I was re-reading some of TMM's news releases and came across this quote from Oct 10/13: When the Company gave its production guidance of a minimum of 125,000 ounces for 2013 it had planned to install a third crushing unit by the end of the second quarter. In the second quarter, in order to conserve cash due to the decline in the gold price, the Company deferred the construction of the third crushing unit. Despite best efforts to make up production, original production guidance was not achievable without the third unit. The Company now projects annual gold production of 118,000 ounces which will be a 25% increase over the prior year. The price of gold has not significantly risen since October 10th, so this concept of conserving cash would still apply despite Firecracker's math. My experience is that there are so many different ways to make your numbers look rosy but a company rolling in cash simply does not do such things to conserve cash. I like TMM and I think they are one of the lower cost producers. They are just not making a lot of money at these prices. That is why they backed up the La Chichara expansion till 2016. I do not fully understand why they raised so much money just after extending the Sprott Loan. They might be looking to buy something. What I assume is they had to tell their investors what they had in mind for the $25 million when they asked for it and the share price soared around that time period so someone liked what they were hearing. Bob