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Is it the 75m shares added in the year?
Is it the $0.78m negative working cap?
Or is it this, the accountancy violin concerto?
During the quarter ended June 30, 2016, the operating income totaled $6,162,768 compared to a loss of $1,503,017 in 2015. The revenue, cost of sales and gross loss totaled $15,492,036, $15,636,711 and $144,675 respectively compared to $13,989,447, $14,424,851 and $435,404 in 2015. This increase of $7,665,785 is mainly explained by the reversal of an impairment charge on exploration and evaluation assets of $10,586,490 and the impairment of property, plant and equipment of $3,050,000.
However, content here on the blog has been light. That's probably because it gets tougher to be snarky about the sector when things are going well. Then again, it's going to be even thinner next week, what with the four day trip I'm on. Have a pleasant weekend.
From the Ruby Con NR just out:
"The Company plans to commence Phase 1 of a comprehensive exploration program following the successful completion of the Restructuring Transaction and after a period of transition. The goal of the exploration program is to gain a better understanding of the geology of the F2 Gold Deposit..."
That and the "we dilute existing shareholders to 5%" are the funniest bits.
Inspired by reader JM, this:
"Many weak-minded persons in cities hope to discover property under the surface of the earth and to make some profit from it. In the Maghrib there are many Berber "students" who are unable to make a living by natural ways and means. They approach well-to-do people with papers that have torn margins and contain either non-Arabic writing or what they claim to be the translation of a document written by the owner of buried treasures, giving the clue to the hiding place. In this way. they try to get sustenance by (persuading the well-to-do) to send them out to dig and hunt for treasure. Occasionally one of these treasure hunters displays strange information or some remarkable trick of magic with which he fools people into believing his other claims, although, in fact, he knows nothing of magic and its procedures...
"The things that have been said about (treasure hunting) have no scientific basis, nor are they based upon (factual) information. It should be realized that although treasures are found, this happens rarely and by chance, not by systematic search... Those who are deluded or afflicted by these things must take refuge in God from their inability to make a living and their laziness in this respect. They should not occupy themselves with absurdities and untrue stories."
1332 - 1406
And that's the best thing I'm going to do on the blog
Here's the Road & Track report and here's the video that goes with it.
Geology, too. Enjoy.