I voted with the half million I have left, to turf Rex out.
Why?
When I first bought in around 4 years ago, I asked people what he actually did to warrant his salary / at all. Nobody came up with anything other than what was written on the website (probably by him).
In the years since, I've seen delay after delay, dilution after dilution, and some of the worst cap raises I've ever experienced.
The last one was the final straw for me. I was close to selling out totally when I saw that.
If it was explained why, at this supposedly late stage prior to FID, that we suddenly required $10m out of the blue (for security / whatever), I'd be fine with that.
Instead, it's to an unknown entity to many of us, with no apparent strategic benefit. Maybe they are hugely connected, will finance the whole project, and want all our products? Yeah, sure.
More likely, again, mates of Rex, in it for a quick buck.
I'm totally dejected by this company now, after remaining loyal for all these years.
Who knows how long the mining licence will take. There seems zero likelihood of finance happening any time within the next 12 months.
What's going on with the water situation?
Weren't told the titanium deal fell through (although it was obvious). That supposed titanium "expert", has been as useless as a wet paper bag (and presented as such).
They're all as culpable as each other. PB is as much to blame as RT, although the latter looks totally expendable.
PB's contacts with SMS and the like, means it would probably be a little silly to get rid of him at this stage too.
RT should fall on his sword with honour. The fact he has point blank refused to walk, at the request of our (formerly) largest shareholders, speaks volumes.
I bet the Browns were as surprised and then livid as I was, when the latest CR was announced. A total insult all round to long term holders.
Total incompetence running through the management of this company. If I wasn't sitting on a loss, and foreseeing it as close to impossible for even these clowns to stuff things up from here, I'd be out.
In the meantime, I've enjoyed a good rant.
Let's face it, it's a $6bn+ project (factoring in commodity price rises), and we're at $100m. Even with dilution, it should be a 10+ bagger from here. Look at Largo and other Vanadium plays. More like a 20 bagger in my view. Well, in the right hands it may be. I suspect we'll get diluted even worse if PB and the like, aren't held accountable for their terrible financial decisions and planning.
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