Well, tell me, given that you were so bullish at 8.9c and were a buy, why is this still a good buy now at 1.3c?
Why have you not once questioned a board that has failed miserably, all the while stripping the guts out of the company in salaries, related entity payments and bonuses that were fully unaudited? It appears to me that you and most of the posters here are frightened to reveal the truth: it has nothing to do with Gibbaz or my posting and everything to do with the disgraceful performance of a Board entirely out of its depth.
4 years ago the holy grail to you and others was a gold price of anywhere near $2000, it now sits and has held for months above $2300, and still nothing. The only hope to get some finance, none of which can be used actually to start the mine, is to rely on a loan from the South African Government, hoping to fill the pockets of some corrupt official via the BEE.
Remember when you used to talk about a sale price of 30c? I wonder what you believe that figure to be today?
So the EMI was a disaster. Unmitigated disaster.
They did manage to avoid full scrutiny by putting some lipstick on the pig. Incredibly, what was never asked for by posters here were the results of the ore that went to the mill. You can say that following the release of the tolling agreement, the results cannot have been that good, given the only way they would sign an agreement was to ensure WWI had a stockpile. That tells you everything
Updated DFS
The key here that investors see and cannot believe is the 4 years it takes to get into proper production. They trumpet that they are the only mine in the world ready to go, yet it takes an extraordinary 4 years to reach peak production. It is way to marginal and that is why key investors will not touch it. So much can happen in 4years - just look at the last 4. MQ himself says that SA miners walked away because it was marginal and it relies on a high price, that is a huge problem when you take so long to get to your payback period. Surely you can see that is why no houses or high net worth individuals have bought in??
They did a good job getting the AISC down, however the activities were costed individually and that is not how you run a mine.
And given these numbers, why have they never taken the next step and done a BFS? That must raise eyebrows if you know the normal steps toward mining for marginals like WWI. They never will
Workforce
Do you really think they intend to take this into production with 1 single mine-based employee? They couldn't manage the EMI, which was 1/10 the volume in the DFS, yet somehow, with just a Country Manager, they are going to contract all that out? Please
WWI Price at posting:
1.3¢ Sentiment: Sell Disclosure: Not Held
