Ann: Resignation of Executive Chairman, page-147

Shareholders are aware of the enormity of what has taken place here over the past couple of weeks.
It's just a statement of simple fact.
Five directors have resigned (Borg, Anderson, Cowden, plus the two women) within 2 or 3 weeks.
That circumstance is rare, and there will be causes that retail shareholders will never know of, but deserve to.
The company is left with one remaining temporary executive director, who has been silent, and who has pulled out of company presentation commitments.
It's very easy for humans, and directors, to ride a success wave, but real depth of character and commitment to the cause, and to hard work, is only shown when things are tough, by those who plow through it and strive.
There is no scaremongering, because anyone who has been around here for 20 years will have vast experience of what (can) happen, and often does happen when this confluence of events occurs.
A high proportion of the time when all of these circumstances are presented, a company goes into administration, but NOT all the time.
Others will know that there is nothing but corporate ruthlessness at this end of the ASX, remember Altura Mining, and many other debacles.
And (almost) anyone who has been around mining for 30 years will tell you, that you don't go and spend $80 million on refurbishing a large gold plant, and employing 2,000 people, without having a very solid gold RESERVE defined, not just a resource divided into different lower level JORC categories.
This is all just common sense, but it's a mistake quite often repeated.
I do not wish to see FFX fail, or LLL shares to fall, because although I'm free carried on FFX, I paid 70 cents for a fair additional chunk of LLL shares.
I don't want to see any more resignations.
One major issue for LLL is the FFX share ownership of about 17% in it.
There are circumstances where companies can own their own shares, and about a dozen companies on the ASX have significant levels of ownership in their own company shares.
Somehow, LLL need to get hold of those FFX owned shares that are in escrow. I'm not sure how, but there must be a corporate mechanism for doing so, and perhaps they are working on that now, and perhaps one or more FFX director resignations are related to this procedure. We may know in time.
I do not believe there is an appetite presently in the market to successfully raise capital, except perhaps at hugely discounted prices, causing massive dilution, if you can get the money at all. Therefore other options need to be canvassed, and other events occur.
I believe in this environment, putting the mine on care and maintenance, preserving capital, and doing some limited drilling is the best option, while attempting to employ new executives, and waiting out the current inflationary interest rises by central banks.
These are only my thoughts, and my opinions, but I've been wrong more times than I care to mention (because it'd probably be too embarrassing).
Let's see what happens, but from many past experiences, I'm expecting this trading halt to be extending for some time past the end of July.

Gw