Hi Vaughn and All.
LOL Vaughn re your BR tile. I can empathize - I'm starting to see the SUF chart in wallpaper , road signs , pasta etc. Very Dali-esque , Greg Peck/Spellbound feeling.
Just finished reading the AR. Might as well stick a fork in the BOD - they are done.
Leviev has SUF over a barrel in Angola , Klip is in "test mining" , no news from NWT or Brazil , M1 is depleting rapidly and in the absence of project finance , the market is (quite understandably) discounting Messina's NAV for fear of equity dilution to assure production.
Can't agree with Russett re market apathy re Messina for country risk concerns. I think the market wants to see the financing in place , and whether additional equity financing will be required. This is a fine deposit in the Bushveld. If country risk was a concern , why does PTX enjoy the market cap that it has ?
No , IMO the fault dear Vaughn lies not in the assets or their location , but in their management , and we are underlings. SUF has burned and disappointed its market (M1 , Camafuca, Klip) over the last couple of years in terms of what and when it projected to deliver , and the share price reflects a very healthy market skepticism.
Had to laugh at the $1 million plus spent on an alluvial operation at Calonda del Sol in Angola in '99. If I recall correctly , this prospect first emerged in Q3 '99. The operation was terminated and the money spent written off later in '99. Un-believable. This is the kind of "flying by the seat of their pants" that I for one could do without.
It frustrates me that I have made $$$ hand over fist on bullchit.com plays with no assets and sit here looking at SUF as one of the prime tax loss prospects in my portfolio. It's a feeling not unlike trying to get my teenaged kids to clean up their rooms <ggg>
In any event , get better and I and am sure all others look forward to your views on the Yamba results.
Regards. |
