I'm not critiquing their technical abilities in developing their resource estimates and mapping, I'm critiquing their misleading communication style (the bolding is my emphasis):
- ASX Announcement dated 30 April 2020 - "The Company remains focused on defining additional resource potential and bringing existing foreign mineral resource estimates into JORC compliance in the first 12 months after completion of the acquisition, and will actively monitor that objective in context of travel and transport restrictions in Ecuador over the coming quarter"
- ASX Announcement dated 14 May 2020 - "Titan completes Core Gold acquisition".
- ASX Announcement dated 25 May 2020 - "Planned drilling and ongoing core sampling programmes focused on delivering a resource estimate
update compliant with the JORC Code for the Dynasty Gold Project before the end of 2020 - ASX Announcement dated 14 July 2020 - "Resource update in compliance with JORC Code remains on track for the end of 2020"
- ASX Announcement dated 29 September 2020 - "First Assay Results are expected in mid-November 2020"
- ASX Announcement dated 16 December 2020 - "Consulting group engaged to deliver JORC Compliant Resource at Dynasty Project"
- ASX Announcement dated 18 Jan (Investor Presentation) - "JORC Compliant resource estimate to follow Q1 2021 results"
- ASX Announcement dated 3 February 2021 - "Work on the planned JORC resource estimate for Dynasty is well advanced"
- ASX Announcement dated 17 February 2021 - "Work on the planned JORC resource estimate for Dynasty is well advanced"
- ASX Announcement dated 30 April 2021 - "Construction has started on an access road into Cerro Verde to enable drilling to commence mid-May"
- ASX Announcement dated 11 May 2021 - "Drilling has commenced on the Cerro Verde Prospect with 12,000m planned over the next 3 months"
- ASX Announcement dated 25 May 2021 (Investor Presentation) - "JORC compliant resource to follow Cerro Verde drill results"
- Interview with Barry Bourne and Laurie Marsland dated 6 October 2021 "due to produce resource at end of November...resource will be out Q4 for sure"
- ASX Announcement dated 7 October 2021 - "Titan fully funded to deliver a JORC Resource at Dynasty due in Q4 2021..."
- ASX Announcement dated 17 November 2021 - "Titan is planning to continue works with 4 diamond rigs until 17 December 2021...Drilling is expected to recommence in the new year after a review of the results from the current works"
- ASX Announcement 28 February 2022 - No mention of JORC
I mean looking at these announcements combined, how could they say that JORC was coming end of 2020 on 25 May 2020 and 14 July 2020 when they hadn't even engaged a consulting group to undertake the estimate?
Matthew Carr recently expressed his view that Titan was currently undervalued during the broker webinar on 9 March 2022. Does he seriously think he can get brokers to betray their clients and destroy their own reputation by recommending investing with TTM. They don't need to spend all this money of pointless advertising, they need to deliver what they promise without excuse.
It's kind of disturbing when you think they did the Core Gold takeover because of all the issues they had at the time with them only to see these guys repeating the same ineffective corporate behaviours. I think to undo this reputation they need to come out with a
genuine estimate of time and a detailed explanation of where the JORC is actually up to, or alternatively they need to deliver one hell of a JORC - but even then, why would anyone trust they have the capability of actually producing something of value within our lifetime?
What are they now waiting for exactly? They can't keep blaming some external factor like Covid. The next announcement will most likely blame the Russia/Ukraine conflict for delays in assays and not mention the JORC. When they start running out of cash they will start pumping up the JORC again to boost the SP a bit to fund their salaries.
