GREY:VITFF - Post by User
Comment by
MVargason Feb 13, 2023 3:31pm
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Post# 35283709
RE:RE:RE:JM talks about 2022 production issues/resolve
RE:RE:RE:JM talks about 2022 production issues/resolve Thank-you for your thoughts R67. My posting has become less frquent as well for some as the same reasons you quoted.
It seems that I've been a shareholder forever, and am feeling some fatique and ongoing frustration with management. I did reduce my position somewhat last summer, but bought back those shares in the $7.50 range when the valuation became stupidly cheap.
I know it is pointless to advocate for a new CEO because the BOD has been selected by JM - many of whom have been there for a very long time and likely regard the fees and options as a significant source of retirement funds. They won't rock the boat and there is no large enough shareholder to pressure the BOD to act.
I am/was advocating for a replacement COO. If you look at the bio of Mark Ayranto, the COO, you can see that he has no mine operating experience prior to Eagle and Victoria's issues have mostly been operating issues. His bio says that he is a founder of Banyan Gold. As you posted, Marty Rendall, the CFO gave the VGCX presentation at the Red Cloud conference last November who noted his lack of operations expertise when he said "you're talking to the CFO". If JM couldn't be there, why not the COO?
Marty played a Victoria video as part of his remarks. I watched the video to see if there was anything new. I was astonished to hear that the mine will run for 20+ years and produce 6 million ounces of gold and that 1 million tonnes of ore will be produced each month! WOW! That would mean an average of about 300,000 oz/yr. What lessons have they learned from over-promising and under-delivering?
On paper valuations mean a lot less than investor sentiment after you have lost investor trust. Analysts trust management forecasts and write recommendations to their clients based on those forecasts. When the forecasts are not met, I can imagine that analysts take heat from their clients. Consequently many have lowered their target prices.
I could go on, but like you say, if you can't say something nice . . . .
It will be interesting to see what the forecast is for 2023. If as they now indicate that 2023 is finally the year that they get production to 200,000+ ounces, will they dare to make that the mid or low end of the range?