You are right in that I have taken an optimistic view of the Uley Project, that is not the same as having blind faith in the Board.
For what it is worth I think a lot of your earlier posts and thoughts have been spot on. I invested in the IPO and in each of the Cap Raises, not because of the Board's grandiose pie in the sky statements but because I believed in the fundamentals of this project, not many can say that.
The project itself is exceptional, the problem is a Board and a specific level of management that has not delivered and has not shown any contrition for that lack of oversight or inability to deliver. Things have improved since RM's arrival but it may well be far too little far too late given the perilous state of the company's finances and he is still answerable to a Board that apparently has no idea of what it's lack of direction and control has done to this company.
It is time to hold them to account for their failure to deliver.
Read the IPO prospectus, this project was supposed to be in full production by Jan 2015 with all development and refurbishment paid for out of processing the existing stockpiles. Two additional Cap Raises later, 11 months late and no meaningful production and we now need to redesign and rebuild the plant?
Sorry, no more excuses times up.
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