And the further gold rises the more expensive the financing gets.
The only point they did make was that the 22.5% is irrespective as to how long they take to pay it back via gold sales. Based on the performance to date it could take up to 5 years to pay back debt drawn down this year, on that basis it's not that expensive.
The underlying theme with this management, to use a strong word, is deception. Partially feeding information to shareholders & treating them like mushrooms. Swamping shareholders with all sorts of operational updates in new areas that look like they are making progress and yet the financials show that they are going backwards. They failed to due adequate DD on the BRP & ended up with a huge millstone. It's taken over 3 years to actually get the truth about the BRP. The volume projection at the last AGM to reach CF breakeven was meaningless. It all started with the BS 'IPO in the next quarter' right from the start almost 4 years ago!
The ridiculous thing is that it's completely unnecessary when you're dealing with an unlisted company, there isn't a listed share price to be impacted by bad news. And if you're worried about putting off potential new investors with historical issues by hiding them then that's close to being criminal.
And to add insult to injury the last share placement was at a 50% lower price than the one in Mar-23.
The management is proud of being 'number 1 by a long distance' in a market where they're losing money hand over fist. The priority now, today should be making the current operations CF positive not investigating & laying groundwork for expansion overseas!. Expand further & make the losses bigger, great strategy until you run out of money.
Waste management sector is littered with companies that have failed, is Sircel going to be any different?
As far as I can see we've never been further away from an IPO or trade sale to get out of a investment that was made on false pretences. At this stage if I get my money back in 5 years it'll be a result.
