Originally posted by Lucror
Yep, certainly does add insult to injury! Has enjoyed a nice uptick in "base wage" over the years despite the share price performing the opposite........
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How can/does the "Remuneration Committee" justify said wages considering company performance or lack thereof? Perhaps they need to revisit their own charter.........
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Seven years of service! Any value been created for shareholders? We are a resource company, any Resources inferred/indicated/measured? How about an resource estimate?
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The annual report states "A remuneration consultant has not been employed by the Company to provide recommendations in respect of remuneration, given the size of the Group and its current structure" perhaps it is time one is employed! Or perhaps after seven years its time for a board overhaul?
I understand we are in the exploration game which is an inherently risky business though sometimes you've got to make your own luck and keeping to stated work programs during periods of peak sentiment is a good start!
Malinda drilling, what happened to the following "plans" at a time when Lithium was hot and investors/traders were scrambling for active explorers?
View attachment 1327047 and then.....
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Still waiting for Malinda drilling almost one year on! How about the Pilbara Gold project, at a time when the Pilbara was hot and once again investor/traders were looking for well placed players.....
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A hypothetical question I know, though do you think we would've had a chance of raising capital at a higher price (reducing shareholder dilution) should management had followed through on stated plans? Do you think we would be at this marketcap if we had the skillset/desire required to get our own boots on prospective ground instead of cheaply JVing said ground out?
I've rambled on a bit, sorry, rant over! Am still here and holding..... Small Cap, low shares on issue, cash at bank + Pacton investment together with a busy end to the year "planned" at both 100% owned and JV projects. The potential (proving to be an expensive word) remains imo, our EV is less than that of some shells, though personally wouldn't mind seeing a change in leadership whilst the cash is high/shares on issue low and a review of core projects conducted by a successor should a vote come to pass at the upcoming AGM. Anyone else up for change? 65% of the register held outside the Top 20, make your vote count!
GLTAH
* Pacton with boots on ground in the Pilbara now and continuing through to end of year and into next. Worth a watch considering our holding.
Pacton Expands Exploration to Include its Friendly Creek Project in the Pilbara’s Egina Area
> Pacton Commences Exploration in the Pilbara
>
Its an absolute joke alright however its been this way for many years.
Just catching up on some reading today & I am in a state of shock when I read the annual financial report.
Here are some "highlights"!
1. Page 18 ~ Total renumeration.
2017 ~ $ 577,912
2018 ~ $ 904,199
2. S Michael ~ 2017 ~ $336,936 to 2018 $456,972. Is he serious? Wtf.
3. D Tuck ~ exploration manager. Renumeration from 104k to 214k. Seriously? Grades at Stricklands 1.5g/t Au, 0.7, 0.6 and so on. See p5. The T8 Prospect is worse yet they state "The drill programme has also significantly enhanced the understanding of the geological setting...." Ffs.
4. P14 states that we received $125,000 for some of Plumbrudge Gold Prospects dataset to an unrelated party. However they don't say who. Go figure!
5. Net loss for 30/06/18 was $ 1.171 million up for $ 0.887 million
6. S Michael's 5million shares are worth a tad over 70k @ 1.4c a share. The SP is clearly not his focus. Options ~ as stated on p25 ~ all significantly out of the money. The 30 Jun 2019 ones have an exercise price of $ 17.5c. Hahaha. Tell em they're dreaming.
7. Lastly (as the more I read the worse it gets) ~ p46 note 9 Property Plant & Equipment. This one is fascinating. We have motor vehicles, a caravan or two, Office improvements But no field quipment. Not a dollar. $ 301k of Property, plant & equient ~ and zero field equipment. We are an explorer ~ with zero field equipment. Says it all.
Gracie
(20min delay)
