Just wanted to know if anuyone here is planning to attend the AGM? It offers an opportunity to ask questions that might serve to cut through the haze of Haoma's generally atrociously worded and structured announcements.
In particular the issues I wish to gain clarity over are:
- This time last year we were promised immediate processing of parcels of Bamboo Creek tailings at a low rate with upgrading of the plant for an increased throughput to produce concentrate for overseas refining. Additionally, exports of containers of unprocessed tailings was also planned to commence. My reading between the lines over why this never happened is that embarassingly, the company must have found out after these proclaimations that they did not have the concentrate grade or sufficently accurate assay information for a third party refiner to even accept their material.
- Whilst the most recent quarterly overview of the company's progress was a welcome attempt at shareholder communication, it was still largely garbled and missed the point. It would be great to get a clear pictorial overview of the progress the company has made to date, highlighting valid reasons why they have failed with each attempt to get into production, but how the learnings from these failures is driving an understanding that will eventually lead to paydirt and what the final successful outcome might look like....
It is clear that this is something of a "hobby" company, although Gary Morgan has indicated he views it otherwise (and his investment to date is more than what I would spend on a hobby). Certainly the standard of shareholder communication is in the hobby category. It is interesting that Chaddy claims these guys are in the spin business, but I don't think they have the written communication skills to spin anything.
However, in spite of all the failings, the potential value in a successful outcome still makes it worth persevering for on my behalf, as they seem to be getting closer to the end point. And I personally know the technical guys who have assisted them at Melbourne University and they are highly competent and respected. Whilst I don't claim to understand the science, I think the references to "alchemy" by some posters here are misguided.
I guess we will find out who is right at some stage in the next decade....
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