RE:Monument Management .....Clueless at Murchison Perpetual lying aside ( we already know that ), the development plans for Murchison since it was acquired in 2014, are so chaotic as to be understood only under the assumption that management have no systematic understanding of competent Mine development processes .
One would think that a thorough review of all historic mining data would be the first priority for management.
This would be necessary so that the acquired geological model would be tested as a validation strategy for infill and extensional drilling .
Nope. They only thought of that in late 2018.
Having reviewed the geological model, drilling plans would be established so as to collect sufficient data for a PEA to be done .
As this was not done , when the PEA was completed in 2018, its conclusion was that more deep drilling was needed to improve economics but no reference as to whether heap leaching might proceed for the lower grade oxide gold
In between 2014 and 2018, seemingly in a total confused state, they altered their mine development plans several times, from getting the heap leach facilities ready as the initial mining plan followed by underground mining using the Burnakura mill, to a complete reversal of that in the latest years , to the point that no one seems to know what is going on.
The 3 stage crushing plant has been on site since 2017, requiring only 3 months to install, yet no mention of its installation has been forthcoming .
So, what is emerging here is a management team advancing our projects in an ad hoc manner, without guidance by a valid geological model or systematic development practises , that inevitably leads to delayed development and more costly capex costs.
Is it any wonder why we are trading well below our cash position?
The same can be said about the Selinsing mine , as we sit with POG over $1800 but Biox financing somehow can't be secured .
is that because the lenders know management all too well ?
Is that why management gets taken to the cleaners in negotiating asset sales ?
Is that why, with POG near all time highs, Monument is the only junior gold that has not significantly advanced its market cap?
Must we reasonably assume that this embedded management with little skin in the game , will never elevate us anywhere near fair value ?
These are critical issues facing all shareholders and its not a short term concern.
We have large numbers of shareholders who have been underwater for a decade, despite near record POG.
If your views of these terrible performance indices by current management are affirmative, how much longer can can we sit idly by while our investment here continues its decade old languishment ?