Ann: 2023 Exploration Program Finalised at Paterson North, page-8

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richdes67

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04/05/23

18:39

Post #: 67613155
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Originally posted by Nijiman: ↑

It can be very tough being invested in an explorer. Especially one that has been around for such a long time & has failed so consistently. Over the past 17 years more than $120M has been expended on exploration by Sipa. But they have yet to come up with anything that even slightly resembles an economic deposit. Punters would have achieved a better return by investing their hard earned into a pockie at their local RSL.

Sure an argument could be mounted that you have to be in exploration in order to benefit from a potential discovery. BUT consistent failure over such a long period surely warrants a rethink on the merits of being with this company. The only ones who benefit here are the employees & contractors.

I think the company mantra of looking for elephant sized deposits assists in having a ready excuse for consistently failing.

$1000 invested in 2007 @ $0.105 would now be worth $35.71

The last 16 capital raising's. A very clear trend here. Wealth destruction !

2007@ $0.105
2010@ $0.09
2011@ $0.13
2013@ $0.075
2014@ $0.035
2015@ $0.0725
2016@ $0.02
2017@ $0.012
2018@ $0.01 ( March 2018 )
2018@ $0.0091 ( November 2018 )
2019@ $0.0086 ( February 11 )
2019@ $0.00672 ( May 02 )
2019@ 1 for 12 consolidation ( July )
2020@ $0.072 ( September 2020 ) or $0.006 pre consolidation
2021@ $0.059 ( September 2021 ) or $0.0049 pre consolidation
2022@ $0.045 ( November 2022 ) or $0.00375 pre consolidation

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Wealth transfer! I’m down 97.55% so wouldn’t be long before it’s all gone as an unmarketable parcel.

SRI Price at posting: 2.1¢ Sentiment: None Disclosure: Held
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