Ann: Significant Uranium Identified at Elliot Lake - Amended, page-26

Thanks for your response @ProCapitalism, this may sound cynical but lets not forget that:

a. This is not their money, this is the shareholder's money, that BOD have paid themselves, then paid tax on it, then extended their position in their own company.
b. Their risk position vs a retail punter is vastly different as they know well in advance when the ship start sinking, thus they can reduce their position via trust/supers/family, well before retail can even blink an eye or detect that something is going wrong.
c. Having guided 10 sh*tcos through IPOs in WA is about as rare in the industry as digging for gold, it is not. Many exploration companies directors that Gauci associates with have 10-20-30 names and listings under their belts, can you imagine the sheer amount of lost wealth, shady practices and retail pain that have been summoned by that casino?

I am not throwing any rocks at Matt here (it may look like I am - but I am not), and I personally do not know how successful were his companies that he IPOed, however, what I have observed over the past 2 years can hardly justify keeping this BOD on the payroll.

If Matt was that concerned about shareholders wealth and preservation of the SP - the first survival step that should have been taken (to preserve limited cash supply due to major market change) would have been to roll over the BOD on 100% performance-based share remuneration, with achievable but lofty goal/milestone structure.

That would have preserved the capital and sent a strong message that:

1. BOD are 'sharing the pain' with the investors,
2. BOD are confident in their ability to deliver on the goals and milestones, as outlined in the remuneration performance structure,
3. BOD will drive favourable outcomes for the investors/shareholders.

But that is too hard, because it requires some business acumen, strong management and good executive leadership. It's much easier to just go into silence for 8 months (whilst developing another company), get paid half a mil + shares p/a for half-trying to come up with a pivot strategy for the next cash-pig commodity (in this instance uranium/gold).

Unfortunately, NKL is fitting perfectly in the standard mould of a sh*tco that is ran for the profit of directors rather than the investors, yet another 'Boys Club explorer'. I can highlight quite a few lines in the NKL's annual activities report / financial report that are very questionable for the size of this company's MC, alas I will stop here.

Again I am not throwing rocks at Matt, this is the exploration industry, he is part and product of this industry, and it would have been a miracle if he was not doing what the industry at this end of town does. It is just a pity that with all that experience and all that heritage and guidance that he has received this is where his company ended up.