OGX 0.00% 0.3¢ orinoco gold limited

Terrible quarterly; further to drop yet

  1. 198 Posts.
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    Q man, I am right with you, the predictions I made regarding a serious positive spin campaign using twitter were spot on.
    The quarterly was a lot worse than I expected. To any newbies recognize a lot of the positive comments are from long term holders or those who got in at 2 cents at end of last year and still up.
    I have definitely noticed the positive brigade on ogx has finally, finally lifted the rose glasses (most of you) and seeing reality. Which is great to see. I dont like seeing people fall in love with stock and go down with the ship.
    Some commentary;

    Given the embellished status of hm3 in the Feb announcement of 2 shifts that wasnt true, the missing of multiple self imposed goals of 1000oz and 2000 oz for may and june; I challenge this quarterly and dont actually think they have been able to produce 100 oz in 2 days. I say this because in 6 months they have produced 200 oz and it seems highly unlikely given <2 g a tonne achieved they all of a sudden are able to do 100 oz in 2 days: so I call absolute porkies on ogx until proven otherwise, Imho.
    2. Hm4 was meant to be up and running by April. It's not even installed. No disputing that. Again porkies on mgmt.
    3. They said truck strike caused 3 weeks of no output. Absolute porkies!! Do a bit of research but other miners also on asx reported an 8 day outage from the strike, not 21 days. Something else is going wrong at the mine. More porkies on the strike.
    4. 2 g a tonne is woeful. They said they had 9 g a tonne in 40000 tonnes of tailings. Absolute porkies. I challenge that statement now after this quarterly. Imho they do not have 9g a tonne in the tailings at all. Why? Because if they did they would be mining it by now. Porkies.
    5. Cartesian royalties; I go there could be conflict of interest.
    6. Joint venture not completed, Anglo could wait back now and watch this deck of cards fold and buy on the cheap when it hits 2 cents after the next cr.
    7. Another cr is definitely happening. They are losing millions a quarter are mining next to nothing, have not turned the ship around in 6 months co tinual to slip further behind and now doing a site visit in prep for the next CR.
    8. Massive dilution coming. Already 1 billion plus shares. Expect a further 25 percent dilution.
    9. Costs increasing next quarter, back to basics is out the window in terms of ongoing savings.

    10. Failing to update holders on status of mine is now consistently bad. JG has a continuous disclosure obligation to advise shareholders as soon as he knows any material change. Imho he knew they couldn't achieve the 1000 or 2000 oz in may and June. And he should have updated the mkt. He didnt. He continues to play by his own rules, I cannot understand that given the history with old mgmt. Its lost my confidence and the market

    I predicted share price to be 4 c in 2 weeks from today. I think itll be lucky to be that.
    Share price went from 13 c to 12 c credit raising in Feb (after a big spin campaign mostly porkies) now share price 6 c and today down to 5. Another cr without any material results will put this share price to half of whatever the price is at the cr. My take is share price will drift lower to 4 c in next 2 weeks as more exit knowing this is a failed company. Then CR, then down to 2 cents, more failed attempts. Then aglo clean up for 1 cent a share. God help anyone who has been foolish enough to go all in on this stock.
    Good luck to all holders. Get out now while you can. Writing is on the wall. 6 months no results. Burning cash. Mgmt that are not being transparent or delivering on what they are saying they will. That's a sell in anyone books.
 
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