"Cheap" for a reason. In a word, management. Funding disasters and capital allocation has been amongst the worst I've seen. They've raised tens of millions in the last 3 years, what do shareholders have to show that they didn't already have 3 years ago? The company asset base is now much smaller. The company has been canibalised, a lot of raised capital squandered and we're collectively left with a smaller asset suit. An exceptional management team can make an ordinary asset perform for shareholders. A bad management team will find a way to bleed shareholders dry no matter how good its assets until eventually the company fails. GBZ has the mineral endowment, no question. The problem has been and still is in the abysmal team leading it. That's why it's "cheap".
GBZ Price at posting:
0.8¢ Sentiment: None Disclosure: Held
