well between retiring as a director from ARR, and not posting drivel on here, he should certainly have some time free to get to work on NTL.
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well between retiring as a director from ARR, and not posting drivel on here, he should certainly have some time free to get to work on NTL.
Going by the tone of the last 3 posts, Matt is going to be doing things for NTL that he wasn't doing/ should have been doing before.
Does that mean he will be refunding the $800K pa that he was paid before, over several years, back into the company, for achieving so little for shareholders?
Well let's hope with all this time he is freeing up elsewhere, he will redirect it into the NTL 'gold-cause' and not onto the golf course. However, the lack of progress and the company's cash burn record is not good, and unless they can extract some yellow stuff and sell it to support cashflow, the inevitable CR will follow. I rang Matt at the time of the 3:1 issue in 2016 and asked him why I should support it. He gave me a long spiel about the exciting times ahead, and how NTL was about to become a Producer (Still waiting). The other thing he said was that if that CR was successful (which it was in spades - pardon the pun), there would be no need for any further CR until 2021 / 2022. That all sounded very positive, but history shows that was not true - how many CR have there been since then ? I suspect he was being sneaky with his answers, and may have referred to the particular activities the CR funds were going to be used for, and not ALL of NTL's operations. However, most Junior miners (in Oz) would die to be able to raise over $6m in one CR and would use the funds to set the company up for the future - NTL just took advantage of it at the time to fleece shareholders thinking there was obviously plenty more where that came from. That was the time to make progress - a heavily diluted capital structure (so no further dilution was necessary), plenty of $$ in the bank, and the promise of gold extraction to fund future activities. Didn't happen. Shareholders have long memories, and will shun future CR if they perceive their money is going to be used 'inefficiently' and for the benefit only of the officers of the company. Why would you participate in, and aggravate your own position in a self-dilutionary process ?
Discl : sold more on the ASX today. Have reduced holding by 50% and will reduce further on share price strength. HA ! Further CR dilution will just give the SP further headwinds to battle against
I agree with that Motley. Of course the problem now for me and I would guess most shareholders is that NTL has no credibility. I do not know how they can convince me to put more money in. As you say Nothing that they have said has eventuated. I intend to keep my remaining shares in the vain hope they can pull a rabbit out of the hat.
Promise after promise after promise. NTL and Matt Hill are an absolute disgrace. A cleanout of the Board and Mr Hill as CEO is essential. Until that happens, nothings gonna happen.
Since our Matt resigned from ARR, the s/price has taken off like a scolded cat.
Imagine the effect if we had a Mattexit at NTL.
NTL = Nothing To Like, or Nothing To Lose?
there does not appear to be any incentive at all for Matt Hill to actually perform,Correct me if I am wrong but are there any performance bonuses in place?I am sure he is quite happy being paid by NTL his basic 400K a year,I presume he is getting directors fees as well.I wonder how many productive hours he puts in each week for NTL considering he seems to be moonlighting as well!
“His (Matt’s) contribution, especially as chairman of the Audit and Risk Committee and in capital raising efforts, has been significant.”
Might be focusing his attention on NTL, but he’ll be focusing it on what he’s good at.
There is a potential issue with boutique miners, I've been reluctant to raise till now, but best done while SP is low, rather than some optimistic newbie pay too much.
Its politely known as shrinkage or leakage.
In a large scale project, say a 12g or larger piece of gold, gets extracted with a bucket load of ore by an excavator, dumped on the back of a truck, and makes it all the way through the processing plant, sight unseen, till it emerges with other gold dust & flakes in the collection tray, under appropriate security & supervision.
However, in a boutique, where they are scratching around with hand tools, and have only produced 5 tonnes (half a small truckload) of material in a Quarter, that 12 g piece will be seen, all the way through their chain.
You all know about the devil and temptation...
Put simply, shareholders carry all the risks/costs, but maybe not all the rewards/returns.
Dr JPG.
Figures don't lie, but liars may figure.
[QUOTE=Fundamentalfinder;850265]“His (Matt’s) contribution, especially as chairman of the Audit and Risk Committee and in capital raising efforts, has been significant.”
Got to give him credit on the capital raises. His salary has taken a large portion of that money over the years. What has actually been achieved in the last years should have been done in 1. And still we flounder along without a clear path. A plan is one thing, execution another.
Is it too dangerous to even buy at .001
That is the level I would consider to get back in.
It has to now be a matter of time.
Can they hang in long enough to find a buyer of rocks or the mine itself, before they run out of money.
The writing on the tunnel walls is clearly that they don't have the money and time to get a gold processing plant operating themselves, in any form or fashion.
Potential for total bankruptcy and zero return on funds invested by shareholders is now real in my mind.
Any assets that get liquidated will also need to be used to remediate the mine site aswell. It's not cheap to close a mine in this day and age.
You're spot on Bluemanarc. I'm gobsmacked that people can still call this company an investment, but each to their own I guess.
I laugh when people post the "POG" on this thread because it means nothing. The only letter that could be changed is the middle letter to another vowel, which more than adequately describes this venture.
Pilot plant was a waste of time, effort and money.
Consents aren't in place.
Can't get any meaningful amounts of gold out.
Nowhere to process.
No one is going to appear on a magic carpet to make an offer to buy the mine.
JORC 'triple peer reviewed gold plated indicative document' was a waste of time. SP down since then and at the end of the day just another document to say there's high quality gold down there, but there it lies.
CEO nor management put any of their easy earned money into the last SPP. (They new aye??!!)
CEO hasn't confirmed or denied his involvement with trolling on this forum. Disgraceful IMO.
All in all a sad state of affairs.
Money will soon run out, and another capital raise will be a disaster (even though NTL will call it a success :) and it will pay management wages for a bit longer)
BUT DON"T WORRY EVERYONE. ALL IS WELL.
This from over TWO years ago. (maybe technically correct, but really just taking the piss I reckon)
https://www.nzx.com/announcements/324144
I'm really pleased for all those long term holders who have exited and mentioned that they have done so on this thread. Good luck to those too paralysed to exit, or still believe the NTL fairy tale.