I like you TB and the value that you add to these forums
But let me highlight the below:-
The numbers are taken directly from the yearly annual reports.
Market cap 2011 - $362m
Market cap 2012 - $145m
Market cap 2013 - $52m
Market cap 2014 - $267m
Market cap 2015 - $149m
Market cap 2016 - $57m
Market cap 2017 - $94m
Market cap 2018 - $304m
Market cap 2019 - $163m
Market cap 2020 - $166m
Market cap 2021 - $307m
Market cap 2022 - $420m
Market cap (Weighted average) - $220m (Pretty scary when viewed from this regard).
The dilution has also been terrible (along the way), I believe the business will need to cap raise again if base metals do not recover and judging by the current debt and working capital it could vary anywhere between $30m - $50m in my view. (Which represents about 12-20% of today’s market cap - This means way more shares on offer (lower share price) for the same market cap.
If the recession is severe enough (which some are forecasting) and base metals go lower for longer then it is a real possibly the business can go back into C&M in my opinion. (It’s a never ending shit cycle) - Base metals move higher, restart, ramp-up, nameplate, base metals move lower.l, C&M. Always chasing your own tail.
Whichever way you look at it… It’s ugly in my opinion.
Then you have an MD who simply has not delivered (in my view). The board should be embarrassed that the share price is trading at $0.115.
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