@warren turner
MOY never had 80 million in the bank in its lifetime history.
I guess you haven't followed the MOY story properly.
3 years ago MOY was facing bankruptcy. It had a hedge book at 1400 and a debt of roughly 35 million, with the debacle in Golden Eagle mining centre which they are about to solve.
The company was saved by its largest shareholder IMC.
Brian Rear (now Passed away) a great Geologist but not a great CEO.
Aussie gold price was under 1450.
The share price hit 2.8 cents at one stage with a market cap of just 6 million and 30 million+ debt. I was there.
Glen Dovaston( A mine manager) was brought in at the end of 2014 and promoted to CEO.
The Aussie dollar collapsed which was a boon to Aussie gold miners. Aussie gold price 1550-1650.
Glen Dovaston steered the ship....the finance side of the business was always taken care by the now CEO Peter Cash. MOY recovered and did a life saving capital raise in the last quarter of 2015 at 4c.
(Glen Dovaston and myself had a chat about an early retirement of the bank debt.
I still don't know why and how he left but am glad to know that Glen Dovaston still holds 3.14 million shares which he participated at 4c.)
Since then MOY has been generating cash and spending the money on the ground and extending the mine life such that at the end of each year it has more life than the previous year after depletion. Not terrific but acceptable. But all that is about to change.
Now it is entering a new phase in its life cycle.
How good or bad it will be ....no one knows until the results are there to be seen.
No one should complain if they bought at 4c and still holding.
Don't just come and say anything just as you are allowed.
Post something which is useful to you and others as well.
