Hello Mitchy.

I believe your criticism is not so much in error as it is misdirected so far as the far worse daily mismanagement, which is the real underlying reason the financial return is so poor whenever we finance exploration through issuing new shares. To say the least, the consequences would be different if, beforehand, management set it up so that we would receive dollars, not cents, for the new shares.

Over the years, on several occasions, on this Message Hub I’ve broken down the hard logic of evaluating the hard proven mineral assets of Magpie in terms of tens of dollars per share (not single digit cents per share). Not to put too fine point on the numbers, at the moment, nonetheless what I say is wholly according to the hard realities. Also, of course, you can look up my previous messages, which discuss in detail how to apply the undisputed arithmetic of the situation. As one example of many, my arithmetic generously discounts the proven in situ mineral prices by 98 per cent (to account for mining and transportation and other costs). 

So the real question is, “Why are we underfinancing by a factor of more than the one to the hundreds not received?” I’ve written extensively, on this forum, concerning previous underfinancing. Those deals were even more misguided and mismanaged and poorly performed than the present deal (which is mild in comparison). 

Management has allowed our stock price to become uncoupled from reality. How do you achieve an uncoupling from reality? The answer is very simple. I don’t believe anyone disputes the sales consequence of staying at home and not asking buyers to buy what you have to sell; expecting to make sales without even bothering to pick up the phone and make a presentation.

We have hard proven assets. We have thousands of pages of hard verified scientific proof many times over. We’ve spent millions on the successful drilling at Magpie and on the verification and documentation of our world class achievement. Management has left all our efforts, together with all the positive factual evidence of it, forgotten in a dark dusty closet somewhere. Obviously, management hates salesmanship. It’s beneath its dignity to go so low as asking, in person, for buyers to buy.

On an individual level, your family would be starving and out in the cold, if its income came from your daily sales and your idea of making daily sales was to remain in bed, without a phone in sight to disturb you from your peaceful sleep. Not only that, in our case, making the sale is as straightforward as can be. 

The relevant stockbrokers are easy to identify. Lists of them are available for pennies per name. The stockbrokers potentially each have hundreds (if not thousands) of clients and each has a fiducial responsibility as well as monetary incentive to talk to many of them about us. We also have all the hard proven Magpie documentation. By stockbrokers to their clients and by ourselves directly, tens (if not hundreds) of mailings should be going out (and followed up) daily.

This is not hard to achieve or figure out how to set in motion. Think where we would be if we had been doing this (or something like this) as regular practice, day afer day, week after week, year after year. What would our return be, per million share offering, compared to what it is now? Would the return be higher? Would it be ten times more? A hundred? A thousand? Seriously study and analyze (and even 98 percent discount) our Magpie proven resources.