Unfortunately I have now sold my holding in AON. At an average of around 6c, it was much below my entry price
Sure the management promised much and delivered very little but we are responsible for our investments.
The reason I sold are below:
1) Management are clearly not efficient operators meaning there is going to be more waste of time and money in the future leading to more shareholder wealth destruction.
2) Commonwealth Hill and HPX is all but over.
3) The EM conductor at Bundi is a duster.
4) MAT has returned sub economical results. To continue to compare with Challenger is just idiotic. At the same depth Challenger returned 24m at 7.2g/t, 12m at 3.8g/t and 12m at 2g/t to name a few. These are SIGNIFICANT results, not ours. Yet the company is going to continue to drill deeper and waste more money they dont have because they are running out of targets to explore. It is extremely strange that they returned 4m of 5g/t first pass and then nothing else. This should be investigated because it smells a little fishy!
5) FR is a very long shot. This is clear by the transaction value both ENT and AON put on FR. A value of around $200K!!! So if you think this is going to return a NOVA style deposit, I'm afraid its highly unlikely. So more money and resource wasted exploring a poor piece of land.
So with all this I asked myself, 'could I return my money on AON and does it have the best potential out there for my money'. Well 6 weeks ago I would have said yes, but now the answer is no so I am taking what I have left and trying to recover it elsewhere.
Unfortunately AON has little direction, little potential and little cash. A poor company in my eyes.
Good luck to those who remain but I feel its a long road from here.
Vic
AON Price at posting:
5.1¢ Sentiment: Sell Disclosure: Not Held
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