E25 0.00% 29.0¢ element 25 limited

Brown needs to dip his hand in his pocket and buy on market to...

  1. 202 Posts.
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    Brown needs to dip his hand in his pocket and buy on market to restore even a modicum of credibility. Constant nameplate broken promises for 6 months now (when they weren't necessary), interminable fluffing of press releases and delay of 95% ready PFS. That shocker of a 'new breakthrough' release the day before appalling figures - naive and terrible timing with the delayed PFS buried deep within the copy. I'll be furious if his latest shipping release touting '45%' reduction from peak tariff, really means 45% reduction from the BDI peak and not 45% from what we last paid - more fudging and spin. The rates have gone down further since then but I think he's already locked in a now higher rate.The scoping study will be a bust if no one believes its content. I have a creeping sense he's being taken to the cleaners by the shippers, the off takers, the haulage company and the mining crew on the ground, telling him what he wants to hear. This is a solid company with solid prospects being damaged by a CEO who keeps shooting himself in the foot over the past 6 months in his HPMSM monomania. He has lost trust, not the company, and needs to get in front of this quickly.No DFS in the world could have predicted the spike in shipping costs and it will settle down but other variables are being fluffed. For instance, at the AGM they want to vote in an additional 10% placement facility for 'advancing the planed stage 2 expansion'. We've been frequently told over the past 6 months that stage 2 is fully funded. So is it or isn't it?If the operating costs last quarter include an allocation for the PFS team, then say so. Ultimately, this is not the management I invested in towards the beginning of last year. I now actively take anything they say with a pinch of salt - that's a terrible inversion. Brown can turn this around if he mans up, gets an interview out there answering tough questions and doesn't stick his head in the sand.
 
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