ridiculed v dammed, page-18

To give some credit to Cliff, we did get out of Namibia and the UCL fiasco with something - enough to temporarily keep the wolves from the door but the rest is a mess. $25 million is an insignificant amount especially when you see how much is spent each time the quarterly report comes out plus look to the future (is there one??) with getting into production.

The share price, unfortunately, has never truly recovered from the failed UCL takeover fiasco and which after witnessing the share value destruction because of it, is still a concern to me and questionable at least. From memory, the share price was around the 30c mark but it dropped (dramatically) to about the 10c level although recovered to the mid teens.

There were the Verte and NMDC episodes (I don't know what else to call them) and the current uncertainty regarding financing and the JDCP delays which only creates more uncertainty among investors. My guess is that the costs relating to the IHP process have to be revised (upwards) and this is why the feasibility study has been deferred. Something similar to this with a feasibility study has already happened within this company. This then brings the whole venture and its viability into question.

We're all assured that behind the scenes everything is ticking over nicely, costs are being reduced, other opportunities are being investigated and salaries are justified but when each quarterly presentation is almost a copy and paste of the last one and with little progress reported, I am not convinced. I'm really interested to know whether I should be reading more into Section 3 of the latest quarterly (Business Development and Due Diligence Activities) or whether it's just been added to make them look like they are doing something worthwhile while they wait for JDCP. Over the last few years all I've seen has been the selling or divestment of assets and some sort of game with BCD Resources but now - "Minemakers is reviewing a number of nearer term opportunities both within and outside the phosphate sector". Really curious. At the moment, all I see is Minemakers management acquire assets, do nothing with them, sell or divest those assets (with really poor deals to shareholders) and then look around for other opportunities. That does not sound right.

I do believe we need to start generating cash. To see the $22 million squandered on false hopes, director fees and salaries, regular trips to the JDCP demonstration plant (I hope they're travelling economy class if the company pays for it), etc unsettles me to say the least.

The title of the thread says it all but it's the company as a whole that is damned and ridiculed. It's the laughing stock of the market. The market has simply lost faith and because there have been so many negative situations and mixed signals, I don't think it can ever believe that those currently involved in its management have the ability to take the company forward - even with the IHP process validated and costed. It gave up some time ago. Financing is another matter and perhaps another subject of the market's ridicule. It's just a joke at the moment. A sick joke at that.