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Like most investors he has found the last 6 years very frustrating and largely a waste of time.
This has been caused by incompetence and infighting.
Since Cuzzubbo left (?) and we now have an adult in charge, things are a lot more on target.
Potential partners or buyers are once again starting to show interest after a long period of bad management.
We are fortunate to have the Cornerstone shares available in treasury should we need to raise money when coffers get low.
Despite NM having been a thorn in the side at time the main players are now all pulling in the same direction to make the best of their skin in the game. This includes Warren Irwin.
He is a very confident chap. Confident in his abilities to find suitors supported by his track record.
His valuation of the company being sold depends on factors in play at the time (obviously) but he certainly sees it being well north of the current position.
He certainly rates Scott and lauded his efforts getting permits renewed and the other work he is engaged in which might not set off fireworks but is very important.
He was open in admitting that its a high risk, high gain investment but felt very comfortable with his 153m shares and looked forward to making a good profit whilst admitting there was all the chance of ending up with a big zero.
Opinion
Highly motivated and experienced mining financier with a good track record and a burning desire to make this work alongside a unified team all pulling in the same direction and keen not to be f*****d over by a big miner trying to steal a jewel.
First of all I am grateful that he found the time to call and answer a few questions.
Website. Yes it's well over due and he apologised. There are no underlying or sinister reasons for the delay just that the company doing the work are slow.
Political situation. Both the the remaining candidates are pro development so he is not concerned and stays out of politics. Despite media reports of civil unrest he feels safe living in Ecuador and is happy going about his day to day business.
There are a number of parties active in the data room. Some we are likely to have heard of and some we are less likely to know. The one thing they all have in common is a balance sheet sufficient to become a strategic partner. So potentially deep pockets.
There is still no time constraint or limit for the strategic review which is ongoing. The political situation has, howver slowed things down.
There is "a lot of interest" in Espejo in the north and Cana Brava and El Cisne in the south. Some work is being done to try to decide where would be best to drill and permission will then be sought. ( I'm a little vague on this but there is something happening).
There has been a new company sec appointed. The previous one was standing is after the departure of Karl so little to see here.
The financials should be out on the 26th and will contain some information regarding the departure of Cuzzubbo.
The newest plan of action for Cascabel should be out in Q1 2024. Still block cave. Negotiations are ongoing with the government for permits for tailings sites etc. The plan is likely to be a low cost option and phased approach to develop Cascabel .
As a shareholder Scott is disappointed in the SP but, if he was not in a lock out period due to the impending financials, would see it as an good buying opportunity and buy more (if his wife let him). He said this twice.
We discussed holding another webinar which looks likely but may well be after the release of the financials.
So nothing ground breaking but good to know big companies (plural) are in the data room and that there is interest in the regionals.
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