Ann: AuStar Gold to be acquired by White Rock Minerals, page-68

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hamish$invest

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16/02/21

17:17

Post #: 51045427
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Originally posted by mattyedw: ↑

I spoke to Phil last week after i text him to ask why he gave up on turning AUL around and he called me back..

He explained with all the breakages/upgrades to the plant and needing to secure up feed for the plant that there was no g/tee that he wouldn't have to come back to market for extra money...

After raising a couple of times and doing 100-1 consolidation that in all probability he would have to raise to do any type of detailed exploration....

The opportunity came along to merger and that AUL would stand a better chance of success with them with them knowing the grounds and the deeper pockets they have and that sh's stand a good chance or at least a better chance of gaining some traction in SP.....

IMHO Phil was a hard working guy that like me and many others believed that AUL could be turned around, however in the years that AUL came to fruition it has declined over 50% and there was never any plan of certainty to get this working....

Imo Phil probably realised it was beyond his paygrade taking all this on and even though he wasn't pushed i felt in our talk he didn't have much of a choice....

AUL has been a complete failure for SH's and now it realies on a complete entity to turn it around....Will it be priority?Will it be ground bought for their portfolio?Will the plant ever not have a breakdown?(sorry couldn't resist that one)

The merger seems that it will get the go ahead so at least the SP should go up a little, still well below most peoples entry point, but alas, AUL did not work.....So what will make it work with others having a go, its just not about deeper pockets with this ground and a shxt plant???????????

I wished Phil well and hope he has professional success outside of mining in which he excels...

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I can see the reason for merging...operation overhead can't be offset by revenue we getting from AUL...

miners must be opening and closing Nut-bolts to stay busy. to make AUL profitable Board must have to keep Investors presentation in their hands even when they r in bathroom...

I was studying whiteRock... seems like quite loyal retail investors.. with strong Cash backing. I would wait whiteRock to go down.

AUL Price at posting: 35.5¢ Sentiment: Hold Disclosure: Held
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