Quarter 3 (to Sept. 30, 2012) were released on Nov.8th and they contained a few items of interest to those of us holding Corona Gold (CRG):

  • Overall, CRG had $15,490,988 of working capital and roughly $13,000,000 of investments. This would've valued CRG at $1.32 / share based on the 21,448,201 shares outstanding as of Sept. 30th. On that day it closed @ $0.66 which is coincidentally the same price as today.
  • In Q3, CRG purchased $472K of shares in Atacama (ATM) @ $2.76/share; $200K of shares in Falco-Pacific (FPC) @ $0.25/share; bought and sold Keegan (KGN) for a quick gain of $145,698.
  • Subsequent to the end of Q3, CRG purchased $704K of flow through subscription receipts in TORC Oil & Gas (TOG) @ $3.10/share; $418K of shares plus 1/2 warrants in Windamere Ventures (WV) @ $0.55/share AND a further 111,000 shares of WV @ $0.12/share in a private transaction.
  • Based on these new purchases in Q4 of $1,134,000 and subtracting the indicated $100K of office expenses to the end of Q4, this would possibly leave CRG with $14,350,000 in cash at present (Note: This is probably unlikely as they most likely have deployed some more of this cash since the November 8 report). Based on today's market value of CRG investments as of Sept. 30 plus the new additions at the beginning of Q4, they could possibly be valued in the range of $12,000,000.
  • If you tally up my estimates of cash and investments, this would value CRG at @ $1.22 / share based on today's shares outstanding of 21,447,201. Interestingly, estimated cash alone works out to $0.67 / share which is essentially where CRG trades today ($0.66 / share).
  • The share buyback announced in the summer has been a disappointment as it has only managed to purchase and cancel 4,500 shares to date. CEO Murray John also purchased 11,500 shares in October at prices of $0.63 and $0.65.

Remain patient with CRG... it has actually made modest gains in 2012 while the most junior miners have been crushed. Our cash hoard has been the key... may management deploy it opportunistically to the benefit of shareholders!