Jag is trying to sell, see quote below, from the last conference call. Unfortunately for Jag, any buyer needs to be willing to assume its debt which is equal to about $4 per share. Also, on an all in cost basis, Jag is still losing about $300oz. on each oz. of gold sold. They are trying to get to $1,200 all in costs, but that will take some time. Efficient miners are around $900oz. or less all in costs. Consequently, in order to effect a sale, Jag needs to convince a buyer its assets are worth more than $300mm (approximate debt outstanding), the buyer can get all-in-costs down to a level below $1,000 and POG will remain at least $1,300 oz. for the foreseeable future. Last but certainly not least, other juniors are available that have pristine balance sheets, efficient all in costs and good future prospects (see PPP e.g). A pretty tall order for management.
"Now, at critical prices, it seems unreasonable to expect that we will be able to fully repay our convertible debentures as they become due. Sooner or later, we'll have to engage in discussions to address this situation. And meanwhile, within Jaguar, we're exploring all our options to find a workable path forward."