Are we going bankrupt, page-24

POS holders who actually follow our management know that the longest serving boardroom officer has been with the company for only 2½ years, not 10 years. Casual followers may find the following useful.

CEO and BOD Tenure Fact-Check:
- PH (MD & CEO) has been at the helm for exactly 2y, 2m (commenced 03/03/20).
- DLF (Chairman) commenced three months earlier (01/12/19).
- DH (BMM rep) commenced four months after PH (01/07/20).
- PM (indi NED, a Geo) commenced five months after PH (03/08/20).
(All these dates were accompanied by related announcements on/around those dates, for those who are interested in some actual dyor.)

Our CEO (PH) and Chair (DLF) have been on-board for 2-2.5yrs. The other directors have been there for less than 2yrs. Those who actually follow this company's management know this.

Here's a brief history of our CEO continuity (really a lack thereof) prior to PH's commencement:
Prior to PH's commencement (March, 2020) we had an interim (relieving) CEO who kept the seat warm for six months (early-Sep, 2019 to end-Feb, 2020). Prior to that was RD's short 13-month fort-holding period (early-Aug, 2018 to end-Aug, 2019). Immediately prior to that (+2yrs - Feb, 2016 to Jul, 2018) we had no permanent CEO (due to Ni's nuclear winter). (CI, our previous Chair, covered the key elements of the CEO role as a 0.4 FTE, from memory (may have been 0.5 FTE), and conserved cash during our extended near-death experience by being remunerated in shares).

We can see from the above (all verifiable from various company announcements) that it wasn't until PH's arrival in early-March, 2020 that we re-established any kind of meaningful strategic senior management continuity. This previous lack of management continuity has a long tail -- esp. for a mining company that's trying to become operational. I think PH has done a good job to-date from very close to a standing start (also at the beginning of a 1-in-100-year pandemic).

The LT effect of the previous lack of continuity should not be underestimated. Current management has been working very diligently, imo, and we are approaching the end of that patience-testing tail. Those who simplistically compare our SP performance to the likes of PAN or MCR without understanding the broader context of issues that affected POS do so from a position of ignorance.