RE:How about this for valuation.Wonder what i think????? Lets be clear.
Posted this just over 6 months ago. 18million shares have changed hands since , and the price is within a penny of where it was then. Lots of longtime holders have cut and run. Is there upside....sure. How could there not be. The board and management, however, are not aligned with the best interests of common retail shareholders.....period. I can and have found much better things to invest new money in. Personal choice. I follow Eric Sprott quite closely....he invests his own money and that of his clients side by side. That has not happened at ATAC in over 5 years. I got quite a reaction when I sent invites to management for a celebration marking the 5 year anniversary of the last insider trade, and on how to buy shares in ATAC.
When no one on the board has put up a dime of their own money in 5 years, why in Gods name would I add one more share to the pile that I hold. I am underwater, and have averaged down so often when I think it cant perform any worse, only to be proved wrong again. The only asset that ATAC has that is of any value, is Rau....the rest of it is so far out in left field, it has no practical value...period. 1.5M ounces that would cost 40 million to build a road to, let alone electricity or a camp, is worth di$k. Barrick are smart cookies, and they have walked....Every single analyst has left the building....the best they can scrape up is some newsletter writers that saw their best day a decade ago.
Fipke takes a property and winds it up....and invests his own dough..... is there that much value in it? Who knows! But i have made more money off it in the last year than i have made off ATAC in 5 years or more. My cost on Cantex is 70 cents......... look back...I gave a heads up to everyone on here.....
Here is what I wrote on Jan 23 of 2019....tell me please what has changed.....and by the way kids....the road is still a year FROM BEGINNING. If you want to buy something that is in the area....look at Victoria Gold. They are about to commission the mine...we are at least a decade away from even being close.
I pray to God every night, that something great will happen for us shareholders...I lose sleep over it.....cant say I think the board has the same level of intensity. I haven’t sold a share, but when the day comes when I am even..........
GLTA
MC
OUT
From Jan 23
How about this for valuation.
Today we have a $38.3M market cap..(what the market tells us we are worth)....and approx $10M in the bank in cash.
That would tell you that net of the cash we hold, our properties represent $28.3million in value. They are on the books for $111 M.
We have 43-101 compliant estimated resource of approx 2 million ounces of gold...... thats valued at $14 per ounce in the ground......... THATS IT . We represent a very good value, but we are going to need a bucket of cash going forward.....given that Barrick pulled the pin for whatever reason.......I would suggest we will have to have a huge fire sale to raise dough. At this point to raise $15 M for the road and a years cash...... at 25 cents that would be 60M shares....a 40% dilution from where we are today. How’s that grab you...
Face it kids...we have a great deposit, that no one cares about....least of all the board that doesn’t buy any shares....so why should we? I invest in Kirkland Lake...Centerra Gold...Royal Nickel...Cantex development(our neighbors).....stocks that are driven by its owners. We all have to look at who is running this company and to what purpose( the board)....Graham and the field folks get told what to do...make no mistake. The structure of this company is screwed for independent leadership.
Our best bet is if we had someone like Sprott or a real ming player take a shine and help drive the bus. The current board has taken one of the great discoveries in the Yukon, and ground it into dust...they should be ashamed....it was 2011.......7 and a half years ago that we were 10 bucks( and I know that was nuts).....and what we have is a pig in a poke thats in the middle of nowhere....... 7 and a half years....
Its been so hard to stomach this as I cant believe it couldn’t have been done way better by much more committed and qualified board. Graham and the gang knock themselves out every year making sacrifices both money wise and personal......its too bad that they work for the board that they do.
Anyone who is invested in ATAC should think things thru. I have.
GLTA
MC