Three different quotes ... from three different shareholders.What’s going on! We are shareholders! And we have no idea what’s going! I’m sure you aware that the Asx reserves the right to de-list any company that is on a trading halt for two years! Look I’m trying to be patient and show some understanding here... but this has gone on long enough.... get us trading! Or get us on another stock exchange...
“Has anybody tried calling Tracey ... I did, but it rang out and then I got busy. Surely they must be relisting soon, unless the ASX has more problems, 17.3 is too vague they said that I had to talk to the company when I contacted them. This feels like that this is not about conduct but as you have said the leases not matching up with the announcement to ASX which to me spells big trouble.”
”This stock is as boring as bat guano. Surely long suffering shareholders deserve an explanation as to what is going on behind the scenes to relist this (if ever) as per their recently released code of conduct which included keeping shareholders informed!”
”Big chance your right Paulo.Just doing a bit of research again and would think most sh already know but for those that don’t .Hidden Valley gold mine which is NIU’s neighbour has approx,2000 workers on its books, processes about 200,000 oz of gold and 2,000,000 ounces of silver p.a.have a very large scale operation that feeds ore to its plant via 4.5km of overland conveyer,also has the only engineered tailings storage facility in PNG.Its average grade p/t is around 2g/t.and holds a lot larger land lease than NIU.Makes me think that although Tracy has potential in the resources in the ground he may be out of his league without the required machinery,operating funds which are desperately needed in the mountainous ,rugged terrain to achieve the extraction of the ore.In 2011 Mincor became a joint venture partner holding 17% of rights,and explored with a drill program that entitled it to obtaining more of a % interest if it desired but relinquished this option .The drill program was done in 2013 and not sure what results where reported but NIU took over management in this year as the majority sh by %.In 2017 NIU acquired Mincor’s remaining 17% therefore becoming 100% owner of the leases.Reading between the lines would suggest Mincor didn’t want to go along for the ride with Tracy at the helm.It would seem to me that Tracy needs to accept an agreement via a joint venture that although would dilute his potential profits ,could also be lucrative to himself and shareholders by setting up a functioning mining operation. At this stage it’s obvious to all that Tracy doesn’t have the funds required or the machinery needed to establish a successful mine.A 50/50 cut of profits after costs on a funding scheme and at least we could be in with a chance .Tracy needs to put his hands in the air and accept he doesn’t have the tools in his kit to get this done and accept that he isn’t justifying his position as the chief in charge and with having the shareholders best interests in mind.Would love to go up there and meet with him to get a better idea of all the obstacles and listen to his side of the whole situation but with what I know this is my take on it all and some would say speculation on one persons thoughts at best.”
NIU Price at posting:
0.1¢ Sentiment: Hold Disclosure: Held
