RE:RE:Gold Set For Its Best Year Since 2010Exactly. Looking at the trading action, I see a lack of interest, but I don't see anyone actually ejecting from his position, either.
Clearly, our board and management don't care much about the share price. Shares are held mostly by retail investors so they don't really need to answer to anyone, and there's enough cash around that I don't think financing will by done by issuing equity. And in a sense, that's ok, so long as they are actually working on progressing the business. There's a lot more to a business than just the share price, even though it's easy for us speculators to forget that.
I don't really agree that there's corruption here; by Occum's razor, I suspect it's simple bumblefckery. The idea of even contemplating iron ore as a tiny junior was dumb. Selling gold at less than market price was supremely idiotic. Appointing a CEO who can't string a coherent sentence together was moronic. But these decisions could easily have been taken as a result of opportunity, ease, and laziness. Remember: any sufficiently thorough incompetence is indistinguishable from malice.
So we are where we are, but despite all the history, we are still a producer with some good resources, no debt, and a pathway to increase profits. Our board and management may not be the smoothest of operators, but they're a known devil, which is much more than can be said for many speculative miners/explorers trading at our ratios. I think our path forward is a bloody good deal at the current SP, even considering the that our board and management are more likely to bumble along that path than to give the full-powered charge that would take us to great success.
We're unlikley to attract institutional interest, but as the POG lifts, new retail investors may well recognise just how good a deal this is and buy in. Let's just hope that any financing isn't done by issuing equity at these prices, as that would be a real kick in the nuts that, to my mind, would be a clear signal to us shareholders from our board .
PS - Full disclosure, for anyone trying to tally known votes: I failed to vote my ~2M shares because I moved, didn't update my address in time, didn't receive the papers, and had too many distractions to chase it up directly.
A good 2020 to all from me as well.