I must admit I am not surprised. Given the history of this company and the obvious "hands off the wheel" approach of previosu management a review was needed.
The hope, along with Fekola, was that Middlemas would be able to clear the decks and get started building a serious gold company.
So can that now happen? Or is this going from bad to worse and when does the cutting stop?
What I am concerned at is:
"No allowance in the reported resource estimate has been made for recent or past surface or underground mining. Artisanal mining is currently occurring..."
followed by:
"The majority of reported resources are within 100m of the surface..."
Are we being told that not only is there not nearly as much gold in the ground as we have been told but whatever was there has already been taken away?
What the Fekola?
PIR Price at posting:
42.0¢ Sentiment: None Disclosure: Held