Ann: Quarterly Activities Report, page-77

The more I see this mgmt operating the more I get worried.

Even if we are to go by corporate life cycle, we are a Stage 1 company in the Start-up phase. Companies in this phase are expected to raise equity to invest money back into the the company (in our case to drill and explore).

They are running the company as though it is a Stage 5 Mature company. This is not the phase of preservation, where you indulge in buy backs and gloat about running with reduced monthly costs essentially by doing less of the core activity. Will be interesting to see how many shares the company will end up buying. Will we even get close to the 155 m shares buy-back figure. In the last two business days 0 shares were bought back and the day before it was just 1 share.

We have money in the bank. This should be a good thing, but in our case it seems to be more detrimental than helpful. I am getting worried that things will continue to chug at this pace till we get to a stage where we start running out of money and need a credit raise. Like I said before, it is the same mgmt doing a flurry of announcements in Sep 2022, i.e., at least 3 announcements in September 2020 on 3 different resources (Gold, HPA and Vanadium). Just a reminder, this was all before we did the Speewah sale . Since the sale, we have slipped into Hibernation mode.

I always thought it is good if the directors have their skin in the game, but I am beginning to get a feeling this is being run like a private company where they are beginning to believe they don't owe any accountability to the shareholders.

And it the middle of such inactivity, they have the gumption to ask for Performance rights of millions of shares and sadly they get the approval because the shareholders are so desperate. 6 months and 1 round of drilling doesn't even sound like 8 hours of work each day? Why do they need performance rights to do their job? Aren't they getting paid to do their job? And if I may ask, where is the performance?

DYOR