I don't think anything will change with their attitude. With the current enthusiasm, commitment and rate of drilling, I doubt if they can drill the 14,000 m this year.
- Almost one quarter of this year has gone by and no drilling so far this year. Next drilling is promised for mid-March but it all depends on the rain God. if the drilling doesn't start, we won't be told till mid April-May.
- We are still waiting on results from drilling that started 4-5 mnths back.
- We are still waiting for buyback that was announced on 10th July 2023 (almost 7 months has passed since).
- Detailed Feasibility Study was put on hold on 19th April 2022 with no prior indication. The previous HPA related update on 16th March 2022, just a month before canning it said the following, "Improved pathway to the production of High Purity Alumina identified. Detailed Feasibility Study progressing to planned schedule". And then a month later it is suddenly discontinued.
- Five months after discontinuing the DFS, on 20th Sep 22 an update on HPA said, "Laboratory process development testwork remains ongoing identifying and refining new process improvements to our ARC HPA process, which may provide potentially more economical options and pathways and a more environmentally friendly process route to the production of HPA improvements to our ARC HPA process, which may provide potentially more economical options and pathways and a more environmentally friendly process route to the production of HPA." Almost 18 months has gone by since 20th Sep 2022 and yet NO UPDATE on the 'NEW PROCESS IMPROVEMENT'. Is the attempt at improving the process still ongoing? Was it discontinued and if yes when? How much did it cost to keep it going? Did they have any success, were there any failures or learning from it? Does the SH deserve to know any of this?
- Despite all this, on 4th October 2023, the mgmt asked from performance rights if the price goes over 3c giving false hope to the SHs that they might buyback to push the SP to 3c. (5 months have gone by since then).
If you pay attention to the timeline and the list of announcements, doesn't look like they have a plan, direction or any clarity. They say DFS is going as per schedule and a month later they discontinue. Then 5 months later they tell us work to improve process is still on going and then 18 months pass by and no update on this piece of work. In the mean while they spend over an year just doing geophysical survey, no drilling on any potential site that may have been identified in the first 6 months of the survey. No drilling on other promising sites that hit gold in the past like Mt Remarkable and Kurundi. Then an announcement about buyback to calm the disgruntled SHs. But no buyback happens in the following 7 months. I sincerely doubt if it will ever happen. After all this, they ask for performance rights and get away with it, because SHs are desperate. They willing to reward the mgmt just in the hope they can get their money back.
And there are members in the forum who are telling me I am impatient and negative.
(20min delay)