Post by
drunk@noon on Apr 22, 2024 10:17am
Stock was approx $1.30 when announced blizzard of
finaincing to build mine. This was after 6 months of ceo yapping about how he had great bank fiancing package line up. What was that. 2-3 years ago. They build the world's simplist mine. Shallow quarry operation with as simple processing as your can get. Gold is at 2400 now? Phase 2 debt financing was suppose to be any day now 5 months ago. And at 2000 plus gold the expansion, also as easy as you can get will take us to 250,000 becasue guess what The land is loaded with gold and they can add high grade to the hopper from all the shallow satylte deposits around them. The cap ex is tiny for the additional 120,000 oz. Run the numbers on a 250,000 oz operation at 2300 oz gold. 75% free cashflow after tax.
Pay back debt, buy back shares and you turn 75% free cashlow to over 100% if the share price doesn't move. But of course it will move or they will keep buying back shares. NAV per share of 250,000 operation is what. 4 Times current market cap.
Yet all the CEO talks about is dillution our ownership in this cash cow by making an aquisiion.
He doesn't get it. And the cheerleading shareholders on this board don't get it. Build the mine. And buy back shares. And someone will take it private for 4 times the current shareprice. If of course gold stays about 2000 oz. Doesn't have to be 2300.
Yet stock can't even hold 80 cents after mine was built and gold 2300. Stock was 1.30 when finaincing for mine was announce. Mine was built. Shareholder valued destroyed. Worse CEO ever.
Comment by
mrsly0 on Apr 22, 2024 10:44am
please send us the reply from the CEO when you send this exact text to him. he's easy to reach at pdowney@orezone.com good luck
Comment by
mrsly0 on Apr 22, 2024 2:32pm
I did meet him. I don't think it would be legal for any of them to be posting on a public board especially when hiding their identity. So, no. What about you? good luck
Comment by
Curbside100 on Apr 22, 2024 3:04pm
Spoke to him after the PP at 1.27 --he was not happy I was critical of the placement ---been hell since then
Comment by
mrsly0 on Apr 22, 2024 11:13pm
It looks like he was right to issue some shares at that higher price compared to what it is today. Also, if you want more institutional investors, having Fidelity get a small stake in the business wasn't a bad move, right? good luck
Comment by
Curbside100 on Apr 23, 2024 12:33pm
They really did not need the money--still unhappy ---they could be the sellers when the shares tanked