RE:In June of 2021 this stock was over $1.50 a share. Where do Can you please explain how shareholder value was destroyed?
If you're talking about dilution, the company did a PP in March this year for C$16.5m at C$1.29.
In early 2021, the company did a C$73m PP at C$1.09 and a $35m convertible with a conversion price of $1.08. They also raised a $96m senior debt facility.
The current market cap is C$462m, essentially the same when the closed the March 2023 PP. So the March PP created a dilution of less than 4%. Massive? No. In retrospect unnecessary. But the extra cash cushion was conservative financial structuring. No big deal. I rather have mgmt teams that are prudent and cautious over aggressive and putting the company at risk if the macro winds blow the other way. (I've had a few of those, just like I've had a few big wins, including Great Bear with a 60x return on my original purchase.)
The entire gold sector is out of favor right now. I have various gold stocks, most of which have a market value less than what they had 2 years ago. And some of the pre-production companies are down over 50%. Frustrating, but it also indicates that gold producing companies are becoming value stocks.
If you're smart (and your comments seem to indicate your general lack of knowledge about the sector), you should be buying ORE. I bought more at C$1.20. If you can't play a long game, you should sell your shares and move on.