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And while we're at it, here's my fave bit from the Jaguar Mining (JAG.v) 2q15 numbers

Considering how awful the company and its assets are, it may surprise a few of you to learn that Jaguar Mining (JAG.v) is still alive and kicking (though it took the holy saintmother of all dilutive rollbacks to keep it going). But alive it is, which brings us to the point of tonight's post and...oh goody goody let's check the 2q15 news release from JAG.v and especially this bit...

...which is wonderful. 

  • Because it made a gross profit of $6m if you don't include depreciation.
  • Because no miner ever has a mine that depreciates.
  • Because you just mine its rock and when you come back to the same spot the next day the rock has magically re-grown.
  • That's a plain fact.

Okay that last one is slightly more ironic more than truthful but you'd probably guessed that already. Therefore to adjust for bleedin' reality and go for the factual Q2 figures at JAG.v that are indeed GAAP compliant:
  • Sales $22.82m
  • Gross profit $2.779m
  • Operating LOSS $2.531m
  • Net LOSS $4.383m

BE CLEAR ON THIS, KIND READER---> Excluding depreciation cost is like running your trucks without fuel and the reality-challenged IR dude that thought it a smart idea to present JAG.v's numbers in this way needs to be taken out to the woodshed and given a long, hard beating. With a knobbly oak branch. For his or her own good. And for the good of the world.

By the way, JAG.v has a negative working capital of $38m. But hey...details...right?

UPDATE: An anal yst friend writes in:

Zimbabwean GAAP, beautiful!