RE: RE: RE: Results3 Jul 2024 19:45
Hi Diggit1gold,
I genuinely am a holder here, for my sins, & I'm currently down 80% after today.
This is only a very small holding for me, in comparison with my overall portfolio, but it's the principal about how this company is "run" that is really needling me. The fact he's taking us all for fools - you included.
I hate the fact that Poulden's done us all over. Always "jam tomorrow" with Poulden. Always "potential", "similar to Havieron", "visually encouraging", lots of pictures of random gold nuggets that aren't even ours & a few dodgy looking drill cores (I remember a while back people falling over themselves looking at cores that "looked" like they had gold in them - I believe that was done deliberately, that's when I started really digging).
It's a repeating cycle of RNS's with dubious claims (see para above), raise money, drill a few holes, show pictures of cores, followed by pictures of gold nuggets (just to make sure you don't "miss the opportunity"), buy some random dirt to secure another "opportunity", and finally start the process all over again with another raise. All the while diluting shareholders. Last time he got to several BILLION shares before he consolidated. He's already done multiple raises & diluted us by over 50 million shares, without a single ounce of gold out the ground. This is a lifestyle company for this +70 year old CEO.
I would LOVE it if he struck gold, I really would - not just for me, but for everyone here. But I can only say what I see - lack of focus, lack of direction, lack of success, lack of income, lack of money and currently, lack of a CEO - because he's got a hurty back.
Explain that to me? If the CEO of Rio Tinto, BHP or Fortescue or any other mining company was off sick, does that company suddenly stop working? Suddenly stop communicating with shareholders? No, they dont. The fact it has here, shows a lack of succession planning and contingency arrangements. Not a good look.
If my postings highlight to future potential investors that things aren't as rosy as they should be, then I'm happy. Like the Captain of the Titanic, or CaptainCodPiece, we may have to go down with the ship, but we don't need to take excess passengers down with us.
So yes, I'd love a massive gold strike and a 3.4p exit, but that's where fantasy hits reality - we have $568K after raising $300 + $250K and $18K cash in bank. Poulden and his mates are taking $300K per year in "fees", then there's his salary to deduct on top. That leave virtually ZERO for drilling, you know, the thing he's paid to do! So he needs to fundraise, again!! Which means further dilution of our holdings. Seriously, how much lower can this go?
A final thing to consider, as alluded to today by another poster & myself the other day; Poulden keeps very dubious company.......
I hope my genuine answer satisfies your genuine question.
Anyway, I wish you & all holders a more prosperous future with Wishbone.
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