Most certainly the in ground assets are there, not so sure the current foundations are there ... yet to be convinced !
The foundations looked like they were there when RM was in charge .. but that's my opinion.
It is pathetic that the management still do not have real skin in the game. You would have thought with the announcement today the current hierarchy would manage to rub together a few shekels between themselves and buy some shares " on market " as a show of good faith with all the retail holders, at the very least. Part with paltry dollars considering the remuneration packages they are on.
It's almost like they have no real faith in what they are doing currently ... nor with the new CEO announcement.
The new CEO is kicking off in August ... it's May at this point in time, the mining season has well and truly started and the "star" player has just been announced to play at seasons end .. not good enough in my opinion.
When and what do you consider a "Good TH" might do the trick to turn around this current SP rot ?
What will the SP be, when such a game changer TH occurs, at that time?
Do you really expect any game changer announcements between now and August .. I certainly don't.
Lucky we can claim some hefty tax losses at the end of the financial year .. Certainly no profits in the foreseeable future from our stance .. even after doubling down in the last 48 hours. Pathetic!
What I want to know is:
1. What is the status with ARV in relation to Munni Munni ..they will be technically in default sometime in August.. according to the public info we have .. maybe the agreements signed a few years ago have some fine print escape clauses for ARV to extend the terms for reasons we do not know about. How much real money have ARV spent on the MM JV so far ? Why is PGM not pursuing this matter and making it clear to the shareholder .. last time I looked at an update on the MM on the ARV announcements indicated a delay in JV arrangements post August. I don't recall an announcement from PGM verifying this arrangement nor that it was agreed to by PGM.
2. What is the current status with the Skaegaard and other Greenland assets, particularly the upkeep of the tenements and when they are likely to lapse due to timeframes and most importantly .. what are the work program conditions if applicable .. Exploration work program conditions in Australia must be adhered to rigidly otherwise you face losing your tenement rights. What are the costs involved to keep them active and are they in good stead? These Greenland assets are valuable and what has become of potential partnerships in these assets .. if any. Certainly RM was meant pursue the Greenlandish fields not long ago.
3. What direction is the company taking specifically on the Cobalt and Nickel ore bodies at Owendale right now? Todays announcement does not give much hope in that direction. They seem to be hell bent on the Scandium play without a confirmed customer , whilst the immediate lost Co /Ni opportunity seems to be losing traction big time.
4. What is the commercial rationale behind the current and seemingly blinkered Scandium thrust .. where is the Scandium customer and where may that customer come from if they do not have one ? .. seems like the classic 'Chicken before the egg "scenario. Living on the hope of a future customer provides no assurance or guarantees of sales. Try to get a JV partner on the Scandium potential ... not likely, the competition is out there with a lot more grunt than PGM can offer .. sad to say .. missed the boat?
In short ... it's not good enough! Had some very great expectations from this company .. now, I'm not so sure due to the direction that it has taken and one which is diametrically different to ours at the moment. .. sadly !
If we still hold shares in this company at the appropriate time, we will vote for a strike one motion.
Just my views
HR
DYOR and Caveat Emptor.
PGM Price at posting:
8.0¢ Sentiment: None Disclosure: Held
(20min delay)
