ECR management8 Sep 2023 21:15
Setting aside Tang who I think virtually every LSEposter thinks is a waste of space and the lesser directors Davenport and Scott, there are two players Haythorpe and Jones who have been managing ECR since last April. Those two are the two who have been exploring for gold in Victoria and who have failed miserably to find gold in any commercial quantity. Haythorpe has been hand in glove with Jones in this exercise. Let's not forget Haythorpe came with flying colours from his former role at Crescent Gold.
I know not what agreement he reached with Tang when he was interviewed for the ECR job; we know that he really wanted to explore in Queensland, Did he agree to continue exploring at HR3, Blue Moon and Creswick etc as a condition of taking the job prior to moving on to Queensland? We don't know. What we do know is that Haythorpe and Jones failed in Victoria despite millions being spent on exploration.
So we are now exploring in Queensland but the interview yesterday gave little confidence of what may or not be possible or happen by way of exploration. It was probably the oworst interview conducted with Haythorpe and Jones since Haythorpe joined ECR.
What we did get was a long explanation by and from Haythorpe of why everything that may be wrong with ECR has nothing to do with him and his inability to find a commercial resource but is to do with current market sentiment and conditions. For G-d's sake, Haythorpe is a former mining analyst; it has been one of his roles in his career to know what can or cannot go wrong in a market and prepare and cater for those eventualities.
What I do know is that success and failure gets known, not just in the stock market but also within professional life. Reputations can take a long time to build but it takes minutes to destroy a reputation. I see little merit in Luca's suggestion of an EGM - such EGMs very rarely benefit private shareholders; in fact they can be disastrous.
What I do believe is that unless Haythorpe gets a grip of ECR he will go from the hero of Crescent Gold to a failure at ECR and in my view that failure will not escape the attention of the market.