I was really hoping that the next announcement might be something of substance, but nope, this one has some positives in there for sure, but of substance it is not......"hey guys, we have found some stuff, the details in three weeks".....truely awesome. I hope that this one is a setup for stronger announcements to come in the next few days, and they produced this release to grab a bit of attention to get people watching the stock so they get a bigger impact when they release some real news.
I thought I might go back to July to see what announcements we have actually got.....since then we have:
Drilling commences 09 Jul 19
Quarterly 26 Jul 19
Drilling update 10 Sep 19 - nothing of substance
Assays 09 Oct 19 - Hang Gong (3 holes), Carlton (2 holes), Lees Booth (1 hole), Ah Hoy (1 hole), Grants (2 holes)
Assays 14 Oct 19 - BP33 (6 Holes)
Quartely 24 Oct 19
Todays - nothing of substance
Thats it, in nearly 5 months, even the 09 Oct announcement was promising that mineral resources and ore reserves will grow over the coming months and from todays "potential for Maiden Ore Reserve and Mineral Resource growth at Carlton expected to increase over coming months"....all I see at the moment is a bunch of promises reiterated over and over again, and none of the announcements that matter:
1. What is the progress of the MMP?
2. What is the progress of off takes?
3. What is the progress with recruiting - have we got all local skills just waiting on government approval?
4. What is the progress on any applicable finance?
5. Where are the supposed mineral/ore upgrades? I would even be happy with a "management is targeting a increase of 8-10MT by Jun 20"
Instead, what do we get "oh we found stuff, and it looks good", "the good looking stuff, yeah that will lead to increased mineral resources and ore increases"....sweet! I'm sold then, I'll guess I'll buy more based on the say so of management - NEW FLASH: the hype is gone from the lithium sector, and the market will no longer react to hopes and dreams.......so stop releasing them and get out some announcements that actually mean something. If you can't do that, then tell us when to expect them.....Oh I nearly forgot, we also got a hefty request for performance rights and options.
I am still hoping (as I said at the outset) that the announcement today is a lead in to something over the next few days, but if not, I'll be sure to ask the questions above at the AGM (amongst others) to try and get an actual feel for where the hell we are at.
whinge out - with a grumpy face
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