You're definitely not alone in being extremely frustrated with the lack of progress.
The new director has an impressive CV and has been in place now for 2 1/2 weeks. Perhaps he should be given a bit more time to decide on strategy and then get some of the ducks in a row before he starts shooting.
In the last release, the quarterly, they said that their aim was to delineate a "substantial resource inventory during 2013/14". That is, by 30 June 2014. They have left themselves 3 1/2 months. What I want to know is whether they will actually achieve that and produce a JORC compliant estimate that bears some resemblance of their exploration target.
They alone know whether they can achieve that. If they can't or do not think that they can, they should be seeking out a partner who can.
As they haven't explained how drilling Eisernehut has assisted them in understanding the Guchab deposit, they should stop casting around for more interesting toys and just focus their limited resources on producing a maiden JORC for Guchab. It doesn't have to be definitive - just a large enough indicated resource to plug into a PFS as a step to developing a mine and digging the stuff out of the ground.
The alternative might be that they want to produce a larger figure with a view to attracting in a partner to do the grubby bit, the digging, the processing and the selling. I don't see why they could not produce a first JORC compliant estimate anyway even if they want to do some more drilling.
I prefer the 'alternative' because there is no evidence that they have the resource to 'go it alone'.
We have yet to see whether the new man will make himself visible and accountable to shareholders. Matt is a consultant, not a director. The new man is the only executive director so he should be running the company now. At least the website has been updated.
SBR Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
