Your understanding on JV partner’s interest only comes from...

Your understanding on JV partner’s interest only comes from claims by HGO management. If a major is really seriously interested in these projects, they will want to get HGO out of the picture completely. HGO will get some cash, if we are very lucky, and a royalty from eventual production (minimum 10 years from now) and that’s it, IMO.

Indonesia is a very challenging political/social environment, even for an experienced Major. There are a number of very well explored and very promising projects currently owned by Majors that are not being advanced quickly or at all. That is because doing business in Indonesia absolutely sucks.

I doubt that HGO will ever recoup their investment in Indonesia, much less make any money. At least, not in our lifetimes! Counting on even $0.05 of share price from anything HGO has other than Kanmantoo is just wishful thinking. How much have we already spent on developing these “assets”? Wouldn’t it be great to have that cash on hand now?

It’s time to pull the plug on this enormous waste of scarce cash resources and management focus and time.

Maybe three weeks after telling the market that all is ahead of schedule and on budget, we get the latest bad news. In an instant, Drew has completely lost what credibility he had due to the delay in production and the $10 million. Maybe you think that is unwarranted, but that is life. David Archer was a madman and he left a deep, deep hole for Drew to try to dig out of. He was doing well, but he blew it.

Want to bet the $10 million turns out to be much more and the production falls further behind? Maybe not, but that is what the market is pricing in right now. There is nothing worse than promising and not delivering.