Ok, this might be a long post, but before you consider investing...

Ok, this might be a long post, but before you consider investing more good money after bad, think of the following:

yes, razorback was acquired in 2009 or 2010 from memory. It's been nearly 14 years and only a sample processed back in 2015 and yes it was good grade.

multiple management changes during 14 years, multiple attempts to attract funding and institutions. No big boys saying hey we like what you have. Multiple changes to production methods and annual amounts. But nothing ever gets off the ground.

Plenty of reference to supportive SA Government over the years too, nothing hard coming out of that.

Directors have all invested in previous raises too but is that a red herring? It doesn't necessarily mean something concrete will come of it.

forward thoughts.... Funding will only get harder to achieve as
world interest rates are rising, and cost of funds will be more. It's all due to greater risk in US debt markets impacting all downstream debt issuance. Yes mortgages too.

end market would need to be outside the Russia/China sphere of influence as we sure would not want to be supplying China product when a war breaks out. Better to supply Japan Korea or India or Europe

2021 PFS was done without anyone doing any physical work on the ground in razorback, somewhere I read in those multiple documents around that time, that the site had not had any physical work on it since 2011. Something like that. That shocked me then. So they did all that fluff in the office and nothing physical on the ground, maybe they just sit at their desks dreaming up something that sounds good???

On the flip side, asset looks undervalued at current price. Might be best to not participate in CR and sell at the next pump and get out. A short term exit strategy?

the lesson here is look at the history, there is a pattern, and that pattern is a long term destruction of shareholders wealth.

all IMHO

there was once upon a time when I believed it would happen but not anymore. Tell me I'm wrong if you want. But IMHO, exit on the next pump and preserve some cash.

the ASX is full of risky lifestyle companies with crystal balls I reckon. Just got to be careful. And never hold long term or you will suffer wealth destruction if you are not careful. That's my 31.5c worth!

Cheers