Unbelievable! Another delay in releasing the PFS for Mt Todd. Fred has one guy working on this PFS one and a half days a week, so I guess there is no surprise really. Early Q1 is now going to be late Q2, which means the BFS will be Q3 and the permit next year - just not good enough. 'he current market conditions have caused us to re-evaluate'.... what on earth have current market conditions got to do with anything? The PFS outlines an economic evaluation of a project - in this case one that may be producing in 3-4 years though that looks increasingly unlikely - current market conditions will have no bearing on this PFS in 3-4 years time. Ridiculous, incompetent and I will be voting FE out of the CEO position at the next opportunity. This stock is down 100% since October last year, last week it was down to $1.60... he has to go, he is obviously not up to the job, neither was Mike Richings, pathetic actually!
VGZ doesn’t plan to produce in Mt Todd; it plans to sell the mine or the whole company. Obviously, it’s impossible to predict whether this plan will be successful, but it is easier to see that company won’t exercise any urgency.
It reminds me Northern Orion story. That company also delayed time (with Agua Rica development) for so long that at the end it produced plain comical explanations why feasibility study is delayed again and so on. It made NTO message board a very funny place. Good part of the story is that NTO was really taken over at the end.
Correct, Bjsedco. As I expressed to you 2 months ago, Fred is not your friend, it's a mistake to ever fall in love with a company or think of anyone who runs a company as your buddy. It totally negates any objectivity when you've reached that point. I am not surprised about the permit, they already said it would take 2 years to drain the pond. Expect more excuses. Re-evaluating market conditions is not a surprise to me either. As I said some time back, these guys were seriously risking everything by plodding along risking that the gold price as well would not fall apart, jury is still out on that one. Sounds like they are shocked that the stock price got halved, it totally dries up the prospect of financing and like I also said, they need to view this as the fight of their lives and I am not sure that they do. They may very well be thinking wow, we never saw market conditions at this point. so all bets are off 3-4 years from now and they would be correct not knowing if gold will maintain or by quite a bit lower at the point, further hampering finance and furthering of operations. In effect, the foot dragging of the last 2 years has now come home to roost. It will now take a 100% gain to get back to October. There will be little news of relevance apparently, for many months to come. How that can translate into a catalyst to get back higher, is anyone's guess. Yes I would be #$%$, I have been, and it's astonishing the officers/directors are not and have not been acting with a sense of urgency.
Franchen, I am in agreement with what you have said. Honestly, I feel I have been duped into investing here, and as you say we need a 100% move to get back to the one day in October when it breached $4, only to wake up the next day and see it tank back to $3.54 if I remember correctly - overnight! I have averaged in over 4 years now, and will wait until I am at break even and withdraw my capital. I have enough to buy 3 flats for cash and rake in a monthly income, great pension scheme and at 41 a good position to be in. Only thing is I could have done that 2 years ago! Anyway, I wish you all the best, cheers for now.