The problem to me is that since this crap CEO came to SBM, every update/announcement was bad. Constantly missed guidance, and big. To make me more sick, all bad announcements were sent out with a "pleased" tone.
With so called 11Moz resources, yes, SBM might come back some day if it can afford the huge CAPEX and POG changes to its deserved positions, but this may take too long for many shareholders to wait it out.
I rode this stock to $4 from average costs of $2.96 and now in big loss. When Vassie left, I was thinking of exiting but some commented this Crap CEO was previous NCM PNG operation GM and very experienced over there. Wishfully I thought he must see the value of SBM and confident in Simberi asset, so I elected to hold. What a horrible decision. To my eyes now this Crap CEO is very average in capability, to politely put, and cannot be counted on.
Little progress in Atlantic projects and operating mine reserves is approaching the end. $3m profit this quater may be the best one thereafter, if POG continue to be stifled by criminal FED. It's so depressing to invest in gold miners, particularly with ones like SBM.
Good luck to all holders - I think we do need luck to help now.
SBM Price at posting:
$1.29 Sentiment: None Disclosure: Held
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