Pounds in the ground is great and all, but time is expensive.
The longer this goes, the more dilution we are going to have to see.
If this is 5 more years, how much will our share of the pie have shrunk? It could be longer, its not out of the question anyways. Cash tied up here costs lost investment opportunity too.
Elmer has proven he doesn't have any patience, so I think its very likely he will continue to squander our precious funds and dilute to further our side projects of questionable short term value.
Think of all of the money spent on the early stage projects - could we not have just done our own work program to move the waste from inferred to M&I? That would have at least accomplished something that could really increase asset value...
I no longer have any confidence that Elmer can pull off anything he is trying to do. I think he may be a reasonably decent geologist, but doesn't have the business sense or experience to be at the helm of the company.
The parade of botched timelines, studies, drill programs and property purchases prove a lack of focus. We need to complete a circuit of the acquire, develop, sell before we can claim the "repeat" is our mantra.
At least that is my opinion. |
