Some Interesting Insights, page-8

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MrAu

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23/01/21

09:21

Post #: 50394141
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Originally posted by triage: ↑

Great work, captain.

I reiterate my view that the only justification the board can have for putting Alex Passmore on such a generous remuneration package is that he would deliver for shareholders by transforming Rox from an explorer into a developer moving into becoming a producer. I would argue that since at least June last year the wheels have come off the Rox juggernaut.

Clearly, by the repeated delays in producing a JORC they are admitting that they do not yet have the makings of a viable mining project. The Rox update also confirms that Ramelius would be mad to pay market price for what Rox has. And Rox is still burdened with its attachments to Venus Metals. Also, it would seem that Mr Passmore cannot get a bid for the nickel assets or at least close a deal.

So why pay the big bucks for an ex-banker? What Mr Passmore is being paid might be reasonable if he were doing banker stuff but he is not. Rox does not need to structure any project finance, it is not engaged in negotiating any m&a activity, it apparently is not involved in any major assets sales. What the company does need is an hands-on geologist, which Alex Passmore is not. Rox could be paying an experienced gold-sleuth a fraction of what Mr Passmore is on and we would be getting better value imo.

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AP got a huge bonus based on the SP performance the Board merely ratified it. IE not a Board decision as you are alluding to.

RXL Price at posting: 3.8¢ Sentiment: Buy Disclosure: Held
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