My takeaway from the AGM:
- Management feels that share price suffers due to perception that it overpaid for Tropicana and investors do not incorporate value from McP, which is understandable due to the delayed approval and development risk
- An interesting point raised by a former director that they should probably not develop McP due to the high development cost and also the long gestation period of 2.5 years from approval to first gold bar
- Second quarter not expected to be great
- Management does not seem interested in capital management beyond the standard dividend payouts, preferring to focus on exploration and production instead to demonstrate value to investors
Tough decision to make. Share price is in the dumps, but with hopes of turnaround of course, but a big risk with McP due permits and development spend
Ann: Chairman's Address to Shareholders, page-13
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