The board have a mining pedigree. And they, being Rogers and Gordon, have skin in the game. You should know this.
Salaries are getting reviewed, however the MD's salary is not outlandish, less than an operation manager's, in line with other juniors who do not have near term potential.
As far as the project is concerned, I always take the total resource statement with a grain of salt.
Pay attention to the financial model for Tom's Gully, thats where the income will come from. I see some concerns with payback period, however gold is running higher than the 1,500 price. Metallurgical recoveries are also on the low side, there is still some project risk here.
Im carrying a big loss on this stock, not happy about it but don't see it as a mgmt issue. have to stay pragmatic in these circumstances. I think with gold running this stock stands out as it is undervalued with near-term production potential, as long as it doesn't miss the boat. Need that permitting to get ticked off.
PGO Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
