"has the right team"
Unfortunately, that is the predominant issue here. A Board without any serious resolve for delivering, doing high-interest loans for mates (
"...a company related to existing lenderand significant shareholder Mr Rob Martin..." who will receive payment of $25k, 10m ITM options worth ~$1.3M and a 33% interest loan on $5m), with representatives sitting on Boards of other do-nothing companies. Roughly 60% of the SOI sits in long term hands and this trades at fractions of the total potential of 3 value accretive theses. However, the other main drag was the large amount of ITM options should now partially abate come end of January, with the remaining 10.4m 31-Jan 26 options to soon be washed through.
Fortunately, shareholders have two things going for them. In the short term, Jan options finishing coinciding with the 4C due at the end of January will finally force the Board's hand for more news flow including results from 12,000m of grade control drilling, ounces recovered in the first campaign inclusive of GIC reconciliation, gold sales and any drilling results which may have occurred with AGA on the MAT tenements. And secondly, if you look at any one of the following over the next 12 months:
- 949,000oz resource (peer comparison, $150-200m)
- Devon processing (~$160m FCF at $6600AUD/oz)
- AGA options (949,000 * 0.01875 * $6732 = ~$110m less moneys paid prior)
There are at least 3 independent pathways, given if 2 are executed poorly, at least 1 should result in an outperformance of the share price.
What would you find if you were to audit the company's expenses for Thailand? One has to ponder...
And a chart for good measure:
