Member Info for Impecunious2

Hi, Chicken

I don't regard you as a ramper; you're a long-term shareholder, which is a completely different category. And you know something about the company, perhaps even care about it, unlike these people who pass through for a day or two.

But calling Brad George pretty is a bridge too far; surely you meant Ms McQueen, who was interviewing him.

Best wishes

Hi, Simonthezealot,

You're right to say beware the rampers; but one would have to be very gullible indeed to be taken in by them.

I like your username; and see that you were crucified somewhere in Lincolnshire on 10th May, AD61. Hope it wasn't too painful.

Hi, Blondee

Of course, you were right not to buy on a spike. It's always best to wait a few days after good news, and then buy (unless you can read and interpret the news very quickly, and get in before the others). But I don't agree that we will be watching the paint dry again. And if you look at my past posts, you will see that no-one can accuse me of being a ramper.

Hi, Chicken

I agree this is a turning point for the company. "Brad unchained" is the message of the video; it's obvious that he's delighted to be unshackled from the decisions of Newmont and Agnico (which have included drilling in the wrong direction). And before that he was shackled by covid.

When Miss McQueen said "congratulations," she wasn't only congratulating him on the deal to buy MMA; she was congratulating him on having regained his freedom. Which (with the exception of health) is the most important thing in life.

He's sold. We'll never see him again. How we'll miss him, how we'll grieve.

About 4, I would say.

Hi, Chicken

I know in the past some people (including myself) have criticised Brad's PR skills. But what was remarkable about yesterday is that the RNS pushed the share price up by only 6%; it was the Flagstaff interview that then gave us a 50% rise. So his PR skills can't be that bad, after all.

He was of course helped by Catherine McQueen, who should in my view be appointed CEO immediately, on purely aesthetic grounds.

Hi, Davey

Yes, the thought had crossed my mind. It's nice to have the share price rising; but not so nice, when the rise attracts less than honourable characters, whose interest in the company is clearly very transitory.

It's a very good interview. Catherine asked the right questions; and Brad gave the right answers. He's done well to purchase MMA on these terms of deferred payment; and he is

obviously determined to get drilling results quickly; assays will no longer be sent to Peru, but processed in Colombia. After a very grim time, caused by the actions of Newmont and Agnico, we can look forward to a better future.

Hi, Starbright

I think you're being slightly unfair on Portfolio. It's obvious (to me at least) that what he meant was, nothing is to be paid to MMA until Anza goes into production.

Of course, you're right about the costs of further exploration and development; but Rome was not built in a day, and Brad has done well to extricate us from the mess we were in.

Hi, John

Just to say that I agree with the first twelve words of your post (Dr may be right to question para 2, but that's another matter).

Hi, Karl

It wasn't luck, it was skill. He knew what he was doing.

Hi, Karl

Thanks for this. As it happens, I held GGP through that Covid scare. The key point is that the CEO, Gervaise H, bought then (and thereby created the bottom). This is what we need from Brad G.

In my view, the only solution to this problem is a new CEO. He has to begin by uttering ten very simple words: "I will do whatever is necessary to create shareholder value."

The fortunes of GGP turned around not from the discovery of Havieron, but from the moment Gervaise Heddle (a finance man) was appointed CEO. The previous CEO, Callum Baxter ((a geologist), was demoted to exploration manager, a post in which he was a great success.

No-one has doubted Brad's qualities as a geologist; but the fact is most investors have lost confidence in him as a CEO. I don't do the blame game; and what has happened is quite probably not his fault. But Napoleon used to ask before promoting an officer, "is he lucky?" And Brad may be lucky for himself; but he has not been lucky for us. I think he should do the decent thing and resign (but stay with the company as exploration manager).

Hi, Dr

Thanks for the reply.

The problem is not issuing new shares as such; it is doing so at a 25% discount. Other companies (e.g, GMET) are able to do a fund-raise at zero discount, which then leaves the share price unchanged, everyone happy, and the management with money to carry on drilling.

The problem here is that the reputation of the company is so poor, or the tribulations of the company are so great, that the managers can only raise money at an alarming discount. And of course, things are aggravated by their refusal to put their own money in.

"Pens poised." How long can a pen be held for? Days, weeks, months, years or decades?

Anyone who is selling today because of the fund-raise is making a silly mistake, in my view. Other companies have been forced to offer a discount of 10% to 25% (e.g. Orosur last month); we weren't.

A fund-raise at a premium to the existing share price is very unusual, and a tribute to the CEO and the assets of the company.

Hi, Bhargav

Thanks for the reply, particularly the last eight words of para 2, which I agree with.

On the matter of blame, it's difficult. Sometimes one should blame individuals for the decisions they have taken (I have taken some stupid ones myself); but much of the time, they are caught up in "circumstances beyond their control" (Dickens); and such I believe to be the case with our CEO and chairman. They didn't expect the Newmont/Agnico duo to respond to political events in Colombia, plus changing corporate priorities, as they did. And they didn't want to get into a fight with two large companies. I don't blame them for this.