Post by
shiftyone on May 11, 2023 5:49pm
Sgt.... re pure speculation
Since I thought I made it clear that I didn't want to be brought up.... and I am the only one you have called a basher in the last few months. When you said that bashers not apply I take that as you bringing me up and thus want my opinion. I stated that if I was brought up I would return.
How are they going to prove it up to 5 million ounces? they couldn't even drill 4000 meters in more than a year. Because they ran out of money to finish it.. They implied in March they were starting driling, but it seems like they are still not drilling. They didn't say a budget or how much they were going to drill.
We only had DoumdiDoum tell us it was a budget around a million dollars and 2000 feet. and that it woud start on April 23. Surprise there was no release. Anyone reading releases would have supposed that they actually started the end of March.
The company is getting closer to $30 million in debt. They have enough cash to operate for a few months. The whole company is signed over as collateral. If talks around selling Pointe Rousse didn't work out, I suspect that was because Nebari said wait a minute.... your financial situation has deteriorated. That property is part of our collateral. And if you sell it we want to keep our security. I suspect that is where the talks that doumdiDoum told us were going so well ran into a hiccup
Management has a choice to make right now. Spend the money on drilling, or keep paying themselves unless they can raise more money.
It would not surprise me one bit if they lower the price of the placement. Because they can't raise that much money at .30 the way it has been run. But that is just my opinion.
They can't prove up 5 million ounces if they aren't drilling.
Of course this is all just my opinion.
Thanks for inviting me to share.