Progressing the Phase 1 project without funding in place was a...

Progressing the Phase 1 project without funding in place was a massive strategic blunder, and hard to fathom why the CEO/Board progressed down this route. Raising the funds to support completion of Phase 1 would have been quite viable given the quality of the resource. Also, burning cash on other exploration/deals at a time when the money was needed for Phase 1 was a red flag which I should have heeded. My only consolation is that GLN now represents a modest part of my portfolio, and MIN, PLS and LTM which are now much greater holdings are showing positive signs of life. But it still burns by arse that really poor decision making has got us to this point, and the risk of getting into bed with Glencore was not appreciatr ed. The share market is a tough task master and this episode is a powerful reminder to stick to buying into the top 2-3 companies in a sector. It’s not the first time that I have been seduced by a supposedly wonderful resource!