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clock Created with Sketch. 23/07/18
20:09
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Originally posted by HarkenBanks
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Probably not a bad idea to appoint some advisors - "Origin Capital" (Sydney-based) has got the ticket. In hindsight, I'm suggesting it was a massive error on behalf of BAT Management not to seek external advice for dealing with capital markets, a long time ago. It is clear to me now, that BAT Management and Board do not have the requisite capital markets and financing experience in-house. Staggering chain of events, given how important financing/funding would be to an early stage mining company that needs to finance/fund to survive. Given where we are at now, and how much has been lost (and the growing delays), this oversight has almost been a company-destroying mistake. A huge learning experience for investors that even supposedly reputable and "experienced" business people can make seemingly obvious yet fatal (in a corporate sense) errors of judgement. Along the way they continue to draw huge salaries, while investors go broke. Extraordinarily bad outcome for investors who believed in the story.
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It looks like the DFS for Balama has been pushed to the right ( to be finalised in the December Quarter instead of a previously forecast finish of Q3 2018 ). I'd prefer they get this one right anyway. The grade improvements have potential to deliver back some value. The Balama DFS is also probably not a priority given funding issues for Montepuez.
