You people are on a different page to me! I'll make a poor attempt at an analogy - GCY is a submarine with a friggin big hole in the hull and you people are running around checking the gauges and periscope to see whats wrong with the ship.
The facts are:
We were all given (over a long period of time) the drilling results/strip ratios/ AISC and all the other techno talk that Speculator and others are so generous in sharing with us, that indicated, for a long time, that this mine was going to be able to make a profit once they started pouring gold. (hedged Gold at that!)
Give them time to get down to the more lucrative dirt - ok!
Everything up and running and on time! Fabulous!
But - now we have a Company that looks like it could go under.
Questions I want answered are:
Why did the CFO resign?
Who told the instos more cash was needed, when and why?
Why was they no indication to other shareholders (trading halt maybe) before they told the big boys of the need for more cash?
Big question! - why do they need more cash that wasn't predicted before - what has gone wrong and why??
Drilling results wrong? Incorrect financial planning? Over estimated grams per ton?
Lobon makes a great point - why didn't they do the CR after the news of Commercial production and when the SP wasn't so heavily discounted, seeing as they, supposedly, don't immediately need it - or do they??
There is a reason for all this that has happened- and I wld like to know what it is - we deserve an answer from somewhere! (Mgmt)
Yeah , welcome back Spec , Interesting how you disappeared when the s*** hit the fan. Maybe a little embarrassed by all the factual information you've given us not meaning a damn thing - it seems to me you would be a millionaire with all your industry knowledge, except, you continue to overlook the fact that all these speculative Companies are run by fallible, sometimes corrupt, sometimes unethical humans. All looking to feather their own nest first, and happy to take your money whenever they can.
Lets face it - you're seen just like the rest of us - people that are looking to make a quick, easy buck with as little work as possible. They say 'a fool and his money are soon parted' , well I think we are all being seen here as reasonably foolish in trusting this great Management you've been portraying as a positive.
Your post is contradictory - in the first paragraph you state:
'the company is now comfortably funded' and you then say in your fourth paragraph
'that the next raising (whenever), will be more like the one where they raised $55m when the sector was running hot'. So - another CR, or not?
In the end - no-one here seems to know anything of any value!
GCY Price at posting:
30.0¢ Sentiment: None Disclosure: Held
