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I think the frustration seen on this board today stems from shareholders wanting to cash out quickly and then finding it's not going to happen as they hoped. That's led to all sorts of accusations, many of which I think are unfair. Yes, expectations were high that this would happen but put yourself in CB's place. If Ascot had never been found then RC would be on the table soon and we could all be happy. But with Ascot still being an unknown quantity how many of us would say "don't care", sell and move on. What if Ascot is as valuable as RC? I think CB is getting abuse while possibly playing a clever hand. By delaying presentation of the model he is allowing Ascot to be further explored, improving the RC financial model due to shallow drilling and allowing the Cu price to rebound. A win/win situation. The price is the abuse he is collecting for missing deadlines. If it means that my shares eventually are twice the value then I'm happy to wait.
I know not all shareholders can, or are willing to wait but as Boris said " them's the breaks".
I think that is an excellent analysis.
I have an extremely large holding here and have been waiting patiently for RC to realise its potential. Luckily I am not desperate for cash at this present time like you say some may be. Yes it is frustrating but I am optimistic things will come good in due course. We have a good and increasing revenue stream, so must be value to be had whatever. I do not post very often, but follow these boards religiously.
Cygnus,
You may have a point. I have seen quite a few comments( not on this board) about CB selling Kalumbila for much less than he could have achieved . A different project and different times but...
I'm not too sure that the frustrations are down to SH wanting to cash out quickly - and now finding that they have to wait longer.
I think it maybe down to the fact that the direction and process keeps changing. One minute its just a few holes in ascot to give an indication, with RC model soon - then its phase 3 + areas outside ascot and RC.
The statement "It wont be a death by a thousand lashes" has not aged well :) That's exactly what is happening.
And where's the interim report we were promised months ago in an RNS? Is that down to poor market conditions?
I suspect CB will be blaming many issues on "Poor market conditions" like he did previously with covid.
If CB has all this under control and all this is a part of a grand plan involving delaying tactics re sale, then he is playing a blinder and got a lot of people fooled !
On balance, I still expect this to turn out OK, in the end, but CB does make life hard for himself with his "shoot from the hip" comments.
IMHO
My frustration would align with that, why make promises that people weren't pushing you to make, I doubt it increased the share price much but I do think it had a strong negative effect when the self imposed targets weren't met.
I also worry about looking for better market conditions, I have a feeling that what looks bad at the moment is going to look like calm waters compared to next year, if we are waiting for the market to improve I think we are waiting until 2024/25, if I had known that I would have sold a few 100,000 shares at 6p and left the rest in here and not checked again for a couple of years.
Hindsight will make you a million in a week. Holding tight and we'll see what happens.
(repost from Telegram)
Seems to be a lot of unhappy shareholders, but not sure why, Seems to be more impatience than anything else. Since CB made his prediction on model release time, etc, we have had the largest European war in 75 years, a global recession, high inflation, a global food crisis, crashing commodity prices, etc. The whole AIM index is down 40%+.
I can't understand why shareholders want Colin to just ignore all that and press on as if nothing had happened. Reading CB's comments on BZT, he plainly thinks this is a terrible market and good news is wasted.
We have income, which puts us in a great position because we can choose to be patient and wait for the market to improve before declaring a resource. We have a lot more drilling results, including positive results to the south of Ascot. Finally, if we decide to wait, we can spend that income on building up the resource while we wait.
What do people think Colin should do instead? Declare a resource now and go to AA in the middle of a recession with low copper prices?
Wow, you’d think that CB just declared 1mt. What a difference a week (does / doesn’t) make.
After lots of talk on BB about phase 3 and the initial scope, this has been outlined (thank you CB). Other than that, it’s all much of a much and in line with expectations.
The reduced risk (and therefore value) of the gold crown(s) should not be underestimated - especially in current climate and given any loans are only going to get more expensive in the course of the next couple of years! Speed of paying back a loan with a high density crown will be…. worth its weight in gold (sorry, long day)
Don’t get me wrong, it is frustrating that the model was pushed back, but I’d planned to give it until post AGM before venting (maybe even half year update) and I’m expecting more clarity over the coming weeks and maybe even a model or two.
At $50k-$100k coming into the coffers per week, sit back and chill. CB is a master of stories and I’m sure one will be constructed when the time is right, maybe you’ll even see a big bus with $100k per week plastered down the side of it parked up outside the AGM.
I suspect we’ll see models and news of gold flowing through shortly to try and break the 8.4p mark. If we do then we’re onto two drills for phase 3. Otherwise, it will be 1000’s of cuts and another year of drilling.
Only negative bit that I took away from today is Footrot wasn’t in phase 3 outline, so unless there’s a chunk of gold in assays, I’m not holding out much hope for Footrot (hoping to be proved wrong)