Just back on this Paul Stephen thing. There was never an announcement saying Paul has resigned and we thank Paul for his service .....etc He was a co-founder of the company after all. I just checked his LinkedIn page and it says he's still a Director of CAS. Sure, he probably hasn't updated his page but I do find it odd that the company hasn't informed it's shareholders in an obvious way that an Executive Director has left!
Regarding Equity Story. There was absolutely no perks for their support for CAS. David along with Stephen Copulos were in love with the story from the start, it's that simple. You couldn't meet a better bloke than David and boy he's lost some skin from this thing. I have to be careful what I say, I bet GZ could add a lot more than me. But basically David from the start saw little dilution for shareholders with Posse in production, an EV of $250M for Bororema and High grade Gold from Jururena which was for me probably the biggest disappointment and hopefully David wouldn't mind me saying him as well.
At Jururena they had found High grade areas that were easily accessible ( up to 25 ounces a tonne!) The idea was to hit these easy targets early and ramp up production from there. They had most costs contracted out, I think from memory Capex was going to be about $10M. If they would have followed through and have done that, we bloggers wouldn't be have this present conversation. If I ever get to an annual meeting, that would be my first question. Why didn't you start mining at Jururena years ago??? To me it was a no brainer and I do not understand why that didn't happen. It seems they now just want to prove up ounces and flog it off to one of the neighbours. Such a shame.
CAS Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
