the company will have to rationalise its exploration portfolio given it has a staggering array of tenements comprising 108 tenements in the Cloncurry district, including 47 granted tenements, 33 applications and 28 renewal pending. Such a portfolio is too dispersive for both management focus and limited financial resources. The land grab and entrepreneurial approach of its formative years as a junior explorer have positioned the company remarkably well in the Cloncurry district. The well priced and well timed acquisition of a development scale project means management is required to be disciplined and rigorous in order to extract full value for shareholders. To successfully transform itself to a producer we have no doubt the Board will look to strengthen its management talent pool with operationally experienced executives. We believe the market would equally endorse an expansion of the Board to increase its depth to reflect the company's changed circumstances. "Just re-assuring myself on a lazy Sunday reading again the November report".
QMN Price at posting:
9.1¢ Sentiment: Buy Disclosure: Held
