Ann: Quarterly Activities Report, page-6

Well isn't that disappointing!!

Drilling results from Juruena are ok but not great. It will probably be another 6 months before we get all the results from the 10,000 metres of drilling. And what happens after that? Probably nothing at all if Borborema is anything to go by! Perhaps they will get a defined resource from Juruena and then put the project on the back burner and buy another new 'exciting' prospect / project to start drilling at. It would give them more reason to continue milking shareholders. Thats all they have done for the last 10 years.

There was -
Lake Throssell (uranium)
Tarantula (tungsten)
Juru-Belem (gold)
Ouro Belo (gold)
their little tin and indium venture that they sold a 51% stake of to BBX
Boroborema (gold)
The list goes on...

The only project they have brought into production is Posse and look how that is going!!!
These clowns don't give a crap about us shareholders! They go through deposit after deposit for their own amusement by the looks of it and all at our expense!

They are producing a 62% fe product for $14.60 a tonne and they are LOSING money??? What the actual f* are these morons doing at Posse??!!! 62% fe averaged ~$50 a tonne during the quarter and they are losing money mining it for $14.60 ??? What the hell is this 500k pa project manager doing?!!! That is some serious number fudging if I ever seen some, or just plain stupidity in the way the mine is operated. Neither would surprise me with this company at the moment.

One of the few numbers they provide for posse is 'average production (tonnes) per shift'
Really?? Tonnes produced per shift?? What the hell kind of measurement is that??
How about tonnes produced during the quarter
Average price received per tonne during the quarter
A reason why we sold bugger all (seasonally low months??) what a cop out
Some guidance for next quarters tonnage and costs
The drilling results and a new mine plan / resource estimate would be nice considering that was all finalised last year.. The information is no good to shareholders if it is not made public!
The 3 month MOU with vale mix is over so where is the results? Seriously not even a mention!! wtf!!

The lack of any sort of guidance, apart from "it will get better" makes it so obvious these guys have absolutely no idea what they are doing.

There is a million ounce gold deposit sitting there and all we hear about it is a tiny little segment of bs in the quarterly. Directors need to pull their heads out of their asses and URGENTLY look into a jv or sell the bloody thing!! Its doing us no good just sitting there costing money. 15% dilution to all stakeholders with this stupid capital raising to raise a pittance that will be wasted on bullshit we shouldn't even be doing and meanwhile there is an asset worth tens of millions of dollars sitting there collecting dust!

I'd call these guys frauds but that would be a compliment!

Extremely disappointed with this quarterly and the never ending slimy behaviour from the management. Very upsetting to see Crusader go down this path. A completely different company to what I invested in 2+ years ago, a disappointment in every way possible.