Guys - No secret that I detected a few red flags over the past year. The sobering reality is that shareholders deserved a far better standard of disclosure consistent with their peers. I also question whether;
a company can raise money from retail investors for a mining development without having to disclose details of a reserve, a feasibility study, a life of mine plan and cashflow forecast including details of operating and capital costs (ie. a "low doc equity raise")?
a company can borrow large amounts of money without a reserve, a feasibility study, a life of mine plan and cashflow forecast (ie. a "low doc loan", or did this info actually exists at the time)?
As you would have gathered, basic earthmoving details do not cut the mustard for me and I question why no detailed breakdowns on the mine's performance were provided to shareholders, whether the bankers had access to the same or more information and the timeliness of disclosure of material information regarding the mine’s actual performance. As is often the case with failed mining operations, shareholders end up with nothing so you should consider raising your concerns asap. Happy to assist where I can. GLTA
WDR Price at posting:
14.5¢ Sentiment: None Disclosure: Not Held
