What masterful strokes of genius this company's board has...

What masterful strokes of genius this company's board has inflicted upon all suffering shareholders.

http://www.asx.com.au/asxpdf/20151125/pdf/43391w0vhfbzpj.pdf

A 3 pronged plan that has morphed into a 5 year plan

A 100:1 consolidation of shares and a clear 5 year transformational strategy to become a mid cap producer

After taking external advice, it is my, and the collective Board's recommendation that a 100:1 share consolidation be supported by all Empire shareholders. As outlined in material previously provided, the proposed share consolidation will benefit all shareholders by reducing the bid-ask spread, reducing share price volatility and thereby increasing Empire's appeal to a wider range of investors.

The Board and management have a clear strategy to transform Empire into a respected mid cap producer within 5 years. We are proud of the progress made by the team over the last financial year. We now have:
A focused strategy;
An excellent portfolio of assets;
A well-run and efficient production facility;
Tenements that are in good order; and
We are profitable with a strong cash balance.

The Board and management team remain committed to achieving this vision to
continue maximising shareholder returns.

Well that was on 25 November 2015.  So now we know what the 5 year plan is.
Time is running out BoD and EGO is nowhere near to becoming a mid cap producer, it is more likely becoming swallowed up.
If one reads back on previous announcements farm out discussions were going on years ago and it looks very much like it was begging bowl out to attract anyone that could be interested but nobody wants to come in with a history like EGO.  Certainly not without being in charge of all operations.