Thanks - a great score sheet. In addition Les said at the AGM that based upon projected fee cash flow they could continue operations for 2 years at PoG of A$1,350/ozs but could only go for 2 years at this PoG and then needed a PoG of A$1,500/ozs.
Also at the AGM the chairman (Paul Chapman) would not let Chris Banasik explain his role in the Murchison situation (regarding the geology which resulted in head grade that only permit $70,000 ozs/year rather than the planned 100,000 ozs per year) only remarking that "all decisions were corporate". He also said that to tackle the problems they faced they needed a larger board (i.e the addition of Luke Tonkin at an executive director). IMO they need to get existing executive directors (and KPM's) out to the plants (particularly the Murchison) soughting out the problems rather than being based in South Perth. The addition of additional overheads (i.e Luke Tonkin's remuneration and 2m options) would appear to be strange way to reduce their all in costs.
SLR Price at posting:
62.5¢ Sentiment: Hold Disclosure: Held
