Jeeeeesus, talk about a lifestyle company! Sounds like @theraven...

Jeeeeesus, talk about a lifestyle company! Sounds like @theraven is correct in his summary.

They came to my attention after the recent media article on their acquisition of Block 103 in Canada and I thought these guys might be a decent long term buy and hold, maybe even the next Fortescue. But after reading through the past few years on announcements this morning I'm convinced they are running a Ponzi scheme. These guys have so many projects in very diverse metals and locations that are not at all aligned, it's hard to keep track of how many irons they have in the fire, but one thing is for sure it is way to many for a non revenue generating junior. These guys bring on new assets and market the story well to bring in new capital then syphon that capital out without really achieving much at all.

I see some of their projects already actually have mining licenses granted so a fair chuck of the permitting process is already complete yet those projects are dormant. If they were serious about building a company then they would focus on some of these advanced projects and stop chasing shinny new items.
Interestingly I see their website corporate strategy has 3 pillars of; 1.Accquire, 2.Add Value, 3,Realise, this latter pillar mentions distribution of cash via dividend payments, in specie distribution and capital returns yet when I look at their dividend payment history I can see none listed in the past 10 yrs. I'm assuming the only benefit shareholders have received is specie distribution of spun-out new IPO companies??

I've added them to a watchlist but won't be taking them seriously unless they sell off the majority of their projects to raise some cash instead of continued share dilution and then put the raised capital into the big Block 103 opportunity. Bringing on Ex Rio Tinto and ArcelorMittal big dog Paul Berend looks like the first step in the right direction but they have a long way to go.