Moving Forward Reading everyone for the past few years...
Sometimes we just need to let the past behind and look forward to the future... using the past to diminish the decisions current management and Board are making is not only unfair, but also counterproductive...
For the past 2 years, the MNO team (Board and Management) have sacrificed a lot (time, money and reputation) to save this company which was technically bankrupt with almost US25M$ in debts which were due, burning through almost US12M$ per year with little progress to show for, and a shareholder structure which prevented any possibility of raising capital on the public markets. It did so, individually and collectively, because it believed that it could make a difference and it also believed in the Company's underlying assets.
Over the past 24 months, the MNO Team executed a precise plan to turn around the business; cleaning-up operations, improving the team's understanding of the underlying geology and its real potential, reducing the company's burn rate, bringing in experienced people, acquiring Mirante Da Serra, more recently looking to acquire Cabaal, cleaning-up the company's debt and shareholder structure to enable new investors to come in.
The MNO Team cannot promise anything except that it'll work to the best of its abilities, with honesty, integrity and hard work based on good governance principles. Bringing the past into the future is a sure way to fail... this Team understands this and that's why it's working hard to create sustainable shareholder value... for all shareholders.
Cheers and stay safe.