whats up ?, page-28

I hate to lose, and I will keep on with this unless I am deliberately diluted out of the register.

I am not too hopeful of Vale continuing. The last drill results were poor if I recall. Does CAV have other spend commitments to Parmegiana if Vale pulls out (as I expect them to), or can they just walk away?

The way I am looking at this now is as a shell company.

I am not confident that the shareholders will be treated with respect when (if) another project gets vended into this because by the look of the last top20 it seems almost everyone except the retail investors have fled meaning this is ripe for a heavy dilution that a board might not otherwise undertake if there were key investors holding large chunks.

I bag them because of the lack of any result over the last two years that I would consider a positive development.

I am actually -> flabbergasted <- that they managed to get Vale interested in Parmegiana with its ~1mt of colluvium, so small kudos there, however I doubt it will change the final outcome on that project - it seems too remote, low grade and small to warrant serious attention. What am I missing there?

However that small positive was offset IMO by the Kilo investment. We are trying to pick ourselves up off the mat with our remaining capital, and hopefully continue to do so in Brazil. I really cannot understand the motivation for an investment in high risk DRC except that some of the directors are familiar with the country. But then why didnt they stick to ELM or TGS?

When (if) they start to deliver results that show up in the SP I will praise them for it, but not before.