Haha. Well you're not wrong. easy to point fingers at management but if we were in their shoes... The difference with the discounted raise was their lack of participation so they didn't actually print themselve shares. Just raised $$ to keep themselves being paid. Not sure there was any malice, just ensuring enough $$ in the kitty to keep the salaries rolling and to hell with the cap structure.
Looking at the other side, I think if these blokes heads were on the chopping block then an even worse predicament than diltution would be their lack of involvement in the company.
Peak's life has even begun yet. Ngualla is an egg that hasn't even been cracked. When this licence is granted, the work really begins and anyone who has spent 30 mins doing DD on this asset knows its the best asset in the game. in the Tier 1 across any commodity really. $100B in ground val. Beats even Mountain Pass (higher opex and shit loads of low value cerium to deal with). Mount Weld is solid, but has radioactivity probs. Ngualla's biggest issue is being in Tanzania. But offset with refining in the UK. Once the Tanzanian;s are sorted, they will play the game.
Once this licence comes, the overqualified and well overpaid management the business and cap structure have been carrying for 3 years will actually start to serve a purpose. These guys - Rocky et al. CAN deliver and build this asset. This is what instos and devleopment partners who are considering ponying up $350m want to see - guys who have done it before not bullshitting promoting brokers in nice suits. Shame it took 1.4B shares to wait to crack the egg though!
great close today. lets hope this licence lands soon. 10c is in our sights....
PEK Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
(20min delay)