Can’t see any legitimate excuse for raising capital. Patrick said himself there would be minimal upfront costs and this “development” is not required for at least 3 years odd. Unless they’re about to come clean on declining grades in the tailings and are now searching for higher grades as an excuse for begging for more and lining the pockets of their financiers, who clearly once again have been given the inside running from the slowly leaking ship. One thing is for certain is that if they raise capital so closely to their last raise, and don’t give convincing reasons, in the context of saying all was well recently along with operation failure to imbed the Jameson Cell this company deserves all the punishment it gets.
Time for Patrick to exit and someone with an operational focus to takeover? There are serious questions to be answered. They’re extremely tardy in updating the market, perhaps only waiting till insiders have offloaded their stock. These facts regarding updates can not be denied if you observe price moves before market announcements. I hope I’m wrong and they are merely outlining their plans for the medium term in order to update the market. We’re supposedly making money so why is there any legitimate reason for raising cash? Hopefully they start imposing some discipline on themselves and use free cash flows to finance future plans. Stop f*&king around, get the Jameson Cell working and start to make money or come clean and admit they can’t do it. The market might just appreciate some honesty. Of course the rainy season is in the mail so if the Jameson Cell doesn’t get sorted now you can forget it. Didn’t someone suggest all HQ staff should go to site until the Jameson Cell is sorted? That might resolve any lack of motivation.
NCZ Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
