RE: The problem with this stock Mrs G wrote: "The problem with this stock,as i see it that they should diversify into more different properties like gold and silver instead of just one metal".
Well, there's problems here all right, but whatever complaints we might have about the management, I think we have to give them credit that they did in fact try to diversify PLY's portfolio -- not (I admit) into precious metals (as Mrs G) advocates, but at least into other kinds of industrial metals.
Don Moore bought the tungsten properies for PLY around 2004-06, because he felt that China's stranglehold on the tungsten market would lead to shortages and higher prices for this strategically important metal. But as the years went by and the price of tungsten remained low, he felt he had to diversify Playfair's portfolio of properties, which led to the acquision of the Letitia Lake rare earth project in 2009, and then the disastrous Seal Lake copper drilling in 2010-2011. With the benefit of hindsight, we can see that the Private Placement shares issued in Oct and Nov of 2010, to finance the Seal Lake exploration, torpedoed the company a few months later when the drill results were unsuccessful and those shares became free trading. The ghastly slide in PLY's share price, which began in Feb 2011, has never abated since then. In retrospect, PLY probably would have been more successful if management had kept focussed on advancing their Grey River & Risby projects, when the tungsten prices soared in 2010-2011.