Fair enough. I'm open to hearing more about the thesis. I agree...

Fair enough. I'm open to hearing more about the thesis.

I agree with what you're saying re those dates. I bought in to the correction in March and rode it up. I sold some but not all, which I've averaged down on since the Tropicana acquisition. I use those prices (albeit with a different number of shares on issue) as a benchmark to measure the progress made by the company since (in terms of reducing hedgebook, progressing McPs and increased revenue from Tropicana). is it a better company now? Undoubtedly. However sentiment (both macro - sector and company specific) is at an all time low, which from my perspective provides the opportunity.

Can management do a better job? Definitely. Especially in terms of marketing the growth narrative. I suspect that will come, once there is a good news trigger.

In terms of company specific issues -

Tropicana is proving to be a smart acquisition. Ask yourself, whether the share price would have maintained $3.51- $3.61 with the duketon performance issues, no additional revenue from Tropicana, Mcp delays and the hedges comprising a much greater proportion of the reducing revenue? Is that what people are saying here? If so, then they're being disingenuous. The quarterly results from Tropicana were excellent and there is near term upside from here. As far as the price paid - the Newcrest acquisition of Pretium put the 'too costly' argument to bed. 30% of Tropicana for $900m was fair. Critics will grudgingly come to realise this in time.

The hedges were inherited. This management is not responsible for acquiring the hedges other than to run it off. That's what they're doing and have provided complete transparency on the schedule.

The dividend policy - necessarily reduced. The company has moved into a growth phase - new underground mines, increased exploration budget, capital for McPs and the debt - all need funding. The company has underspent on exploration for a decade (again, previous management), which is why the company is in the position it is in with respect to resources and reserves. Again, the critics pile in and demand higher dividends without recognising the opportunity cost. No foresight.

McPs - Is this management responsible for acquiring McPs? No. Again, previous management. Covid delays and restrictive water licenses - need to be worked through. Is this behind schedule? Undoubtedly. Are they responsible for the bureaucracy and the NSW policies? No. Similarly not responsible for the NSW covid policy. But these need to be worked through. My read of the project documents give me comfort in that they're handling all challenges effectively. In the same way, I sold SVL (at a better price than it is today) because their submissions seemed less than professional in terms of recognising community and environmental concerns.

re this latest mine operational issue - not terminal. Ounces can be recovered through the underground. I'm repeating myself here from previous posts, so won't go on.

The upshot of all this - if you had to buy the stock today, based on company fundamentals and the share price - would you? Do you sell now and go to cash or an alternative? Lock in that loss at a low? Where are the alternatives? The broader market is peaking, rotation from growth is underway and the macro thesis is playing out in our favour. I can't answer this question for others. DYOR.

However re riding it down - I'd also recommend implementing a stop loss next time the company is at all time highs. I considered it at the time but held through (for various reasons including reducing the amount of trades that I was making plus my long term view). That's my lesson from this. I'm happy to admit it. I won't make that mistake next time.