Using the "payable metal sold" ounces from Q4, substitute today's PM prices into those numbers....and guess what . Revenue is reduced $4.5 million. Exactly the $$ amount SORO pays out on 3 months of dividends.
Two points to consider. 1) According to SORO estimates, production will be flat in '13. 2) Management stated that a 39% payout ratio was to high......when Au was selling for an average of $1691 and Ag at $36 ( an Au/Ag ratio 0f 47/1). Today, Au is $1570 and Ag is $27 (a 58/1 ratio)
Conclusion: the dividend, as it is currently constructed, is toast unless production gets ramped up significantly