Just taking stock since my last post around 4 weeks back.
There has been a lot of announcements and now a CR so was going thru everything.
And before people shoot me down for a non-holder, I did mention in my post here my association with MGU when Dano was here. In that phase I roughly lost 30% on a good holding, my buy average was 11 and I had exited at 8. Since then following everyday to see if things change and I can get back something, hence my interest.
In my first post that I wrote in nearly 2 years was after the quarterly, on 31/07. There was nearly no expenditure on any exploration etc. It was only for administrative and marketing etc. In subsequent posts I have also mentioned how directors are taking care of that part by saying in each announcement - something like - there is no new information - so just a rehash of old.
Later in one announcement they mentioned there is no transport costs. I was amazed. From Dano's time a study was done around costs and it was found that it would be break even around 120 to 150 - one of the key reasons project was not viable and Dano who could have earned millions in performance rights by just taking it to 20 to some other higher number failed and he had to forego everything and go. All this time the sp was over 10c and I was thinking Dano will earn few million dollars, a very decent number don't remember now, so he will do everything possible. Maybe he tried. Here is the link where I posted the study done and the figures from June 2021
Then I provided some history around MGU because it looked like they were seeming to get funding etc. Talked about the feasibility done in 2011 as it was called RHM that time, then its name was changed to NVI, was possibly listed in TSX etc. Also RHM thought to have secured funding for US$180m. Only problem it was non-binding. Since then the saga has continued - everything being non-binding. Every couple of years new people come, use the 2011 feasibility for all purposes and spend all time/money doing flights, interviews, writing non-binding agreements. Every announcement would look like something is just round the corner. Its just that they have not been able to reach that corner in over 12 years. I got caught up in last cycle of Dano. Now Neils two year phase is going.
So the reason I wrote is I got caught up in the hype and lost money. I just want people to do their due-diligence. If something good happens, a lot of money can be made. Yes a lot. But one needs to think why Dano would have walked out leaving say nearly few million dollars on the table. People who do this rehash, because there is nothing concrete, announcements may not make sense. And this is the first thing I wrote on 31/07 - so confusing, something its DFS, sometimes DSO, sometimes in 4 weeks, then no mention for months. I feel if there is something concrete and solid - one would get a consistent message with timelines which is adhered to. Otherwise its like spending time here, doing the 2 year period, as by that time punters who have been in that cycle have left, all old rehash, non-binding mous been done.
Then wait for next round of management and rehash. I really wish something good happens here and I will also join and pick up some of my old losses. But till now whatever I have read does not give me any confidence. Even every announcement when I read I feel I have read it before in some form. But that could change. Lets hope for all of us something changes. All the best.
MGU Price at posting:
3.2¢ Sentiment: Hold Disclosure: Not Held
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