Bullboard - Stock Discussion Forum Providence Gold Mines Inc V.PHD

Alternate Symbol(s): PRRVF

Providence Gold Mines Inc. is a Canada-based mineral exploration company. The Company is engaged in the process of exploring and evaluating its mineral property located in California, United States. It owns 100% interest in Tuolumne Property. The Company’s gold mines consist of seven patented stake mineral claims and 22 located claims, encompassing an area of approximately 324 acres, which... see more

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TSXV:PHD - Post Discussion

Providence Gold Mines Inc > Thanks for the warning Gamble! and Holy Schitte!! WTF??

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Post by KozmoT on May 01, 2023 5:00pm

Thanks for the warning Gamble! and Holy Schitte!! WTF??

They spent only $10k on Exploration in all of 2022 (Note 5) but awarded themselves (Realted Party Transaction - Note 8) $60K in Accounting fees(?!?!) $84K in "Consulting Fees" $36K in Management fees and $72K in "Geologic costs" I can't be reading that right ... anybody else have a different take?

To top it off they ended they year with an Expense burn rate of $322K (which makes no sense given how little they spent on exploration) and only $4800 in Cash but $77K in Trade Payables.

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