Like others have posted sadly this rot really started when they bought Atlantic in 2019 for $768 million. If they had any sort of business savvy they would of parked the money locally and consolidated Leonora starting in 2019.
At the end of the day Gwalia has a lot of gold but these muppets have consistently shown they are inept at getting it out of the ground. If we had management that could actually do their jobs competently then we could dig our selves out of this terrible hole they have dug without a merger, and wouldn't have to rely on a high gold price. If only the company was adept at getting gold out of the ground as they are spinning endless bullshit in the announcements. Holding this stock for the last couple of years has been one painful learning experience.
Raleigh and his Mates seem to be getting a much better deal. SBM share holders only get 38% of the "Hoovs" so hopefully the new entity will eventually have a market cap worth more than 1.4 billion dollars. At least it isn't a pipe dream with GMD's vulture-esque management. I couldn't be bothered estimating the value of "Phoenican Metals"...
As pissed off as i am with the SBM board this might be one of the most viable ways of fixing/escaping the mess we are in.
I am not a GMD shareholder, but their Stock Price seems to be pumped up via "Star Power". To a layman like me they don't: - Have a mill until they acquire DCN; - Have a JORC for their two prospective deposits, and; - A workforce to owner/operate all the assets yet.
Yet they can garner a market cap of $490 million dollars (Probably gonna cop a lot of flack for making those observations).
SBM Price at posting:
65.0¢ Sentiment: Hold Disclosure: Held
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