Any would be investor thinking about buying on consolidation or further dilution should reminded of several key issues. 1) As Eric said a poor performance from a top heavy management team take a significant wage and bonuses. 2) the JV has crumbled which demonstrates that Georaid don't believe they will get a sufficient return on their investment so have pulled out. 3) They have already mothballed one project after spending a significant amount of time, effort and money on exploring it. The only reason that is not a live project is because the highly paid management team failed to secure a JV. 4) They have twice heavily discounted the diluted offering because they wanted to make it attractive to a select number of new investors. Without thinking about the loss to existing shareholders, definitely a us and them mentality. 5) the 0.00249 er investors lost their holding within days party due to another non disclosure issue "of which there have been many". My advice do not give this management team your hard earned money. There are much better run companies with less risk and greater potential.
Hi matey. I think the problem is that the personnel here remains largely unchanged. Progress has been at a snail's pace. Bird has had little effect, only to further dilute heavily. He is yet to source a JV partner for Mutsk. Drilling has also been very limited over the last three years or so, prior to and post Bird's appointment. The wage bill has also been far too generous.
Without a JV, the next dilution won't be pretty.
You mentioned a consolidation, but I feel it's the management style that has to change. I can't see that the current methods just won't continue. Consolidation, heavy dilution, decent wages being paid, minimum work on the ground and no nearer to production. The area at Mutsk remains undefined even now, because there is simply never enough work undertaken in any given year.
I've been a shareholder here for over six years DShox and my holding is literally worthless now. The same must apply to many other long-term holders. I would not recommend this share to anyone, without first seeing a complete change of personnel, followed by the successful completion of a period of probation for the new team. Six months minimum.
That isn't how CB works. He has a track record of drill and flip. At the end of the day, exploration's a risky business. The old guard probably realised they hadn't picked winners capable of turning a fast buck and needed to keep drilling, which a junior just can't afford to do without dilution after dilution. If ORE got a share consolidation done, I'd probably be in for a few at this marketcap.
Sell off, no I don't think so, that would ruin the wage and pension fund. This bunch will just keep taking and diluting whilst not performing. Consolidation and dilution and repeat. That's their game plan.
Looking at the projects as they stand, unless Silverton comes in with a great set of grades, they do seem less appropriate for a junior explorer. Perhaps they should be sold off, which I'm sure will be on CBs mind. He probably wants to get them as far down the value curve as he can before trying to find a buyer.
As soon as more dilution or share restructuring is communicated I expect most if not all LTH will exit or accept their hard earned investment is now a charitable donation to the ORE wage and pension fund.
Agree Jibber however if Slowey hadn't right royally f-((=d the whole company up chasing rainbows along with destroying PI (& his own!!) Iinvestments Bird wouldn't be at the helm with dilution after dilution in ever decreasing circles - they should have wound this up rather than bringing Bird on board in my opinion instead of continuing to throttle it & everyone associated to - caveat of course is that's just my opinion.....
To be fair, CB came in when the marketcap was already very weak and has been forced into raising equity in the hope of realising value from ORE's exploration programmes. If there is anything at Silverton, it should be coming through right about now given the drill programme should've finished a couple weeks ago. CB is an outstanding geologist, so if you need someone to find anything worth talking about, its him.
Birdy doesn't even say the right things at the right time. He just says things............. just look at his speeches on youtube, he sounds like he has not got a clue what is going on! how the hell he was given the role is beyond me.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.