Share price vs execution performance Performance
Sage B+
Approval was no easy task. A lot of heavy lifting to get a project like that completed. I docked marks for real estate news acquisition that has not progressed. I will also feel better after lawsuit against city is resolved even if it's not against GRB. I was also expecting Altus report back by now. Overall Jeff has done a lot of good here including the Managment additions.
Alberta C+
It took close to a year for specific news on Alberta and still lots of questions. We still don't know when first project will be operational or even start building. We haven't seen any concrete news about financing. There was a note while back about some kind of hydrogen or EV vehicle participation and then no follow up. I was a little underwhelmed by the news based on previous communication on Alberta. Alberta could be huge but still seems vague ("next several years" could happen or maybe not happen who knows". We need to keep in mind when we acquired Alberta that if it doesn't work out it's not a financial loss. Devon gets paid handsomely if things work out (as he should) but if things don't work out then Devon doesn't get rewarded. Minimal risk with high rewards so this is icing on the cake. Pretty slow process so far.
Montalva B-
I'm not going to be too critical of GRB here as some things are outside of Jeff's control including politics and timing. Jeff has done what we expect him to do - continue to fight for the project.
Overall I would rank the performance this year C+
From a share price perspective I would rank the performance D. Pretty much anyone that bought since January is down money + opportunity cost. The stock has been hanging around 1.4 - 1.5 pretty much the entire year. I'm going to give some positive marks since Jeff has at least been buying showing he is a believer.
Overall I continue to buy. On paper this hasn't been a good investment for me so far but I still think the company is undervalued so continue to buy. The longer I hold the greater expectation I have. 2022 needs to be a big year.