Ok. I get a crack at some of the points. BTW almost all of the things you brought up have been brought up over the past months. I know its hard to remember them all.
2. There seems to be poor information flow to us regarding delays. I understand there will be delays when working on something as large as this Feasibility. That is acceptable. But why wait so long to tell us? We found out Dec 14 that the feasibility would be delayed. At that point, there was only 1 working week left in the year. Did they not know sooner about the delay? Other companies are able to predict feasibility dates months in advance.
We have a shareholder group that is voracious for news, and many were asking about the delivery of the BFS, and of course management was optimistic given what they were being told. Now my guess is sometime in November they had the inkling that the contractor's pieces woud not all come in on time, but the contractors like any contractor I've ever worked with keep you optimisitic with their answers. Of course no contractor wants to state "I'm actually working slower than I should be, and probably wont meet my own targets I've committed to", so they play the game. " We're working hard to get it done, etc". Management did what they had to do.
3. Our drill results are painfully slow. There are likely valid explanations for this. However, I'm concerned that Copper Fox is either selecting poor contractors for this job or they have weak control over the contractors.
I wondered about this at one point, and called around. Even talked to the folks that prepared our 2D. I learned also that Mgmt is NOT about promotion, and pumping out news releases on every tiny tidbit of info that comes into their hands. Elmer had a methodology of sending the cores in, and waiting till the complete results were in his hands and then announce with one announcement. Others I've experience with indeed throw out flurrys of news releases but you dont get the complete picture and have to piece it together yourself. oh, well.
4. Our budgeting abilities seem to be weak. Why so many financings? Why did we not just plan a large financing last spring and get it over with all at once?
What makes you so certain that the financings were NOT all previously discussed and agreed to? It does the intelligence of Mike & Mr.E and Others a disservice to think otherwise. I for certain feel that an amount of borrowing was discussed early on and Mr. E, said something along the lines of "Sure, I agree, however I will loan in stages" This would show good fiscal judgement as he could manage his own cashflow, take advantage of share fluctuations, and ensure the company was doing with his money what they said, in the time frame they said it.
Just this,
Fire.
