Hi Matt, I now have a good grasp on the big picture now.
I believe it's a case of SB being content to have safely parked his money in a gold company he controls, biding his time whilst awaiting a higher POG. Sure, it's high now but given the state of world economies, low interest rates and the ever present chance of black swan events derailing the equity markets, I reckon SB is in no hurry to prove up the resources just yet or be mining full time just yet (if ever).
He is getting good residual income from what he charges LNY for the amount of time and PW commit to the company, for office rent, corporate and admin fees, etc. I'm sure he derives other perks or, at the very least, is building relationships that will benefit him some way or another in the future (which may or may not benefit LNY SH).
My take is that he will prove up the Agate Creek deposits over time along with the NZ tenements... taking his sweet time whilst taking advantage of his position as Exec Chair and 29% SH.. biding his time whilst the POG continues its predicted upward trajectory... then possibly getting into FT production and/or flogging the mines or the entire company before rescuing the next flailing junior company in which to feather his nest.
All you can hope for, as a LTH, is that next year will be different. It has to be given the revenue to be coming LNY's direction... not that we know what the after-expenses figure will be... but there will be funds available and allocated to drilling. Take solace in that but be prepared to bunker down coz if past years are anything to go by, the prices will be down, down like the Coles ad jingle.
AIMHO
LNY Price at posting:
0.7¢ Sentiment: None Disclosure: Held
(20min delay)