You got the actual numbers to prove that? Because the only ones I can find are that .25 opt is the average grade of the intercepts above .15 opt which sounds a little bit like cherry picking.
Instead of investing in a rock solid going concern with a proven track record of one full profitable quarter.
Perhaps the NYSE is not as efficient as everyone thinks it is. from the NYSE Manual:
"• If the Exchange staff should determine that a security be removed from the list, it will so notify the issuer in writing, describing the basis for such decision and the specific policy or criterion under which such action is to be taken. The Exchange will simultaneously (1) issue a press release disclosing the company's status and the basis for the Exchange's determination and (2) begin daily dissemination of ticker and information notices identifying the security's status, and include similar information on the Exchange's web site. "
Since we have not seen a press release from the NYSE it would appear that de-listing procedures have not begun.
Under liquidity and capital resources
"The proceeds from the Revolving Credit Facility will primarily be used for an accelerated construction schedule for rerouting State Route 342, located in the Company’s Lucerne Resource Area, the first phase of which is scheduled for completion in early June 2015, and the second phase before 2015 year end. On March 6, 2015, the Company drew $5 million representing cash proceeds of approximately $4.4 million, net of prepaid interest of approximately $0.4 million, and other fees of approximately $0.2 million."
I think you'll find the opposite of that. They borrowed the money in mid March and did not start actual construction work until April (2nd quarter). Any 1st quarter expenses related to the highway are negligible. On top of which there is no mention of highway construction costs in the 10Q.
That means that in the second quarter they will not have the $3.7M in accrued other income and the additional costs of highway construction that is scheduled to go until the end of June.
total revenues - $6.0M
total costs - $7.7M
loss from operations - $1.7M
Even with lower costs they still would have lost $1.7M if it wasn't for $2.9M in other income. What happens when that other income isn't there next quarter?
You have to hand it to De Gasperis, he is good. He said in the last interview that LODE would make a profit in the first half of 2015 but then he knew this was coming:
" In March 2015, the remaining portion of the indemnity has lapsed, and accordingly, the Company recognized a reduction in the loss contingency accrual of approximately $3.2 million , which is included in other income in the condensed consolidated statements of operations. "
That $3.2M in other income pushed them over the top into profitability. At least on paper.
He is buying gold mining companies in Australia so he can ship the gold to India to make jewelry that he can ship back to Australia to sell. Obviously you can see why a junior gold mining company in Nevada wouldn't fit into this plan.
Two months ago Goldman Sachs predicted an average price of $1,262 per ounce in 2015 and lowered their prediction in 2016 to $1 089/oz from $1 200. What a difference two months can make.
First, it was not a rhetorical question.
Second, he was using the gold resources figure in the 2010 report to argue that the lucerne pit was almost tapped out. Saying the mine is nearing end of life is hardly a pump and dump tactic.
The 2013 report was done by the same independent consultants. Why skip the 2013 report and use the 2010 report?
It is not more or new dilution because it already exists and is documented in the SEC 10Q/K forms. Most of it has been in place since the Moelis restructuring.
What he said was that there were 89.8M shares outstanding but when you add in the shares from converting all of the preferred shares there would be 143.4M shares.
They go bankrupt when they run out of cash. They may have been NON-GAAP profitable but they were still cash flow negative (i.e. cash on hand at the end of the quarter