Not much money was spent because they didn't do much of anything...

Not much money was spent because they didn't do much of anything for the quarter but did get some rock chips and go for a helicopter ride.

This quarter will see an estimated $600k on exploration activities and the company and shareholders will benefit from this. 3000m of drilling is good though I would have preferred to see 5000m undertaken considering the length of time between drill campaigns. No spending means no progress, which means low share price, then very low cap raisings for the special few.


Time for the company to put the dodgy deals behind it and start working for all shareholders. This hasn't yet happened imo at any point during AGU's 3 years existence.
YRR is in exactly the same position, 3 years since its inception and shareholders seem to be constantly burnt by the directors.


Cross dealings in the 3 companies has seen directors of the other 2 get cheap shares or options in the company raising money. Throw in the man behind the scenes, the large shareholder who seems to spend an awful lot of time at the office and even at times answers the phone on their behalf, and the playing field doesn't appear very level at all. Is he a quasi-director? Or an associate? Is he entitled to participate in the capital raisings?

I've been relatively silent for the last 8 months on a range of issues involving the companies, generally letting the directors get on with it, other than the odd remark regarding cap raisings etc. For anything good the directors do, I am happy to commend them for it (such as the recent drilling). Conversely, for anything that I believe is against shareholders I will criticise them.

So here's the first criticism, albeit very mild this time.

I'm disappointed AGU hasn't updated holders about the MPPL loan. It's been 12 months now and a few words to explain the rationale behind the decision to loan the money to MPPL (and then raise money themselves at 2cps), or let us know where things are at the moment wouldn't hurt them too much. The money was supposed to be repaid with interest last November, yet our directors see fit to keep holders in the dark. The more they do this the more I am going to enlighten holders. Just out of interest, our mate behind the scenes is a shareholder in MPPL.

More posts like this to come for each of the companies on a range of issues. Plus some background info on the main players.