I have always wondered whether qualified geologist are also qualified in management? The sharemarket does not respond well to indecisiveness of management. Once minute this way, the next minute another way....especially in this instance when raising debt (expensive funding option from the outset to say the least - $300k cost to raise $1.2mil...questionable logic?) from Zulu that was suppose to be deployed to get the celtic pit into production, then to find that you have to raise a further $560k (as a result of redesign of the mining pit) which further drags the SP down, to then quickly change strategies to place the very thing that was suppose to generate around $3-5mil of profit, on the market for sale? Talk about how NOT to generate confidence! So the CR resulted in the SP taking a beating, for TMX then to have to amend the convertible note agreement to try and get Zulu into the shares.... you have to shake your head at all of this and wonder what on earth is going on with Management! If you need cash, start mining Celtic? Oh, hang on.... maybe $3.0-$5.0mil profit was a best case scenario and all the work that would be required to get mining operations up and running was too risky from a ROI point of veiw? So we have been told (2 months ago) that there has been several offers to buy the Bundarra/Dodgers Well/Coogee gold assets (when gold pricing are at a record high?)... still 2 months in, and no news, no communication as to how negotiations are progressing? I just hope to god that Aztec Dome is the saving grace for TMX.... as once the gold assets are sold, there isn't much left to get excited about... or is there???
TMX Price at posting:
1.8¢ Sentiment: None Disclosure: Held
