PGOL - Patriot Gold Corporation (American Gold Royalty Company) Patriot Gold Corp Due Diligence Report (Gold Royalty & Exploration Company) All information below can be found at www.Sedar.com Stock Ticker: PGOL - Same ticker for Canadian & US Exchanges Price: $0.20 CDN & $0.14 USD Common Shares: 74,319,957 Insider Holdings: 36,752,750 or 49.5% - See Annual Information Company Website: www.patriotgoldcorp.com Basic description: PGOL owns 3 royalties (1 producing) and 3 exploration properties. The producing Moss Mine has a 10 year life (started in 2018), which is currently being increased by Northern Vortex(NEE.V). The company clearly states in their most recent presentation that they want to ramp up production by 10 fold, which would mean multi million dollar royalties for Patriot Gold every quarter. NEE.V is also increasing it’s resource as we speak, so royalty payments will for sure exceed the 10 years - [link] You can get free Level 2(Market Depth) for each exchange at the following websites: Canada: [link] USA: [link] PGOL only started trading on the CSE at the end of summer 2020, so volume has been low, compared to the US side which trades daily and in large volume. But the Canadian side will catch up as time goes on and more profitable quarters are announced. To get an accurate market depth, you want to compare what’s shown on the US side and it translates to the Canadian side at roughly 1.30 exchange rate. The CSE might not show all those bids/asks because of the alternate trading systems. Financials (Ending September 30th 2020) - All numbers are in US Dollars ASSETS Cash: $583,866 Marketable Securities: $224,554 Royalty Receivables: $1,159,856 Prepaid Expenses: $109,339 Long Term Assets: $300,000 Total Assets: $2,377,615 LIABILITIES Accounts Payable: $171,852 Total Liabilities: $171,852 9 Month Revenue Performance Royalty payments: $1,734,325 Net Income: $1,107,495 Earnings Per Share: $0.015 USD or $0.0193 CAD Note: Patriot Gold has set a budget of $1,000,000 for it's G&A + exploration expenses in 2020 Royalty Interests Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the nine months ended September 30, 2020 and 2019, the Company earned royalties of $1,734,325 and $973,271, respectively. As of September 30, 2020 and December 31, 2019, the Company had Royalties Receivables of $1,159,856 and $487,060, respectively. Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources, the Company has a 2% net smelter return royalty on the Bruner Gold/Silver mine in Nevada. As of September 30, 2020, no royalties have yet been earned. (This asset has a high grade proven gold/silver resource) In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company will receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering several oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company will be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. As of September 30, 2019, $240,000 has been paid, and the remaining $60,000 was paid in installments through December 31, 2019. As of September 30, 2020, no royalties have yet been earned. Mineral Properties Windy Peak Property The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. As of September 30, 2020, the company has incurred approximately $801,025 of exploration expenses on the Windy Peak Property, and$113,816 and $124,056 were spent for the nine months ended September 30, 2020 and 2019, respectively. Rainbow Mountain Property In the fall of 2018, after conducting initial reconnaissance of the Rainbow Mountain, the Company acquired the Rainbow Mountain Property (“Rainbow Mountain”). This early-stage exploration project was secured through staking and filing the associated paperwork and fees with the BLM and County. The Rainbow Mountain gold project consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. Access to the project area is by paved highway, followed by a short stretch of gravel road. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of September 30, 2020, the company has incurred approximately $101,208 of fees and exploration expenses on the Rainbow Mountain Property, and $13,194 and $2,160 were spent for the nine months ended September 30, 2020 and 2019, respectively. Bruner and Vernal Properties On May 28, 2010 the Company entered into an exclusive right and option agreement with Canamex Resources Corp. (“Canamex”) whereby Canamex could earn a 70% (or up to 75% if a bankable feasibility study is performed) undivided interest in the Bruner, and Bruner Expansion properties, herein after collectively referred to as the “Bruner Properties”. Upon the completion of the terms of the Agreement by Canamex, and upon earning its initial interest, the parties agreed to negotiate a definitive joint venture agreement in good faith to supersede the agreement. During the first half of 2016, it was determined by the Company that Canamex had successfully earned a 70% interest in the Bruner Property according to the terms of the Bruner Option Agreement. On April 25, 2017, the Company and Canamex Resources Corp. entered into a purchase and sale agreement (“Bruner Purchase and Sale Agreement”) whereby Canamex Resources purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1,000,000 cash. The Company retains a two percent net smelter return (“NSR”) royalty on the Bruner properties including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following closing of the purchase and sale agreement. As of September 30, 2020, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the nine months ended September 30, 2020 and 2019, the Company incurred no exploration expenses on the Vernal property, respectively.
Misplaced trust - assessing the case for compensating Woodford investors [link]
The recording and slides from the ShareSoc webinar on the Woodford Campaign on 17th Dec can be found here: [link]
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Do check out our website for more details and latest updates on our campaign, if interested.
Hi all, we have just started our Woodford Campaign. We have these main objectives: to facilitate communication between Woodford investors to help affected Woodford investors seek compensation for their losses where possible to ensure that those who contributed to those losses through action or inaction are held to account to bring about changes in the regulations and regulatory enforcement to ensure this type of scandal does not happen again.
What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history Ultimately Doug, there is risk with all investments. Some of my best performers have been funds. The problem with Woodford was that he had a good formula but then went off piste. He should hav e stuck to his knitting. Cheers, Frog
What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history Trouble is it seems it will take many more months to get the illiquid stocks sold. The whole scandal has made me start making moving my dosh out of Funds and into individual stocks, Investment Trusts, ETFs and passive trackers.
What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history Absolutely agree re diversification Doug. I had less than 4% in WIEF and the capital loss overall won’t be too painful after the dividends are taken into account. As I said, win some lose some. Cheers, Frog
What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history Reckon I’ll get about 70% of my money if I’ve read the releases right. Didn’t have much invested there so fortunately not too much lost here. Shows the merits of spreading the risk around - diversification. My strategy minimises risk by investing in different markets and types of investment and limits in individual trust, funds or direct shareholdings.
What went wrong at Woodford: a forensic investigation of the Woodford Equity Income Fund history It seems that Woodford Equity Fund holders will get a refund later this week amounting to around half of their original investments. Win some, lose some. Frog in a tree
Got a few. No real movement in sp though even with the higher volumes ? Discount still attractive, so may take another small punt. SJ l
Got a few. I see massive volumes in trades today. 32 times normal daily avg. Over 8.5M volume. Something’s going on but I don’t know what. Anybody more clued up than me?
Got a few. Yes - I noticed this too - it still shows 28p. I contacted them last week to no avail. Suggest everyone calls/emails/tweets them - email@example.com and see if they can fix this.
Got a few. I see that iii have not updated WPCT.L to SUPP.L yet - so the price quote is stuck at the name change price. Actually the sp of SUPP today is now approaching 40p giving some Christmas cheer to those investors who took advantage of the huge discount to NAV when the price fell below 30p. This line in the portfolio now showing BLUE as I averaged down to 38p despite the fact I was in at the launch at a pound. SJ this