Trust me, I understand your frustrations, I've been here for about 3.5 years, and the share price is about 40% down on where I bought most of my shares prior to the last raise, but I'm still very deeply underwater.
In saying that, I always had a minimum 5 year timeline for this company, and had I not lost money diversifying into other stocks and put my money here instead I would have been a top 7 holder.
I assure you that once the mining code is passed into law, the project becomes a lot more real, because as I see it, the rest should be easy because we aren't trying to invent some new proprietary technology, we "just" need to ship some ore from the mine to the port using proven and off the shelf processes and equipment.
The unfortunate news is there probably going to be more downward pressure because funds will be needed to drill and assay Satrokala.
I will participate in the next raise, to the best of my ability of given the opportunity, even if I could buy on market for less because we need to keep progressing and hitting milestones.
Bang on, exactly this!
Apart from some delays, there haven't been any major setbacks.
Paul has bought in what I consider one of the best people in the world as our chairman.
We've delivered more DSO tonnes in the central and northern zones.
We have the very very encouraging electromagnetic survey results at Satrokala.
We have a very strong and detailed shipping study from the team at Wardell Armstrong.
There is also a very measured and respectful approach to how funds are used.
And finally, the team are doing very good job of promoting the company. The new brand looks very slick, the videos like the one above are professional and informative.
I was invested in NMT, and they went from 4 projects on the go to 1 within the space of 29 days. That 1 project has potential but is at least 5 years away from anything interesting happening. AGY has been in limbo for years with relation to approvals and commercially scaling their proprietary processing process for brines, and I'm not confident they'll crack that process.
AKO is literally 1 announcement from the government approving the mining code away from having a completely different investment thesis.
Then it'll become a question of whether they can raise the funds.
Then it'll become a question of can they successfully build and operate a mine.
Then it'll become a question of whether they can scale the business.
Apart from the mining code, none of these thing above give me any concerns, and I think the mining code will happen this year, but I'm mindful that BSE have been waiting for 4 years, but there's a reason to be confident.
The code has been approved by the senate, there are still some details to work out, but progress is, and decisions are, being made
https://www.lexpress.mg/2024/04/code-minier-le-decret-dapplication-en.html
