Ann: December 2022 Quarterly Activities Report, page-6

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paulb7

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31/01/23

08:28

Post #: 65963733
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Originally posted by triage: ↑

No matter what they do you seem obliged to defend them.

Why was the founding MD, Major Tom, shown the door? I thought it was because at every chance he would boast about the amount of additional drilling they'd done without seeming to make any progress on the end game, of producing gold. He used to say he did that because that was what the big American shareholders wanted. But it seems that many other shareholders grew tired of metres drilled being the sole gauge of the company's progress.

So, it was on that basis - that shareholders wanted the company to actively work towards mining what we have - that I understood Peter Cook had Tom Sanders leave the company. Did I get that wrong? Was the split more about what to do with Manna rather than what to do with the Lake Roe project? Maybe there was no change in strategy and PC is happy for the company to rack up more and more metres of drilling to no clear end.

I'm totally fine with PC skitching the geos onto Ularring project - in fact it would be nice if they pulled their fingers out regarding the Ularring project - but I am totally unfine with development work at Lake Roe going into hiatus while they go looking for more birds in the bush. The only rational reason for them to do that is that they fear what they already have is not enough to justify a production centre.

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I totaly concur with your last paragraph, this has been my concern all along. I have been surprised by the lack of drilling results from the infill drilling which has been their main focus the last 6 months.

BRB Price at posting: 32.0¢ Sentiment: None Disclosure: Held
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Ann: December 2022 Quarterly Activities Report, page-6

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