i’ve read the main contributors to posts on hotcopper for oropa...

i’ve read the main contributors to posts on hotcopper for oropa and respect all views and aims. your all sensible people, and also similar to me emotionally and financially attached to oropa. but that won’t solve a problem that is deep in the problem with the company. all your ranting about such a great project is just gilding lilies – giving credibility to a board that deserves no credibility for having brought the company to its present position we stuck with.

my biggest concern with oropa is whether theres a funding crisis looming and possible dilution at low prices. management arent helping my concerns.

the quarterly was actually a confession and insight to how badly the company is now being run. this shocked me as I had been led to believe earlier in the year that we were finally getting traction, with new look approach and management team. then all of a sudden that has been replaced with a different lineup and nothing but bad news in the quarterly. imo its not coincidental the quarterly was put out so late on the last possible day, friday, to conceal the bad news amongst many other quarterlies and it was well after trading, thats my opinion.

its time to face some serious facts about oropa, no need for me to pull any punches now. and management have to take responsibility for the questions i ask, it should be better communicated by them so that i dont have these concerns.

first from my observations, oropa is running out of cash based on the quarterly. Just think about it, only in late march they got $2million funding approved by shareholders. by end of june they have only got $900 grand left.

i am not sure when the annual report is put out but that should give more insight to the cash position now.

what did shareholders get for that money spent – from my reading of it, actually not just nothing but we got a real negative on the drilling north towards sihayo 2, so bad in fact that mid-course they stopped drilling along that line and moved to sihayo 2 itself. so much for the 1 km extension of resource. but they cant be blamed for no gold if its not there thats not my intent to blame for that. my point is that oropa has little cash left now, from my estimates they must be about 5 - 6 weeks away from running out of cash if they are drilling at the same rate as last quarter, but then there report said they only going to spend half what they spent last quarter in exploration. it doesnt add up and i just dont believe the report cos its not based on any stated change in report itself. before oropa reporting was about the best in the sector now its not believable.

the cap at 3.0 cents makes sense to me – it means someone is out there limiting there means to get proper priced funding which they must now be trying to get. but think of it, if they have 254 mill odd shares now, and can put away only 15% of that, say 38 mill odd shares, then they can only raise at say 2.5 cents about another $950 grand, max – maybe the placement will be less than 2.5 cents. $950 grand is not enough for them to last more than another quarter unless they stop the whole exploration again. and it adds to another 38 mill to the dilution, = 296 mill excluding another 75 mill to come from notes = 371 mill without getting any closer to the aim of developing a gold mine - if there is enough gold actually there to support the mine. imnot saying there is no gold there, but i just dont know and oropa arent doing anything to prove its there at the moment, other than to prove it aint in the extension area.

if oropa doesn't have the $1.6 mill cash in 7 months then noteholders can underwrite rights issue at 1 cent per share for there repayment. so thats likely to happen now given there not having ability to raise at reasonable levels. that will add huge extra dilution.

and remember each quarter oropa must pay noteholders $40grand cash in interest - not bad if you can get it.

management has to be responsible and accountable, and i just don’t buy it that “misha is a good guy cos he bought shares like the rest of us”. he is the chairman of the company and he should be taking responsibility for being in that position, he is being paid in this professional capacity. if he isnt taking responsibility then why is he there, he obviously isnt there for his performance cos he was also involved at the time of blackwood coming in, and he is now the chairman so should be leading the board not following them.

the ceo i don’t know if he has any shares cos he didn’t make any declaration. i am not sure if he should be forced to make that declaration, what happens if he trades shares. maybe someone else can comment on this as i have limited knowledge about this. i assume he is a blackwood nominee. I don’t understand how this can happen.

do you guys really think its a steal at current prices, honestly? especially with this management responsible for its running.