I also wrote to Joe in the last week, primarily focused on understanding cost controls. He replied saying most of it had already been put out to the market, but mentioned: 1. Mothballing of Namibian accommodation camp 2. Lapse of Namibia and Vancouver leases 3. Non-renewal or significant trimming of contractors 4. Deferral of short term incentives for management in CY23, no prospect of further.
I mentioned I'd seen other companies convert cash salaries to future incentives to save cash but that idea was not engaged with in response.
He agreed with me that tax loss selling was not helpful but that no update outside of the one we are waiting for would put a floor under the SP. I disagreed and argued the psychological benefit of regular comms for twitchy retail holders. I want to see improved form of comms - for example, it wouldn't hurt to provide two paragraphs and a table summarising the net cash burn reduction rate of all those listed initiatives so it's all in one place rather than across 2 or 3 announcements.
I think the whining on this forum is beyond pathetic at times and revealing of either an agenda or little understanding that you don't talk about what's happening inside a deal until its done to protect your own position and to make sure the other side remains at the table. Having said that, manner, tone and even regularity of minor general updates would have potentially done a bit more to stave off half a*sed capital raises at basement prices. I still believe they are battling external forces mostly outside their control, and we still could succeed albeit under likely unfavourable terms.
(20min delay)