“Situation reminds me of Blackham late last year who faced...

“Situation reminds me of Blackham late last year who faced default and after much negotiation with "interested parties" and arrangement of loans, the company made a 5 for 2 issue.”

I made the comparison with BLK when I made this comment

“I note that from the FS released last year that the strip ratios in the first two years of mining at Dalgaranga exceed the strip ratios that have caused problems at Matilda YTD.”

and this post

https://hotcopper.com.au/threads/further-good-news.3532635/page-8?post_id=25925391#.W9fG9Ro_WhA

in July of last year.

Sometimes if you can foresee problems it’s more sensible to avoid even if your hunch turns out to be wrong, as it’s always easier losing an opportunity rather than losing money.

I know this post is in the I told you so realm and I am sorry for holders but where lessons can be learnt they should be learnt, even if it is the hard way.

What is the next lesson to be learnt here? Well if we stick to the BLK comparison the next lesson is, if it can get worse it probably will get worse. ie keep avoiding until the situation has resolved itself IMO. You might miss out on some very good speculative gains but you won’t find yourself riding a 4cent stock with continuing uncertainty and potential for dilution. IMO people are best to wait for GCY to hit commercial production then assess to see how much money the project is making. That’s the only tangible variable which will have any meaning when it comes to valuing the project going forward.Esh