Stell, I'm not worried, although I am a little disappointed.
I have spoken to management, and they assured me that the issue was different reporting requirements in different jurisdictions. There was logic in their explanation, so I will take it on face value, particularly as the source of the delay had been identified and remedial action outlined.
While I was on the blower with AJ I took the opportunity to cover the rest of the operations, administration ultimately being only administration.
Smelting volumes continue to build, and fabricated products being assessed by potential customers. All good. Management in Colombia is focusing on metal processing - growing the business, controlling costs.
Being a little OC when it comes to NMM, I've been over the last two quarterlies, and their projections for the current quarter; we have a profitable venture that occupies a rare position - a refiner and fabricator of precious metals (make a % commission) in a sector that will outperform. And exposure to giant upside with a) fabricated products (note the first orders from the US Navy, samples submitted for 23 um wire), and b) gold & PGM exploration in one of the most under explored parts of the planet.
Profit should be in the order $1.5 - $2 million for FY 2017 (my numbers), meaning a PE of 5 to 7. How'd you like those apples? And processing capacity is operating at about 25% (presumably on a single shift basis). Plenty of opportunity to grow.
If there is a dip I will be buying in to it.
NMM Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
