Spot on mate.No better way to destroy capital than shit...

Spot on mate.
No better way to destroy capital than shit management.
Just look at AMI as an example. Federation is a world class deposit but they've still managed to monumentally fck it up.

I'm backing WB to put action behind his rhetoric.
If Sept Q looks a bit nastier than expected I'm still willing to give them at least a couple more quarters leeway.
As we all know it's a bloody hard gig running a gold mining company in WA right now.

GCY have gone from darling to leper in a matter of weeks.
I continue to hold a core position in GCY.
Happy I sold a chunk at a nice profit when they were at 37c then sold more at 29c.
Obviously in hindsight I wish I had sold the lot and bought them back at half the price.


Five main reasons why I'm still not panicking about GCY:
1. Their management team is first class.
2. Their largest shareholder has always proven to be very supportive.
3. Their mining contractor has always proven to be very supportive.
4. In only three months their head-grade will start moving back in the right direction. Gilbeys North, NeverNever, Gilbeys East and Gilbeys South are all much shallower deposits than the Gilbeys Main Pit. This means more ore moved and at a cheaper per ton price as their trucks won't be burning all that extra diesel going in and out of that cramped space sitting at over 200m below surface.
5. No corporate debt gives them a fair bit more breathing space.

Who knows, if GCY fall hard enough maybe WGX makes another opportunistic play.
Much could come down to the gold price performance over the next few months.
If WGX EV significantly rebounds on the back of a solid quarterly whilst GCY remains languishing at a lowly 70m EV, then WB might just start these Murchison M&A dominoes falling.