@87 Crash I have not been following it closely for some time.
Putting uncomfortable questions aside for the time-being, I think the number one thing that should be pursued is regular and audit-able independent valuations of company inventory, signed off by a qualified rough gemstone grader/valuer. If you can't pursue independent valuations, certainly pursue:
- independent audit-able reporting of rough gemstone recovery
- independent audit-able gradings of rough gemstone inventory
- standards for management and stocktaking of rough gemstone inventory ( standards for storage, recording, weighing, photographing, etc )
A group of bigger shareholders might have some weight to encourage VALMIN / JORC administrators to work with ASX to improve standards for this kind of gemstone reporting as well as standards on how inventory should be managed. Perhaps fill the JORC / VALMIN people in on some of the things that actually happened.
http://www.valmin.org/
http://www.jorc.org/
Essentially the VALMIN code would need to be modified to include sections relating to Gemstones.
http://www.valmin.org/docs/VALMIN_Code_2015_final.pdf
Back to the uncomfortable stuff, not so much clangers but familiarise yourself with this investor presentation from 2015:
https://newswire.iguana2.com/af5f4d...738909/MUS_Investor_Presentation_October_2015
I've highlighted some key figures below that essentially underpinned their original strategy. I suggest taking a look at their current production numbers in any project/production updates and see how closely they match any of the numbers below. Are they getting anywhere close to this at their best deposit?
Are they still chasing the below production scenario as a target? If they aren't chasing this strategy/target now, how has it varied? Can they provide an updated view?
View attachment 991789
Also ask them how they are going with using and testing their new grading system. The one that they switched to after the failed auction. We first got a glimpse at the
AGM last year.
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