Could HRZ management do likewise?, page-5

@Chartwizard what exactly do you have against the current management of HRZ? Acquiring POS assets in what was genuinely a good deal for HRZ shareholders doesn't seem sufficient evidence of foul play, especially when POS management have since been booted.

From what I understand, Grant Haywood took over as CEO on 01/07/2023 and later MD on 18/06/2024. I can only judge by his track record:

• Merger with Greenstone Resources to double the gold MRE by obtaining long-life cornerstone asset (i.e. Burbanks);
• Joint venture & toll milling agreements for 200 kt of ore from Phillips Find, currently mining to schedule;
• Contract mining & ore sale agreements for 1.4 Mt of ore from Boorara, currently mining to schedule;
• Completed PFS for Pennys Find UG and moved Canon UG to 'mine ready'; and
• Merger with Poseidon Nickel to obtain the 2.2 Mtpa Black Swan mill valued at ~$150 M for only ~$30 M in equity.

He has taken 3x dog-stocks and morphed them into a prospective mid-cap gold producer in under 2-years, purging suspect management along the way. He is doing pretty well from what I can see and has been hitting most deadlines by +/- a quarterly. The only thing I don't like is his renumeration, but that applies to most directors.

Regarding Ashok, from what I can see he is still holding ~24 M shares valued at ~$1.2 M as of September 2024. I don't know about his history, but to me that is a substantial holding which reflects a vested interest in the companies long-term performance.

@donnybrook, for HRZ, I can't see the need for an equity based capital raise because they are going to be cash backed from now onwards.

However, I do wonder if they could engage in non-dilutive M&A activity or cross-shareholding. Grant seemed to hint at inorganic growth in the last few interviews. I don't know about the state of the Lake Johnson mill, or the ability to repurpose it, but to me that could be an interesting asset if they do a mill for equity swap with one of the many gold companies screaming for a mill, for example Auric (AWJ) or Astral (AAR). Lake Johnson is fortuitously close to the Astral (AAR) tenement, but again not sure about suitability etc.

Edit: A recent example of this is Sandfire & Boab Metals.