I 100% agree with you. Full kudos for finding the tenement and pushing ahead. It's a pity that the same couple of men are proving themselves incapable of running PCL.
From Pottermore "The management of PCL were asleep at the wheel over the permit for WDS. The 6 month time delay was caused by our team not undertaking the required contact with the Namibian Government .... how do I know this ...... by a comment one of them made at the AGM. At these meetings I do my best to listen carefully to all the comments !!!" (Notice I don't change the quote)
So, for the many, many months while the shareholders are trying to get information on what is happening with the seismic license the board of PCL were doing what? Nothing. Not a bloody thing. They stayed silent while everybody blamed WDS when it was actually the PCL BOD. Perhaps, this is why we have the corporate advisers who blocked communication with PCL. As I said before, it was no coincidence that the seismic license was granted just before the AGM. Someone woke up and said maybe we should actually do something and jumped on a plane.
This single incident should be enough for a couple of directors to go and some people with management and corporate experience to be brought in. Let alone the many stuff-ups in the option agreement itself. How many more stuff ups that we don't know about? Is it possible that the proven incompetence of the directors is why we are still waiting on 3D results?
IF the BOD were awake the option would have been exercised, or expired, about 16 months ago. It also would have had a termination clause, amongst other basic changes. 1 March 2023 - almost two years ago the agreement was signed. If the option had been exercised even after 6 months - that is 16 months the BOD has wasted while the SP goes south. I was going to say the shareholders would have resource estimates by now, and an outline of the drilling to be done. With the amount of time wasted we should have drill results.
What do we get told as shareholders about this giant stuff-up. Nothing. Rant over.
PCL Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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