I take your point about change in direction - but as I have said previously, I think it was warranted.
No point getting upset if the company decides that what is in the interests of shareholders is different to what was originally planned.New information may lead to the company changing directions again.
So be it - better than sticking to a sub-optimal strategy. Dave should however not make promises that he cannot (or is not prepared to) keep.
And news flow is lacking.
Rubbish on angling for a buyout.
They will not get a buyout on a near surface resource that will be drilled up in a few seasons by a major.
A major does not want to buy a relatively small resource, regardless of margin.
A major wants a large resource and often, a derisked project. That is what they get if the theory of what is down deep proves to be there.
There will be DSO. They will secure the revenue they need to explorer the deep stuff more thoroughly. Bay will be on the hook for its share of costs.
That is a sound strategy.
If they hit some very good copper down deep this season, it is likely this strategy will change again. That's a positive, not a negative.
There will be more dilution. That is the way of species. Anyone who claims that is unusual is lying or clueless. Usually shouted from the cheap seats.
Dilution injects essential capital into the company that needs it to keep going. Drilling + project derisking = increase share price. Those things do not come cheap.
Far better to dilute often to get the capital that a company needs to add value, than to avoid it and just pay directors for their lifestyle.
