As you say, the market has nothing to get its financial teeth into.
That is the nature of an exploration company - it's all potential until at least something is JORCed.
But, even worse, the management has not given the market any idea of when it expects to be able to produce even a maiden JORC. The company has talked about the production facilities in the region but has given no indication of what cash it might need - it is premature but how certain are they of securing the use of those facilities and at what kind of cost? They must have had preliminary discussions and must have an idea or they would not have mentioned them.
They need to start running the company as a listed company and stop running it as a private one.
AUT has just proved how much value and potential for shareholders can be destroyed by poor communication.
If they actually got down to drilling out the Guchab canyon instead of taking weeks' breaks and drilling other attractive bits, they might even produce something.
For all we know, they might do so next week or the week following. But because they've given no indication of a timeline, it will be a big surprise if they do and continuing frustration if they do not. What's the matter with them? It's not a geological survey, it's an exploration company that should be aiming to enter into a development stage as soon as possible. If they do, they won't have to worry about cash because the market will then have something to price.
SBR Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
