RE:A speech that I do not endorseMy dear friend @ABDphil, you know i respect you also, your understanding and knowledge when it comes to mining BUT ... you have your opinion and so do I , how could my last post be questionable when 95% of the text comes from the companies NR?
You want questionable?? when your own company doesn't know how much the CEO is making that is pathetic, they came up with his salary by deduction and this is IN THEIR OWN REPORT!!
"For Mr. Georges Cohen, as the Company cannot determine his remuneration, it evaluates such remuneration for this proxy circular to the total of the services fee paid to Fairchild (excluding the bonus), less the salaries of all other members of the management team provided by Fairchild and an amount to cover the administration costs of Fairchild of 20%. With this formula, the Company evaluates Mr. Georges Cohen’s remuneration to C$1,322,786."
Seriously you can't make this stuff up.
Now for Q2 2020 it was really a good quarter BUT they decided to withheld gold to sell in the next quarter ...so we all expected Q3 2020 to be awesome BUT it wasn't because of above avg. rainy season (which btw in one of my previous posts, i mentioned that RBX was the only company in that region complaining about the rain in their reports) .
So now we all expect Q4 2020 to be alot better (including you) to make up for Q3 ...what happend? They decide to start the stripping right away, fine by me...so 2020 avg year and they also mentionned more stripping to be done in Q1 2020 , so the results in Q1 was no surprise but i do recall them saying with new machinery starting in the first week april things should ramp up...noooooo now they are saying more stripping in Q2 so now we could all expect Q2 to be below expectations, and they say it anyways in the NR that they expect the second half of 2021 to be more profitable.
The military coup in last august affected our sp for not even a week or so then we were in new highs.
2018 gold ounces sold 47 133
2019 gold ounces sold 53 713
2020 gold ounces sold 50 963
2021 projected 51 000 ounces to be sold
You would think that after almost 4 years of production, mine improvements (almost every year, changing machinery , being more efficient, spending millions in upgrades) that production would inch higher ?
So is it necessary to point out salaries and bonuses ....hell ya! And anyways no one understands the $$$ they are paid (even their accountants ), ...creative accounting at its best!
But what do they care, they own 67% of the company, they answer to NO ONE, they do as they please, i keep saying it no accountablility, no one fears for their jobs, heck it's a family run business, we could scream and yell won't change anything.
I am very dissapointed from the last 4 quarters and the 5th to come, there's always something, excuses, BUT don't worry folks you WILL get a dividend payment by the end of the year, its the carrot dangling in front of you ..remember the second half will be more profitable (they said it ..) !!!
But RBX is and still will be a penny stock for the foreseeable future, with a low market cap and that's fine by them... i will refrain from other comments.
My mistake wasn't to sell last year, no regrets , my mistake was to keep buying and increase my stake by losing out on other opportunities, but that's on me and no one else!
I still believe in RBX's potential, we all know what's in the ground, gold prices are still pretty high , and might be going higher in the near future, but my trust in this management team has taken hit. ( i said a hit) ....
regards stud