I am frustrated as all the shareholders are, I am in heavily here and not happy with SP performance .
Rubies: if it costs us $50/crt to unearth and sold for $12/crt, it’s bad business. Gemfields spent $100M before they got to a position to make money. Obviously, MUS couldn’t do that. It was doomed from the beginning....hindsight, what a wonderful thing !!
Big lesson learnt, take profits along the way. Not happy with the sale to FURA but it’s done and can’t do anything about it now.
They are raising 20M to explore. Keeping a close eye on it.
Graphite/vanadium:
Good resource, waiting for scoping study that should show the real potential here. If it comes out positive, we are up and running. Do or die in my opinion. Has to be proven that it’s profitable. Step after will be to find someone to fund the capex ( 10M ) for pilot plant. Again, if they manage that, it will give a big boost to the project.
Looking at current situation:
Languishing on poor auction results won’t help change anything. I have vented my anger and disappointment to management.
Bernard, in my opinion, has taken the right steps. He obviously figured out that rubies were not viable , got rid of it quickly and turned his attention and funds to graphite/ vanadium. Looking at last announcement, it is encouraging.
Next 3 months are very vital. I am hanging in there waiting to see scoping study in 4 weeks and hoping it’s a good one. If it’s not, adios amigos. If it is, I think we can smile and look ahead with optimism.
Yes, it’s frustrating but not all is lost. Looking at it logically and not emotionally, the graphite/ vanadium resource is world class.
Bernard is our MD now and needs to be supported in my opinion, simply because if he fails, we are all doomed.
He is putting his reputation on the line, he is well aware of that and I believe he is doing everything he can to prove everyone wrong.
Can’t forget what has happened but I am focusing on what can be done form now on that will eventually help us all.
Again, my opinion only.
MUS Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
