ald irregular update, page-3

This is an underperforming company of which I have been a patient long-term investor.
The problems at Simberi continue. The mill "built on time on budget" is still not performing satisfactorily after three years, despite extensive costly repairs.
Rain is often used as an excuse, yet at Simberi they haul downhill, unlike Lihir 60 km away who haul uphill out of a pit! Stockplies were supposed to fix problems with wet weather.
The "slight of hand" with ore reserves (0.5g/t cutoff) also extends to Simberi quarterly production. Designed production was 80 000 ozs a quarter, yet they now give the impression it is 70 000 ozs a quarter. They recently boasted 250 000 ozs of production when it should have been 350 000 ozs!
At Golden Ridge very high grades were mined last quarter; that can't continue for long, so hopefully they can get good production and gold recovery - but that is yet to be seen.
A major problem is the board which need a Royal Flush. No one has real mining experience in my view. They are all money men and one is a farmer. MC is a capable civil contractor not an experienced miner in my view. His CEO salary was obscene. Directors should buy some shares if they think they are good at creating or "unlocking value".
The millions of dollars spent on London and Toronto stock exchange listings has been a waste.
Another problem is the revolving door with senior staff. Their new very capable operations manager lasted 6 or 7 weeks, a factor in my decision to reduce my holding by half and spread my gold "risk" by buying RRL.
Allied Gold is a company with great potential which has been poorly managed by this Board.