Exactly the same as you Slim Shady, except I think Greg deserves to be given time to prove himself. He was part of the team at PLS who helped me 15 bag there (I'm still ruing selling early god dammit!).
Do you know him? Have any issues you'd like to share, which might help everyone make an educated decision either way?
For all we know, he might have been the mind behind SMS taking this project by the scruff of the neck of late, realising that all the random parts making up the clusterf*(^ of the project plan to date, needed cohesion.
The trouble is, nobody knows what any of the Directors are doing or have done over the last 5 years. PB is the only one to really be the voice of the company, and he's more or less regurgitated the same story over and over, presentation after presentation, with turtle increments in the progress of his ever changing plan every 6 months or so ...
Greg's credentials:
"Non-Executive Director - Mr Greg Durack Mr Durack has over 35 years’ experience in the mining industry, in operations and project development both domestically and internationally.
He has held positions of General Manager in producing mine sites, in Country General Manager for the project development of the Perama Gold Project with Normandy Mining. Further Corporate experience was gained as Managing Director of Batavia Mining who under took the DFS on the Deflector Gold-Copper Project, undertaking the metallurgical test work program which unlocked its pathway to development. He also as a Non- Executive Director of Thor Mining unlocked the metallurgical process for the Molyhil Tungsten-Molybdenum Project, simplifying the flowsheet.
As CEO of Jupiter Mines Ltd managed two Feasibility Studies in parallel on its Western Australian Iron ore projects, and was a member of three executives raising $100m to develop primarily its share of the Tshipi Manganese Project in South Africa and progress the Australian projects.
In recent times he managed the Definitive Feasibility Study for Pilbara Minerals’ Pilgangoora Lithium Tantalum Project, overseeing the process design and technical aspects of the Project. Mr Durack is currently Manager Technical-Process with the Project which is about to commence production of spodumene and tantalite concentrates.
Mr Durack is a qualified Chemist, B. App. Sc. in App. Chem. from WAIT, now Curtin University, but in a practical sense worked as a Metallurgist in operations. He is a member of the Australian Institute of Mining and Metallurgy."
With a new dynamic Chairman on board, the Directors being held accountable for their performance, and Vanadium at record highs, we should see a massive leap forward in this project in 2019.
With Turtletown on board, giving away the farm to anyone who flashes their kinnies, I fear we're doomed.
If he remains, I'm out. At the current SP, this is the only major investment I've ever made in my entire life, which is sitting at a loss right now. So either I'm losing my touch, or Management's performance has been abject. There are no excuses in a $100m MC company for the latter. The dead wood should have been cut out a long time ago.
Sentiment: A very strong buy, provided there's a huge shake up of the Board. Otherwise, a strong sell, and gorge on the scraps in the single SP digits once bottom hits.
My gut feeling is intelligence shall prevail, hence my current sentiment.
TNG Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
