other things of interest... they do duplicate sampling as...

other things of interest... they do duplicate sampling as standard QAQC but have never reported them. We know from their history that they dont tend to report on bad results so its fair to assume there is low repeatability within the same sample which is a concern. Another thing that is curious is that the 5B mineralization reported was 2 metres from the bottom of the hole. Geos that know what they are doing would not let that happen. Exploration 101 says you never have the drillers stop a hole themselves, even if they hit target depth without a geo seeing what the the core looks like at the bottom of the hole. this avoids stopping the hole in mineralization as it costs heaps for the drillers to pull up the drill string and go back down with no guarantee of being able to get back to bottom anyway. This means that either the geo on the rig doesnt know what quartz veins look like or there was no geo on the rig ?? its confusing as Neil Marston said in his RUI presentation that they have 5 geos working out of their Scottsdale core processing yard where as the JORC table in the announcement (coincidently announced on the same day) says all core logging, cutting, sampling and storage is done on site. Its around a 1 1/2 to 2 hr drive from Scottsdale to the Golden Ridge prospect. I wonder if they are wasting 3 to 4 hours a day on travel leaving in a tassie winter only about 4 hours to log, photo, geo tech cut and sample the core each day, as their JORC table suggests, or is one geo there each day to manage the program and amongst other things, make sure the holes don't end in mineralization and as Neil said, they are processing the core in Scottsdale ?

The big question remains and that is if they do have 5 geos at their core yard in Scottsdale, what are they all doing and why have they still not logged the 1190m from Portland they started last March ? really makes no sense. They spent several months drilling that 1190m so the average per day drilling rate was exceptionally low. any decent geo on the rig would have been able to complete that logging so we are left with either the geos dont know what they are doing at all, or there was no geo on the rig - which would mean the exploration manager and former CEO now technical geo director doesnt know how to run a drill program. leave an awful lot of gaps these blokes ! Neil did mention they had drilled at Portland but followed that with "but most of our work and the success we are getting is from Golden Ridge". reading between the lines, this means they have not had success at Portland. So basically, joining the dots, they spent somewhere around $400 - $500,000 of share holders money to drill at Portland, didnt get good results and are pretending to still be logging it. A more honest company would have just released their results and moved on. Weird they are choosing to be so opaque, which obviously makes the market not trust them.

other thing noted from its absence in Neils RUI talk last week is the recent Tasmanian acquisition they raised money on. If you can believe their announcement from December 1st 2022, their 6 month option period ended 1st May 2023. This means prior to Neils talk, they would definitely have known if they are going to take the option or not. It is interesting therefore that Neil did not mention this at all when he had the opportunity do do so ?

I guess the question is, from the Directors point of view, do any of these clear gaps in their activities matter ? Answer is no, they still get paid huge salaries (for basically a shell valued company) and will still more than likely issue them selves heaps of shares, more cash bonuses ect. and can continue to cruise along in their part time capacity.

Next cap raise will be interesting. Wonder if it will be done lower again and honestly, i wonder who in their right mind would participate ! Neils a pro CR'ser though, from his history, this is what he is known for, company value destruction and CR after CR after CR. Flynn hired him because, in their own words he has "proven leadership", they site his experience running HOR.asx and BYH.asx. A quick look into his performance leading those companies though doesnt really paint a great picture. Neil was at the helm of HOR from July 2010 to Oct 2015, in that bit over 5 years, HOR share price went from $0.20 IPO to $0.017, a 91.5% drop in value. At BHY he lead the company from Oct 2017 to Dec 2021/ In that 4 year period, the share price reducing from $0.17 when he took over to $0.05 when he left making it a 70.5% value destruction of the company. It kind of makes you wonder why Flynn hired him as CEO, where in 8 months in that role, his proven leadership resulted in a 36% drop in company value which was enough for the Flynn board to promote him to MD.

It looks like the only hope share holders have with these guys is when their major share holder decides he wants out. He is in at a very very low price but has millions in value invested. The other directors have a lot of shares also at a low price and will at some stage want an exit. Really wealthy guys like that dont tend to loose much, so i suspect at some stage there might be a decent pump manufactured with decent liquidity for exit. we can only hope.

on ward and upward !