Metanor Resources (MTO.V) has announced earlier today they only produced 2,346 ounces in March, which is obviously a big let down as we were aiming for a production rate in excess of 3,000 ounces per month from now on. As Metanor needs to sell approximately 2,700 ounces per month to remain cash flow positive, this is obviously a disappointing production update.
We don’t know what’s the biggest discouragement. The fact the company only produced a little bit over 2,300 ounces, or the fact they are trying to hide their bad production numbers by releasing it as a side note in a press release about drill results.
We are extremely disappointed in the lack of transparency, and hope Metanor will be honest with its shareholders from now on.
Disclosure: The author holds a long position in Metanor Resources, but patience is wearing thin. Please see our disclaimer for current positions.
