Curiosity got the best of me so I went to accuweather's website for monthly temp readings of Prince George, BC (the nearest sizable city near Endako, which is about 100 mi. ESE of the mine).
Oddly, warmer temps this year (virtually all days in each Feb and March above average), with various days in both Feb and March in the 40's and 50's with lows some days above the normal freezing point. Warmer temps there.... than in Chicago. Only the week around Xmas was it really cold there.
Maybe the goofs running the mill at Endako were able to squeeze out some production in Q1, after all. Then again, maybe in BC, ice freezes in the 40's, and only melts when it's above 65 degrees....
Can't wait for Kevin's explanation of all of this. Perhaps the Endako ice problem was a bit over-emphasized in last CC, then again, maybe physics are different in Canada? But if sandbag, why?
What kind of money losing idiocy will be in store for Endako for Q2? "Too many mosquitos there in summer so we don't expect any production"...? Canada does have lots of mosquitos.
On another note: Wonder when the board grants mgmt a RESET to their options, RSU's and PSU's STRIKE PRICES for all the shareholder value they are 'creating'...since the share price has been lingering below all their strikes previously granted.......? Must keep this talented bunch fat and happy. This has not been done.........(yet, I fear.....it will be).
Perhaps this year the Board will base such a 'deserved' reset off their........NO-TIME LOST / SAFETY RECORD......instead of mundane, boring, outdated concepts like value creation for shareholders? That's the ticket...!
They already got their immediate vesting on a change in control.... Board approved....what future shareholder humiliations are in store for us going forward.......?
It's voting time, and time to WITHHOLD (all nominees)...folks.
It's the least we can do for the job this Board's mgmt team has done (or not done, however one chooses to look at it).
Sentiment: Strong Buy
I can't agree with your sentiment more. I have been in and out of TC many times over the last 4 to 5 years and the conference calls always amaze me at some of the points they dwell on (excuses for lack of performance). I work in the mining industry and find many of the issues frustrating but some are even laughable. I expecially took notice of your comment on how they dwell on their safety record. Yes this is important in the industry but it has its place. In discussions with the management of the company that I work for, we talk about it but we know that you can have the safest operation in the world but if you are loosing money the operation will be no more!
By the way, I really appreciate your informative comments.
Sandbag the CC so you can award yourself or purchase shares on the cheap for as long as possible before the earnings train leaves the station or you get a buyout offer? Your going to retire anyway, why not try to get as many shares of a gold/copper/moly mine as you can, before you retire, on the cheap. Keving gave himself 77k shares March 1st after the Feb 25 CC but dollar wise it was only a couple hundred thousand dollars. If the stock had run up to 5 after the CC that award would have looked a lot richer and might have been more objectionable becuase it would have been more in dollar terms. We all know that executive managements duty to itself is the first priority, it always is. I mean if you gave yourself a ton of shares and your fiduciary duty is to your shareholders then hey, you have an obligation to look out for yourself and make yourself as much money as possible. I hope they have earnings that are too good to explain, that would be awesome but I am not counting on it this quarter.
Sentiment: Strong Buy
Yeah, the board already gave them the automatic vesting after they all got back from PDAC in early March. Everyone must have made comments to TC mgmt that "your shareprice is so cheap...", and they (mgmt) realized they would lose out if someone decided to act on that cheap share price and pursue them in a buyout.
Yet the board hasn't reset the strikes on all the underwater options, and various stock-based compensation. Yet.
Have been thinking for two months now how TC could allow ice (of all thing) to crater the upcoming quarter at one of their mines, and would it really be that bad? Why would TC emphasize this issue so strongly in the CC for year end? Full disclosure, really? Is this 'stupidity' real, or is it really something else, and their hiding behind an "ice" problem? The shares have been cratered by this enigma (what impact it will have on Q1 - ?), and one would think they would issue at least an 8K regarding prod stats for Q1, at a minimum, first chance they got. Like April 2, when the mine's junior cost accountant summed up his Excel spreadsheet for the quarter. Surely they keep track of production at Endako on a daily or weekly basis, at a minimum. Why no info on production? Markets abhor uncertainty. Gold miners do this all the time w. production results, announcing before they post the quarter's financials.....what is going on in Denver? Why radio silence?
And then it dawned on me...
Their options are underwater, and they havent convinced the board to reset them (and the board probably won't until after the upcoming shareholder meeting and voting on directors).
So they are enriched if they can help keep the share price depressed in the interim, by creating some uncertainty (as they did on Feb 25 CC), and then doing nothing to alleviate the uncertainly.
And the only thing that makes sense on why this has been allowed to persist, is the comp angle.
I guess the question begs....if the ice melts at Endako, will they even turn the mill on?
Sentiment: Strong Buy
Do you still remember my comments about the poor management thing? They have a gold mine(with current price) and have so many idiots run the company. You can't beat that! Ironically, i didn't sell after the 4Q results as i promised, this made me a idiot too!