Yep. As CEO and MD his fingers are all over every announcement...

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RandallGraves

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28/07/23

16:32

Post #: 69043768
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Originally posted by 2ic: ↑

@UMkMyMny... is that you Luke?

Luke isn;t just the face of the company, he is the MD and CEO and pretty much runs the company with a rubber stamp board. He absolutely knew a CR was required 10th July if it's required now. Regardless of one's view on management's desire, or obligation it seems these days, for telling porkies and holding back bad news, not going into a TH and CR around 10th July is undefendable imo. Production issues were obviously a lot worse than let on, and cash wasn't sufficient to get things fixed out to 100% nameplate... demonstrably!

Bad news going to leak I get that, and share price was telling us that for some time. Lot of people on site, in the office etc going to be talking, can't be helped. Holding back the CR, exhorting retail to buy in Noosa, Shaws buy report, was all simply an opportunity for those in the know to get out and hand off losses to those not. Fact is, over 50M shares traded (on ASX at least) since 10 July worth ~$12M. $12M needlessly handed off to uninformed buyers, when the CR from 27c 10 June would not have been any worse price or suckered in anybody new. Simple as that...

Was this whole exercise designed to repay the favour to those lumped with last years 43c 'growth CR' and help those brokers save face with clients... probably, because nothing else makes sense to me. If anyone has a different explanation that makes sense for holding off two weeks and handing off $12M over priced stock to the uninformed I'm all ears.

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Yep. As CEO and MD his fingers are all over every announcement from the last 6 months as the SP has tanked.

29th March: "Production ramp-up of the mine & Wet Concentration Plant (WCP) is progressing to schedule. WCP is already approaching nameplate performance levels in terms of throughput, heavy mineral recoveries & grade specification of HMC product"

17th May: "Production ramp-up of the mine & Wet Concentration Plant (WCP) is progressing. WCP is operating at near nameplate levels in terms of throughput, heavy mineral recoveries & grade specification of HMC product"

20th July: "Production ramp-up of the mine & Wet Concentration Plant (WCP) is advancing, with seven shipments of concentrate sold already. WCP is operating in accordance with key design parameters in terms of heavy mineral recoveries & grade specification of HMC product"

So mine/WCP ramp-up went from progressing to schedule to progressing to advancing and WCP performance went from approaching nameplate to near nameplate to no mention of nameplate whatsoever.. and 8 months after declaring commercial production they want $30m on top of the $50m they already raised last year.

STA Price at posting: 22.0¢ Sentiment: Hold Disclosure: Not Held
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0 Great analysis

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