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Thursday, June 27, 2024 9:06:30 AM
Of course, this reality also puts Dan into a quite an uncomfortable position as a CEO because he has to keep on trying to convince the smaller retail investor base to keep believing in the story although he knows very well this thing is in reality being financed by a small circle of people/insiders as well as monetizing the other smaller assets and royalties. This is also why I think Keith likes Dan to be the CEO because Dan definitely has a big personal commitment to the company in the form of 10m shares (all mostly bought through PPs) and also believes in what they are trying to achieve. He has also assembled a good team that has the goods to take this company to the permit finish line. That is really all we need as investors as well. The payout in this investment will really only come when we get a major development going and good sentiment returning to the sector.
Sure, you can of course argue that it would have been very prudent to get the share price up so that previous financing rounds could have been done with a much higher share price and prevent unnecessary issuance of shares. But since the entire sector has literally been "dead" for many years then I think Keith & Dan has just decided it to be more important to raise whatever money they can and just keep on moving the projects forward. I really don't think there is much Dan or any other CEO could have done differently to make the share price go up when the entire sector is under water. Even the best gold mining development companies have had their shares pounded very bad and I really think FFMG is among the best you can place your money in right now.
If you really believe in this story then there is really nothing else you can do other than to keep accumulating shares on a regular basis (just like Keith) and wait this thing out. If you don't have the patience then you are free to sell your stock and invest your money somewhere else. This is why I mostly tell newer investors to avoid the mining sector entirely because it is a very different game. It is probably the toughest industry on the planet and the risks are very material.
Having said that, I can also tell you that the gains that are possible to make in this sector are truly spectacular once you hit a "jackpot" and sentiment turns. I made a incredible amount of money with First Majestic some 15-20 years ago but it took several ups and downs to get there. I see the exact thing happening once again with FFMG and that is why I have invested a significant amount into this company. If this entire thing ends up failing then I can live with that and I won't go broke, actually far from it.
Recent FFMGF News
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