hi Scott,
Let me clarify what I meant as it appears that I might have chosen incorrect words in my post you are referring to above.
The company has not delivered "nothing" since the last CR. They have delivered VERY LITTLE of the commercial viability, hence the current SP of 1.5c. During the last CR, the company issued 105 MILLION SHARES at 2.1c to raise just over $2 million in the capital. This money is gone now and you are telling me that in return we have got (I quote you) "a pretty good drill and certainly pointed us in the right direction for hopefully more successful upcoming drills" AND "the Crown update with 20 prospective targets identified along with ongoing discussions with landholders".
NOW, let's have a look at the value of these two events in exchange for $1.6 million spent in the same period (btw, that's a lot of shareholders money in return for what you call "pointing in the right direction" and "ongoing convo" with the land owners).
The money is in the precious metals. For any junior explorer, it's the bread and butter for its survival. Lamberson should be where the board should be parking the company capital right now. You find a mineable gold deposit, you could leverage any further CR of that. Instead, the board is engaging in a super risky (and bloody expensive) exploration of the land on the basis that another company has found something nearby (it is literally what the board has been doing- "look, look what ADN has found, lets work of that!!!") A BIG AND COSTLY MISTAKE AS YOU COULD HAVE SEEN FOR YOURSELF SO FAR. In simple word, OAR is doing too much, at too much cost, with very little to back these operations up with the shareholders capital.
The right to explore the land should be in place and secured before dropping a single cent on the drilling. Otherwise when you "hit" something of a monetary value you have to pay a massive premium to what you could have paid upfront before you touched the ground. That's just a general business acumen when you invest the money into something of the "unknown" value, in business terms, that's how you leverage the risk of discovering very little or nothing (ie. what has happened to us). The landowners would have signed anything with anyone on the merit of royalties if the discovery is confirmed, however, NOW we are going back to the drawing board to continue looking and negotiating. If the initial discovery was of any commercial value (and it's not), my argument would not stand. My view is that the board has taken all the risk at our expense with the view of raising more money if need be on a promise of what you have correctly called "a hope" to find something similar to our neighbours. It's called gambling.
Many people here say things like "we have 4 projects going and all we need is to get one of them right". WRONG. Unless you raise through sophs in excess of 20 million you don't do that because you go broke, or as it is in our case, you keep issuing another 200 million shares at a 50% discount to the previous CR value. The risk to explore four different projects at once was way too high with 2 million in the bank (don't forget the wages of the company officers in that).
The land was not frozen at the time of OAR purchasing it. If you want to use COVID as an excuse for delays in the USA at the start- why the hell would you buy it in the first place? You park your money and pull the trigger when it's viable to do so. Again, I believe it was done by the board to keep the shareholders who participated in the last CR "hooked". The options attached with a conversion of 3c was just smoke and mirrors. Could have been 15c and would have meant squat without proper results on hand in the first place (but if your read some post here, you will see that people start thinking that the higher the oppies strike price, the higher "potential" of the SP going beyond it. Again, WRONG).
I'm also suspicious of the directors selling their shares at the time they did. Would love to know why they did. I know it wasn't much dollar value but still, it was a good indication of something sass going on, potentially them knowing that the upcoming results were going to be shit as they were.
I don't believe for a second that all the delays so far have been accidental. It feels like the board is either hugely overwhelmed by the extent of their current undertakings, or they have realised that they have fingers in too many pies (at least 2 of them being BP petrol station quality pies) and the money is running out. It's time to find a way how to convenience more suckers to chip in again.
Anyhow, it's my last post in regards to why I think that OAR is badly managed at the expense of all of us. At the end of the day, I can only express my opinion here, and I know that I can be brutally honest because I don't mind writing this one off against other of my more successful investments (NOT BRAGGING, BEEN BURNT MANY TIMES BEFORE).
I do acknowledge that there are many investors out there who cant do the same, hence my post about it all in the first place.
Nothing angers me more than posters who claim BIG things ahead without any merit. It costs newbies a lot of money, and it's unfair on them. I know that I will be caned in the next few posts for being "negative" and whatnot but it's not about me being a social warrior- it's about sharing our opinions and protecting those more inexperienced than us.
I will be the first one to come back here and state that I was wrong if that's the case before June the 26th.
Last more thing - THE SP DOES NOT LIE!
GOOD LUCK!!! (WE NEED IT).
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