Ann: Quarterly Activities Report and Appendix 5B - 30 Sept 21, page-52

@pi065509

LOL, I can't tell if you are being sarcastic or not.

But as the post you referred to got moderated for "unsubstantiated information", I figure I might as well substantiate my comments with information provided by the company in their various announcements.

I said:

"Not a lifestyle company, BUT the management have been using funds that shareholders invested to get Korbel to M&I as well as complete the Scoping Study to instead drill RPM."

I refer you to the announcement as per 25th November 2020 after the $21m raise.

It is clearly stated the intended use for this money was to deliver a measured and indicated resource and scoping study for Korbel.

There is no mention of RPM in the list of prospects being targeted.

I appreciate things change, but with a clear plan defined and released to market by way of ASX announcement, the inclusion of drilling RPM must be motivated by some circumstance. Please refer to the notes below in relation to the performance shares.



Then I said:

It could easily be demonstrated that the results at RPM have added absolutely zero to the value of the company, AND in fact attributed to a destruction of shareholder value by the extra 6% dilution from the raise.

If you refer to the chart below, and factor in the significance of the results, and account for share price dilution, the share price has in fact not increase in any sustainable way off the back of the announcement based on today's close of $0.155c. Again, when you factor in the additional 6% dilution, the relative share price is $0.146c



And then I said:

It could be speculated that these 100m shares have been used to suppress the share price in the last few weeks by selling into the announcement.
Again, referring to the 100m shares issued, the increase in volumes since the raise, and the number of shares used for shorting based on Shortman, it could be "speculated" that the shares were used to sell into the announcement.

Exhibit A - price chart showing significantly larger volumes being traded after the raise, and the price action


And finally I said:

"The only reason the board and management drilled RPM was in order to hit performance targets and be eligible to receive free shares."

Now if you refer to any recent quarterly, you will see the following image which clearly articulates the requirements for the qualification of some 36,000,000 shares to management.

There are a target for ounces of gold at a specific grade.

Now if RPM was more prospective than Korbel, as demonstrated by the recent drill results of an average of 3.9g/t and a "Bonanza" 98g/t at the richest part, then it could be implied that this would be the best way to ensure the performance targets and grade requirements are met.

Again, if you refer to the announcement from 25th Noverber 2020 (above), you will notice there is no mention of RPM anywhere in the works slated for the funds to be used.

Now admittedly, I was likely incorrect in stating that the ONLY reason the company drilled RPM was for the shares, but it could be argued it is a significant one.
Hopefully I have been able to substantiate my claims with the above evidence.