As brief as it was, the Chairman's address at the AGM seems to be succinctly suggesting that whilst there has not been news flow from the Company, nevertheless, the Company has been strategically assessing and progressing prospects upon which to best capitalise in the current market.
My highlighted sections of the address seem to be of specific note.
"In order to execute this, the Company has been focusing on two specific strategies over the last six months.
Firstly, we have been looking for complimentary and opportunistic acquisitions. Throughout this process the Board has been very mindful and conscious of shareholders’ interests, particularly with respect to dilution".
"The Company has been particularly focused on looking at ‘bottom of the cycle’ acquisitions. The board is looking past the immediate reluctance in resources by the market and looking towards building longer term wealth for you the shareholders".
"As the second part of the Company’s strategy, attention has been focused on advancing the gold targets within the Gidgee ground. While not the focus of market announcements, the Company has continued to steadily progress the Montague gold area, to the point where we believe we will be able to announce a maiden JORC gold resource in the near future. This will provide an excellent platform upon which we can add further ounces through cleverly targeted drilling".
"We therefore have undertaken a strategy where by we will look to steadily add ounces to the resource inventory, awaiting the market to turn. At such a point, the Company should be very well positioned to capitalise on improved commodity prices".
The above statements give an indication that in a tough market, they Company is certainly not standing still and has been active in progressing matters with the aim of increasing shareholder wealth.
I for one am optimistic regarding the future of precious metals, particularly in an uncertain and worrying future World and continued debasement of fiat currencies via a currency war which could see a race to the bottom.
As shareholders, I am sure we keenly look forward to further news on the Montague gold resource and the interesting prospect of acquiring any "bottom of the cycle" acquisitions, whatever they may be!
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