Hello MitchyM.

You use the excellent phrase “monetizing assets” in summing up what you expect of the BOD (and what it’s failed to produce over the years). Of course everyone on this Message Hub concurs because the deficiencies are blatant and very well known to all of us. 

However the newcomers to this Message Hub hardly have the means to grasp the depth of long-term investors’ disappointments. Even given your rightful criticisms, being relatively new, you (and the other newcomers) are not in a position to know that the Shareholders have already tried everything now being suggested here.

One irony (not known to everybody here) is that, four and a half years ago, even Rago was an activist who stood shoulder-to-shoulder with the Shareholders’ narrowly-defeated attempt to remove the same cast of characters on the BOD who continue to trouble us presently. However rightful the disagreements several Shareholders have with him now, it’s important to keep in mind, on balance, he has tried for years to be helpful and, indeed, his helpfulness (albeit uneven) is not a bad thing. Important to keep in mind, against impossible odds, he has kept the lines of communication open with the BOD. 

A few days ago, “John 17” expressed his good (but unrealistic) sentiment that we would be well-served by the return of Jean Lafleur. Newcomers to this Message Hub should know that, for many years, Shareholders have had (and often expressed) even far greater desire for drastic change.

I am a more patient man than the majority here. But even my patience has a limit. I gave up trying to get anywhere with the BOD a long time ago. Five years ago, all the Shareholders on this Message Hub got behind my initiatives to change things. The Chairman of the Board at the time was Robert Granger. He told me that I was wasting my time trying to communicate with the other members of the BOD. However, he agreed to give me plenty of time to try. He was sure I would fail. Of course, as we all know, he was right. I didn’t stand a chance. 

Mr. Granger was kind enough and respectful enough—of the Shareholders on this Message Hub (whom I represented)—that he waited for my long-delayed Green Light before taking action himself. He launched his takeover attempt only after I confirmed that all my desperate attempts to inspire change had failed. 

As it was true in earlier years, it remains true today. I know of no other company on planet Earth whose ownership of proven mineral resources is valued anywhere close to the minuscule valuation given to the (literal) mountain of them at Magpie. No other company (on this planet) has huge well-delineated in situ-mineral resources valued far below a range of one to three percent of the spot market for the purified and dock-loaded ore. 

Even when the production and physical delivery is in the distant future, the mere existence and potential exploitation of the ore body has real—and very high—value. That’s verifiably true, even after factoring in a sky-high discount range of 97 percent to 99 percent (because the resource is still in the ground). This is all-the-more valid in our case because of the economies of scale. “Mountain” and “world class” are fair and accurate descriptions of Magpie. 

As I carefully documented on this Message Hub many times (over the years), the value of our billion tonne proven resources at Magpie is well up into the billions—not millions—of dollars.  The marketing of Magpie should not be left to others. Present management hasn’t retained the smallest inkling of what’s urgently required, even after I (and several others) repeatedly informed all the Board Directors in detail (often in writing). The most common response was No Response. There were exceptions, one being outspoken. I learned remarkable things. But I admit, on balance, all my hard efforts went for nothing (without exaggerating, a complete Zero). 

At long last, Shareholders should demand sincere promotional work (without fail):

1) Create a very simple Titanium Website, separate from the Fancamp Website.
2) On that website, post and continuously update the present Titanium Spot Market price.
3) Keep updated a Chart comparing the in-situ Titanium valuations given to public companies.
4) Twice every working day, talk to an influential investment company about the Chart.
5) Regularly, document the responses and persistently follow-up on the phone and in writing,
6) Directed to Shareholders, frequently schedule statistically-augmented progress reports.