Gold is only down 2% and we have half our production hedged at $2440/t so effectively we are down 1% of our gold price. Zinc, copper and lead are going great guns and they make up around 40% of our income so the gold price is no reason for the share price to drop to current levels. You'd have to ask Clifford why we are at this price. I put it all down to a bad Dargues deal. Dargues has lead to: 1. A massive increase in shares (around 50% increase). 2. Dargues losses so far because of underperformance on gold grades. 3. Cash at hand being markedly reduced. 4. No dividend despite the Board wishing these to be ongoing. 5. A debt to finance. 6. No significant exploration success outside the known resource at Dargues. 7. The Board going above the shareholders in striking the Dargues deal, therefore a loss of faith. 8. A massive reduction in market capitalisation. 9. Reduction in S.P. of over 50% on that in the months leading to the Dargues deal. 10. An ever expanding staff.
She's not the company I bought in to. We should be creaming it with the gold, zinc and lead intervals at Kairos, especially given the great Pb and Zn prices. She'd be a different beast with 860 odd million shares on the registry, over $100 million in the bank, no debt, and a focus on developing the current resources, without the headaches of Dargues going badly. Oh, and did I mention the headquarters now being in Brisbane. No, make that reason number 11.
AMI Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
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