who is getting out

My patience with this stock is really stretched. Share price same as mid 2003 but gold price more than doubled.

Management stood by resting on laurels while other companies took-up projects in neighbouring African countries looking for growth. Management were not motivated to lift share price with new projects because they have f...all shares, just hoping that gold price momentum will do it for them.

Obviously no growth equals stagnant share price... locked into trading range that is such discount to fair value some will buy as those fed up continue to get out. Assume downside is limited but then again at the rate of continuous dilution and hefty management fees each quarter it may be death by thousand cuts.

If they ever progress towards mining we will see massive dilution at low price to fund based on;

- lack of management credibility or confidence
- development risk by untested management team
- expected cost blowout by untested team starting from scratch
- higher cost of debt for junior with no track record
- illiquid stock means new investors will demand significant discount to stump up equity because of pricing and exit risk.

Anyway, someone else has obviously had a gut full and is getting out in volume. Possibly boys looking for cheaper stock in next development cap raising. Maybe EQI got rebuffed by management promising to Go-It-Alone and max profits for the shareholders, when in fact they are really just securing their jobs with no skin in the game themselves at risk.

Waiting for the warm winds of change... goodluck.