Ann: Dorado Project Update, page-46

Goodness me, what a painful stock this has been to hold. I’ve been here 12 years now and it’s been constant pain punctuated by brief moments of euphoria (2014 and 2018). I think CVN has given me permanent head damage.

Do I blame Adrian? No. This is a tough business and being the junior partner exposes us to so much more of the risk. There are few decisions he has made that I disagree with and again, he has been vindicated by choosing to raise at much higher prices than we see today. We’d really be up the proverbial creek if he hadn’t done that.

But that doesn’t make life any better for the rest of us. If inflationary pressures continue and the oil price continues to soften, I’m not sure the business case is going to look better in another year than it does today. But ouch, this hurts and yes, my patience has waned to such a degree that I’m ready to field takeover offers.