RE: RNS Every Week1 Jul 2021 09:56
Great post LW. I'm in the same boat as you and it does not mean you can't approach ECr with caution moving forward and these next results and like you say, let's see if his and Adam's excitement into the recent drilling campaigns transpires into positive assays.
To me, it was less of a breach of trust and more "poor communication" with a hint of bad management, which in my eyes too, is forgivable. If the company had exaggerated the financial situation (which i know stays regulated so this would be hard), or if it gets 2 years from now, we're down to £400k in the bank and the current £5m hasn't returned or generated any shareholder value or returns, then the alarm bells start to ring.
We did have £3m in the bank, but already have spent £700,000-£800-000 in Q1 & Q2. We'd soon be down to the scenario were funds start to become tight again and you'll have to priotitise your exploration activities. Without the recent placing, i personally don't believe the company would have applied for the land in Queensland, although costs may only amount to around £30,000, i think the company have early exploration plans there panned out which would normally set you back into the hundreds of thousands.
In terms of trusting CB or even liking him, the only question I'm asking myself right now, can Craig still create value and good returns for the shareholders at ECR and i strongly believe so. slightly going off topic, but you only have to whisper the name "Paul Johnson" on here and long term holders begin to have nightmares and terrible dilution flashbacks. I hadn't heard a good word said about the fella. I've never been invested into one of his companies where he has an acting role, and to be honest I'm not a fan of his compulsive purchase strategy over at POW metals of snapping up 8-10 projects at once. That being said, just because i don't like him or trust him, doesn't mean he can't create good value. There was a period last year between 3April - 15th January this year, they were 1300% up. That's an insane increase. Cora and Lordstown motors, 2 other companies I'm invested in. Both funded for activities but both used a capital raise to look further into the future and secure themselves financially, i have no issues with this and feel similar with ECR
Forward looking statement, I think we're definitely in a much stronger position now than what we were 6 months ago, pondering about the JV and drilling beginning at Bailleston. But like LW says and it's been said a number of times, the results of that placing i believe have put us in a strong position exploring our numerous grounds, but it's going to come down to results. Results which the company are clearly doing everything to get. Non stop drilling on both Gold projects, they're in the wait of the Geology Gods now. They'll do the talking and show really where the company really are
We're all here for the same reason and i appreciate all of your comments, so apologies for the ESSAY. Let's get deliver
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