Cascadia Minerals Ltd V.CAM

Couple of thoughts on ATAC, the deal and management

[imho26]

Have always found the management to be hard working and accessible. Both Graham and Andrew always respond to calls or emails. As far as I can tell Graham worked incredibly hard to get the message of ATAC out there and managed some big wins along the way--Barrick involvement, $10+ SP, and somehow keeping the ship afloat after the Yk gov decision not to allow the tote road. ATAC mgmt showed up to play the political game as well as anyone could have asked and did everything it could to fulfil the envrionmental study requests and everything else--until the decision came out of the blue (with a new gov) to say no to the tote road. The gov and the indigenous group make the decisions and did not in the end (if you look it up) even give any clear to-do list as to how ATAC could address their concerns enough to get the tote road green light. [As an aside, I thought the initial euphoria in 2018 and overstatement of it's being a done deal was incredibly reckless in retrospect, or is it proof of the false indications given to ATAC by the gov/indigenous reps:https://www.mining.com/web/atac-resources-receives-positive-decision-season-tote-road-rackla-gold-property/ )

And yet, a lot of people suddenly think ATAC was on a much different (positive) trajectory before these offers came in. No, ATAC has been circling the drain. The Carlin like properties were going nowhere. Anyone want to invest in properties the development of which is linked to back door political decisions? I didn't think so. And the record certainly goes along with that. Check out the SP trajectory. Now with a big miner coming in that has real pull within the YK--the Rackla project's tote road will likely find that gov green light--and in the meantime, HECLA isn't going under. HL can easily afford the time and money to get it done. Everyone paying attention could see that ATAC, a junior explorer, could not. Cash shrinking, ST shrinking.

Graham and co have been bailing out water like mad since the tote road decision of a couple of years back (which was delayed and delayed because of COVID.) They'd been treading water because of it for years and then were in full on crisis mode once it came down. They moved to secure properties in more accessible areas and in metals that are commercial and which HL have recognized to be worth an IPO (Cascadia.) Commendable in my book.

Also, Victoria made public the offer that was rejected. That shouldn't have happened. It wasn't even a definitive offer. This put ATAC mgmt under the gun to get something else worked out as to decline any offer at the point it was in its trajectory was taking a big risk. People seem to think ATAC had any length of time to hold on and wait for a better offer. Based on what? The trajectory of ATAC was very obvious. ATAC wasn't in a stronger position after that offer was made public. The opposite is true. Publicly being valued by a company for that small an amount was not a good thing and there was nothing in the offing to suppose that ATACs value would increase anytime soon. The only thing for certain was that it would continue to shrink. Having all the Rackla and basicallly not being able to do anything with it. Being a Yk gold explorer and being forced to go out of the Yk and finding something promising in copper? Might work for a new company (Cascadia) but not for ATAC.

It was good fortune that HL came in when they did and with a better deal. Some people think HL's offer is also terrible. Compared to what? Which company/s are lining up to offer ATAC more? They could have in the 2mo's since the Vic offer went public. Crickets. Not one. You'd need to be a Yukon specialist, like HL (or Victoria), with deep pockets and area/gov expertise and back yourself to clear the way to develop Rackla.

HL stockprice is going up and I am looking forward to my shares in it and also to my ground level shares in Cascadia. Cascadia may well get the luck that didn't go to ATAC. In any case, it's been a long slide down to almost oblivion and now there is at least something (HL shares) and a blue sky possibility in a new company.