Ed, I don't understand something, please explain it to me. Last...

Ed, I don't understand something, please explain it to me.

Last year you mentioned that you didn't particularly like the business but you did not go short because you also believed that the asset might be worth considerable money in the future. In other words, you effectively suggested that the stock was trading around fair value ($1.40-$1.60). The stock is now trading at 50% of that valuation and you are panning it. Presumably you think it is worth less than the current price, in other words it wasn't a sell at $1.50, but it is now at 70c. That is essentially what you are suggesting, which is quite strange.

My question to you is..... Other than some horrible corporate governance and a few poor management decisions that have pushed back the permit date and mine selloff, why do you suddenly think the business is worth less than half what you thought it was worth only 6-12 months ago?

As a shareholder, I am disappointed by the chain of events over the past few months, however capitulating at the bottom just because you are frustrated is practically the worst thing an investor can do. If the fundamentals change then fair enough, but in my view nothing has actually changed since last month other than two directors being replaced and a potential cheaper road to production being investigated. I just don't understand how you can go from neutral at $1.50 to seller at 70c based solely on the events of the past 2 months.