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Classic Minerals - Payments to Related Parties, page-40

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bungalowbill

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25/07/22

23:52

Post #: 62720327
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Originally posted by lindentree: ↑

Here is some evidence/indication that DG's (intellectual property) geological work at Forrestonia was completed whilst an employee of SOG.

DG was employed mainly as the chief geologist at Bounty Gold Mine, his employment brief, evidently, did not include working on the scoping report on the proposed Kat Gap open pit, but he was mentioned as a consultant in the feasibility work. This IMPLIES that the input into that scoping report and regional structural work was part of his employment contract with SOG.

On that evidence DG's intellectual property was really an asset of SOG, and/or the State's taxpayers

When a geologist applies for a position or is offered a position, based on their experience or special knowledge, it is expected that they are chosen as being the best person for that job and being within the salary range that the company can afford to pay. Then if you want their loyalty over time you give them a bonus after they have served a time.

A million dollar lump sum payment equal to 4 years salary seems strange and unnecessary, coming from a junior and financially struggling company.

So this begs the question: What was the payment really for?

Expand

Linden and Sense, some great work. I will be fascinated to see if it's scrubed. I mean a discussion of the origins of the companies leases , doesn't appear to be very controversial. If we can't talk about that what can we talk about ?

Originally posted by lindentree: ↑

Here is some evidence/indication that DG's (intellectual property) geological work at Forrestonia was completed whilst an employee of SOG.

DG was employed mainly as the chief geologist at Bounty Gold Mine, his employment brief, evidently, did not include working on the scoping report on the proposed Kat Gap open pit, but he was mentioned as a consultant in the feasibility work. This IMPLIES that the input into that scoping report and regional structural work was part of his employment contract with SOG.

On that evidence DG's intellectual property was really an asset of SOG, and/or the State's taxpayers

When a geologist applies for a position or is offered a position, based on their experience or special knowledge, it is expected that they are chosen as being the best person for that job and being within the salary range that the company can afford to pay. Then if you want their loyalty over time you give them a bonus after they have served a time.

A million dollar lump sum payment equal to 4 years salary seems strange and unnecessary, coming from a junior and financially struggling company.

So this begs the question: What was the payment really for?

Expand

CLZ Price at posting: 4.0¢ Sentiment: None Disclosure: Held
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