The thing is the aussie issue price in the SPP was .06. In Australia the offer is currently .06. So I am starting to ask some questions.
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You wont like my last HC post then.
Yep that was me.
I have changed my stance on the mine purely as I have now lost complete faith in management.
The penny has finally dropped that they have been continually lying to us, and I think in a potentially illegal manner.
If this company fails and someone buys them out, then I will invest back in this mine through that vehicle.
Or if Mat Hill goes, then I will buy back in.
I must admit I was taken in by their lies, and had gold fever and couldn't see the obvious until it was staring me in the face.
Had a read of it. You're right, I don't think much of it. I understand the frustration around slow progress, but the bankruptcy talk is nonsense. You should have had the cojones to ask hard questions at the ASM. They did answer many of the issues you raised in your HC post, perhaps you weren't listening and have unnecessarily burnt yourself exiting. Trashing it to burn others as well after your exit; that appears to be spite.
perhaps they should produce a detailed business plan,as management seem to lurch from one goal to the next year after year.The board are not really class business people but miners,and yes they have done a good job,but they have also taken too long to do that job.With a detailed plan at least they can apply for consents in a timely manner,plan for staffing,expansion,exploration cash flow etc.
Are they miners though? They seem well educated and have business backgrounds and that’s not to say miners aren’t well educated. Even if they were “just” miners, that’s not an excuse for failing to meet self imposed deadline after deadline, delay or misrepresent i.e two capital raises ago we were “fully funded” for the bulk sampling programme. If anything they should exceed expectations for having that experience. We still have barely started. Call it for what it is, this management team is weak (especially for the price they are demanding) and have poor shareholder relations. Someone said Matt doesn’t think it’s important to meet deadlines. This speaks volumes about their management style. They won’t bat an eye to make forward looking statements and fail to adhere to it, if they can’t even do that then what else are they failing to do? Look how fast their communication is when it’s time to shake the money tree and raise capital.
I went back a year to test the "doesn't meet deadlines' opinion. This is from the 30 Sept 2018 quarterly:
I think there was a small delay (couple of months) getting the pilot plant operational due to resource consenting issues, but aside from that, they seem to be on track. Am looking forward to a series of announcements on conclusions of commercial discussions, including the upgrade of the plant, expected any day.Quote:
During the quarter the company continued discussions with a number of parties that have approachedthe company for treatment and offtake of the high-grade ore as well as parties interested in acquiringthe concentrate product produced from the plant. With blasting and extraction having commencedand the pilot plant being installed tuned and subsequently being commissioned, once the recoveryrates are confirmed the company will be better positioned to take these discussions to a commercialconclusion. It is expected by the end of Q1 2019 we will have sufficient data from the pilot plant to determine the maximum volumes of concentrate and bullion produced which can be produceddirectly from the pilot plant and the recovery rates achieved.
It was definitely delusional of the previous poster to think the pilot plant would produce the revenue s/he suggested/hyped for. The capital raising was very clear that it would enable some cash revenue, but the true purpose was as a test facility.
I went back and had a read of posts from when I bought in "on a punt" a couple of years ago. I think Bluemanarc probably bought in at around the same time. I share his frustration, but I was only ever speculating on this so am happy (no wrong word, resigned ) to hold and hope the price improves so I can offload and remind myself not to take punts. No point offloading now as I think i'm about 75% down, or more.... I cant bear to look! :) Thankfully not huge money tied up but I'd sure as hell like to get it back.
I will say that Jonu is as optimistic now as he was back then so I hope one day this ship does sail as clearly you'll make a fortune!
Maybe NTL should make the SPP claimable as a tax deductible donation. Ha. Ive been at this lot for more than 10years, and "a punt" is a very good description.
Good news just around the corner though :eek2: