Questions for Omar & Management... Hear me Out24 Oct 2025 19:46
Sequence of Events
September 2: Maiden drill program begins.
September 8: Share dilution announced.
September 15 (Monday): Jud001 completed — the company could easily have announced completion the next day (Tuesday).
September 16–18: Jud002 likely commences (exact date unclear, but starts immediately).
September 18: Omar repays himself the $270,000 loan, supposedly at the company’s insistence. Probably as soon as the dilution cash cleared.
September 19: The company announces completion of Jud001 (810m). By this stage, they would have already run spot assays and compiled visual logs — meaning they knew internally whether they’d hit mineralization or not.
October 21: Gorge licence acquired for A$500,000 (cash and shares).
The Question
If Omar and management were confident in the Juno project — and clearly knew by mid-September that they intended to buy the Gorge licence(which seems almost certain) — then why repay Omar the $270k interest-free loan, only to dilute shareholders a few weeks later to fund the Gorge purchase? After all, Omar was willing to extend the term of the loan.
It doesn’t make sense.
Unless, of course, the goal was to de-risk Omar first, and then shift that risk onto shareholders through dilution.
The Drilling Discrepancy
Jud001: 810m — completed in roughly two weeks.
Jud002: 773m — took over a month to complete.
That doesn’t make any sense. Normally, the second hole in a program benefits from experience, setup, and logistics — it should be faster, not slower, especially for a shorter depth.
So, what caused the delay?
If the Jud001 results were already known internally and were underwhelming, it’s plausible the slowdown was deliberate — time to reassess, manage the messaging and prepare a new narrative (the Gorge licence acquisition) before the negative drilling results are released.
Which would also explain why the laboratory assay was not fast-tracked.
The Gorge licence is the consolation — something to keep the hope alive.