A $600/oz improvement in the gold price since 2015/16 helped too...
You say he ‘got the share price to $2’ in 2016 but since he was only the CEO from July 2015 I hardly think that can be attributed to his actions. The share price in the bear market was suppressed due to high debt, extremely leveraged to the gold price and had an operational uplift (due to oxide circuit completed in FY15) just at the right time.
Welborn always seemed like a personable guy and probably great in investment banking. Was he great at managing a mining company? Ultimately I think the answer was no.
I’d also point out that you really need to look at relative performance to the sector to make any judgement on performance. Perseus was always the RSG twin in 2013-16. Poorly managed and high cost. Since then they’ve gone from strength to strength, built two mines and have a far better production outlook now.
RSG Price at posting:
68.0¢ Sentiment: Hold Disclosure: Not Held
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