Alexandria
This GGG page is populated by a bunch of people led by NRO who always attack anyone who asks hard questions about what the company is doing, and also what it is not doing.
There are really good reasons to ask these questions because this company has gotten almost nothing accomplished in the last 12 years. Guys like NRO will immediately say your wrong, we accomplished alot. Well, I disagree. I decided to find out what the company had spent over the last 12 years. I kept it simple, I got copies of all the GGG annual reports and put together a running total of money raised by the company and money spent.
I divided the money into 2 categories, 1) money raised and spent, 2 )Money given away in an exceptionally generous and foolish option grant given to the Company Directors, to company Friends, and to Company promoters. the options we given at .025 cents, and exercised at between 1 and 2 dollars, which produced a windfall to the option recipients of around 200,000,000 dollars.The money raised and spent totaled 269,000,000.Again, to be clear, these numbers came straight from Annual reports and company documents, nothing magic, no assumptions made to cook the numbers. It is all straight from the company documents.
So the total number raised and spent is 469,000,000 over 12 years. That comes out to 39million a year if you annualize it. but since they gave the option money to themselves and friends and promotors that 200,000,000 was gone. That left the company with 269,000,000 that they spent . That comes out to spending 22,416,666. per year. So first lets look at the annualized cost of the Option 200,000,000 giveaway. If you divide 200,000,000 by 12 years, it comes out to 16,666,666 per year. That means by giving away the options to themselves and friends and promotors ended up giving away 16,666,666 per year as a result. NRO and Sanders will say no they didn't you can't say that but I can say that. That is what the GGG Chairman and the board members decided to do. The dilution the giveaway cost, cost all of us shareholders. The lavish 269,000,000 spent on operations also cost us in terms of dilution of our shares as they raised it over the 12 years.
What have we shareholders gotten for our money?
Have they gotten a license to mine. NO
Have they gotten even the first step toward the mining license, the Environmental Plan/Report (the EIA) been done and approved? NO they have tried and failed 4 times.
Has the company at least been forthcoming with the reasons fro these failures and shared the Greenland governments reasons for rejecting these EIA's. No they have never shared with us or the ASX an actual communication that the Greenland government sent regarding any of the failed EIA's.
I would suggest managements failure to do so is a violation oif ASX disclosure rules as the explanation of these failures are very much price sensitive issues for GGG stock. But we have gotten nothing. Just flowery communications with predictions that have not yet materialized. This continues to be true even of the company's newly released Quarterly Report. It did not have any substantiating material to back up anything the company said in that document. So again , in summary we have gotten No infromation from the company to back up anything they say.
When the company did a MOU with a Chinese company caleed shenge that granted that company the right to 12.5% of the company stock and supposedly a right to go to a 60% holding, did they release the documents so that we shareholdes can at least see all the terms the company had agreed to? No, we have never seen the document, the company has never released it even to the ASX. So we don't know all the terms and their possible effect on our shares.
For the reasons i have listed above, I have very serious concerns about this company and its leader Mr. Maier and about his board. They have put a very nice lifestyle company together for themselves and i imagine they are living well. What I would suggest is that they are not doing well at doing their job which is bringing a multi-element fully permitted mine into being to mine what is a potentially spectacular tenement called Kvanefjeld.
If you look and Maier's and the boards CV's you will see that none of them have any prior experience in bringing this sort of mine itnto being and production.
I post because Kvanefjeld is a great project, I text negatively because the company is being poorly run and in my humble opinion very ill served by the current management Mr,John Maier and all of the rest of his board of directors. It not difficult to find much more experienced and better credentialed Management. I again write negatively because It is the Truth, show me something the management has done well other than spend vast amounts of money and get absolutely nothing in return for it. I would change my mind. But there is no good news. I would say based on the history of the last 12 years that this company's only chance is to fire Maier and the board and get better more qualified management.
So posting negatively may not please some of the other posters, and they will tell you you are wrong if they don't like what you say, but they never can back up what they say with facts. So I thank you and would suggest that you continue to post the truth, maybe we can save what should be a wonderful mining company, unfortunately it isn't one now.
Ciao
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