"As for the 80% interest in the tenements, why would a JV partner want to take that part over and becomming 100% owner if the JV was going like a house on fire."
Huh? Not sure what you mean. We still own 20%. The deal struck in 2007 was that IVA would spend 5.5m on exploration to earn an 80% interest, and that is what happened.
There are many reasons why IVA wanted to raise the dividend- they may have wanted the cash themselves, they may have thought EXS already had a big enough cash balance to go forward, etc etc
The rest of what you say I agree with, i.e. we are trading basically at cash backing and our SP ignores most of our short-term receivables, let alone any upside. Of course we are a sitting duck for anyone looking to take over us.
Very pleased with the announcement yesterday. With the decision to sell 25% of the plant to PLY and to commit them to spend 1.3m on exploration, we have effectively monetised 1c per share of value from Vertigo risk-free before we even started mining (which is big when you consider we trade at cash-backing). GL tells me mining will commence almost immediately and that mineralisation extends to surface (so we should hit ore very soon).
Now EXS can divert all their intention to the Curry while PLY sort out the future of WD.
Quarterly next thing to look out for, then Mt Colin.
EXS Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
