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@ sydneyguy My Friday comment was correct. I do believe that MC...

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kropka

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19/08/19

09:26

Post #: 40033439
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Originally posted by sydneyguy ↑

Friday you say this

Did MC deserved pay increase?
With additional offtake, fines ready as planned, drilling underway and reduction in production costs - I say yes.

This morning you say this

We, the shareholders of A40, have big rights to question MC and BOD who IMO for long time paint us a picture of new offtake deal almost done, production cost going down, fine items ordered and ready for commissioning in September, hydroxide MOU ready to be signed in June, etc.
What we know now, we were treated like mushroom or their plans were based on dreams and their latest actions were more like amateurs not executives with history of past high achievements.

these views are completely opposed

This is what I was goi g to suggest Friday and it will be the same today

IMO he should have been fired once the accounts in Jan were out. The showed he actually took out a payday loan in October and breached it in the same QTR, he was not reaching anywhere near the figures stated in the first mining plan and the company was actually in trouble back in the QTr it merged but not shown until when the accounts came out.

He gave away full security, was looking for even more qorking capital despite a string of record breaking announcments which produced nothing on paper - As it turns out the Fines circuit seems to be a very expensive item. They seem to raise and borrow for this item but the capital seems to be needed to operate

Like the TA agreement, there was probably great demand but he didn't want to sell at market prices instead banged on about worlds best product, like grade is the only thing.

His figures to build the plant, operate the plant and the profit he was promoting have been shown to be 100% wrong. Personally I find some of the announcements have been misleading as future information does not support the financial results

Instead of taking action he produced a big stockpile which has just dropped in value further against his forecasts and raised more capital via expensive borrowings and diluted shareholders. The company could not even make enough money to drill as expected a year ago but put on hold for a merger it was implied. Despite claims of reduced costs it couldn't make enough money to get the operation to break even

Every forecst he has made has been exposed since jan accounts to have been utter rubbish

Imagine if he only made 20% of the profit he promoted of 83M a year from the starter pit, things would different, but he couldn't even make that because his estimates were clearly wrong.

He has made many statements which IMO may come back to bite. He has cost everyone money, of late all the supporters who as you now say have been treated like "mushrooms"who held on despite clear information that there were growing major problems...he hasn't delivered anything really but a big plant producing losses

Another poster was spruiking how the just prior to the last cap raising he was forecasting 100M FCF online - totally delirious imo as these statements were made when he was needing another 32.5M in capital, not shipping - ,

he has just built a company based on his flawed forecasts, then in the face of falling prices ramped it up on everyone else's money and driven it at full speed onto the rocks.

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@ sydneyguy

My Friday comment was correct. I do believe that MC had rights to ask for pay increase as my strong believe was that he will deliver all mentioned goods.

Keep in mind that his pay increase was at the beginning of 2019 and everything was looking very promising.

I mentioned several times that his appointment was one of the main factors why I invested in TAW back in 2016.

If you read all post (rather than visiting us when things go bad) you would be aware that from huge supporter of MC I turned out in May to have very negative view of his management decisions once I realised that this "finalising" offtake agreement is not as close as he led us to believe.

I have no doubts that we would not be in such situation if addition offtake be achieved few months before.

I am not a mining guru but have good knowledge on financial operations of business.

A40 Price at posting: 8.2¢ Sentiment: None Disclosure: Held
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