On reflection9 Jul 2022 11:10
It's a good job that there have been continued discoveries at Kiziltepe. With the delays at Tavsan, now massively behind schedule compared to predictions 5 or 6 years back, the original LOM at Kiziltepe would be pretty much up and having been in production 5 years as Dr S stated we would, I think, be facing a period as a non producer. We think the SP is poor now, think where it would be in that scenario. This is a fundamentally good company but this lack of honesty about timescales is damaging confidence amongst those of us significantly invested, let alone in anyone who is thinking of taking a position now for the first time. The big question in my mind is eastern Turkey, Salinbas an Ardala. I have been here about 6 years, and this area has always been 'the big one', to the extent that operations in W.Turkey were implied (if not made explicitly) to be primarily the'financial enabler' of the true prize there. In 6 years how much further along are we there? There is undoubtedly gold etc. there but we don't even have an inkling if it would be financially viable to mine at, say, $1500. The infamous December 2021 presentation pencilled in a quite ludicrous claim of production commencing there in something like 2025 (I have reached the stage of not wanting to bother to look it up). Clearly ludicrous, another totally unrealistic estimate that both the board and the consumer of the presentation knew was unrealistic at the time. I want honesty from Dr S and the board. I have lost confidence, and now wont bother to attend the London meetings that I once made a point of doing. We all complain about a paucity of information, sad that when we get it timescales are largely (or wholly) fictional.
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