Total mess I haven’t said much since the AGM, I was too frustrated and still Am.
What a freak show this has become!!!!
Yes, there was some positive, but I left with such a mixed feeling and the Crux interview last week just confirmed all my concerned. I thought it was a good interview, Eric is doing an amazing job with what he has on hand as always. Nonetheless even if it wasn’t a bad interview, it just didn’t say enough, still way to vague on the important stuff. I still feel like something is off here.
I do stand behind my words that we seem to have a solid team leading the project in terms of ultimately building a mine. The problem for me really is the on-time execution, the communication, transparency towards shareholders and creating shareholder value along the way, not only once the mine will be running. I’m still very frustrated by all of this with this company, #JSL…
They will eventually get to the finish line, but at what cost to us the common shareholders…?
All those wasted opportunities that flew by us because we decided to trust their words is just insane at this point…
I had a conversation with Patrick two weeks ago, and it didn’t leave me with a better feeling either. I’m just getting more and more frustrated. I didn’t expect him to say much, but now it is just becoming ridiculous. They simply don’t understand what it means to be transparent and communicate more with the shareholders. They don’t understand what it means to create market awareness.
They have not done any promotion yet as the market is not favorable, it would have been a waste of money according to them. I can agree with him to some level, but as I told him, they have let the SP slide lower and lower, even before the market was that bad. They have not taken their responsibility towards the shareholders to try something to prevent / stop the slide. Also promotion is one thing, informing the shareholders on a periodic basis to keep us in the loop of any sort of progress or absence of progress with some justification has nothing to do with the market situation for me. He said that he would relay the concern to JSL as we are approaching another timeline. (I heard that so many times…) The Crux Interview covered a part of it, but a lot more will have to come in my opinion.
We discussed the SP situation, as always, the management team is not happy with the situation but not much they can do in this market (BlaBlaBla, words, only words and excuses …). He still says that we should be trading at around 2.25 to be within the average but he doesn’t provide solution to get us there. It is like they only rely on the financing deal to take care of things witch to me is really frustrating. The lower we are when the deal is announced the further it prevents us from reaching higher highs.
I hope I’m wrong, but my confidence in this management to create momentum is near zero. Even with good news in a good market, they will find a way to diminish it or not promote it properly. They just don’t seem to care at all how much we are going down or how high we will go for now. He did not agree with me that we would be at 1.50 or lower very soon if they did not come up with something, here we are…. It’s even much worst, now the wheel has just left the wagon, it is ridiculous to be back at these levels...
We have seen this happening over and over and JSL never did anything to stop the downfall in the past. I’m saying JSL because it really is him that decides everything at the promotional level (and much more…), Patrick has no control over it. We saw JSL let the price drop to ridiculous levels in the past and then make pps (I still remember the pp around 30 cents) I would not be surprise if he his intending to do the same once more, it is a pattern that keeps on repeating itself with this company.
Their vision is based on the long term, very long term, they do not bother with the short vison of few more weeks, months like us. When the mine will be in production and the land package will have produce more roses to the bouquet as Eric like to say, none of this will matter to them. But it does to many of us, as many who have been here for far too long (including myself) do not want to wait another 2-3 years (witch to me is what it probably will take) that is why the frustration is so loud, the recent drop in the PP with volume just make it worst of the worst.
If management would have done their job properly and brought us to a respectable trading position when the momentum was there, like they have told us so many times in interviews (around 60% of the NPV if not higher considering how advance we were…) I would probably have a different opinion. My biggest grudge comes from there. I would still not like it to be down 40-60% but it would be the market itself fault. Now it is not in my opinion, it is even worst, and it is all on them for having us in such a mess right now.
To me even with the latest letter to the shareholders, or even the Crux interview nothing justifies the fact that they have not sign a deal when it was the time. They are now using the market situation as an excuse; it is simply pathetic.
Amid all my frustration, I’m still hoping they will blow us away with an incredible deal and for once aligned with the timeline. Fall is still in the cards according to Eric, but my expectation for it to happen at that time are very limited. I don’t see a deal been sign soon. I’m crossing fingers for before the end of the year like Eric said, but who knows with CRE management. That is how I felt when I left the AGM, and it is even more so how I fell now. Let’s hope I’m wrong but to me it sounds like more excuses to come… I’m just really hoping that they are not coming up with a PP at these levels. If it is the case, it will be a terrible scam. Eric / management said it many times in interviews and at the AGM that no money will be raised at these level (they started saying that when we were around 2.50…)
This management is a complete mess in terms of reading the market and making things happen at the right time. I’m saying a mess, but personally I don’t discard the idea that they are probably doing it on purpose for various reasons. To each is own on that matter… It is very hard for me to conceive that guys like Haber and Brune can be so bad unless it is intended this way. Maybe they are a one hit wonder, but I seriously doubt that. Some will say they don’t control the market. Yes, it is right, but for having heard them many times (especially Haber) he knows the market very well. What he predicted a few years back is happening today and he was pretty much spot on. To me it is unconceivable that they didn’t see the actual situation coming and yet even if having advertise a deal almost instantly after the permit they choose for some reason not to make it happen. That is on them, not on the market. I believe their intention has always been and still is to tap the 2026-2030 market where the real money will start to flow. Haber has repeated those dates over and over for the past few years. In their mind they still have time if not looking for reason to extend the time (To each is own on that opinion…)
To me, Monkeyhere has been right all along with most of his predictions / reading of the market. Unless management get their head out of there ***, we could be in that very boring roller coaster for some time. I don’t think the delay is due to the exploration side / extension of Rose, management / Eric said it over and over, in interviews and once more at the AGM this year, the size of Rose is of no concern regarding negotiations. If it comes to be a problem, to me it will become a big integrity problem with this management (wish I have started to doubt for some time now). I think the problem is related to the market / SP, I could be wrong, but to me it is what the AGM sounded like, and it is what seems to be now…
Management has waited too long, and it has complicated the situation has they are not willing to go down below a certain number. They are in a good financial situation with the money in the bank to continue advancing stuff while the right deal can be stamped and that is how they seem to play their cards. Also, I have heard management repeat over and over that many of those potential partners prefer guaranties even if it means paying a bit more. There seem to be something of importance with the detailed engineering (65% completed) before they can move forward (+ other guaranties). Maybe some of our more mine friendly Stockhouse members here can share their view on the importance of that threshold for the engineering.
Now that the vacation period is over, negotiation can resume, lets hope that all this grudge I have for this management can go away with a mind-blowing deal arriving on time… I still think we’ll have to wait for the market to recover, but it’s good to dream sometime...
I also hope that they will give us much more then just that Crux Investors interview has promotion. I have nothing against Crux Interview, it is very good, but realistically they don’t have enough followers and the interview before the one yesterday only had around 6.5K views, way too low to expend market awareness. Has requested by Patrick, many have suggested other much better places to promote, but for some reason Patrick / JSL refuse to go there…
Management needs to take their responsibilities and start doing something…