Ann: Bruno-Lewis Mineral Resource Update, page-14

We hold very few of these Stayer so our view on them is clearer. The gold appears to be in the dirt, and they are in an area that has not been explored with modern technology and ideas, so the upside is huge. The issues are and always have been with management, or more likely the board. Board infighting and bitchiness is not a good look even though it is in the past. The current board appear to like spending shareholders money as though they are politicians blowing taxpayer dosh. Something has to break soon or the company will go broke or get involved with a mafia moneylender.
This dream team of conservatives have managed to blow through a lot of cash with promises of getting it right. As recently as May this year this was on their sydney presentation
"Clear objective: deliver an updated Pre-Feasibility Study in mid-2019 ahead of adecision to mine by the end of 2019."
We are now on the downhill side of "mid Year" and the PFS is still nowhere to be seen. So what does that mean about the decision to mine by end of 2019?
As I stated at the start we hold very few of these or any others so we can look at mining stocks without any emotions getting in the way. This company is still deeply troubled, the disruptions of the past have made it difficult for funds to be raised, the share price is depressed and there is scepticism of company announcements.

The company needs to meet its own deadline of "mid year' for a PFS and get on with doing what they claim to be good at. Meanwhile we have them planning on spending $650 k over this quarter on staff/admin costs. This is the same figure as the last quarter, approx $50k per week. From this it appears they have no intention to cut their staff levels, so they must be very busy!
Diggers and Dealers is coming up in a couple of weeks. They certainly wont win the best developing junior or whatever it was they got last time. So perhaps they will win the Phoenix prize this time around, or maybe not.

The share price has improved somewhat over the last week so it is possible something is about to happen but I think it is more likely a result of the gold price being so high and only complete basket cases have been unaffected by that.