Royce & Matrixman, the original small drilling campaign last...

Royce & Matrixman, the original small drilling campaign last November was designed to test anomolies along a 60km target area. Best results of 67ppb were recorded and has helped in planning the latest round of drilling. Then in March a geochemical infill program of 426 locations was undertaken, confirming 12 areas of interest over a 25km length which has subsequently been drilled and now we await the results.

The only thing that matters is the latest results as the program so far has been about progressing to this stage. What must happen now is an announcement that includes a full breakdown of drill results, showing depths, grades and hole positions. Anything less than this is unacceptable and shouldn't be tolerated by shareholders. I'm sure management understand there is a need to fully inform punters of exactly what the area contains, be it good or otherwise.

I notice no such results were released for the recent vanadium results and that has to be rectified. If the company can give an upgraded resource calculation then they must have that information readily available. To understand exactly what Gabinintha contains and at what depth the deposit sits, investors require this information. The company needs to start being more transparent.

As for the Money Shoal drilling campaign which has been slated now for quite a while, may i suggest YRR pull their finger out and get on with it before the wet season starts, otherwise there will be another 6 month delay at least, plus a few more months waiting on results. Time to prove the AUL tenements are worth $30m. And while they are at it how about some info regarding the Cabe tenements to show just where $39m worth of value is.

Some may know what is happening behind the scenes but for everyone else only ASX announcements count and so far the market has spoken loud and clear. YRR was around 50c and GPN 4.5c before the AUL deal was announced at the end of May. Obviously the large dilution of YRR and dwindling percentage of 2 JORC resources (Gabinintha which has 92.5mt grading .081% V2O5, 9.81% TiO2 and 51.2% Fe203 and the under-promoted Nowthanna deposit of 3289 contained tonnes of uranium) being exchanged for unproven ground via heaps of free shares and options is taking a toll on the sp of both companies.

GPN owned 70% of both of these deposits a few months ago courtesy of their holding in YRR and now will own around 21% after the Cabe deal goes through. Not much to show for it, except $69m worth of dilution for prospective but unproven land.

Hey management, how about start showing all shareholders you are worth the combined $2.14m of free options you have received while watching over the dilution of our holdings.

I have recently received advice to just sit tight and see where all these deals lead to. That's now my position but unless there is a positive outcome for all stakeholders.....

Well now that i've got that off my chest its time to go and enjoy the sunshine. Best of luck to holders and lets hope there is a stream of good news on the way. It feels like all the negatives have been factored into the sp atm so the only way from here is up imo, unless of course they issue more free shares.

Alternate views are welcomed. If you read the situation differently please feel free to post a comment with enough detail to support your opinions.