I just think the current approach is not working well. The long-term chart seems to say the same thing.
Maybe too 'hands-off'? Whilst the artisanal might be a non-issue to management and some other shareholders I felt I was left in the dark about it and that is a no-no for a public company. If it was a non-issue then why suddenly fess up to new artisanal over a year since it seems to have kicked off? I can find no prior mention. If it was not an issue, why not mention it prior in passing? This is rooted in the current company ethos IMO, what I see as 'A new way of doing things to 'do the right thing''.
I am NOT suggesting get armed guards and turf them off, and start a stoush, but there is NO FRAMEWORK to prevent the issue expanding and much of the current gold is fairly shallow. At some point, if managment are perceived as weak in their resolve to protect the assets, illegal mining will move on to areas that Mako has drilled. Then what? What is the plan in such an event? Is there an understanding with the local community that the community itself will step in and prevent that?
Is there an understanding that artisanal are free to strip the top say 30m, but no deeper? If that is the case and community will enforce (police/guards are NOT the answer) then say so.
There are multiple issues here, some visible and probably adresaable by management, some hidden, constructive critical comment on aspects that management can control might make management reassess their approach. I mean seriously... the drill for equity contractor running the local on the ground campaign whilst Peter was off ... where? Was this really the case? No wonder no great shakes to show for that IMO as motivation would have been exact opposite of what was required. And now we predictably head down to 2c for the next tranch of drill for equity.
Market is saying 'no confidence' in adding value at the moment loud and clear.
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