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Jaguar Mining Inc. Message Board

  • jacomo1de jacomo1de Mar 22, 2013 4:50 AM Flag


    results are out.....slightly improving cash costs...outlook not too exciting...
    hopefully management has packed most of adjustments on 2012 balance sheet. They seem to follow course steadily, keeping expectations low. It`s gonna be interesting whether markets will give any kind of credit to
    their efforts to stabilize operations and balance sheet.....

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    • yes, they have lowered the bar to a point where even the prior management team could beat it, so look for better results compared compared to this low ball forecast. The question is are they cash flow postive in Q1, their working capital is nearly gone, what are next steps? They have a load of debt coming due in 2014, can they refinance the debt (unlikely), can they issue more shares dilutive at $.6 (unlikely), can they do a deal with a streaming company (possible), can they seek a buyout (possible). Seems to me better operating results only buys time to some kind of a restructure, that is better than bankruptcy for exisisting shareholders. I know this post will be met with a lot of hate, but what other course will work?

      • 1 Reply to skipflat
      • Any auditor worth his certificate would have discussed with JAG the fact that even under the most optimistic scenarios, JAG's 2013 forecast leaves them with a small profit and cash flow. The next question would be how do you intend to meet your debt obligations in 2014 and continue as a going concern? Presumably, JAG had an answer to that question because KPMG gave them an unqualified as opposed to a going concern opinion. Alternatively, KPMG did not address this issue and they are willing to roll the dice until their next opinion in March 2014. For a Big Four firm, based on their extensive risk management and audit review procedures, I find the later hard to believe. Therefore, I can only presume, Petroff convinced KPMG he has a plan to monetize JAG's assets and those assets are sufficient to meet their debts. I expect this issue will be one of the first questions on the CC.

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