How did they save it? ive been in this since it was a shell. We got a great deal on our first tenement paying just $100 royalty per ounce and something like $200,000 outlay for the ground, it was less than a gram / tonne but was very close to surface and enough to crank up Jaudi Project to make them look like heroes! (i was the first to call them as such!)
If the guys gave us a deal like this for Lady Ida we would be okay now instead of having to massively dilute the registrar to pay for what is really an unknown - this was grossly irrisponsible and considering ASIC stepped in round 1 to deny it i think only makes it that much more gross.
Why not just sell our Maximus stake, surely that is a much better option for holders?
RE: Dividends.. pretty sure they didnt listen to loyal holders, the decision was SOLELY based on what was good for them, and that was a big dividend. Obviously they had to pay back debentures early on so they basically had to do this and it is now ancient history.
If they actually listened to Shareholders we would of either consolidated or started with Share Buy-backs and more or less everyone wanted to tidy the registrar.
Let's talk about that latest Hedging at a price (in hindsight) that was below cost, Why buy a stake in Maximus? Why start the programe at Timor Leste (what's happening there by the way? Not heard boo for ages!)
The Accountant needs to stand down, the company has been run with extreme expenditure at a time where boots on ground knew our costs were blowing out and we needed to tighten the belt yet outgoings were ramping up with tenement purchases, overseas expansion, new machinery, buying other shares for goodness sake.
These guys are good at mining, clearly they need to reel it in and stick with that. Hoping we can calm down and mine McPhersons with a decent profit and get back to profiting like blind freddy should be doing in this inflation adjusted all time gold high price. Hopefully ill be able to calm down and not be furious with management but this new dilution is a serious kick in the teeth here after cost blow-outs and what i perceive as overpaying for their private dirt which would of benefitted them equally had they just given us an ok deal and maybe not shake us down at this worst of times to force the raise of course conspiracies will fly about driving this down into the dirt for personal gains.
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