OTCPK:ALTHF - Post by User
Comment by
Heywood_Silverson May 26, 2023 5:50pm
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Post# 35466642
RE:I don't think you guys get it
RE:I don't think you guys get ithttps://atacresources.com/site/assets/files/7709/reasons_20for_20decision-atac-lq00531-nov_2027_202020.pdf
Above is the actual tote road decision by the Yukon authority. I'll give you the cliff notes version so you don't have to fall asleep reading all of it.
A) ATAC held a Class 3 license, which is not broad enough to allow for the construction of the tote road. A Class 4 license would have to be applied for.
b) ATAC didn't adequately address mitigation of environmental impacts and the first nations were leery about that. Note, the end of the decision said that the FNs aren't ready to sign off on a tote road at this time. Reading between the lines, if you grease their palms enough they'll play ball. That's always how it is with the natives, you have to give them bribes/payoffs/etc.
Trust me, Hecla or Victoria would not attempt to acquire ATAC if there was no way a tote road could be built. In fact, if you look at the map included in the link above, you will note that the tote road completely bypassed and FNs land. So, argument #2 against the tote road is flimsy at best and won't stop the ultimate development of the Racka mines.
ATAC management just got lazy and gave up. They didn't wait to achieve a good buyout offer and they obviously had no appetite to obtain the proper Class 4 license to build the tote road.
Where ATAC faltered, Victoria/Hecla saw an opportunity and swooped in like a vulture trying to nibble away at a carcass. Thing about it was, we weren't dead, we weren't a carcass. We just needed the one thing management ran out of: patience. If management wanted to sell and move on, fine. But for Pete's sake, pick and choose the best timing for a divestment of assets!! This isn't rocket science here.
I get that management was frustrated, but why bail? Victoria made an insulting offer and then Hecla convinces the BoD that their slightly less-offensive offer is the best we'll ever get for the rest of our lives?! Yeah, I'll call BS on that one.