You must be kidding!Today’s so-called “Exploration Update” says:
“Eyre Peninsula Kaolin Project
The exploration strategy is to complete all statutory regulatory processes before licences are granted.
This allows the Company to negotiate land access with local landowners and traditional owners before the exploration licenses are granted. “
What rubbish.
Need exploration strategy, with actions, deliverables, timelines and accountabilities
Sentence 1 ('
The exploration strategy is to ...’
is not an ‘exploration strategy’ at all.It’s not a ‘strategy’ of any kind.It’s simply a statement of the bleeding obvious – statutory regulatory processes must be completed before licences are granted. Oh please...
That unnecessary and vacuous nonsense suggests that the Board actually had nothing of substance to say.It’s alarming to not have a clearly applied exploration strategy with actions, deliverables, timelines and accountabilities.No wonder we are not capitalising on the current boom.
Perhaps the Board just felt the need to be heard or to be seen to be doing something given shareholders are voting at this moment re the resolutions seeking change at the imminent EGM.If that’s the best that the Board can report, I understand why the share price has been slumping – until the recent s249D notice that is. I also understand the reason for the 249D.
Thank goodness that one of our largest shareholders is calling for action – and change to deliver it. I’ve voted FOR ...
Nothing disclosed ‘allows’ any early access rights not otherwise achievable
Sentence 2 ('
This allows the Company to negotiate land access...’.Let’s see what the Board currently is supplying to shareholders to keep us informed.
‘
This’ refers to the above nonsensical ‘
exploration strategy’ – LOL – of necessarily completing regulatory processes before licences are granted.Doing what you have to under legislation – or starting discussions early – is not something novel. It doesn't 'allow' anything in the sense of being a discretionary enabler. They're just doing what they have to - albeit slowly.
Don’t try and make a virtue out of doing something like that - especially when things are going very slowly.
“PepinNini is following statutory processes and is well positioned to start exploration activities as soon as the licences are granted. “
That sentence (underlined by me for emphasis) was also in today’s release.We all know PNN is well-positioned for a lot of things.The problem however is not with ‘positioning’ but with ‘timely actions’ and ‘results’ and things like that which drive shareholder value by capitalising on our assets.
IMO, PNN is failing badly with missed targets and expectations, producing loss of shareholder confidence and thus a lower share price. The share price - until the 249D - told the devastating truth. Unless there is a proper shakeup we run the risk of the current commodity boom possibly even passing us by.
Assets do not develop themselves – PNN needs change
Assets rarely rise above basic exploration value without competent and active project management.Sometimes a company’s market cap. is less than even its exploration assets value – because a
management discount is applied to the assets.IMO, market has spoken and said that is the case here.I’m just highlighting what seems to be an uncomfortable truth that is costing us money.
The Board needs a fresh approach – one with focus, vigour and timely and genuine shareholder communication.The current pace of (in)activity is unacceptable.This further illustrates why I’ve voted FOR the 3 resolutions.
