Not at all razorline. I am actually confident things will work out, whats frustrating is we have to wait for the next Quarterly to find out what has been going on. You also have to remember I have been in this stock for 12 years now coming onto 13 years, and yes I am a little tired but hopefully my attitude will change once things are more progressed. Once Finance is approved and it is favorable I will be much more relaxed. At least we will have a better idea this coming Friday.
I have also asked the company to update the market on a few occasions but they always tell me that they cannot give updates just to please shareholders and keep the share price up, its actually against ASX rules and any announcement must technically be price sensitive or where something has changed.
This is just a guess but if you read extract 1 below, it sort of does suggest the EMI has been put on hold until a review of the contract is conducted due to under performance and it also does state that they need to procure a new fleet of underground mining equipment to support the ramp up so technically they have advised the market what happened with the EMI and why first gold pour did not happen in April.
One thing I forgot to mention in my post this morning is that I have also heard the company and project is looked upon very favorably and that JAC is doing a wonderful job.
I think the next 6 - 8 weeks may be very exciting for the company and shareholders who sold out cheap will be gravely disappointed they did sell, especially if they made a loss. I am still keeping my "Hold" recommendation though due to the shit fight this world is in at the moment, who knows where any of it is going to lead.
Extracts from the last Quarterly:
1)The Company has decided to review its contract with the mining contractor, as the project is moving towards increased production suited to a production rates-based contract as opposed to a cost plus. The current rental mining fleet is at present under performing, part of the review process will be to procure a new fleet of underground mining equipment to support the ramp up of development and ore tonnes as outlined below.
2) WWI has commenced a new initiative, Project 200, which aims to increase production at WBP to 200,000oz per annum by increasing the Qala Adits throughput capacity. The Company is investigating infrastructure requirements including additional shafts, water handling, process facility options and depositions space, as well as CAPEX and OPEX estimates. The objective is to complete Phase 1 of the study by the end of July 2022. Phase 1 will be key to determine the real production potential of the mining area and the potential access points. Phase 2 will focus more on the engineering which will ultimately yield CAPEX and OPEX estimates. This is scheduled for completion in October 2022, pending the successful completion of Phase 1.
3) West Wits maintains a comfortable cash position with A$5.6m cash in hand as at 31 March 2022. The Company appointed experienced financial advisory firm, Taurum International (Pty) Ltd, to facilitate financing strategies and options for the Company’s first stage of development, Qala Shallows. The Company has received multiple funding proposals, which are being assessed, and continues to engage other parties as it advances funding process & strategy to secure the best outcome for shareholders.
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