Unfortunately the report production and pricing numbers are nothing new and likely well understood by the market before the CR. Some people have defended mgmt on this forum but here are my issues with what they are delivering and communicating:
-C1 cash cost. They keep rolling out the trending towards $400/t line with a massive caveat "sensitive to production outcomes...driven by market conditions". Hmmm now since the reporting in Jan when have we seen C1 drop? That's right it hasn't! They have stuff all chance of hitting that target and can't even articulate a strategy to shareholders of where they are targeting efforts to reduce costs. That's poor mgmt!
-Minor improvement in coarse v fine flake split. Any guidance on Q3 expectations or just more blah blah about getting somewhere by year end.
-Anyone like slide 5? Personally makes me want to vomit...put that crap that in when they can accompany it with commentary about how BAM will deliver material (incl contracts) to be part of that supply chain. So where is the comms on the BAM strategy and business review as promised for Q2?? Missed again.
On face value mgmt don't have any answers or clear strategy for getting this company back on track other than lets tap shareholders for more money and hope like hell the market recovers. If they had delivered on previous guidance I might accept the same old generic guidance they give every quarterly. We should be able to trust mgmt but they haven't earnt it through action.
I'll jump off my soap box now!!
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