Let's get real .... despite the never-ending hype of the likes of the Dingo (who surely must have a son-in-law on the board) what have they done? OMG one of the Dingo-ites is talking about SAU being a multi-bagger in 5 years or so .... with these types of bonuses for the board, by that time they will own most of the company.
They took over 5 years to get Cannon into production, and despite having the addition of George's Reward, only managed to get half of the promised 110k oz's, and most of the mine plan and permits was done before SM arrived, and most of the technical work was done by WGX.
During the hard times, the board collected directors fees and 'helped out' by taking bonuses in shares ... hence they are all prominent shareholders .... now they want more bonuses for merely doing their job FFS.
The share price remains less than 3/5ths of the peak (LOL) share price when it was a struggling junior in 2012, (and the 2012 SP is the SP the proposed bonus shares come into the money FFS) and despite the hype, no Cannon underground is established, no other Kalgoorlie prospect is beyond 'promising' let alone with results like MGV which still he hasn't enough for a JORC to launch its SP, and SK remains a field of dreams .... despite the hype about Kirwin et al and Blue Bird .... SAU is years away from being a producer ... that's why the SP is so low ...show me the money.
( Cannon UG maybe, but as SM recently said "a small deposit" not a company maker! )
Once again we shareholders are being softened up by a series of SM presentations which are more of the same to create the impression of great progress ... I'm particularly irritated by the chart showing the great SP action since SM came on board when this merely is a reflection of the general movement of the gold market .... Why do shareholders think SM is sooo great ?? Because they are comparing him to the previous MD and the board !!
Are there worse boards ... Undoubtedly, but such comparisons are mere foolishness!
If a Surgeon's patient does well, no bonus. If a Pilot lands plane in bumpy weather, no bonus. If a Gold miner does well, well-paid directors expect bonus(s). Gold miner does poorly, directors get golden parachute .... same old story.
Bottom line, SMTM (show me the money). This board needs fresh blood, not over the top bonuses for the existing passengers.
I will vote against the reappointment of MB, and against all the bonuses. Let's hope that next year the board is renewed and that bonuses are obviously appropriate because of real progress, not mere hype.
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