Apologies for being late.
I don't really know what to say. It's at 1c. so if you bought at 1 and got out at 1.5 it's excellent.
The issue will be getting out. You just watch the volume of shares that pop up if it gets to 1.3.
I haven't looked at their cash position for a while. But it will be low, and they burn it.
Today I saw it mentioned that it was at an all time low. Well they are right. Because it consolidated about a year ago when it was 2.2c 10:1
So anyone that bought at 22c has lost 90%
The people that bought at 17c pre consol.... well I can't even do the maths.
As far as FA goes, it's dead. They just acquired a tenement in Brazil. Yeah great, no one truly believes they'll ever mine it. I'm not even sure they can drill it.
Sconi I think is a good resource. But its actually not big enough for a $1.5bil plant build.
They actually should have sold it or merged with SRL. Now both companies are stuffed.
They have a tenement at broken hill that should have also merged with (I think) Vics tenement.
They gave away any tenement with gold prospects to NWM. That was meant to be a spin off. It's IPO was 20 cents and its been at 3 or 3.3 forever.
They changed the CEO because he made some forward looking statements that were seen as incorrect. I still think he was right. He just delivered it poorly.
They've completely stuffed up 2 term sheets.
They lost the finance guy who they paid a lot for and he left right after his 12 months were up so that he could sell his free shares.
All in all they've made wrong decisions everywhere.
Get this one. Back in about 2018 they bought a bunch of land in greenvale (sconi) to build properties for the workers etc.
I assume they still have it. They got way ahead of themselves and could not execute.
Having said that, if you are good with charts and believe that there's enough volume to get through what will be wall after wall of bag holders waiting for you then go for it.
I got out at 3.3 or something. People called me silly. I'd held it way too long and dropped 30k or something.
There were and still are people that had 100% of life savings in that company.
If I'm right there was a guy in his late 60's that put his entire $400k into it.
But trade the trade I guess. That Christoph guy said he bought 3.5mil. yeah well good luck getting out, because sellers will not be in short supply and buyers will be.
Hope that sums it up. I should have bought more neu at 8c with that cash.ha ha. it was the same month. Oh well.
