We are in a fortunate position of having a heap of cash in the bank, however its whittling away paying for plenty of private school fees as it has done for years.
in the 7 years I've been here we've probably paid the board and management 15m in wages, that's multiple raises .
and here we are, still valued at not a lot more than cash backing and still in a binary situation, I.e. get the permit and we are good, lose it and we are worth zero.
this isn't a great position as first quarter is already gone, 4 months since all boxes ticked and no movement, the game plan is now to cross fingers and pray that for some reason they wouldn't issue permit in first 4 months but somehow will decide to issue in month 5,6 or 7.
what happens if they still haven't issued in 13 more weeks? You'd probably start to realise it isn't happening and share price tanks closer to cash backing
this is why the board should have or should now vend in a couple of assets, a couple of offshore Wells we can farm out and do a high impact drill or a lithium asset, anything
one or two similar assets could see us now already at a higher share price than we are now, probably higher as we wouldn't be come raise and have plenty of cash for drilling
it's time to make the bauxite asset a bonus asset that if it ever gets approved then great, but to allow the companies future to be dependent on the issuing of this permit is pure madness
the company should also cease employing and ground staff and in country management for an assett that we may never end up with, total madness to employ senior staff when the government won't issue the permit
CAY Price at posting:
7.2¢ Sentiment: Hold Disclosure: Held
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