Webinair, page-60

Love him or hate him Love God is right in that mining of high grade ore was to feed plant 2 after commissioning in mid 2023, and all we have received since is "soon". If this high grade ore was used, as promised, we would not have had any of these financial problems, or angst among the shareholders.
Thanks to Wayne Schiller plant 2 has been operating extremely well, even with the low grade ore.
I notice most of you on Hot Copper have been drawn hook, line and sinker by our salesman, whereas some were not so convinced. Why not listen to their reasoning rather than attack them?
The interview should have been chaired by someone knowledgeable with the mine and its problems, not a PR rep reading scripted questions that Jamie already had prepared answers for.

For example:

Jamie gave deep and heartfelt reasons for the bonus, but completely failed to explain why the bonus came from shareholders CR without their approval. I am not opposed to a bonus for exceptional work paid from profits, but would we have happily contributed to the CR if we knew premature bonuses were going to be paid from it?
Worse still paid to someone who is not totally honest with us? Could our money have been put to better use?

Jamie claimed the 23yo plant 1 was in "good order" due to care and maintenance.
The truth is the Thai workers paid to keep both our plants in good working order by "care and maintenance" striped all the copper pipes and cables, and anything else of value and sold them. Where was Jamie's oversight during this prolonged destruction of our plant and equipment, by paid workers?
Why is he not honest with the shareholders that this action is causing considerable extra costs and lost time?
Of course Jamie did not include this when he gave deep and heartfelt reasons for the premature unannounced bonus?

Jamie said the high grade ore mined "soon" will be used to feed the reconditioned plant 1, but as mentioned above Jamie said last year that this same high grade ore would feed plant 2.
We need evidence that mining can start whenever we are ready, other than "Jamie said".
We really need evidence for everything "Jamie said".

While on that subject apparently the locals are mining our SPL high grade ore to the south of Chatree, but this question was not asked because it was not scripted, and additional questions were not allowed by shareholders.

Jamie failed to properly explain the urgent need for the noncommercial loan, and completely refused to mention that the preferential shareholder had offered to extend the bridging loan on much more favorable terms.
Jamie claimed it was needed as an "insurance policy", but did not mention that they had already drawn on it!

Jamie admitted the November production figures were wrong and it won't happen again, but said nothing on why he did not advise shareholders when it came to his notice.
Jamie used the excuse that they had changed to quarterly reporting same as their peers, however any of us with other mining company shares know this is incorrect.
Shareholders need to know what is happening with their investment!

There was nothing said of the "preferred buyer" who had already made an offer for NE. Apparently just discussing the other four parties that don't have the money. Jamie was very vague, but appears a sale will not happen, again shareholders could not ask these additional questions.

Lots of discussion regarding "community relations" but nothing about royalties!

Jamie seems to have backfliped on the shareholder approved buyback!
Jamie claimed the SOI are already low compared to other companies and asked shareholders to indicate whether they wanted a buyback or dividend.
Jamie, the shareholders have approved the buyback, and by the time you get around to it you will have squandered our money, or the share price will make it noncommercial.

Talking about squandering money, Jamie claimed the multitude of conferences, while we are struggling with finances, are needed to attract "Institutional Buyers".
We would not have to attract institutional buyers if you simply did your job and got our plants running on time and on budget as Wayne would have done (in my opinion).