Even exploration is something like long term process of finding commercial ore bodies, our company has serious problem.
What these are..., current our company's situation is everywhere unfinished pending projects. Here some scratched and there scratched some, but no any accomplished projects with no any fruitful outcomes. We can not find any projects finished completely. Everywhere half job done situation indeed.
At FR, in the middle of process, we made JV with AON. But scratched everywhere in our FR tenements.
Vulcan areas (Vulcan, Vulcan West and Goodins) as well. How about Borg and Bono.
How about other Doolgunna prospects, everywhere scratched here and there.....Azan, Dax, Ruby... in order to name all we might need super computer. Then, now we applied and recently granted gold/lithium tenement.
Our MD has definitely problem in him, imo.
He is MD of both ENT and ENU. And also top managerial position of his private consulting firm, as far as I know, if I am not wrong. His position and his working style seems very similar. Spreading everywhere but no any outstanding achievement or outcomes. In reality any human can do only one thing most at a time and under such condition very best result could come.
Not quite sure, why all these caused......by his greedy personality or so-so medium grade of mwide field ability.
In my understanding, our FR's Plato prospect's identified conductor(s) is in just underneath or near #2 drill hole. #1 hole we drilled about 480m. #2 hole drilled about 250m. And #3 hole drilled about 450m.
Previously we did DHEM surveys at both #1 and #3 holes but not #2 (250m). If we did DHEM survey at #2 as well, we could detect above mentioned identified conductor by AON even we need to confirm by actual drillings and its identity.
It seems his activity (=use of his mind from his own state of mind ) has tendency of no fruitful outcome. Retreat and repeating and retreat and repeating. Just scratch some and run away from current situation to do other job.
Or something like avoiding fortunate outcome. This is absolutely, extremely serious issue for the company and for shareholders interests indeed.
Vulcan/Goodin shallow drilling was interrupted or halted by hard substance (rocks) before. Borg drillings were halted by excessive ground water and so on but not reached target depth by company announcement. In Vulcan West drilling, initially we planned 2 holes but did only one hole by name of budget saving or so.
And it seems he has mind to scratch Ruby. And he also seems having intention to scratch gold/lithium tenements as well.
As a shareholder, my conclusion is that he is not a suitable person for top managerial position for the company and his and other shareholders interest.
My possible suggestion is that:
1. Honorary step down for the company and his and other shareholders interest. He has about 5% company interest, so if SP goes up after stepping down his wealth will follow up significantly as well.
2. Stepping down upon finishing of Doolgunna's pending Vulcan and Borg/Bono projects regardless of outcomes and arrange professional top managerial personal.
A tyrant can easily think that "no one can do except myself. But in fact, anyone can do. Nothing can be worse than now.
For about 3 or 4 years of company share holder, I have no doubt that he is responsible for destruction of the comapny, his and all shareholders wealth. Around 3 or 4 years ago, company has about $12million in the bank and since raised about 2 to 2.5 milliom dollars for exploration with hefty dilution of existing shareholders value. This means the comapnay has spent almost $15million includig admin costbut as at now no any 1 nano milli gram of JORC resource at company's hand.
While reviewing all previous and JV partner AON's announcement and I have reached above conclusion. I have no any bad emotions or so towards him but he is not the right person to be listed company's top position.
If he does, we will definitely remember his contribution to acquire very promising tenements at both FR and Doolgunna and signifciacnt bold couragesous decision for the company. his own and all other shareholders wealth indeed. We can put bronze status for his historic decision.
Regards,
267 may be absolutely right.
ENT Price at posting:
1.9¢ Sentiment: None Disclosure: Held
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