to put a few things into perspective (from my viewpoint)Firstly, i do not know Jean at all so am not defending him, but i do know that as an investor of many small compaines over the years there have been many instances of the ceo getting bashed badly and sometimes deserevdly so, in fact i participated in some of that myself at times in the past.
I only mention that because i am not here to defend him.
However from certain responses that i have read about the AR it appears that there is a lot of fear just going but the number of YIKES i have read.
As we know there is the 4 month lag time from Dec 31/19 to April 29 as would have been normal
But as we know this Year End arrived 5.5 months after the events occured that we are reading about.
Obviously some of the concerns that were stated in this AR have already been addressed and should no longer be a worry. Yes.. the company needs to become profitable and able to repay any money it borrows.
But 2 of the big concerns that were mentioned in the report have since been addressed at least to a certain level that will bring some new hope .
Since the report end of Dec. 31/19 these things happened: As Per
-NR March 23- Financing acquired and Strategic Acquisition
-NR March 26-$25MM secured equity capital facility was secured (so the big red highlite about needing additional money to continue as a going concern is now not such a big concern).. they got it, and at very good terms which is extremely difficult for a tiny jr. like this to ever get.
-NR April 27 Acquired the Peidra Dorada mining concession.
-NR May 05 Additional Moloncosa Land package agreement.
So the new properties should be a big help for the company now being able to mine and process more of its own ore and not have to rely on locals for feedstock.
I don't know but i definately feel hopeful for the future here and the Covid thing made it tough on everyone but that drill rig awaits and should get going before too long i hope, as soon as more Honduran restrictions are lifted.
From the looks of it , Jean and his team seem to have recently done a lot of good and positive things here with GER and i can't bash him for that. I give him (or at least certain people on his team) credit for recognizing the things that needed to be addressed and then going out and doing something about it.
Most likely the next quarterly comes out (july 14) it will look better than this one did even if the production numbers are low due to Covid but at least it will mention the available capital announced March 26 and then the second qtr will report the new properties and maybe even some more good stuff between now and the end of this month.
Again.. jmo but i see reasons to be hopeful even as things are right now, with the people that are in place.It could always be better i guess, but it could sure enough be a lot worse. This guy has mentioned and seems quite proud of the fact that he has tried to protect sharholder value by trying to minimize dilution and hence shareholder value,,, i comment him for that.
GLA!
gs2