ThoughtsAs I wind down my engagement with LME, here's a few things I'd like to share with the group that I hope you find helpful:
1 - My engagement is not a sign of anything nor is the end of my engagement. I happened to be available for a prescribed time, a committed major shareholder and already connected to LME leadership personally. Plus I offerred to help out so this was very convenient for everyone. I would like to think that I've helped but to be clear I am in no way responsible for any of the activities that create real value for LME. All of that work happens daily and isn't going to be found online, in pictures or even really in PRs. My role was mostly to answer questions with information that was already disclosed. I've observed that this group is extremely good at doing that already so my moving on is a super minor event.
2 - The team at LME is working at a 100 mph. There isn't a squad that wants to drive at a disposition harder than Cynthia and her board. It's actually pretty rare that a company is so overt about wanting to be a seller in this industry. I think it's comforting that Cynthia and team went as far as to make this a specified, documented goal while also making it very clear that it's the most urgent goal for the company. Having been onsite and engaged with that team I can tell you with total confidence that the team working on the Ishkoday does not lack for effort. It's hard being on that property for as long as they are in the conditions they are in but they do it because they believe in the value of the project and the win they will realize as shareholders.
3 - We are used to the partnerships that LME advertises but they are outrageously formidable. LME is aligned with industry juggernauts across the board. There is more than enough horsepower to get where we need to go with the team we have assembled today.
4 - Rely on the real information we have. The geology from the property is not good, it's fabulous. The ONLY ultimate risk in LME is that the ground doesn't have gold in it (along with some other stuff). As long as the metals are there, the property has value. The only question is how much. The thing about things with value, they ALWAYS get acquired. We don't know by who or for how much, but the Ishkoday has assets that the world has to have in an environment that allows for it's extraction without risk.
5 - Try to avoid putting 2 and 2 together and getting 11. I've had a good laugh at some of the signals that have been interpreted here. Someone wearing a shirt in a photo coupled with a tweet and a posted motivational quote equals a definite sell signal and even a specific price! I get it, it's tempting to read the tea leaves but that's not a good way to invest your money. The best way to invest is to pay less for something than it's worth. I haven't had one day where I didn't think this was the case at LME and so I remain a happy shareholder.
6 - I expect communication from Cynthia, but as a shareholder I don't feel entitled to unlimited disclosure, neither should you. There are parts of the type of transaction that Cynthia is attempting to close that are required to remain undisclosed until they are complete. You'd run out of suitors quickly if you disclosed to everyone who was coming to take a look. As a shareholder in any junior, you need to accept that the only M&A news you're giong to get is about a completed transaction. Anything prior to that will and should remain internal.
7 - Share price does mean something to the LME team. We all know how concentrated the stock is held by F&F. Protecting their value is critically important to Cynthia (including her own holdings). LME has had to weather some unpredictable volatility but it's never caused it and it won't. All LME has done and will do is share the news that is shareable. For the most part the float will accept that news and hold but a minority of shares can trade any day for any reason. It's never been and never will be that LME doesn't care about the share price, I think it's more that LME has realized it can't really influence it so no calories go into trying.
8 - Don't villify people for making choices. Whether it's a change in the view of the company or the need to pay a bill, people who own shares have a right to sell them. We don't know what's happening in people's lives and I encourage everyone to try and avoid judging folks that get shaken. Sometimes life can force your hand and if that process leads to having to reduce your holdings in something you've been waiting for I understand totally how that would feel upsetting and if you need to vent that you should go for it. Being disappointed is part of investing day to day. Try to make sure your position is in a zone you can maintain without being pressured by the needs of your expenses. Easy to say, hard to do. If you feel you have to sell shares to maintain stability, then do so. Always put your wellness and solvency ahead of speculation.
9 - Don't get personal on the forum. Agree, disagree and everything in between but never invalidate someone's view. I've seen plenty I think is silly and wrong but I will defend everyone's right to share it. Accept that part of this process is that it's unknown and enjoy the differing perspectives. See something you don't like? Explain why you disagree. Just try to avoid attacking someone for sharing what they really think, good or bad.
Hope that helps,
Steve