You are more than just the average poster on HotCopper, with your past directorship experience enables you to narrate with confidence the inner workings of the board room, re: governance, obligations, rolls of the members of the board and management by drawing on that expertise.
With posts like this, it is a determining factor of why I have a respect for you and the content of your posts, (mostly) but, a couple of comments made recently IMO detracted from the usual high calibre of your posts.
Whether they were just pure venting or maintaining the rage, but IMO I find it irregular that you wouldn't be aware of where the "cash" burn capital has gone?
re: "
And don’t anyone forget the level of cash burn we’ve witnessed. Where exactly has it all been going?"
~ it is covered in the company released quarterlies, this quarters cash burn (my estimate) is / will be almost identical to the previous quarter.
~ one of the cost has been the contractor, EGTF that has been paid circa US$1,295,000 (A$1,813,000 based on an average A$ - US$ FX rate of 1.4 = A$0.70c) per month (averaged over the 17 months) and had a contract extension for a further 12 months (in April), there was no real specifics to which contractor is the subject to the commercial action, but EGFT were operating at the satellite pits, and the second contractor MEIM mobilised a fleet of new 785 trucks for the MSP development work.
~ IMO, it was EGFT with the older equipment, that was/is the contractor in question?? The other being Cowden's notional loss against his most recent purchase re: post
62385821~ it is in essence correct based on the narrow 1 year range but has ignored his total capital investment versus monetary remuneration since being appointed. ~ my calculations Cowden:
~~ has been paid a total of $1,210,136 since being appointed which includes $370,000 on non monetary payments, and $48,979 in superannuation for a gross figure of $791,157 -- deduct tax from that total.
~~ he has (at the last change of director interest notice) 9,198,979 FPO shares of which only the 2,000,000 performance shares were not purchased but are still an income for taxation purposes.
~~ he has invested a total of $1,111,384 capital into Firefinch, which suggests he was either a madman of he actually believe it would be his "Jundee" moment --- I'm going with the later, and I'm also going with he is feeling the pain like everyone else.
A feel good moment when your research notes/spreadsheet gets to be used
cheers
