I relate, and echo many of your sentiments and frustrations nvl_22, but I don't agree with the statement that Briscoe went on a "spending spree". This company has about a 1/2 dozen employees who must get paid so they can put bread on the table and eat too.
But more importantly, Mr. Briscoe spent that money on ZTEM which is the direct reason why NAK has any relationship with us at all.
NAK recently dropped some nice coin on paying our annual claim permit fees to Alaska and they're probably, if they haven't already, going to pay for the bulk of our test core drills on our land. They can also bring us to the attention of Anglo-American and HDI with the ZTEM data in hand of both our claims and theirs so a direct comparison can be made of the quality of the ore structures under ground.
IMO, that was money well spent. For the most part this company is debt free, except for the shares that are being sold into the market. Most companies that don't have any revenue have tremendous debt over their heads. I hate to see the stock price moving like this, but the debt is finite and once the selling is done the OS will still be very manageable with the potential value of their claims.
This is one of those Warren Buffett types of holdings that you just can't stare at every day, or it'll drive you nuts.
Best,
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