I think the reason the sp is 16c is that Directors have not delivered on hardly anything that they said they were going to do.
They said they were going to deliver a DFS on Swanson by September last year, then October last year, then Q1 this year - we are now well into Q2 and they have delivered nothing. The initial plan in the prospectus was for Swanson to be a quick cash generator to fund exploration on other projects - sounded fantastic to me???
They said they were going to possibly finalize a J/V agreement with HeBei Xinjian Construction for Swanson in Q1 this year - again nothing has yet transpired.
They said they were going to begin drilling for Bitterwasser Brines in March/April this year - no news on whether that is happening?
They said there was visual mineralization in 8/10 holes at Karibib copper / gold project. Their exact words "551m (10-hole) Reverse Circulation (RC) Drilling program completed, with visual mineralisation encountered in 8 of the 10 holes. Samples dispatched to Scientific Services in Cape Town, South Africa for assay, Results expected to be received by end of October 2022????
I think the market is seriously questioning management credibility now and that is why the sp has been sinking.
As i posted recently, i think we will soon learn more about AM7 and even more about the quality of our directors.
AM7 Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
