It's because he has spoken with a forked tongue I'm afraid... despite reassurances to the contrary, it's been a complete mess and one has to consider how that incompetence rolls forward in to the mine build. We don't hear of Chris Male anymore... was he the fall guy?
Wolf - don't agree at all. It's very clear that the whole assay results stream of work has been a complete shambles. It's not only the delays at SGS and Antec (it was GR that selected and contracted them to do the work, wasn't it?), it's the fact that a load of results are having to be re-done... whatever the reason, they didn't do them properly the first time round. Has that resulted in additional drilling that wasn't part of the initial plan - looks like it. GR is responsible for communication and he simply hasn't been clear and open... doesn't bode well for the future!
Negative? I'd say realistic and objective. Past performance is a good indicator of future performance!
This morning's RNS lays out just how poor progress has been and it is very clear now that GR has avoided telling shareholders about it. I'm not surprised now that he went for the Suzhou deal (which, whatever SK says, was not a good deal for shareholders) - progress on the DFS was severely hampered and he needed a cash advance on a deal.
I like the pilot mine approach but can't see GR delivering on time.
RE: Zulu Assay Results and Pilot Plant Update26 Jul 2022 08:55
One has to wonder why GR issued this update today when he'll be announcing the offtake and prepayment agreement in "the coming days". GR generally doesn't get good agreements for shareholders - is there some not so good news coming?
Poor choice of words by me, SK! GR's strategy has placed some limitations on what he can do between now and next Spring/Summer but I think patience is the key. The sp could drift further but there should be plenty of action in the sp next year.
My reading of where the sp is at and is heading... I think we're in a "nothing happening around here til March 23 or later" position. The trading crowd has moved on and the prospect of a surprise between now and then doesn't seem that likely. Only thing that might ship the sp north is more assay results but these are still only trickling out. I guess that there's a risk that GR looks for more funding to progress the EPO or to do something with RHA or MNH.
In the meantime, there's a risk that selling will outweigh buying and that the sp will drift lower. Typical AIM investor will be thinking that they can make money elsewhere before next March.
you've raised some fair points - like you, I like that GR has an accelerated plan to production. I, too, would have liked to see the DFS accelerated in parallel. More than that, looking at the demand for lithium, I'd argue that there would be a good case to accelerate the EPO area too.
What is stopping GR from doing this? My guess is that it's funding and I would have to wonder whether the terms of the the Suzhou deal have had an unintended consequence of stopping GR getting other funding and slowing everything else. Roll forward six weeks and GR may well be announcing additional funding/dilution. If he doesn't go for funding then it seems that very little will be happening in the EPO area until Prem is making profit sometime later next year.
It's the Prem drift... once the effect of news is over, there is a general lack of interest and lack of volume to maintain the sp and it drifts lower. Next significant news could be a long, long way away (early 2023?). There's always the possibility of some news before then and I wouldn't discount it... therefore a good reason to hold.
Personally, I think I might add in the next month and I suspect it will be at a lower price than today.