Lol, who are you, Titcomb's mother? Jaguar was bleeding every quarter with Titcomb as CEO. The only way for him to "make" any money was to dilute the stock (spring 2009) or issue convertible notes ($165M September 2009 and $103.5M Februari 2011). And you're wrong (again) about the operating cost, it wasn't the operating cost "which were a record low in Q3", it was the cash operating margin. For some reason they forgot to mention that the gold price was at an all time high during the same period...:)

And your "$100M in the bank" number is pretty irrelevant compared to the Working Capital that was around ~$80M in Q3 and ~$50M in Q4. And of course, those money came from that 103.5M convertible notes offering in Februari. And oh, this is what Titcomb said when he raised the $103.5M in Februari 2011:

"We are very pleased by the strong demand we received for these senior convertible notes, which we expect will principally fund our new Gurupi Project."

When he left, he had already blown half of the money. Go figure...