I remember somewhere in a PAL PR or cc that they said higher USD was slightly good for them when reporting operations but it was not significant. Does affect things like cash, debt etc.
Their reports are a bit schizophrenic - at the top the say all amounts are in CAD but then in the body they qualify some amounts as USD. For example stated cash cost of $510 is in USD. Why, if their expenses are mostly in CAD, they report cash costs in USD is a puzzlement.
It's not clear whether EPS is in USD or CAD although at penny levels gets lost in rounding.
From Q2 report
"Foreign exchange (gain) loss"
Foreign exchange (gain) loss for the three months ended June 30, 2014 was a gain of $7.3 million and, for the six months ended June 30, 2014, a loss of $0.6 million compared to losses of $4.5 million and $5.3 million for the three and six
month periods ended June 30, 2013 respectively. The gains and losses were primarily due to the impact of exchange rate movements on the US$ denominated senior secured term loan and the US$ denominated credit facility.
So BAM principal seems to be in USD. Interest also?
I queried SWC mgt about return of capital that they mentioned in (YE?) cc.
"Thank you for your email and support of Stillwater Mining Company. It is the intention of management and the board of directors to return capital to shareholders in some form (including dividends or a share repurchase) at some point. When a conclusion is reached regarding these decisions, the Company will issue the applicable notification. "
So still on the table.
True. Au is their fourth largest source of revenue behind
- Sale of stock
First is most profitable as cash cost is close to zero.
I looked at the list of presenters and PAL is not one of them. They just have a hospitality suite. Why would they take the trouble to go to a Gold conference? My experience at trade show hospitality suites is that there are hidden agendas.
IMO one or more of the following for PAL:
- headhunting for high level executives
- looking for a buyer
- the first stage of looking for financing
- looking for a gold acquisition (just kidding)
For the poster who thought it was significant that PAL was "invited" to this conference , anyone who can pay for a suite can be there. Presenters are by invitation only.
My point was that doing anything post split has the risk of the majority deciding to sell the one you want to sell or adding to the one you want to add. Options may not be available on the opening day.
Well, guess we will let the numbers (if we ever get any) speak for themselves. My estimate for Q3 is no more than 3400 TPD
So a non-internet person goes to an RSH store and finds minimal and overpriced inventory and minimal help from staff whose major focus is getting your address and e-mail address. Think that will be a return customer? I don't think Amazon worries about non-internet crowd. Like worrying about not stocking carbon-paper.
Look carefully at the PR and cc you will see that production was disrupted for two WEEKS , not two days as they wanted you to believe. And if July, Aug were meaningfully better why not PR it? A rising TPD in Jul, Aug would give some confidence for Sep and YE. Do you really think they will hit 5K TPD by YE? The last two data points were Q1 3050 and Q2 2900.
You don't like my attitude? Too bad. Put me on ignore. There is a old Armenian (or maybe Turkish) saying:
"He who tells the truth better have one foot in the stirrup."
You should know by now that with PAL "no news" is "bad news". IF TPD were meaningfully better in Jul or Aug than Q2 2900 TPD they would have been yelling from Toronto CN tower.
Post Office in more places than RSH. And in many cases it costs Amazon nothing as often you pay the shipping. Why would they want storefronts - leases, taxes, utilities, garbage pickup, employees etc etc etc
Stores not as convenient as delivered to my door,.
Unlikely any thing material will be said in reception as probably not FD adequate. More likely they will be serving hemlock punch to any stockholders.
It may be the start of a road and pony for more financing.
They already said they lost time (2-3 weeks I believe) in July because of the accident and related safety issues.
They originally said (two days after accident) that they were back in operation. They carefully didn't say FULL operations or NORMAL operations.
There is a bid in the dike at .24 but they can't hold back all the water forever. The dreaded .23xx is looming.
Tax event depends upon where you hold the stick. In my case it is in my ROTH and IRA so no immediate tax event. As far as funds, most are not "tax aware" - they leave that as a "problem" for the holder.
Maybe the fund or institution does not want to increase their BEAV exposure by 50%.
They have several choices:
If they believe both pieces are good investments and reasonably valued they just hold.
IF they intend to get rid of one half or the other, there is the risk that many others come to the same conclusion and there is rush to the door after the split depressing the half they want to sell. A tricky decision.
With Q2 at 2900 TPD you would think if July or August was meaningfully better they would do an interim production PR to show they can "do" not just "say". Not a difficult number to calculate - just at up 31 numbers and divide by 31. I would not expect anywhere near 5000 TPD yet but at least show some progress to maybe 3500 in Aug. With PAL "no news" is "bad news".