RE: Short Term7 Dec 2024 17:02
We need to accept that we've had a seismic shift in what the company was planning and what we were expecting in 2020 sat in the 30's. IMO a harder path than the one I invested into in Jan 2020. I loved the JV scenario, sit on the shoulders of a major and use the revenue to pick and choose how you grow the company (easy easy work compared to the next few years here).
But we ended up with:
1/ Newcrest going loco on us with a loaded option exercise as the sector tanked knowing we'd become easy meat
2/ Getting themselves snapped up on discount by Newmont (purposefully I feel by the BOD that came to the fore after pushing Sandy Balls out)
3/ And then Newmont who probably would have been great JV partners go and divest the assets!
What was the alternative I ask those unhappy with us buying the assets? I won't argue the deal didn't favour LTH with high averages and that includes folk i care about so unhappy about trust me.
We had a JV partner who went rogue and perhaps always planned to, then a potentially good one who decided to divest Hav/Telfer... is anyone really going to suggest that we should for the THIRD time waited for the assets be bought out by a new majority partner and go through more uncertainty and potential delays? Buying the assets was absolutely necessary IMO to ensure the company forges ahead with control of it's own destiny finally.
Personally, I grew less certain and more concerned once Shaun started talking about the complicated Option Exercise that he had inherited and that's when I went into overdrive learning about certain things such as valuations and resource estimates and sharing the research for those interested. My 'change in tact' as our drunk ranter calls it and that's because I recognised the landscape had shifted and I needed to learn more.
Had most of us known that we'd officially become 'miners' in late 2024 but not at a new ATH as we expected as JV partners with Hav - we'd have loved to sell up and then come back and buy shares after the placement for a second run at the trough. But most of us didn't |(and many who did lost their profits on other junior plays I watch the boards of!) - here we are starting again really.
Very frustrating TBH but at least this time, GGP controls EVERYTHING, the content and release of MRE's and feasibility studies. The costs and resultant revenue of every project and asset we operate or run. We've got a world class team sat there running things now.
GGP will feel the full brunt of every failure and the full reward of every success moving forward, no one else to blame and no one else to have to bow to - hopefully we all have the time needed to achieve our own goals here as the company hopefully goes from strength to strength in the years ahead - let's see what these guys can do - but give them a fair shake :-))
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