Post by drunk@noonon Sep 29, 2025 4:11pm
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Post# 36731847
Today's announcement shows management is more
Today's announcement shows management is moreinterested in empire building rather than maximizing shareholder value. Typcial of the mining industry.
Maximising shareholder value means get phase 1 up and running, and as long as the sharepirce remains at a fraction of NPV per share, i.e $2.64 shareprice would represent .66 NPV per share with a 3500 gold price. So as long as the shareprice remains at those levels, all excess cash should go to buying back shares, that's of course after paying down a portion of debt and eventually taking care of cap ex for phase 2. Instead, with phase I of Fenix still months away from being up and running, and phase 2 years away from being complete---something that would at least triple the intrinc NPV per share, they are hunting for ways to spend free cashflow rather than using the cash to buy back shares that are trading at a severe discount to NPV.