A history of St George

For those that are interested I have been going over the history of SGQ over the past 6 years (my time invested in SGQ) and decided to note some of it down (see image above). I found some very interesting things which I will summarise below:

• I have sat through 12 Capital raisings over approx. 6 years, yes 12! I have seen the MC of this company grow 6 times over this time from ~$8m to ~$50m today yet not seeing one iota of share price appreciation...a little sad.
• From July 19 to May 20 (approx. 10 months) the company undertook 4 capital raises, raising some $20.4m through the issue of some 200m shares. WOW. Deep drilling and diamond drilling is not cheap. This has been my primary concern with this strategy. Its hard enough finding it at 50m depth (as history has shown), let alone 300-400m but to diamond drill down to 500m chasing off-hole conductors is nuts. I say bring on the resource definition and project development. We have explored enough for now.
• Exploration is slow! It took approx. 2 years from the discovery of the 200,000 siemen conductor at Windsor to working out it was caused by pyrrhotite and pyrite and for us to can the project. Yes 2 years! Anyone else fancy some deep drilling at Mt Alexander? I know I don't want to sit through 200m more shares being issue to find out.
• The hype and SP explosion at the end of 2017 wasn't just a result of the Stricklands massive sulphide but also had to do with the hype of this 200,000 siemen conductor at Windsor. Yes this kicked the boom but we were also in the middle of drilling this conductor which at the time was huge. The subsequent hiding in the share price was 2 fold. A failure to reproduce this thick massive sulphide intersection and the realisation that there was nothing at Windsor which was hyped for 2 years.
• Drilling announcements and the early phase of drilling usually sees a nice run up in the share price. This more often than not results in over-expectations and a subsequent crash in the SP once results start trickling in.
• Capital raises are usually announced shortly after the announcement of drilling programs so I wouldn't be surprised to see an announcement shortly of another capital raise.
• The SP lately has done nothing new. It is following the same patterns it has for the last 6 years. Drill program hype, capital raise, more hype, drilling, lacklustre results, SP dump. Is now any different? I'm not sure, but I do like the seemingly shift in focus from exploration to development in the latest announcement. I know I cant sit through more dilution, chasing off hole conductors at 500m all the while hoping they will develop the deposits we already have.

That's about it for me. I hope this can spark some discussion from some of the longer term residents here on their thoughts over this 6 year journey (5 since we acquired Mt Alexander). Did we get it right, what should have we done earlier? etc. I'm still positive about this company, I hold a sizeable portion and have never sold a share, probably stupidly. I look forward to the first 6 months of next year but will need to reassess constantly. We are no longer an $8mil, 100m share company any more. We are approaching half a billion shares on issue. Wont be too many more years of farting around chasing conductors and we will have a billion shares on issue and looking at consolidating and that just doesn't benefit anyone.
Thanks everyone for reading