New year deserves a sincere note, so firstly a safe and happy 2024 to all.
Not enough money to make any meaningful ( as in that which rewards the shareholder ), progress at Sconi. The proof? The absence of that progress!
The company has what, $5,000,000 in the bank? It spent $2,500,000 on the board and personnel last year.
Now what- spend that plus try to develop Sconi, Flemington, Thackaringa and the Brazilian tenement?
We often hear that ‘past performance does not determine future outcomes’ with stocks. That’s a cautionary note designed to protect advisors etc from any comeback if things go badly but of course we all know that it is highly indicative of future outcomes.
If it wasn’t we wouldn’t have school report cards, criminal records, credit scores/histories or anything else like that.
So! Looking at the past a sensible approach appears to be to steer well clear of this as an investment. A punt? I’d say even that’s a hard sell.
Even the most basic exploration ( tapping rocks, picking some up & sending them off for analysis? ), the Brazil patch will take goodness knows- a year? Two? Three? Five?
Then there’s drilling. How many years will that take?
My view is still the same as it was last year- for the company? Sell Sconi etc and start again elsewhere & clear out the Board room.
They’re trying one of those but the other two will very likely hamstring ( ruin ), any chance for real progress for the next 3-5 years.
Between now and then it will be shareholder dilution via CR after CR. Just look at the last dozen or more announcements- most have been about issuing shares!
Oh well. Ya can lead a horse to water but ya can’t make it drink. Most investors with what I’d call some form of sense have most likely already gone. ‘A punt’? There’s lots of people who try that with the poker machines at the pubs. How does that work out for pretty much all of them?
Badly, for those who can’t say ‘oh well- that sucked but I learned some things and will take what I have left to try something different’.
Hitting my forecast of 0.8cents took a bit longer than I thought but even that wasn’t a good thing as it entailed more dilution to get there! IMO a $10,000,000 market cap & a diluted focus of operations says it’s ever more likely to collapse.
Edit- going to ever fewer conferences etc is another indicator things are going downhill. ‘Impressive’ internet releases cost very little & often really only impress the retail investors who very often just get led from one headline to the next, losing money all the way.
