor (MTO.v) left it until late on a Friday to file its annuals?

Is it the 75m shares added in the year?
Is it the $0.78m negative working cap?


Or is it this, the accountancy violin concerto?

During the quarter ended June 30, 2016, the operating income totaled $6,162,768 compared to a loss of $1,503,017 in 2015. The revenue, cost of sales and gross loss totaled $15,492,036, $15,636,711 and $144,675 respectively compared to $13,989,447, $14,424,851 and $435,404 in 2015. This increase of $7,665,785 is mainly explained by the reversal of an impairment charge on exploration and evaluation assets of $10,586,490 and the impairment of property, plant and equipment of $3,050,000.

The paid pumpers who'll shove this in your face on Monday, example Jay Taylor and Thibault Laputain*, will skip over the bullshit asset re-rating and point to a non-existent paper profit. The single worst gold mining company in Canada, anyone owning this needs specialist psychiatric help. Eric Sprott and Nolan Watson, step forward.
*i think that's how you spell it :-)
Comment by PMInvestor08 on Oct 21, 2016 11:04pm
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Comment by fruitvale3067 on Oct 22, 2016 1:25am
Interesting, Bob disappears on Thurday and a terrible financial report comes out on a friday after the close. Well folks, remember as only he can say "it's just another piece of the puzzle".
Comment by deslug1 on Oct 22, 2016 6:45am
The next quarterly report for the period ending Set 30 2016 should be out in about a month from now. With the gold price being about $100/ounce higher for this period, the operating income should be higher as well as hopefully improving grades as we move closer to Hewfran. I think that a much higher gold price will be the only way this company can operate at a profit ...unless of course they ...more  
Comment by fruitvale3067 on Oct 22, 2016 9:02am
deslug, from what we have been told, they are already mining hewfran and from this report the gold grades have actually decreased from 4.9 to 4.5 over the previous quarter. They did however manage to mine more ore. Even as  non shareholder I expected to see the averag this quarter somewhere in the mid 5 g/tom area, Certainly not a decrease in ore grade. Not this quick anyway. We all knew that ...more  
Comment by LiTeOn1981 on Oct 22, 2016 9:19am
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Comment by goldminer01 on Oct 22, 2016 11:17am
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Comment by fruitvale3067 on Oct 23, 2016 12:12am
Lite. played 36 today, and shot 76, 80 on a realy good golf course. Hit the ball real good. Best 2 rounds in a while.  I see no Pdcon or Bob around this weekend. I'm afraid what little bit of respect they had has pretty much vanished after this report. I can't wait to see how they spin this along with all the other promo piece writers. Just think of it, in about 30 days or so we get ...more  
Comment by pdcon1 on Oct 23, 2016 8:22am
looking at news release mto made over 5.2 million as of june 30 2016 last quarter showed dramatic positive results due to higher gold prices , , first half of 2015  had lower gold prices and affected the fiscal results to a 2.5 million loss , that they will cary forward . everything is pointing to brighter days ahead with gold going back to 1300  u.s.  Lets get barry on line to ...more  
Comment by fruitvale3067 on Oct 23, 2016 9:55am
It's OK Pdcon, everyone who has been following this company knows they are slowly bleeding to death. 
Comment by LiTeOn1981 on Oct 23, 2016 10:47am
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Comment by mstettler on Oct 23, 2016 11:16am
Unfortunately, no.  It came from 2.3 million in sales of gold from inventory as well as the reversal of the impairment charge at 10.5 million (less the new 3 million inpairment charge).  Big red flag. Otherwise it would have been a 5 million dollar loss for the quarter and 7.5 million for the year.  
Comment by LiTeOn1981 on Oct 23, 2016 10:38am
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Comment by fruitvale3067 on Oct 23, 2016 12:09pm
Lite to show you how my golf day went. On one of the 2 holes I missed the golf course (Pulled driver on a drivable par 4 into a marsh) I dropped and promptly holes out from 30 yards for a 3. LOL Getting ready to give it another try today.  I agree with your thought completely, just think if they produce 7000 ounces for the next quarter once you remove 23% of the production to NSR's and ...more  
Comment by mstettler on Oct 22, 2016 12:10pm
Good observations Fruitvale. As I've said over and over, the average resource grade of hewfran is actually lower than barry so I've never understood how they were supposed to produce more from hewfran.  The grade control is what has been the achillies heel; the average resource grade is supposed to be close to 8 g/t from bachelor and 7 g/t from hewfran.  They mill feed is 60% of ...more  
Comment by goldminer01 on Oct 22, 2016 12:38pm
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Comment by LiTeOn1981 on Oct 22, 2016 9:25am
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