10 Years Later...

I've now held for 10 patience-testing years and I often find myself assessing why I continue to hold.

The share price today is a reflection of the markets confidence in the current team's ability to deliver results. The dialogue at each roadshow about the disconnect between NPV and share price is laughable - a resource in the ground is worth nothing if it can't be sold.

I look back at the promises and failures over the past decade, and the progress is absolutely abysmal. There has been no accountability, and no show of confidence from management. Interests are not adequately aligned. The lack of focus from distractions, lack of shareholder management and communication, over-promising and under-delivering (repeatedly), insufficient due diligence on middle arm... the list of incompetency and poor decisions goes on.

The results? A disturbing share price, disgruntled shareholders, waning confidence in management, heavy dilution and a much less compelling investment proposition. The cyclical nature of this company, the annual marketing to spike the SP in the lead up to AGMs and capital raisings is disgusting. As much as they claim to be acting in shareholder interests, the questionable tactics to gain votes suggests otherwise. They are not moving fast enough, many of us are deep in the red and the investment proposition is fading as they take their sweet time and feasibility of this project materialising is uncertain at best.

And yet I hold at the prospects of the Tivan technology, and one day.... (if this mob aren't sidetracked by the buzzword of the month), perhaps a shovel in the ground at Mt. Peake.

The amount this team are paid is unjustified for the results produced and I question the work carried out on a daily basis to advance this project. A note to management if they read this; try over-communicating, providing timeframes for key milestones and deliver on time to win back some confidence. Management 101.

Apologies for the rant. It's been a VERY long time and for being a long term supporter, I continue to see my investment substantially eroded in return for incompetency.