I think my point is missed slightly. I'm not asking for a timeline just for the sake of giving a timeline. You are 100% correct 'imminent" is no different to 'near term" the definitions vary slightly in definition but both relate to something that is very close/soon as opposed to in the distant future. Unfortunately, they are adopted by many companies and worst still allowed and accepted by ASX/ASIC. I have stated that you should have a time line as part of good business practice especially an ASX company for reasons mentioned before and if it is not known then state that it isn't known. Timeline updates should be an integral part of almost every announcement it is almost the most requested and critical bit of information for investors especially a small cap. So update promptly should it vary and why, remaining silent or using these words do not create confidence and if you are using them then you surely have a concept of when they are due!!! I will give an example below using a timeline just for the sake of it and then not putting out any more genuine updates afterwards and reverting back to the generalisation "near term". Remain silent is the same as these 2 quotes referred above ... pointless.
It isn't about having to praise or not praise MD's, we are not raising children here or training puppy dogs!
This is a public listed company owned by shareholders headed by an MD in this case $250K p.a. supported by a board of directors and to the most a paid team.
Give the correct and clear information that is known, promptly and efficiently! Update regularly and meaningfully. That's it !!!! Anything less than this then you shouldn't be in charge of an ASX listed company that raises money through investors nor are you doing what you are paid to do. If you do this then no one can claim it is misleading! Shareholders can make decisions and the price will be determined on speculation of drill results rather than speculation of these other matters. Surely this is clear? If you can't do this then go and run a private company and see how that goes ... it won't be tolerated!!!
Red-frog it is completely your prerogative to accept that 15 months after Eureka acquisition where it is at, even after MD's statement that it is "transformational and near term" and was completely mucked up in terms of agreement and ended up costing a lot more? To me It isn't acceptable and far from it for many reasons of which just a few are mentioned below!
If after 15 months it was back producing (it was a working mine) I think that would have been on a worst case scenario reasonable ... but it isn't ... and I don't think it is even likely before years end, if at all, based on latest announcement which are way to general using historical performance and terminology and probably was put out just to appease some of the noise and concerns surrounding TYX.
Many people including myself have lost a lot of money ($200k plus) based on information that was delayed, lacking information and detail, not clear and poorly worded or simply very misleading. Please take the time to find and re-read TYX announcement to ASX on 20 July 2018 and this announcement comes after the April snip below relating to Goodsprings, and then tell me the events after that date do not completely contradict what has happened and why investors stayed in or bought in!!!!! Very important. Without context discussions are meaningless.
Eureka was purchased as an EXISTING working mine to generate income in "near term" and now it is turning into more of an exploration play with very little confidence of positive income as portrayed 15 months ago! Do the alarm bells not start ringing when they start to focus now on exploring rather than the mining (and as stated by a previous comment from a poster ... how are they going to pay for this with magic beans! ... don't take that as negative from this poster ... it is a genuine and critical concern that must be addressed but isn't. This sort of comment should not be ignored by TYX. My thinking is they just may drill ... like they usually do 30 to 50 metres deep if you are lucky!!!
Given the WPG issues and Jumbuck on hold, the perils cash position of TYX, then yes focus on Eureka, very little choice now, but provide
all the genuine real information including expected time lines based on real business discussions with companies you have engaged in and clear and concise announcement, do not waste anymore time or cash on Goodsprings until after Eureka's viability is completely confirmed and producing and returning positive cash flow! Goodsprings at this critical point of cash position is just giving false hope and a diversion now from the real problems at hand!
Stop dressing up announcements talking about what other companies have or are doing and focus on what TYX realistically can or can't do "ore" else it is doomed ... all 3 of them and heaven knows what else they are working on!
Cash raised prior to purchase of Eureka & Goodsprings was specified for the main purpose of "Jumbuck" but almost the complete opposite has happened. OGX was even lent $500K ... what happened to that? There was a project called Weeboo Gold Project in heart of Leonora Goldfields full announcement 13 September 2017 stating a New gold project to complement company growth, no mention of cost, terms and conditions at all. The next announcement was 1 November 2017 "High Grade Gold Structure Confirmed by Scissor Hole at Greenewood Gold Prospect ... Planned work in this announcement stated
"Tyranna is now in the process of obtaining approvals to follow up this discovery with a number of planned diamond drill holes. The diamond drilling will provide valuable structural data and is planned to commence in late November. Due to these exciting results from Greenewood, the Weebo exploration program will be deferred to 2018"Next announcement was 13 November 2017 "High Grade Gold Results Continue at Greenewood Gold Prospect" ... Planned work stated
" Diamond drilling is planned to test the area around hole 031 to confirm the existence of a repeat high grade pipe like structure similar to that discovered by hole 020 as announced on 1 November 2017. This work will be planned for the first half of 2018 following the diamond drilling program (mid November 2017) near hole 020"
NON OFF THIS OCCURED NOR WAS IT COMMENTED ON AGAIN .... the next announcement was
1 December 2017 (17 days later) stating Tyranna to Acquire Producing Gold Project "Eureka" and approx. 3 month later
22 March 2018 announcement Tyranna to Acquire High Grade Cobalt - Base Metals Project. "Goodsprings"
FYI ... The TYX website states OUR PROJECTS
-Eureka Gold Project
-Jumbuck Gold Project
Why isn't Goodsprings in there ... Wheebo ?????
So now it is where it is ....
Surely as part of the purchase and due diligence relating to an existing working mine you have a very clear understanding of time frames, cost, past results, incomes and returns etc. There should be a comprehensive amount of information, they should be tripping over it as they walk into their office. Surely feasibility should be basically completed subject to latest results being updated and a date given for it to be finalised. They simplified the purchase stating they would run a drill program, update the JORC and commence toll treating and direct funds from this to Jumbuck the "Flagship Project" and the reason for it is as quoted by MD "Jumbuck is what we are all about" ... re-read the announcements and video presentations back then and understand what was said and what has occurred. There are many more statements that are questionable based on outcomes ... these are but a few.
What was said was trusted by shareholders back then and now look at where it is at ... and I am not referring to drill results they are what they are.
WPG problems should not be an excuse as TYX was well aware of the issues and struggles WPG had. So rather than launch recklessly into 2 other CAPITAL cash draining projects with massive dilution they should have focused and capitalised on best way forward with Jumbuck as they had unequivocally stated. They even had a cashed up supporter in AGS (with very low SOI) heading towards almost 20% share holding of TYX and working in the same state and very impressive results as I mentioned before on Weednanna JV. (Why did TYX allow a JV 49%/51% in favour of AGS and not contribute). I have my thoughts on that and it has played out exactly that way .. AGS has now severed ties with the JV for obvious reasons! I do have a lot riding on AGS and have commented recently. We are told certain events are due by end of this quarter and the terms "imminent/near term" have not been used. If they are not received and no immediate update provided to shareholders then they are no better. The outcome of results is not what is in question as much as in this case my companies (I am a shareholder) promptness, honesty and intent on an ongoing basis.
They followed up with a COMPLETE change in direction by the acquisition of Goodsprings. Basically burning initially Jumbuck and then with a rush of blood burning Eureka all within months. Either they haven't been honest in their assessment of Jumbuck and used it as a means to promote a capital raise to look elsewhere or they just thought lets take on the world!
Red-frog you did mention the word "casino" in previous post and I will use that analogy with these purchases. They rolled the dice!
How is Goodsprings going! Below is a timeline on Goodsprings that was provided which was great at the time ... so we all took a deep breath especially existing shareholders and against better judgment stayed in .... but since then there has not been any real and clear information and updates are very general and basic leaving more questions than answers. If it wasn't for AGS coming up with great results and throwing them into TYX announcements then it would have been very quite. TYX almost put more emphasis on these announcements and their dilution to Weednanna than anything else. Looking back now I kick myself as my better judgment was the timeline is very unrealistic, yet it was stated, and they are the ones in business for us and should know. The point being is that give time expectations based on realistic possibilities and discussions and if they are not met review fully and advise.
Goodsprings should never have been purchased. It was unrealistic to manage and fund and nothing more than a complete exploration play again! A complete change in direction against previous advice to shareholders yet a few months later MD stated in a video 27th March 2018 on Proactive Investors Stocktube titled "Tyranna Resources develops new battery minerals division" that "they had been looking for projects of this kind and wanted to build a battery minerals division". (SAY WHAT!!!)...a must viewing!!! Not at any stage was this intention conveyed or made clear in an announcement until after the acquisition and against all previous announcements. What expertise did they have in this area and how long had this been on the table??? A huge cost to buy and then to manage abroad especially when you have only just made a purchase and one you have all of a sudden now subject to pending legal proceedings on (Eureka) !! $8m or there about gone in a blink of an eye!!! How much drilling and increase Au oz's could have been achieved at Jumbuck towards the 500K oz target and the chance to find a Challenger. South Hilga at Jumbuck was also to be drilled if you look back mid 2018 exciting announcements based on very good previous results and all part of the Jumbuck picture. Prefeasibility was happening we were told. There was talk of proceeding to lodge mining applications at Jumbuck ... ownership % was increasing along with increase in OZ's !!! It was looking good!!! Then in one fowl swoop completely fell apart. I suppose the attraction of spending time in Las Vegas being only 50kms away was the deciding factor ... think you can get there via Hong Kong Island ... hey and who can blame them!!!! (RIGHT!!!) ... wouldn't it be really great ... effective even... if Hong Kong Island could be overlaid with the tenements in question (if that isn't a little teaser to get you all to watch the video then you never will, current views 376 on it lets see if we can crack the 1m and set up some free cash flow through YouTube for them TYX could diversify further by setting up a YouTube video division.
April 2018 (snip of Goodsprings announcement) ... March 2019 not one hole drilled !!!!
17 October 2018 was results on Campfire Bore and stated :
Commenting on these results, MD Bruno Seneque said, “Finding good grades so close to surface was a welcome surprise and interfacing the supergene at these levels underscores our confidence in this project. This infill programme just completed is a major step forwards for Campfire Bore and will allow the Company to upgrade and increase the confidence of the current Resource. The closer spaced drilling will also allow the Tyranna team to shore up internal structural and mineralisation models which will have a positive impact for exploration, not only at Campfire Bore, but over the whole Jumbuck Project area.” So 5 months later where is the upgrade JORC???? Why are we still playing around with shallow holes when previously stated primary loads have been intersected ... surely direct funds to some deeper target drilling to find the Challenger style you stated is what you are all about. That would have been less of a risk than 2 completely random projects and at least a risk related to what the company was all about and clearly accepted by all participating investors! What personal financial commitment relating to shares (not allocated) have any board members in particular the MD taken up in the last 6 months? That is a pretty good indicator of confidence of those in the know.
So in summary. TYX need to come clean. Lay it all out on the table not bits and pieces. They have not done what they clearly stated they are about or would do. Eureka has not turned out to be what they hoped it would be and on these more recent drill results is now nothing more than another exploration play all be it with some potential chance to do some toll mining at low grades that is if it is deemed to be financially viable
some time in the near future , if it isn't financially viable then what??? The only course of action is to decide which project has the best chance to succeed and sell off the others and focus on that. Maybe Jumbuck needs to be sold and drill out Eureka. Eureka may well be a viable project as maybe Goodsprings is. But all 3 are not financially viable as it is.
I hope this post is taken as informative and constructive. I have followed and been a supporter of TYX as mentioned since day one. For the sake of existing shareholders TYX does need to make some critical business decisions and rationalise where possible and truly come clean about the 3 main projects with a direction then stick to it. This needs to come now but I am guessing that won't happen until after Eureka mining analysis and/or WPG JV outcome known.
Good luck all.
On a lighter note I want to fly to the moon in the "near future" ... but I just need to fund it but not sure how....Oh yes that's right I could sell my magic beans!!!
PS .. this is an open forum it doesn't matter if you hold or don't hold, will or won't hold shares in a company that each person chooses to comment on in what ever manner they see fit and within Do Posting Guidelines otherwise what is the point of it!
