Sorry that your research has led you to consider selling, but I'll address a few points here:
Is Mars Mining making any income? - No, as we are not mining yet. Mars is tied through the JV entity. So any cap raises etc from GMN is onky GMN's.
We are buying their tenements for a shit ton of shares and only get 75% share in them. - Whilst that may be true, what other options do you suggest? When an exploration company doesn't have millions of $ to buy land, they have to trade shares.
Then they give themselves some pathetic performance shares targets with a very cheap strike price. These performances have a 5 year expiry. Are we expecting the SP to only be at .01 in 4-5years?
- You've read it wrong mate. Its 60m of options with the strike of 0.01 for Dave, not issued at that price. The point of them is that is the price can get to 10c for example, Dave can exercise and turn those into shares for a 0.01c cost.
- The performance rights are only issued if we get a drill hole more then 10m and more then 1% and the other is a JORC resource.
So what does this mean?
- The first one means it's in the best interest of Dave to make the SP drive up, as if the price stayed now, that's 60m of shares that will expire or lose him money.
- The second means drilling has to be done, and not just a random hole, it need 10m @ over 1% which would likely drive the SP up at least to the 5c range.
- The 3rd would be doing enough drilling and we release a MRE for a JORC defined resource. That may be then at 10c or more.
Mr. David Evans is pretty much setting himself up on a nice income
- Think of this with the shoe on the other foot. Our director is so heavily invested, that is great confidence, as most companies that aren't actually looking at growing will have directors with almost nil shares. Ours has just over $1m AUD value as the price stands TODAY.
Why didn't Mars just raise money on the asx?
- They couldn't as they are not a public listed company / meaning not on the ASX or any share registry.
David found the easy way. Sell to the company he also runs.After much thought I have changed my sentiment to sell. I'm up so a sell here is fine by me.
- If you look at the dates actually mate, it was late 2022 that this all kicked off under Tim Cameron. It wasn't until the 75% JV was already underway that Dave came onboard as exec director in March 2023, so I wouldn't say it was Dave doing this himself.
Also the last announcement is great as the report from the third party is bloody comprehensive about all the projects etc!
But if you have moved on mate, Best of luck out there!
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