I agree 100% with your sentiment here SFC1.i had a look through...

I agree 100% with your sentiment here SFC1.
i had a look through the qtrly rpts also.
Im the first to admit i have no idea about smoke and mirror accounting tricks but i noticed that the june qtrly 21, stated "year to date" expenditure was $1.65M - even though the company had only officially listed on 17th June, only 14 days earlier. I knew that costs associated with the listing is accounted for in the listed companies accounts but wasnt aware that a private company could just claim previous expenditure prior to actually listing ? I didnt notice this stated anywhere in the prospectus but i am no accountant either, maybe its hidden in there somewhere but this means retail investors copped a 16.5% cash drawdown within two weeks of the company being officially listed ! great for that private company but not so great for retail who participated in the IPO! clearly FG1 have decent accountants and lawyers on deck to pull this off and remain compliant with ASX listing rules. In fact the prospectus says between the chair, directors and senior management, they have +185 years of combined experience and they knew the tricks to pay them selves back from retail investors money but now (mar qtr rpt last week) they are saying they need to hire another bloke to help them with compliance ??? seems sus to me, maybe one of their mates who doesn't mind some near free money for doing not much, or maybe they have just been too busy running their extensive programs so far....

so i dont know about accounting tricks but i do know a bit about drilling programs. June qtrly 21 states they started drilling at Golden Ridge in April 21. each subsequent qtr indicates drilling has been continuous, or at least that is the inference as no where does it state there has been any hiatus of activities. Latest qtrly last week says they have completed 4017m at Golden Ridge. anyone with any exploration industry experience knows that diamond drillers drill 24/7. The only reason they wouldn't in general is if the client / company don't want them to. so there has been 334 days since May 1st '21 to March 31 '22. So either FG1 is saying they are happy with a 6m per shift or 12m per day drill rate performance (which is impossible from a driller making any money prospective) and highly improbable considering they are drilling clean large beds of sandstone, silicified sandstone and granite which any decent driller and rig should butter through at at very min +20 - 30m per shift on average ( i have run drill programs that averaged 60+ m per shift so I know whats possible and what i would expect and it isnt 6m per shift ! ). Looks like they have somehow employed a driller part time ( i have never heard of this happening before) or they have been drilling then stopping then restarting again... without thought to disclose this to the market. I don't know how legal that is but i do think this is more evidence they have been purposely on the go slow.

I am hoping this new bloke they have hired knows a bit more about continuous disclosure as FG1 seems to know or care much for. FG1 has a few times now stated lab turn around continues to be 3 to 4 months. I hope the new guy also shows them what a calendar looks like as well as those samples they are ( very patiently and without plausible reason waiting for ie they could have very easily sent the prepped samples to the mainland for analysis with results in a month or two) were drilled Sept / Oct 2021. So whats happening ? Samples are usually sent in batches, and they should be prioritising samples from visual logging eg they dont need to sample and send the entire hole at first thus potentially clogging up the lab causing further delays. Considering the incredibly slow drilling progress one would think as soon as a hole is finished visual inspection would be just about done, there should therefore be no delay in getting the mineralized / altered zone of interest to the lab right ? Although the lab manager told me turn around times are 1 or 2 months, FG1 is claiming this is 3 or 4 months. 3 or 4 months from time of drilling lets give them + 1 week or so for logging comes to around end of January.... its now May ! The only conclusion if we consider they are telling the truth re 3 or 4 months is that the samples drilled in Sept / Oct 21', just sat there unworked on for a few months, maybe only dispatched to the lab in January or February (when they should by their own time line have the assay results back) and yet they continue to blame the lab for the delay ??? I don't think we will never know.

Dec 21' qtrly does state they have intersected a 164m of mineralization down plunge of their previous drilled hits so that is super encouraging (BRD011 quartz arsenopyrite zone from 186m to 350m). They need that to have gold for this prospect to work and if its anywhere close to 1 g/t the SP should really get a kick along ! I cant and will never understand however why the company would think its somehow better to gain that knowledge 6+ months later than it could be. if its not mineralized, great, go on to the next prospect, you haven't waisted much time on it, if it is, keep drilling to see how big the system is. FG1 clearly has a different way of doing efficient and effective exploration to the industry standard.

One of the other things i picked up from latest qtrly rpt was they have spent $41,000 on their Henty Zinc project on the west coast of tassie. $41k isnt a lot of money in exploration but i wonder what they spent that on ? its possible they needed to make up some expenditure to cover their government determined minimum expenditure commitments ?? but this is yet another example of their approach to continuous disclosure. interested investors should read / re-read the independent geo rpt from CSA Global in the prospectus. Its cracking land with much potential, so may shallow, economically mineralized drilling to follow up. Even a small to moderate discovery if its shallow could be a very good think considering Rosebery up the road is pulling ore from deeper than a km these days - opportunity to toll treat a small shallow resource for sure here. FG1 hasn't actually mentioned their Henty Zinc project at all post prospectus - not once that i can recall. pretty strange considering the ground ?? i guess they have been too busy managing one part time drill rig ha ha ! sounds like the board has been working part time to me !

FG1 also has in the Pilbara they have done no work on. These tenements were included in the prospectus as granted tenure which means they were held by the company well before the listing so they have taken a year or over to even put a desk top presentation together. This too is very interesting ground imo and those interested should read the DEG announcement from today which should provide more encouragement for FG1, KAI and WML and others as their ground is similarly located on the margins away from a large grantitic plug within the periphery of which sits Hemi. Its interesting that both KAI and WML have managed to conduct field work in the exact same region but FG1 hasn't seemed capable of organising any for over a year... pretty weird way to go for an exploration company that wanted to find ore bodies in my experience. you dont tend to find many sitting in a Melbourne office.

FG1 has so much potential but with the management doing so little work so far, I am surprized they are holding up so well. It actually doesnt matter how good your ground is, if the directors dont want to / or have an inability to efficiently explore it effectively, then you mose well have a portfolio of moose pasture ! yes i know there are no moose in tassie or WA though thats kind of my point ha ha !!

i am very happy to be corrected by any fellow punters on any of my comments. i would rather the company replied to my emails but ha ha, they must be a bit busy... one rig part time ffs ! if this wasn't obvious and right in front of me i wouldn't believe it !

On the positive side, there should be a rerate if BRD011 is successfully mineralized ( and if the market believes them and doesnt hit IPO price resistance of ppl feeling getting out of this). there were pictures of the core in Dec qtrly so if we can believe their 3 to 4 month story, results hould be within weeks hopefully. There should also be really good positive news flow coming - start of field work in the Pilbara and hopefully the Yilgarn tenements also. There is also now ongoing drilling at Portland in tassie which is their most underrated and most prospective company maker proposition in my opinion. I am not adding any due to poor management performance thus far but will hold to see if this management can start to up their game. I least want to see some results come though before either adding or bailing out.

cheers,

SF