Corona Gold Corporation T.CRG

NAV and cash

[RockLobster1]

HI Method....  
Not to make you do all the work but... interested to know the NAV, but also the amount of NAV in cash.  Used to be $16m out of $26m when I started to buy years ago...  assume much lower now on both accounts.  Back then I was buying at under cash and getting the portfolio for free, but obviously has not worked out as the price was 66 cents or so.

But since the golds and juniors are still in a downtrend with no sign of a bottom, it is the cash that will cushion us.... unless they spend it all.

Also, if you know the burn rate that is important too.

Might a good place to park cash, but can't rely on mgmt to actually do anything sadly.  As someone said, what is the incentive to merge and cut costs in half?  There should be one but doesnt seem to be.  SHoudl mgmt fees not be based on assets and therefore they would not be reduced?  Just admin costs...

thanks

[Method]

Cash is about $0.39/share ($8.27m) versus the NAV of 82 cents.  The burn rate is $600k/year.   Management is not earning a management fee except for director's fees and the CFO's salary which are less than $200k per year.  Its one of the reasons I thought management would be more inclined to do the right thing here as they and Dundee own 45% of the equity.

[RockLobster1]

thanks for that... does seem like a reasonable place to park some cash,  since even if gold juniors drop we have the 39 cents, falling by 3 cents a year. Of course they could do something good or bad with the cash.  I agree the mamagement seems good, which is the big downside of some of the others that have discounts like AAB Aberdeen. It is hard to know if this will ever get any

[Method]

The Q3 numbers came out this week. They just throw them on SEDAR so I didn't notice until today. Not many changes financially. They sold some Hummingbird and Treasury Metals so cash is up a bit. No change to the NAV or cash per share, I posted. The other interesting thing is that they cancelled the investment management agreement with Dundee Corp.  Not really sure what to make of that. &

[RockLobster1]

When I see other companies buying back, I don't see a silly daily restriction like here at 1873 per day, which is about $800...  they are buying but how can you buy much with this rule? Others seem to just have an annual max of 5-10%... do you know why it is like this? Any update on NAV? thanks PS - a company buying and canceling a lot is GMN Gobimin, you might want to check it out as

[Method]

The daily restriction is based on liquidity as opposed to how much they have filed to buy back (which is 5.7% of shares outstanding). The TSX restricts them to 25% of ADV which unfortunately was 1873 based on the previous year. They could do one block purchase per week but they would have to be offered that by a shareholder. Definitely something to consider for shareholders with big shareholdings.

[RockLobster1]

this is definitely not how it is happening on others... look at the insider buying at GMN .v  They are buy way more than 25% of ADV it looks like when they want to... Too bad about CRG, but if a mess.  So cheap but will anything happen?