RE:RE:RE:RE:PG Management salaries way too highWhen PG reached out and bought Goldstone, Goldstone was a profitable investment for me largely becaus of the excellent mgtmt of the last Goldstone CEO. PG presents itself as an expert in exploration and development. Hardrock was explored/developed at that time along with other properties. PG flipped 1/2 of hardrock to Centerra and used those funds to pay it's mgtmt team LARGE relative salaries and award bonuses while the share price of PG dropped 50%. PG turned my profit into a 50% loss and mgmt kept gobbing up cash. Meanwhile PG was drilling like crazy. I told Goldstone folks that the only place PG has NOT drilled is my back yard.
Mgtmt made a GREAT purchase with Mercedes; yet we have an AISC that is grossly high. Mercedes is beginning to smell a lot like what Fosterville mgt tried to do to Kirkland Lake. F hit a huge new find but mgtmt hid the breath of the find so that they could slowly extract the gold and pay themselves big salaries for a long time with sloooow production. Eric Sprott smelled a rat, went to the site and looked at the drill read outs plus core and found that Fosterville mgt was sandbagging shareholders of which he was one. He got a lot fired and now Fosterville is producing large quantites of gold at LOW AISC. PG on the other hand is producing larger quantities of gold at way higher than avg AISC; and mgt is paying itself big dollars with big bonuses while our share price is lingering at a drastically low level. What are bonuses for ? Non-performance for shareholders /
Goldstone was better off before PG's exploitation of Goldstone investors. Centerra and PG could not possibly work slower on Hardrock. Total void when it come to a sense of urgency; but bonuses were and are paid for poor ecenomic performance for PG shareholders.
Recent surge in gold price for which PG mgtmt had no role reduced my existing losses from 50% to 35% so maybe PG mgtmt will use this as a reason to increase their bonuses yet again.