mclawhon,
You are right in what you say. The management team may be honest and hard-working but as shareholders we will judge them on results. The results aren't there yet and we don't know if/when they will be. Even if the previous management left a mess for the current team to clean up, we need the current team to succeed, mess or no mess.
Recall that at the 2014 annual meeting in October the President was voted out by the shareholders. The guy who took over was out a couple months later. The recent posts on this site indicate that those guys had been paying themselves, but somehow the company did not have the money needed to get the mine running right. (In contrast to the current team who have not taken their salaries in 2015 so money could go to the mine).
The company had announced the opening of Dun Glen around September of 2014 or so.
At that October meeting the management said they needed 3 million or 3.5 million (I forget which right now) to get everything they needed so the company could run successfully. In addition, they had brought in some new investors prior to making those statements.
So the latest management team comes in early in 2015 with major shareholders believing previous management had used the money unwisely, made deals with investors which created new debt, and that the company still needed at least 3 million more dollars. (I have no idea what obligations the new team may have found for paying back new or old investors, or paying for permits, taxes, bonds, or rents - but from some of the posts on this site, it wouldn't surprise me if the amount had grown since 2014).
It looks like the new team did not raise $3 million in 2015, but instead took the route of repairing or improving the current circuit equipment using current funds (and I suppose their own salaries) hoping to get some gold production to build up the treasury. And when they expected production to finally get underway, the place froze over in November.
Fair or not, if the new guys are going to earn any shareholder appreciation, then all of the above doesn't matter. The company has to get through the winter and in the Spring have, I assume, something equivalent to the $3+ million they need to make full gold production a reality. I guess this would have to be some combination of investment or having the current circuit producing enough gold to fund full production.
I have little choice other than to hibernate and wait this out and hope to see the share price rise . Merry Christmas to you!
- TTH
