Walter, your statement, "Yorkville was a necessary evil" is not followed by an explanation as to why. Did management have to get in bed with Yorkville? Were they forced to make arrangements with Yorkville on this type of toxic financing?
Management is accountable for the SPAC failure. With the mini banking crisis that unfolded before the deal was voted on, I think someone needed to hit the pause button. I also think many people had already voted their shares prior to the mini crisis which has been used for more of an excuse than is reasonable in my mind.
But Yorkville? SPAC deal was a failure (I hold management responsible). Yorkville was ill-advised (I hold management responsible). FS progress has been delayed due to lack of funds (I hold management responsible). Shareprice is pathetic (I hold management responsible).
Was there no failure mode analysis as part of project planning so they could recognize the possibility of a SPAC failure and how Yorkville financing could compound that failure? I'm not an engineer or a financial planning expert, but the possibility of the SPAC faceplanting and toxic Yorkville financing compounding a bad situation should have been recognized as a possibility. Where was the prospective thinking on all this? We have been mopping up the mess ever since. In some ways, the mess has been getting worse. Management is responsible and accountable, not a mini banking crisis. Management failed big time and we are shouldering the results of those failures.
Yes, management has been successful in accomplishing many great things and I give them credit for those things. I believe they are hard working solid individuals. But there have been some dismal failings and they don't get a pass from me. I personally do not have a lot of financial assets and I don't have the luxury of waiting many, many years for this asset to be profitable. My retirement has already been compromised by financial plans made 6-8 years ago that included some profit from Niocorp. I am losing money on this investment and if you factor in the time value of money, I am losing a lot of money after more than a dozen years of ever-lengthening timelines to completion. Needless to say, I am not happy with management's failures to deliver on expectations they have set and I'm tired of excuses. Can't sugar coat this. Can't change the past and I try to be forward thinking, but I'm not willing to turn my back on past failures. I agree that there is a big disconnect between shareprice and the real value of the project. I cannot bank any of the real value and that's a present day reality.
