Helix needs to focus - urgently
G'day koozy - I'm replying to your Post #: 49549038 here, because the sale of our Chile assets should be high on the new MD's list of priorities.It is a subset of getting focussed on our NSW acreage, and then:
* following up in a disciplined and timely way to deliver on the potential of that high potential but sadly under-explored acreage
* keeping shareholders informed in a timely manner, consistent with earlier statements (e.g. see below re northern 50km2of the goldfield).
I'm going to go wider than your question because the management of Chile is consistent with some other long standing issues.
Chile: unsustainable distraction with heavy opportunity cost
Sure, some larger company might be interested in the Chilean assets given the outlook for copper but the real point is that these are not assets for Helix and should be disposed of urgently by the new MD. Welcome, Mike Rosenstreich....
They are a drain on precious resources that Helix simply cannot afford. Every minute and every dollar spent on Chile is no longer available to be spent on our Cobar acreage. That's a heavy opportunity cost.If we're holding onto Chile in case of x, y or z that means that the tail is wagging the dog. More than 3 years ago I posted this in response to another HC poster, when our share price was 3c:
" ...I'd like to see them have a much harder hard run at it in NSW, and (like you) fund it at least in part by flicking the Chilean acreage..."
The market is speaking ...
So now here we are. That job now has become urgent.Our market cap. of < $8M is an embarrassment in the current copper and gold spec. markets.It has fallen from when I posted in 2017, despite current high commodity prices.Tellingly, we're also trading below the value of our assets.That speaks loudly – it is not flattering. Sadly, it implies a management discount.Honest feed-back is needed - and action.
Must do justice to our NSW acreage
Helix must give shareholders a reasonable opportunity to enjoy a significant share price increase. With many more shares on issue now than there were 3 years ago, our management must increase the company's worth or shareholders will be going backwards in a boom.
If our NSW acreage is as good as it seems,the opportunity's in our backyard – not in distant places.Recent announcements by competitor explorers prove yet again that there are ample opportunities within Australia to make significant mineral discoveries. So, please Mike, flick Chile, straighten the company up and let's properly test some of this acreage which we've heard so much about but which remains undrilled or under-drilled. I'm respectfully suggesting this is much more simple than it's made out to be.
Please keep shareholders informed
Shareholders await assay results from the second batch of gold drilling – which was completed by some time before 16 November, on the Battery Tank Goldfield (15 holes for 1768m at 6 new priority targets).
We also await assay results (for gold and base metals) for the exciting Bijoux Prospect from around the same time.I expected to have heard by now about the interpretation results from the EM survey over Bijoux.If that interpretation is being withheld pending the assay results from Bijoux, why aren't shareholders at least told the situation? Mike, please show us that you understand that shareholders, as the owners of the business, expect regular reports. Helix started 2020 so well ... The Board pitched in really well.
It would be nice for shareholders to be given better guidance as to when exploration results are expected.Not exact dates but we want management to understand that reporting is not just about "materiality" and "ASX Listing Rules"; it should willing and inclusive, aimed to communicate with investors even if the content is not "material" as per the ASX Listing Rules.A sense of respect for shareholder communication needs is important when further funds are sought and shareholder votes are required etc.
What happened re drilling of priority northern target
I'm disappointed that no drilling has been done in the exciting northern 50km2 of our goldfield,containing the fold closure of the Restdown Anticline.I hope I'm wrong but it seems that there may not be any more gold drilling planned for now i.e straight after Collerina?? If so, some of us have a problem with that. We were told in the 5 June 2020 announcement re the Placement and the Entitlement Offer that:
"Critically...the northern 50km2 of our goldfield ...drilling will be a priority..."
Then, the 23 June 2020 Investor Presentation [refer the slide on p10 called "Cobar Gold Project The Immediate Plan" said (underlined by me for emphasis):
"Phase 3:RC drilling of new targets and follow-up phase 1
Follow-up RC drilling historic prospects returning strong gold intercepts and initial RC drilling of priority northern target".
With important matters like that, Management should either do what was said or provide a proper explanation at the time as to why not. I hope that Mike Rosenstreich considers these points from afresh and decides that shareholders are to be better treated re their investment.
(20min delay)