RE:RE:RE:RE:RE:RE:RE:RE:‘Business until it isn’t’ needs addressing Lots of interesting debate. The only correction I'll make is on the point that nobody at the top of LME wants to sell the company. That is the #1 goal of all members of the board, major shareholders and Cynthia herself, she's said as much publicly and I can confirm that.
If you're Cynthia, you have to keep exploring and you have to keep developing the property/company. If you don't, you lower the value of the deal and you are essentially working without a net in the event that you don't get a buyer. Cynthia is doing all the things an operating CEO would do and that's what she should be doing, but don't confuse that with a lack of interest in disposition. If she could announce a sale today I assure you she would.
On her salary, it's a non factor. You have to get paid for your time. Cynthia is working this property away from her family and is a professional, tenured geologist and the chief executive of a public company. I've always been surprised she didn't draw more from the company but her preference has always been to put Laurion ahead of her own bank account, much to our benefit. What she draws isn't a normal amount, it's well below that for a company with this balance sheet for a woman of her tenure and stature. We're getting a bargain.
Lastly, don't miss out on the value of silence. If there is work being done on a transaction as all of the public evidence from LME suggests that's not something that's going to appear in a PR because it can't. Empty space from a public company that's working towards disposition is a checkmark in the positive column in my view. Yes, I wish the drill program was more extensive so we'd get more results to fawn over but the access to rigs was limited and we didn't raise extra cash until late in the cycle. They have drilling planned for 2024 and said they'd deliver a resource estimate against that for their financial advisor and special committee to utilize. This changed the SP not a penny and that's behaviour I have seen long enough in LME to expect to continue.
Everyone gets to do what they want with their shares, I'm keeping all of mine.
Hope that helps,
Steve