I am back looking at this after selling most in 17 18 and...

I am back looking at this after selling most in 17 18 and deciding to keeping rest in bottom draw for a rainy day. That day is here.
The technical programs look robust but their main project seems to be very fractured and very hard to piece together. There has been very good results since 2015 - exciting statements etc etc but further work just doesn’t bring it together. And the company is stale and I think the trouble with XAM in its marketing is the ‘crying wolf’ problem.

The issues now are more corporate in nature :
- Don’t like 2 geologists in leadership positions; that rarely works
- I think noble is out, that helps as original investors add to staleness and likely have very high entry prices that can hold up progress
- I think they should stop spending on Kharmagtai and bring in fresh eyes and a decent corporate. Getting a decent corporate in is more important than squabbling on valuation.
- these guys seem better at much earlier stage projects.
- Their Chairman looks way too thinly spread. I’d like to see him drop a few roles and really focus in on where he is in a leadership position. Feel his experience in Newcrest and Merdeka very different than these smaller listed plays. More time consuming.
- maybe I missed it, but their local director is at his maximum level at 15 % of XAMs 90 % of Kharmagtai ages ago. He needed to put his 15 in ages ago to keep his position, if he hasn’t, how much extra equity does XAM get for funding his share down to his free carry position of 5 off %. This is critical.
- Dr Stewart has been there for over 10 yrs I think; this is rare. Worried this has turned into a lifestyle for these guys.
- like the JV on their other project. Do the same on main project.
Refresh refresh is what it needs.