Its almost as if they lost focus after Covid-19, they got through the drought, made a big blunder with Dargues, then Covid hit and it never stopped raining, presumably, management went into survival mode to get through the Covid restrictions, logistics chain disruptions and labour shortages and seemed to lose focus of the overall performance of the business. By the time they were all slapping themselves on the back about surviving Covid, they had lost control and touch with the underlying business and the trajectory was set.
I am sure other companies have gone through similar things and this is not offering excuses but the interstate lockdowns and Covid restrictions would have really screwed up their plans and their contractors. Making such an obvious and time-consuming blunder at Dargues would have really taken away a lot of management's and senior staff's time attention and resources, and they should have promptly put it in C&M as soon as they realized what a cluster the Dargues operation was.
I will give them credit for getting most of the expansion stuff permitted and approved by the regulators and the success of the exploration team as that isn't an easy process at any time let alone during a pandemic where all the public servants are sitting at home in their pajamas.
AMI Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
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