RE:Chip and a chair At the beginning of the year I said this year I would post less and I have kept my word. I rarely post anymore but I check on occasion. It seems like you want my opinion on this so I'll give it.
I had only two concerns with GLK. 1) That they would handle their financial business 2) They can get some purchase orders.
1) I have asked GLK more than once about their financial numbers and how they would handle the amount owing, flow through shares, payback on grants, etc. I was told they had a few things on the fire and they had some ideas they wanted to try out. I was told they had it handled. What I think happened was Mr. Gorman didn't give an accurate assessment of some of the things that were going on. IF I had known their financials were that messy I would have told them DON'T EVEN THINK ABOUT re-classifying their business because it looks suspicious. Even if the intent was legitimate it appears as if they're trying to weasel out of their debt. Now maybe they thought they had it under control. Possible. But without it fixed they could not re-classify and that would hinder anything else they would want to do. So I was mislead but I don't think I was the only one.
2) Purchase orders. They had a couple of them over the years. They had the map showing how long it takes and what stages they were in with a few potential clients. I, I am sure I was not alone, was led to believe they were coming any day now. The government knew about them. Graphene potential orders. At one point I thought CHASM would buy from them and was disappointed to hear they would not because they use a different source. I heard from a different company they were working on a potential big order so it was even more encouraging. It never happened. I was hoping a potential customer would give them a chance but they didn't or they waited so long it was too late. One fairly big purchase order would've helped. Why they didn't get purchases I cannot say. Lots of graphite was shipped out. People were interested. So much potential but nothing. Even when they hired the new guy with a tech background it looked promising but nope. Mike is a good salesperson but nope. I would like to pick their brains to see where they think things went wrong because they had no competition. Why wouldn't people buy. Part of me says is Mr. Gorman. They needed a better face of the company. Switching him out a year or two earlier might have done it.
Lochaber mine - this is why invested in GLK. I thought, and still believe, the original plan would've worked. They couldn't get the grinders to work at Matheson though. They had some incompetent people in important roles back then. I talked to the company who was going to do the commissioning and he said they were ready to do it but didn't know what was going on. I thought them selling graphite on a small scale to a local market would work. Going from a small production to high value added processed graphite was a HUGE difference. Then Ontario Graphite happened. They were screwing each other over and OGL refused to work with GLK. If OGL swallowed their pride and co-operated they would be in production by now - guarantee it. Instead with the lawsuit and the mill not being fully ready they had to pivot to a different business plan. They should've gotten Lochaber ready, get some clients for a few years with small orders, establish roots and then go to high value add. I was much higher on the Great Lakes business plan than the Novocarbon one. The JVs in graphite are stupid. 10 years they will look look at this window as the era that pride prevented advancement as all the CEOs during this window would no longer be CEOs. I remember when it hit 10c I told my buddy you need to get in on this before it hits 50c. Then the lawsuit news came out and I said wait. He still brings it up - happy. Right now I believe GLK techinically still owns Lochaber. SJL never finished off their payments. There are a ton of things we are not privy too or were not given the full picture. Considering they were their only competition there might still be some opportunity but I haven't been current with GLK all year. Need to live our lives...