RE:One more thing to add to that This is my take on this mess:
Theres no doubt in my mind Ewan was getting a little ahead of himself running on the high of continued stellar drill results, and felt "invincible" issuing & raising money and "drill baby drill" without being as prudent as he should of been. Like a kid in the candy store scenario. Case in point taking over Paycore for FAD, when they had enough going on for the size of their co. So shame on him for that.
However, his pipeline to success was to JV, which he felt he had a handle on, and, quite possibly could have made a path for development forward with de-risk and growth. How much of the pie would they be left with? Anyone's guess now, but, it probably could have had arms and legs.
if Richard Young's comments are truthful, then, they were going to be giving up too much of the farm, and, his theory forward, (a different pipeline) can also have arms and legs, maybe a more risky path forward to completely restructure the entire debt/servicing/recapitalization plan, could also work.
Do we believe he can do it? Does he have the connections/experience and fortitude to hold the ship against the market upheaval here in the short term and make the turnaround? I personally think he can and will.
Metal can disagree and that's fine, he might be right in the end, but, I think Richard came on board with Ego of past successes, and will be very determined to put the i80 story as another feather in his cap.
I listened very carefully to the language in the presentation and the webinar. Strong language "going concern" etc, launguage that I personally think was inserted to spook the markets. Well, it worked.
I think there's already deals in the works, and I think major large block positions are being taken up on the cheap. Real cheap. This project already has a plan, the plan will move forward, and the players shook the tree and plucked all the low lying fruit. The retail investors. Over 100M shares have dumped their positions, do you think any of those shares are shares of the top 10 institutional holders? Or all us peasant Retail investors? This is how the game is played. New direction, new money coming in, new positions taken. It's a dog eat dog world out there and I think a big shakedown for our shares just happened.
question: they knew a downturn/ poor market reaction was coming after Q3 published. Richard eluded to this. What I didn't see in the report was any update on drilling results. Even from past months infill drilling . And yet, there's been several targets being drilled out, multiple drilling rigs on site for months and no release on any positive results. In several interviews with Ewan in previous months, he stated that, lots of drill results were pending and they were really looking good and he was quite confident we'd be seeing major increases in Measured & Indicated. But nothing. Just strongly worded language of pretty much doom and gloom.
Anyway, I always try to look at things from a contrarian standpoint, not just what things look like at face value, and, I think Richard has a line on Financing and development/pathway forward that is off the charts different than Ewan's plan. A plan that holds onto more of the pie, with different lenders who wanted skin in the game and this negative spin was exaggerated and spun to serve the positioning of those institutional interests. At least it is certainly a possibility.
Those are my crazy thoughts. Could be wrong, but they used language that was pretty unnecessary in my books. They may have gotten just the results they wanted!
The good news is time is going to tell. In the meantime, I'll just hold onto my shares and brace through the storm. Have we all forgotten these assets are sellable? Even at blowout pricing this Market Cap is forgetting what we have here.
Fear & Greed is what drives the markets. Right now, pushed a few fear buttons.
Probably wrong, but those are my suspicions
Ponyboy Outsider