Ann: Entitlement Issue Results, page-26

I kind of agree to an extent.. i dont think it will go down, but we definitely need to find some higher grade to lift our overall average grade of +-8 years at 1.4g/t (ex LI)
ive siad more than once i veiw us as a self funded explorer.. and barring the recent cap raise, it has been just that.. only we havent hit any significant paydirt whatsoever in the last 4 years... however unlike an explorer only.. we stagnate in absense of that not plummet... risk / reward is way better than an explorer only .. at least thats how i view it fundamentally
we will be profitable at 1.4g/t but that in and of itself is not going to cause us to multibag.. we will also have a lean spell when we schedule GeodaLamerton ounces for production at some point in the future..

we have a few potential avenues for improvement.. continued increase in margains, discovery at T/E, or more discoveries on our current land packages that are of better grade to lift the overall grade in our LOM..they could also be bought ounces.. such as MXR's deposits...
I'm not denyingh its agame of patience.. a lot of patience... but perhaps a lot of disappointment is set around personal expecations, perhaps i'm more tolerant to the stagnation because my expectaions of multibagging from current reserves/resources are perhaps lower than others.. it defintely feels like a case of beauty lies in the eye of the beholder.. the upside is not obvious... but that also means the upside is not priced in.
maybe im doing philosophical ramblings.. but i do think the biggest issue is perspective and expectation alignment versus the reality of our acquisition and exploration success.. which the former has been .. mediocre (but better than a mill with no feed).. and the latter has been pretty abysmal... is it from a lack of hard work?.. no..I think the company has been working very hard, just not getting rewarded well for its efforts

thats a reasonably harsh review of it, considering it doesnt acknowledge all the company building of plant and equipment that has occurred.. but in broadform.. its where I feel we are positioned.