Like a number of other posters have commented as a shareholder clearly expenses appear out of control.
Essentially what we have is a Company that up until recently when they started some "proving up" has done very little but fight a court case and make a subsequent submission and presumably have a representative i.e. RM doing ongoing ground work with land holders and the Government in relation to the reapplication.
It is hard see how expenses such as:
Employee Benefits/Super: $3,434,000 ($66,000/week)
Auditors' Remuneration: $114,000
Admin Expenses: $3,132,000 ($1,o million other - a fairly large "other" which as it is 1/3 of the expense you would think should be broken down further).
can be justified.
As has been said earlier in this thread RM's wages and expenses are totally out of proportion to the Company and where it is at financially.
As with many of the posters here I am sitting on a substantial loss at the current share price and have been been waiting for the outcome of the court case which in view of the current nickel market one would in the normal course expect the share price to react to in a positive way.
The big worry however is with the huge cash drain that is continuing - the Company was only disclosing around $4.0m of cash at 30/9 which is not going to last long - without some form of positive announcement I can't see a CR would be supported by shareholders or other third parties given the outrageous level of expenses the Company is incurring.
I halved my shareholding today as a defensive action (given I had a fairly solid exposure) for an 11c per share loss - which hurt! - I still have some skin left in the game in the event there is a positive decision which might allow me to recover the loss.
So I was a believer - now I am a "sceptical (perhaps delusional) believer" who still holds some shares and the hope that something good will come out of the present situation and allow me to recover the loss I incurred today and perhaps walk away with some profit.
AVQ Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
