Although, it has been a very very slow burn here, I suspect the newly appointed board are busy looking to acquire a new copper project. They have incentive to increase the share price with their unlisted options package. I could see someone vending in a project here given the losses on hand and ability to use EM2 as a vehicle to list their project on the ASX. We are also looking to secure a JV partner with the prospective porphyry deposit at Silver Mountain. We don’t have the funds to drill this ourselves.
I know we will also be seeing if we can reignite commercial discussions with landowners and mineral rights holders at Orcale Ridge, this isn’t dead yet. By my calculations Charlie has around 15 million tied up here so I don’t see him going anywhere or EM2 for that matter. The restructure helped facilitate Charlie with a lot lower cost base, this was the only way for him to recoup some of his losses and now we are basically a shell, waiting for a new project and/or to see what happens at Oracle. Until that time the share price will lag, I’ve had to keep buying to ensure my average is low enough to potentially have some upside. This has turned into a very long term play for me but am comfortable patiently waiting for something to happen, which it will, give it time. Cheers, CP.
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