Happy readingWell management released their MD&A today. Here are some excerpts but of course people will want to read the whole report when they can which is a polite way of saying "there is probably no hurry since nothing is likely to change anytime soon".
Page 4:
For the year ended December 31, 2016, the Company worked to maintain its core exploration assets. There were minimal exploration activities during the period and immaterial changes to properties. No acquisitions, sales or joint venture agreements were formalized during the period.
To maintain operations and keep current with claims, the Company completed two financings…..
Management anticipates reducing the working capital deficiency in fiscal 2017 through debt settlement agreements with management and through further financings, including a $103,000 private placement completed on April 25, 2017.
Page 11-
As the Company is still an exploration company, the Company has recorded no revenue during the last three fiscal years...
The Company was relatively inactive over the course of 2016, while management waits for market conditions to improve. Net assets decreased by 117,337 due to a decrease in exploration and evaluation assets of $117,466; $135,611 of that change was accounted for from the receipt of sales tax paid to the government.
Page 14:
The Company’s cash resources increased by $2,573 during the period ended December 31, 2016 to $23,388.
It is becoming increasingly difficult for the Company to raise funds to execute its business plan. Funds raised are increasingly dilutive to the Company’s share structure due to the share performance in the capital markets. Management continues to monitor the capital markets for opportunities to raise additional funds….
I suppose the good news is that the MD&A was not promising anything for the future in this report except for implyiing that they were basically waiting for things to improve and that they were actively seeking joint venture partners for their many projects that they are trying to hand onto.
Happy reading!
p.s. Same management = same results in my mind. Hopefully shareholders may want to reconsider their voting when the elections come around next time. But if the past is any indication, things will probably just continue in their mind-numing way.