I agree the past is the past and there is no need to be crying over split milk. My concern is, that since the appointment of the new Board the future turns out to be just a reflection of that past. Especially, when it comes to keeping shareholders up to date with current events or even providing them with an overall plan for moving forward to production.
In my opinion no shareholder has ever been told or has ever known the true bare bone facts of what has gone on in in Senegal in past years or is presently occurring with regard to BSR and MGO's operations, expenditures, Government or business dealings. That being the case, supposition and speculation are all one has left.
As a shareholder I am concerned about how long it is taking BSR to get relisted. I has been 20 months now. After 8 months this new Board has managed to put out a couple of brush fires. as serious as they were, relating to the Coris Bank and the Senegal Government but the forest fire is still raging and that is a lack of capital to cover existing operating costs and allow the project to move forward to production. Surely, every day that goes by more expenses and costs are being accrued. I doubt all the staff and Board Members are presently offering their services pro bono? I for one would like to know what positive steps this Board has and is presently taking to remove these shackles from the company's capital raising capability. Come 31/12/2021 another full years report will need to be prepared and audited. We are already 2 reports behind.
This slow rotting away of our company's capital and shareholders wealth has been happening for years now with no end in sight. It appears everyone associated with the project has been making a dollar for the past 8 years. That is, everyone except us shareholders. And if the truth was known it now appears highly likely we will make nothing. Some enlightening statement from the new Directors on just how they intend to stop this rot would be greatly appreciated by me at least. How much more diminution of the project's supposed value can it take before it becomes a line ball proposition? It is inevitable that if this constant rotting continues with no positive offsets (like an income stream) the project will become completely worthless to us existing shareholders and a possible real opportunity for others as long as the price is right like 15.5 million.
Personally, I have thought for sometime now that this whole gold producer thing was becoming more of a fairytale, not a role BSR shareholders will ever have the pleasure of partaking in. As the weeks, months and years roll by this view is only strengthen.
For me the sad thing about this whole fiasco, is the project has never had enough capital to even get within cooee of gold production. Even with the Coris Bank finance. I believe we were 10 to 15 million dollars short regardless of the Covid epidemic. Its occurrence only added to the shortfall. As of today the same holds true but in spades. I for one will be interested to see this December's quarterly report just to see how much the debt has blown out.
Whilst there is a lack of information coming from management I will continue to speculate about what is actually happening, being achieved and offer my views. Management can either prove me right or wrong whenever they fell inclined to do so.
Those that do not like my speculation or views. A simple solution. Don't read them.
Stay Patient and Strong. There is still a long way to go. Hopefully.
BSR Price at posting:
1.3¢ Sentiment: None Disclosure: Held
