RE: SP18 Jun 2024 15:39
Talking Sense - I think, with respect, that the frustration of shareholders is somewhat more extensive than you describe. I agree that Blue Mountain (BM) is, now that the Queensland weather permits, an opportunity to produce gold. After all Adam Jones and his team have inherited 80,000 ounces of gold explored by the previous owner of BM. If that is correct then ECR's management should be able to create value for shareholders. Creating value is in my opinion that which ECR;s management and any other explorer should be aiming to achieve. They will not achieve value by talking, podcasts, interviews and tweets. I hope that they did not think that they could.
We know that they thought that it was a good idea to spend shareholders' money on a drilling campaign at Davey Road and Kuboid Hill. The results were "talked up" as "successes" but despite that, Creswick has been put on the back burner for the time being. The question to be answered is should they have been further drilled in the first place? I am more of the opinion that Sausage is correct and that Creswick has been flogged to death; despite pockets of gold found and despite years of work no major resource has been located. That said, we have pockets of gold and the TV programme Aussie Gold Hunters gives us an insight as to how successful explorers can be in finding small resources and selling their "finds" and make a good living therefrom. With ECR's tenements and the "finds" at Davey Road and Kuboid Hill and other parts of Creswick, these Aussie Gold Hunters do not have to hunt for the pockets found - they have allegedly been found and are therefore ready to be taken from the ground and sold if our management can tie up deals sharing the cost and the resulting sales product with these "hunters" - after all gold prices have risen considerably over the past year and from information available are forecast to rise further. That would mean a change in direction for our management but we know that they do not have to work hard to conserve cash since they appear to have abrogated that task to an advisor or advisors at a cost of £6,000 per quarter!!
And that brings me back to BM. Let's have a production plan and evidence that Jones can improve upon the finds of the previous owners of Blue Mountain - two plans - proper plans and active steps to achieve real value for shareholders. It cannot escape anyone's notice that Mike, Nick and other members of the board have shares - that is something else that has been talked about so often!!!
Then onwards to Lolworth but as we go deliver value to shareholders through production.