@keen asIt is blatantly obvious it isn't their money, as to the total disregard to how much has gone through their fingers.
All following data start date 15 September 2020 to 13 December 2021:
Shares on issue: went from 284,018,749 to 1,176,136,200
~ inclusive in SOI was Capital Drilling taking shares in lieu of payments.
FinanceCapital raised via
~ 3 x Placements & 1 Share Purchase Plan for a total of
A$272,199,810~ Conversion of options, totalling
A$4,259,000~ Sale of Leo Lithium Shares to the value of
A$12,900,000A total of ~
A$289,349,810
++ sheet excludes circa A$500,000 of interest earned.
Shareholder wealth has been decimated, with the spending of circa A$250,000,000 of cash raised to be
left with circa A$222,000,000 of impairment loses.
~ I opine that Fraser could retort this with another audacious statement like: "we still have A$34,000,000" we didn't spend that we are going to give back to shareholders."
Then add in:
Gold sales extend from period ending 30 December 2020 through to the quarter ending 30 Dec 2022
~ Gold revenue US$191,498,000 converted to
A$273,570,000 - using USD/AUD $0.70 - mean average over the period.
All equates to
A$562,919,810
We are disposing of Morila and tenements for a "nominal amount" after all that expenditure?
@intelsebThe Company's Annual report has a total capitalised expenditure for exploration and evaluation costs of A$10,100,000 for Dankassa & Massigui.
~ exploration and evaluation expenditures are carried forward to the extent that such expenditures are expected to be recouped through successful development and exploration of the areas or alternatively,
by its sale!
But we chucking these in the total package and we recoup a "nominal amount."
~ Yes some of the tenements do not come under the Morila Mine tenements. Why would we want to keep them though, we get or $10,000,000 back don't we? LOL LOL
Withdrawal of the Recapitalisation Package:
It isn't so much as it was withdrawn, but it was the "insert rolls eyes emoticon here" reasoning of why it was withdrawn citing the:
~ AUD/USD exchange rate, which had
fluctuated 2% over the timeline from announcing to withdrawing.
** Fun fact, for the year 2022, the Company reported
a gain of $2,174,852 attributed to foreign exchange, lol.
~ the US$POG over the same period
fluctuated 3.4%.
Above all else, it was the nonchalant and audacious attitude of Fraser at the AGM when questioned on the sale of the Leo Lithium shares that sticks.
~ after giving his attempt at sincerity with "the decision to sell the shares was not taken lightly" but he couldn't remember what the loss on the sale was until he had to acknowledge, it is in the question. I take the statement as not taken lightly to mean a lot of thought/discussions were had before making the decision should also suggest that you would remember it.
++ Fun facts:
~ from the 10th July to 17th Oct, a total of 15 weeks - Wolfstar Corporate Management - related party of
Fraser was paid $262,563 for IMO consultancy services provided by Fraser.
~ from the 10th July to 17th Oct, with his increase in salary (see below)
Fraser was paid a further $46,150 in salary.
++
Making a total of $308,716 for a 15 week period++
~ Fraser was appointed the role of Non Executive Chairman after the departure of Cowden, this increased his salary from $92,000 - $160,000 pa.
~ Directors fees went from $875,957 (2021) to $1,476,965 (2022) an
increase of 168%~ Corporate and Other expenses went from $4,445,404 (2021) to $12,451,059 (2022)
- with the big ticket items being Consultancy Services $374,905 (2021) to $2,783,437 (2022) &
- Business development $171,322 (2021) to a staggering $6,707,059 (2022)
cheers
"full moon tomorrow"
