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Agreed totally with you one some recent mangement activities. Selling 3M shares of Argex at fire sale price, and dilution of the stock.

I have been keeping quiet lately (but still reading the posts). But, coincidentally, I was checking FNC webpage to see if there are anything new. I found the following:

- Corporate Presentation. Had to use Google to locate it, but later found it, by chance on their Home page but hidden at the bottom of the screen. Other companies would normally have an "Investor" tab at the top of the page with a drop-down menu where the Corp Presentation would be located. It was the Corp Presentation for Q1, dated Jan 2013. Now it's heading in Q3 and there is no updates for activities in the last 7 months.

- User un-friendly Webpage: The webpage is poorly designed (no common sense and conventional practices). I have communicated with the IR person before (must be years ago) and there was some improvement, such as there was a summary of our holdings including the investment in Argex and our holding in CHM, etc. Now the info on Argex and CHM are not visible anymore. Why?

It looks like the IR person has not done a good job in presenting the company to the investors. May be he could not persuade Peter (or the new CEO) to follow some good examples for websites and get a high school student to put the website together (one does not need to go too far...just copy the CHM website, which is a lot more user friendly and contain much better and pertinent information).

- Management: It's still the same management with the same boss. The new CEO has not been effective and communicative. I would trim down the holdings and keep only a few (e.g. Magpie, Lamelee, and McFaulds). We don't even need a VP exploration, the CEO can certainly handle that as well, besides we don't need to explore anymore, given the cash we have at hand. It would not be a surprise to see share dilution again, unless the company would sell some holdings in RGX, CHM and the NSRs.

Perhaps, patience and logical discussions are now over, and it may be a good time for action (changing of the guards).

Too bad for a company with an excellent collection of holdings. But somehow management does not seem to know how to unlock its value. The Market Cap is now at a mere $6M. As I said before, if I won a lotto jackpot for about $12M, I would buy up the whole company (yes, 100%) and shake some trees. Alternatively, a business-oriented person (not a geologist whose passion is to explore, explore and explore) can come in with an offer for a good chunk of the company, say 51% (for some cash infusion, $4M would be doable) so that the new management can do, hopefully, a better job in unlocking the treasure.

goldhunter