They used $1,600.00 US Gold...VS....$1300.00 US GoldTalk about disappointing...resource update that is.
They used a gold price of $1,600.00 US as a basis for the new resource rather then the $1,300.00 US they used back in 2019...hardly a fair comparison....because of this they were able to lower the cut off grade which means they could add ounces easily and "dress up" the report.
I would of liked to see two columns namely ounces at $1,300.00 and $1,600.00.
Pascal answered a participants question to such and said that we used the same as our peers...nice try Pascal. You dressed it up...clearly. He also mentioned that half of the ounces added were related to drilling and the other half, the increase in the gold price...not a high standard to be sure...he has mentioned on many occassions that "he likes to be conservative"...obviously not on this one...it would not be market friendly...hence the lack lustre market response.
I may have to rethink this investment...not sure if I am going to stick around.
Also when questioned about the strategic review committee he was caught off guard...no buyout coming anytime soon...scrap that!
All the best!
Digger0144
P.S. Idlefreebird is correct.. significant share capital dilution coming,
they are burning through two million dollars per month just on
drilling and will continue for the next 18-24 months.