Looking at the latest Seeking Alpha article by the Hebb guy
I think the pertinent point is made in the Q&A by a poster named Kronos.
He brings up the issue of known and proven reserves. In the case of this company, it's the treasure that's still below the ground that fails to be reflected in the "total cost" approach. The total costs reflect FUTURE prospects and revenue estimates. You could if you will apply the same precondition to ALL non-gaap earnings reports. The article itself correctly states that it'sbringing clarity to non-gaap earnings, but what strikes me is that this is exac tly what GAAP protocols were created to do. As he states at the end of the comments section, one must perform a thorough QUALITATIVE analysis, when buying or comparing mining companies. IM0, at current silver and gold prices, we are approximately 20-25% UNDERVALUED. I see this stock at 8.50 with little or no upward movement in silver.as long as current expenditures and production levels are maintained.
At the NASDAQ site one can start there to do future earnings research (stock research - analyst summary) on EXK. Looking at earnings growth, forecast earnings growth and consensus earnings forecasts is very promising. The numbers are extraordinary. To compare these numbers with the price of silver with effects by currencies or supply and demand one can see if there is a large cushion for EXK. It is my feeling on supply and demand as industrial use is over 50% of the use of silver, that large corporations have not built any inventory, and if areas in technology and aerospace continue to expand, they will need to buy silver. We are under manipulation, and one of the main reasons is that industry wants to buy low silver. Industry, from my knowledge and research, are low on silver inventory and will need to buy. If they buy all at once there could be some panic buying. Again, focus on earnings for EXK and apply those numbers to the dimensions of everything mentioned here. Research.