CYM

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5.0¢ cyprium metals limited

Ann: Nifty Copper Project Restart Financing Update, page-280

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plough

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03/03/23

10:40

Post #: 66579664
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Originally posted by PieChart ↑

You should have been clearer if your thoughts were to restart the UG mine. It sounded like you wanted Barry to drive around on site and scrounge up dirt to feed the concentrator.

I don't think restart the underground mine would be a cheaper alternative and it would be more risky IMO as it has more potential to fail down the line.

Ive made my opinion pretty vocal. I think financiers are conservative alot more then me and I don't think management have shown any ounce of being conservative. I think management mismanaged funds and burnt through the cash way to fast on things which weren't relevant.

The only focus should have been on generating cash not exploring side projects or making showers bigger, or hiring a huge crew because we will be financed next month, spend the bare minimum required to get to a revenue generating state the quickest.

When you can see the overall market soaring with inflation, govt processing delays, worker shortages. Pivot change your estimates don't wait til the last minute to tell people you need an extra 6 months or wait til you have hardly any cash left to sack people.

Lets be real there was people on nifty probably doing clean up for half a year they could've been made redundant way earlier. People were waiting for work which never really came. Which means alot of the $$$ spent was somewhat wasted.

Management could have got Infront of these problems before they turned catastrophic. However, time and time again they waited til they were out of time which put them in weak positions.

Management over estimated every important decision and if they can't accurately get right the simple things why would financiers trust them on future or harder things? Share holders have given management free passes on every delay.

However, IMO if I can't trust you to execute a, b, or C why would I believe you can do d or e? But that's just IMO and pure speculation on my behalf.

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I can relate to that , in engineering I use to do quotes with what my expected time to do the contract was , I and our crew invariably took twice as long to do the task and lost money on the projects , my accountiant had me employ a separate person to quote the jobs who justifiably padded the time to complete the task - we got back to profitability
Maybe barry should have been under the control of a been counter .

CYM Price at posting: 11.0¢ Sentiment: None Disclosure: Not Held
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Ann: Nifty Copper Project Restart Financing Update, page-280

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Ann: Nifty Copper Project Restart Financing Update, page-280

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