Personal Views16 Feb 2024 10:06
1) All in all, positives and negatives from the last two days of news balance out, with a slight positive bias since we actually have progress and some additional clarity.
2) I find it somewhat reassuring (mildly but still...) that the company does what the company says, which highlights the value of listening what the company says (Quady loves that!). Better that for us rather than relying on the often misguided micro-commentary and volatile moods of this board.
3) The PFS seems good, or good enough, but of course it's a bit cheeky to use a higher resource price.
4) Considering the progress and the actual roadmap that has been indicated, I would agree that we are in a stronger position than we have been in the past, what we were not made aware of was the under-the-carpet dirt that was accumulating, so it's reassuring (again, mildly...) that the company is just being pragmatic and focussed on putting the real company building blocks in place.
5) The one grudge I still have, but this started in the NM days, is the way management seems to take a gamble with our money. IF it's true that they are not practically concerned (remember they have to say otherwise in the MD&A because it's a PWC ratified document) about funding because they know something we don;t know and they cannot yet tell us about, to the point that the can push the cash position to dangerously low levels before raising funds, we private investors are still left with having to use faith rather than good rational judgement about the risks we are investing into. This binary way to develop the strategy has kept us holding our breath since 2017, and that is the one unforgivable sin in my opinion.
6) I will not bore you with my calculations, but my updated estimates, factoring in market sentiment and actual SR news, now point to a 20-25p target in the medium term. naturally, should a bidding war take place, all bets are off, but I don;t really see a bidding war happening to be honest.
GLA
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