The long game, page-6

Roo, I agree with most of what you say apart from the bit about

"My view is anyone who says they know that an adverse event is due to poor management or any other reason without access to a thorough investigation is making stuff up"

The directors are employed by us, the shareholders, to run the company in our best interests. A part of that in this case is to understand the details in the DFS and run some checks to ensure the costings are based on reasonable assumptions, not plucked out of thin air. To turn around after starting the construction and say we believe there will be "an expected increase in the existing pre-production capital cost estimate for the LGP" says these checks were not done. This occured only 4 months after securing finance from Sprott.

Was there any checking of costings done at all. Did any of our employees pick up a phone and ring Bob the boilermaker or Con the concreter and check that the figures presented were in the real world? Did any of our employees do what is expected of competent and capable managers? The evidence suggests not and I will stick with my usage of the term mismanagers until evidence to the contrary is forthcoming. Building a gold processing plant is not that difficult, nor is it an unusual activity. Cost blowouts being identified this early in the construction are a real concern that the DFS was based on pixie dust. I work in the maintenance and operation of trucks and machinery used in mining. If I don't do basic checks on costings for rebuilds and repowers, my employers will have no hesitation in giving me the ass if costs suddenly blow out, simply because I would have failed to do my job competently.

Stopping the whole mess before it overwhelmed us, was and still is the correct thing to do, as much as it pains us. The new management appear to be competent and capable of getting things started again. We also have a subtle change in the structure with our new CEO not being a part of the board. Being independent of governance is in my opinion the correct way to manage a company.

Now for the most important questions, what was the detecting like, who got the biggest nuggy, who got pissed and fell in the fire, all those vital things that make a prospecting trip memorable?