a penny but worth more silver, page-13

This stock has a history of related party transactions (e.g. BRW used to own Eloise outright, it ended up with their largest shareholder Barminco - now FMR). Likewise lots of tenement exchanges (especially with Lionore - now Norilsk), and management exchanges as well. There have been few major achievements over the years, despite supposedly highly prospective nickel ground and a high grade copper mine. Some of the original ownership interests have been diluted, the boys at Lionore and Barminco have bolted new nameplates to the door, and the old "new" management has been replaced by new "new" management. Still, familiar faces remain on the board, former management lurks in the background and the substantial holders are the same even if their names have changed.

With BHP drilling there's a chance of exploration success, but how much of the benefit will existing small shareholders actually claim if that were to happen? The share price return is abysmal despite having originally held very good assets at the time we entered a major commodity boom. I guess you could argue to give new management a chance, but I remember having that discussion last time.