VG...he put you on ignore because your blind enthusiasm, along with your outrageous (often wrong/highly misleading) comments you sprout as facts mean that having a detailed, fact based discussion is impossible.
The company has a large supply of cash purely because they have diluted the crap out of the company, raising money on numerous occasions and then selling parts to other (shady) investors.
The directors have not earned any money from the company. Shareholders just keep supplying fresh funds.
And fleecing is an interesting word.
Choosing not to continue drilling, to not expand the resource, but to basically go for a one off, all or nothing MDL, may be considered by yourself as a way of saving money. To me, it has been a year completely wasted.
The actual, reported resource is relatively tiny by industry standards. Their grades just acceptable. These are the facts.
Why haven't they continued with drilling to expand the resource whilst waiting for the MDL? Why haven't they released the last drill campaign's results? Why didn't they upgrade their JORC to measured (as was a stated aim of the last drill campaign and the use of external specialists)?
From these, they could be at pre-feasibility rather than still relaying on a scoping study. If they had proved the resource is actually there, along with pre-feasibility facts and figures, the share price would reflect this, even if cash reserves were a few million less after spending on such exploration and development.
Meanwhile, they still draw what I consider to be a very comfortable income, while their other company also draws a considerable income from QBL for providing secretarial work and other such administrative items, paid for by shareholders.
So, regardless of the shareprice and what is or isn't actually achieved, I believe the cash in the bank allows them to operate in this manner for years.
Having said all that, I fully expect more trading opportunities to arise, and I'm happy to change my mind if the facts reflect the need for a change. Keeping an open mind is vital in this game.
Milesy
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