via Forbes - When The CEO....

Forbes - Aging CEOs

Notable irrational moves in previous years are as follows:

1. Attempts to secure financing while fully intending to operate at a loss by depreciating earnings through aggressive mine depletion several times above the production rate.

2. Drastic curtailments of production to the objections of everyone concerned, by the former board, the mining subcontractor, the former COO, and the shareholders.

3. Ore grade stockpiles and operating mines sit unused which could easily serve as an extremely low-cost production source indefinitely.

4. Drastic changes to managements and sudden resignations.

5. A pathological need for keeping secrets.

6. Running the company as if it were a shell company of no value while implementing tens of millions of dollars of additional unreported work.

7. No updates to technical reports in years, which is required under law. Technical reports missing for deposits that saw work from 2009 - 2012. Decade, Jolu, Upper Waddy Lake saw work that went unreported. Komis, Roy Lloyd, Golden Heart all need to be updated.

8. Running the company in the minority shareholder interest and fobbing off shareholder complaints, such as production shortfalls with empty excuses and making no changes to ensure that full production is implemented.

Are the shareholders wrong to buy shares in this gold mining company? Not necessarily.

The shares are cheap right now, far more than you could have expected otherwise.

Are the recent changes satisfactory?

They might actually turn out to be.

Conclusion: Either Netolitzky has the onset of dementia, which people refuse to acknowledge, or there is a secret to be kept so large that it would motivate irrational behaviour. It might be an element of both.

-F6