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A lot of reports to do today, which is nice I suppose as it keeps me out of trouble. Lake Shore Gold (LSG.to) (LSG) reported this morning, here's the NR and just two charts for this post:
This one, the ops overview, holds no surprises because revenues were pre-announced as well as cash costs, which means we had a very close idea already. It's in-line.
But one good for comparative purposes is working cap, note the different direction to that of the Timmins Gold (TMM.to) chart posted here last night.
That's because LSG's net profit may have been modest but it was a genuine one, not a tax claim fakey prop. Again let's underscore a simple fact: It's far more difficult to make the balance sheet look good than it is the P+L. The balance sheet requires real positives, not accountancy massages.
That second chart is one of the reasons why LSG's price has done this compared to TMM's during 2015.
There are other reasons too. We discuss those on Sundays.