RE:,,,,,,,,,,,,,,,,,,,BayStreetWild UpSet.............. Re: competence
The company originally had a plan, with 5 million from Lind and 2.5 million from sprott, a year and a half ago to restart open pit mining and organically generate revenue to get things going... failed
Then reworked a supposedly better mine plan with better grades and received $37 000 000 USD which originally was less (I think ~$27 000 000 USD and then they added another $10 000 000 USD for contingency planning). Restarted mining about 2 months ago and haven't even shipped anything yet....
Keep in mind that they were touting to the market and especially retail investors with a presentation bragging about being fully funded and green skies ahead with copper prices.
But they go to the market and raise $3-5M... just in case. Just in case of what? Wasn't there $10M usd in contingency planning? How deep are the cost overruns? How bad is the flooding in the underground mine? Why is their attention so divided with no focus?
This comes back to competence:
One of the following must be true:
1. The company did not raise enough money but claimed they did. (Strange because they thought $7.5 from Lind and sprott was enough.. crazy that $50 million CAD wasn't enough.
2. The company was not capable of assessing the true costs of the project. If that is the case, what does that say?
3. The company is overly optimistic to the public that copper prices would not go drastically down in the event of an almost inevitable recession.
If none of those are true... please present me with alternative options. And remember... here I am also not saying anything about credibility... and I could go on for days about honesty with this group.
These are my honest unfiltered thoughts. Do your own due dilligence. No one should buy or sell anything based on a bullboard post. Consult a professional before making any decisions.