Originally posted by Bosswhat
On dear!!! I see nothing has changed, this report reads the same as Year 1. Related party transactions which result in $$ going straight out the door to pay them or numerous shares get issued instead which ensures the Family keep majority control. Nothing has changed behind the control even with Dean coming on board. Over 1billion shares were issued last year to pay for creditors, salaries or financing, hence why the SP will never move up. If anyone wants to see how this Company is really run, I dare you to attend an AGM and try voting against the Remuneration Report or asking probing questions. If you don’t get intimidated by the hired thugs at the back of the room, you will be dismissed or shouted down. Else like happened the following year my votes got “lost”. This is fact I was there!! I still hold quite a lot but have written off long time ago in my mind. I thought certain people were out but looks like by job description only.
It appears nothing has changed at all. With the significant dilution any SP rises now will minimal because of the effect on the MC metric. Some comparisons in the gold sector include KIN mining MC around $24m and they’re sitting on 1m oz with >300k in reserves. Poor decisions, in house fighting and a lack of confidence by SHs. GCY is now producing and their SP has fallen significantly, around 50%, as they transitioned to miner. Look at what happened with BLK and they have 6m oz in ground. For newbies on this thread, go read about others then see where CLZ fits.
For every $0.001 rise in the SP, the MC has to rise by $2m. Unless they have some “awesome” company making drill results soon, I can’t see this lasting in its current form. I also think there is external influence as a carry over from the past. For all the newbies here, I would read as far back through the CLZ threads as you can go, and consider the risk/return comparative to other explorers.
@Bosswhat I hope this can be turned around for your sake mate, cos I know you’ve been here a long time. I sold my couple of mil 2 plus years back at a significant loss but glad I did, because what I’d be sitting on today would be pennies.
GL folks with whatever you do.
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