When the crash of 1929 happened the stock market didn't recover the losses until 1953. History is repeating itself right before our eyes.
When we read newspaper headlines about lode shorts leaping out the windows of tall buildings.
It's not too late to put yourself on the right side of the trade, guys. Stop gambling. Think of your families.
Sentiment: Strong Buy
Net cash provided by financing activities for fiscal year 2014 was $8.6 million, comprised of proceeds of approximately $11 million from the sale of securities and proceeds of $4.6 million from the revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC, partially off-set by the pay-down of our long-term debt obligations of approximately $7.0 million. Net cash provided by financing activities for the year ended 2013 was $13.4 million, comprised of proceeds of approximately $18.3 million from the sale of securities in two public offerings totaling 9,146,920 shares of our common stock at prices of $2.00 and $2.11 per share, partially off-set by the pay-down of our long-term debt obligations of approximately $4.9 million.
Lode continues to burn cash at a prolific rate despite spending little to nothing to assure future production. $5m recently raised via sale/leaseback of their only remaining lien-free plant and equipment won't last much longer, so if market will accept another Lode fundraiser, it should be coming soon.
The only thing you got right was the remote possibility of doing a pushback eastward from current pit. gl
And you can be relied on to put the worst possible spin on things, so at least we have some constants in this conversation.
And I would challenge your assertion that management puts the "most positive" spin on everything. They are going to portray things in a positive light, but they are a publicly traded company on the NYSE with corporate counsel, auditors, and regulators watching them. What they put in their 10K's and 10Q's better be realistic. It can be positive, but it also needs to be truthful and realistic.
On the flip side, you bashers have no such accountability. You hide behind the anonymity of the internet and spin things with impunity. You specifically try to share observations, which I'm sure many people who are not locals appreciate. But your conclusions are always worst-case, and often very misguided. Which is your right... you can have your opinions.
But people should know that management is constrained by law and regulation in a way that you are not. The CEO and CFO under Sarbanes-Oxley are personally liable for the contents of the company's K's and Q's. And I know both of those men to be men of integrity.
So Bosar is NOT taking the "best case possible"... he is taking a fair assessment that may cast the company in a positive light and deriving the most negative conclusions he can come up with from it. All the time condemning others for citing management guidance and discussion of results and plans. And then he has the audacity to sign his posts "gl" which one would assume is "good luck". As in, "Good luck to all you shareholders... I'm trying to tear down your investment, but hopefully you won't get shafted too hard!"
Disingenuous, at best. But hey- what do I know? I'm just a horse's rear end, right Marty?
And you're basing your conclusion that there will be no future surface production from Lucerne on... a picture from the CRA? Are you not aware that the road will be moved to the East by November? That opens up a substantially larger footprint for Lucerne... one that has been drilled extensively and yielded positive results.
I'm not claiming that is what they are going to do, but it is an option.
Frankly, I'm just tired of you bashers all doom and gloom. Wasn't the company supposed to have run out of money by now? Multiple times? I distinctly remember people earlier this year calculating what they believed to be cash burn and predicting calamity in a matter of months. They haven't raised money in quite a while... and when they were raising money, they never had any problem (despite extremely difficult capital markets). How were they able to do that? Does Wall Street throw money as a sham?
If we were to be honest, I think that the conclusion that we would come to is that they have managed the downturn in mining and the metals market quite well, all things considered. They have not run out of money, and haven't raised any in at least a year and a half... maybe longer. They have their challenges and limitations, but they have been talking about going underground for the better part of two years, and now they are doing it.
No retail shareholder that I know is happy about the stock price. It's performance is not out of line with the industry, but it's not fun. But the company is still alive, still providing jobs, still developing their claims.
Not hypocracy clay, just reinforcement for my conclusion that future open pit production isn't going to happen and that all hopes are now focused on the possibility of financing future UG production. Using citations of
" management says..." is sometimes useful but never conclusive as evidence of anything. gl
You've made a category error, Clay.
Management can be relied upon to put the most positive spin on everything. So Bosar is taking the best case possible scenario of management and drawing his conclusions from that. things can be worse than that but are not likely to be better.
"It's a great source of amusement to me when pumpers hurl "management says..." as though that's proof of anything."
Wait a minute... who said that? And now you are quoting management to support your claims? tsk tsk.... hypocrisy is not becoming on you.
There are no pumpers here.
And why do you have to be disrespectful with your term "Gasbag"
You have no credibility. Go way.
During 2014, the Company completed its second full year of production and transitioned from the Billie the Kid and Hartford patented claims in the Lucerne West-side Mine to the higher-grade Justice and Lucerne patents, also in the Lucerne West-side Mine. The Company completed the planned mining for the Billie the Kid, Hartford and Justice patents during 2014, while continuing to mine the Lucerne patent through 2014 and 2015. During the second quarter, the Company further expanded its activities to include a more significant amount of the historic mine dumps alongside and underneath the existing portion of SR-342, into the daily production schedule. Substantially all of the remaining surface activity will be focused on completing the realignment of SR-342, including extraction of those mine dumps, establishing a drift into the higher-grade PQ and Woodville targets, and developing those targets towards the establishment of reserves for potential future mining
From Q2 2015 MD& A which is as close as Lode ever comes to AIF. 4 initial pits with only 1 said to remain, a total of roughly 50k ounces produced from these 4 pits and no inclusion of W Lucerne pit production in "substantially all of the remaining surface activity" gl
You meant the west side, right?
There can be many reasons for halting the trucks for a while. I am assuming you mean the haul trucks and not the work at the pads.
Sentiment: Strong Buy
1. Space where do you get the information that these are the final pit walls?
2. From an article on underground and open pit mining I found on infomine. "Many mines combine open-pit with underground mining, and often the underground mine is an extension of the pit" This is called Parallel mining and it is not unusual.
3. Grade was at .03 for two months and back to .034 in the third month. And this was with integrating the dump material from the road.
4. Wow! the footprint at the bottom of the pit is small compared to what is above it. Funny how that happens. Just search open pit mine photos and take a look.
It is not a proof of end of life, it is just proof that that is the current bottom not necessarily the final bottom. Also the pit may become widened on the western, northern and/or southern sides away from the adit. One side is always bing halted to allow truck entrance/exit way.
Sentiment: Strong Buy
First: Don't confuse Goldspring Inc. and Northern Comstock LLC. Any purchases made of the properties belonging to Northern Comstock LLC were paid for by Mr. Winfield or by an affiliate. The company had no financial involvement of any sort in those transactions until the reorganization.
Second: When Goldspring announced a purchase, acquisition or expansion it was of properties held by longtime Comstockers, names such as Obestor or Donovan, I couldn't find any purchases by someone named Winfield or by a company with the name Intergroup or one of the affiliates. Your charge that Winfield purchased properties and then sold those properties to Goldspring to be paid for with money that he loaned GSPG doesn't stand.
Third: There is a certain silliness in your position. For a moment imagine that you loaned a friend fifty bucks then bought him lunch but he insisted on paying for his hamburger out of the fifty bucks you loaned him. Would he now owe you forty bucks? Of course not. You paid the restaurant twenty bucks and he gave you ten bucks for his share. Sure that ten bucks came out of the fifty he owed you but it was to reimburse you for the cash you put toward his lunch. He hasn't made you whole for part of the fifty dollars. In a like manner; IF Mr. Winfield had sold land to GSPG which was paid for out of money loaned to them by his consortium then that just compensated him for the money he paid to the previous owner. It wasn't a loan repayment or partial repayment, it was compensation for the value of the property.
Finally: At the various times that Goldspring received financing the wording of the press release read something like this; "financing is being provided through a consortium led by an existing shareholder, who is an accredited investor." (Read Mr. Winfield or Intergroup et al.) These loans for operations and acquisitions added up to about 40m.
Sentiment: Strong Buy