RE:Getting CloserHey Deputy Dawg
You are right on all accounts. While I don't think the new CEO announcement will have the immediate impact some expect, it's the start of the process of systematically getting this across the finish line.
Yep, the Board has outlived its usefulness in its current state. Some of these positions were early-stage positions to develop government contacts, etc. However, the Board's current shortfalls should have been remedied last Summer/Fall when things started to slip behind. It's a good thing that someone stepped in to promote a CEO change in February :)
Based on the February 21, 2023 Corporate Update announcing the new CEO search, I expected a follow-on update announcing some new Board members, or similar, as they announced "...Atlas will be taking other immediate and near-term steps to further strengthen its overall team...". However, I'm wondering if they are waiting for direction from a new CEO before going down this path.
I will note, however, that part of the reason why no one may have advanced on this opportunity yet may have to do with the turmoil some of the would-be suitors are going through. For example, Compass, who may or may not be interested, just underwent a restructuring by laying off 16% of its workforce, cut executive salaries and cut contractor costs, etc. Similarly, Stone Canyon has one of its mines on strike since February. These parties, who may be potential suitors, may have not been able to advance up to now even if they were interested. However, Management may have done them a favour by falling behind and not pushing their hand.
In the end, we need a full court press to progress this play and, as you are correct in saying, the new CEO will hopefully be the start of that process.