If the NIRP was now completed and the project was as profitable...

If the NIRP was now completed and the project was as profitable as management said it was – APG would now have a steady reliable cashlow (and I am sure a higher shareprice).
If these 2 new possible agreements had come along when APG had the cashflow to be able to take the time to let these agreements mature into profits – then these agreements would definitely deserve to raise the shareprice.

But the reality is - APG has no cashflow, costs are too high, and time is running out before more share issues are needed.

- As of 1 month ago APG had only $675k in cash.
A few days ago False9 said “APG has no debt, all bills are paid up to date”. Great news if it was true – but I am sure the Annual report will show APG still has large Current Liabilities.

- For a struggling company with no prospect of any meaningful near term cashflow - costs are again too high.
The average Administration costs taken over last 4 years was $454k per quarter.
In 2015, when APG ran out of money, average Admin costs fell to $207k per quarter.
In 2016, when APG again had some cash, average Admin rose back to $400k per quarter.

Back in April, False9 had a cup of tea at the APG offices. He posted, among other things - that chairman Cuthbertson and MD Turbott were still not being paid. What a load of rubbish !!!
Chairman Cuthbertson, (and director Harrison) have been back on their previous full directors fees since January of this year.
Cutbertson = $110k per year Harrison = $80k per year
MD Turbott and Secretary Gaston took substantial decreases in pay in 2015 – but when the 2016 Annual Report comes out, I am sure we will see they have received large pay increases.
APG Administration costs(which exclude NIRP, Tech Development and Gold Exploration) are again eating this company alive.
And don’t forget APG is also committed to a minimum $164k spend on Gold exploration ( terms of Exploration Licence) each year.

Do your own maths.
My estimate is that APG will need to generate a steady cashflow of at least $300k-$400k per quarter, just to keep the company running.

- Time and cash is running out to avoid more dilutive share issues.
Hopefully we will soon get some solid cashflow details on these 2 possible deals soon.

Wilcox