Andylgo
I have a very small holding which is almost worthless and if it isn't now, it soon will be. I agree with all that you Andylgo have said.
Unfortunately I don't believe that the Aucu Gold project in Kyrgyzstan will ever be mined by this company or for that matter reach a decent number of Au ounces. Several capital raisings and billions more shares diluting the company preceding this will/would have stuffed the managements creditabilty with any potential lenders.
The reason I say this is even if they got it to the production stage - years down the track, management would have no hope of raising any where near the amount of capital (say $50 million?) needed to get the mine up and running.
If they were to sell it now,would a larger company pay a premium?
Hardly likely, they would more than likely steal it.
So why persevere? Have management gone to far down the track to pull out?
How much has it cost the company to find 300k ounces of Gold?
An investment should be about returning more money invested than the other way round.
However management have got into a situation where it is doubtful that they will get any financial success in Kyrgyzstan.
They should have stayed in W.A. and decided on what they were going to explore for. Whether it be Gold, Nickel, Cobalt or lithium.
Way to many iron's in the fire to be on for a company with a market cap of less than $6 million.
What is needed is someone in the current management team who can raise money for the company, cheaply rather than dilute it to oblivion which is happening now.
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Andylgo I have a very small holding which is almost worthless...
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