JR11: It does look bad for LSTG at the moment. Mr. Ferris would appear to be in a bit of a spot. To say he has lied to shareholders calls into question whether he has the right kind of moral character to lead a public company (or for that matter any company). To say that he was misled by Jaramillo is to say that he failed abysmally in his responsibilities as a CEO. Whatever Mr. Ferris' motivation for misrepresenting the facts of LSTG's mining and reclamation operations, it is still an unfortunate course of action for him to choose. He has signed filings with the SEC which now appear to contain false and misleading statements about the mining operations of LSTG over the past year, or perhaps longer. There are personal and corporate consequences for that sort of thing.
There would appear to be no possibility of near-term revenue for LSTG. The Company apparently has no agreement with any processing plant to receive and process any material whatsoever. As you say, it is unlikely (though not impossible) that the Company will be able to raise capital to build an on-site plant. It would take a great leap of faith for an investor to partner with a management team which has demonstrated that either it is completely incapable of managing a public company, or that its word cannot be counted upon.
I sent a note to Mr. Ferris and to Mr. Carr, summarizing what I have been told and advising them that now would be a good time to tell shareholders the truth. Perhaps, at long last, LSTG management will respond with some factual and verifiable information. Right now, I have to say, things look very wrong from where I sit.
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