Steward - my views12 May 2019 12:08
Steward, see the silly season is back especially with a certain poster appearing to flip flop views in 48 hours from gung ho change to just let’s leave it for a few more weeks and back to childish comments.
My personal view is the Company near time drivers are RHA, Circum and Zulu and out of these, two are completely out of our hands and we use this as an excuse not do anything with the third because we don’t have a plan other than waiting for the two we can’t control.
To me leaving things may produce a good outcome or not and as to being the best course of action will depend upon how likely one views either RHA cash or Circum occurring. Personally based on experience of working in Africa, investing in other miners etc I view neither of them happening in the next few weeks or months if they do then for me it’s a totally unexpected bonus. Great if they occur but without doing so I question what’s the plan, just keep diluting for General Working Capital till they do? For how long a month, a quarter, six months a year, longer?
In this respect I took the 26th RNS as good news swiftly tempered by the 27th RNS and subsequently what we found out. To me it’s irrelevant whether deliberate or just a woefully inappropriate and inept piece of Management judgement to keep quiet and as such leaves me little faith that as things stand either a Plan B or funds arriving would be utilised effectively. For year’s it’s been one thing after the other to explain why things haven’t proceeded however to me there has been one consistency in a lack of good corporate governance. It’s a fundamental cornerstone for any business especially so for a Company in our position.
For me if I were looking from the outside I’d say in these circumstances I’d make the number one priority taking charge of the one thing you can control, being Zulu. The others will either happen or won’t but if they don’t all I expect is more of the 27th type RNS which to me is unacceptable.
Zulu is in effect a series of largely outsourced steps each requiring money to achieve - we know the first step from the 26th RNS and it’s cost but no timescale. A pretty basic and fundamental piece of information which was known, things may go over time or over budget but the expectations were known prior to that RNS.
So a plan can be put together (getting Zulu to DFS), a timescale can be established and the costs and timing can be broken down into each stage. Here is the crux of the matter without the other two things occurring there is only one source of funds being us. Others may be willing to put their hands in their pocket to fund it but as things stand in how this company is run hell would freeze over before I parted with another penny.
So you need to bring together shareholders like me and shareholders who would support anything.
My price for being brought to the party would be an acknowledgement that this is an outsourced job, the overhead would be paired back to a minimum as with outsourced work you
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