WML 11.8% 1.9¢ woomera mining limited

Me Too I don't post much cause it is very slowYou asked did they...

  1. 1,311 Posts.
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    Me Too I don't post much cause it is very slow

    You asked did they give the tenements back, no they cannot do that, I have long sold all my vendor shares, that is the shares I got from selling the 2 companies, or my share of those.

    I can tell you as of today they are still trying to sell the shortfall shares, there is no way I would put anything into this because in over 18 months they have done next to no exploration using their own money.

    Oz Minerals paid for some exploration but they pulled out of the joint venture probably because management was that incompetent they let the joint venture tenements lapse, that is they forgot to renew them, even though on ASX announcements they had the dates when they run out but failed to renew in time.
    Yes they have them back now and from memory we are still waiting on results of work that was done and paid for by OZL, unless I missed them.

    Just as an example, they got 2 tenements off us at Mt Catlin, very close to the GXY working lithium mine, they have for 2 years used the excuse they cannot do any exploration because the land is used for cropping, that is growing crops like wheat etc, but the closest one to GXY mine has just 4.6%, less than 5% freehold land, the land that can be cropped, 74% is crown land that has no current use, that is unallocated crown land, now why haven't they in near on 2 years applied to explore that, I asked this question to them and other than some rubbish about they could, not have, but could, at some point claim some birds use that land??? I mean they raised money to largely use it for exploration and have done next to nothing but for picking up some rocks, but have very little of that money left.
    In the prospectus it listed how much was to be spend on each tenement over a 2 year period, yeah right.

    So now the are trying to raise money for a new project and how confident would anyone be that they would use this money for exploration, seeing they have done very little so far.

    And it is not just this company that does this, there are hundreds who raise money then makes excuses why they do little or no exploration, run out of money because they all get a nice pay packet and raise money for a new project, I know one, let's call it SBR who raised money for a project, then straight away raised more for another acquisition that had just one tenement that was pegged a week before, come on, these companies use shareholders money as an atm,

    And before Joe arks up about Malone, this has nothing to do with him, these are directors running Woomera and getting paid, very well paid for doing?? well look at what they have done in over 18 months.
    Disclosure I still have a very small amount of shares in this I am keeping for comical value

 
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