RE:Disappointing I feel your pain, the juniors and Venture listed stocks are a dangerous place to be, for that reason many institutions will not invest in them. There will be a working mine here, it likely will not be operated by PGM as they are going to dilute themselves into history. They say they have needs of financing $50mm in the next month, that financing will likely be at .30c or less, you do the math, what you will face is a obe mine company with something like 1 BILLION shares O/S on a fully diluted basis, after awhile the company will either get bought out at a discount, or they will roll back their shares, and shareholders will get their shares swapped out at 10 or 20 to 1 in order to get the float in order which will get the company to a point of profit, or to be able to issue even more shares. Either way, those who hang in will get fooked. I saw someone wishing for a bounce up to .70c yesterday, aspirational by an unlikely event with the amount of fresh shares which will be printed shortly, you saw what happened when they shopped the recent $25mm financing, this is twice as dilutive.
I had hoped to see a fundamental improvement in process, to see 7 to 9 gpt coming out of throughput, and that did not happen, so I took my lumps and got out. There are things that are coming that will be extremely painful for anyone who decides to hang in at these levels, imo there may well be near a 100% loss coming, and I do not allow that to happen, an adage is live to fight another day that makes a TON of sense in the investing world.
There are a ton of well run gold mines out there, Madsen will likely be one too, but every project has its bumps and bruises, and this one has not worked through them, too slow to recognize operational deficiencies, and too dilutive after reckoning that out.