Notes

In the last several weeks there have been a) two pumps by Najarian, b) PR about a business relationship; c) PR about land; d) PR about water rights, d) PR about CUP – all supposed to be good news, e) a CEO video wherein he speaks of the obvious elements of the business needing to be addressed; and f) a Buy recommendation by the underwriter of the PIPE. Cole is corrected by Menka in the video about raw material sourcing, suggesting he doesn’t understand the basics of the pilot plant start. Cole states the company isn’t in the mining business, yet posters as recently as today continue to believe it is. IMO the CUP presentation was underwhelming, lacked scientific rigor (City admin and fire folks had no idea of tech process necessary to address several of the permit criteria, and for whatever reason, management didn’t feel it was necessary to have a technical person at the meeting), and made clear that much, as yet unspecified, work still needs to be done; understandably leading to questions re: capabilities as well as timelines.

Simply, the company website, isn’t the definitive source of qualitatively good information and it should be. Neither are the various Youtube videos, PRs, etc. The company needs to step up the communications which would go a long way to alleviate the name calling on this board and by extension, likely also give investors an investment or sale basis.

With all this communication, there have only been a few days where the volume was higher than the 20-day moving average and a less than 1/3 were up days. There have been many days [intra-day], including today, of near or > 10% moves from high to low; suggesting a lack of true conviction. It really doesn’t matter if the sellers are shorts (I don’t understand the antagonism toward these folks, the more the better if there is qualitatively good information forthcoming), traders, frustrated longs, etc. there is simply a lack of information leading to stock retention. Good moves up have been met with subsequent sells. The point being, either the message by management isn’t what investors want to hear, it’s pointed to the wrong audience; or as some believe, there is a disconnect between the work and the narrative. If or when there is an uplisting, the company is going to need to offer better qualitative information to incent institutional ownership of the stock.

I don’t think the price of the shares is going to zero anytime soon, nor do I think it’s going to the upside levels many envision without there being material commercial progress leading to value creation. Based upon what I’ve come to understand over the last several months, I don’t think the Exec leadership of this company has the requisite tool belt. I do think that energy directed at trying to secure a shareholder meeting and the bringing in of seasoned management of good reputation would be good for shareholders, even for management holding millions of shares.