While the lithium price is taking off, we have lost nearly 30% from the top in a couple of weeks, on no news. Considering the income to be expected, then we were not anyway overpriced, in fact articles like the one from Pauldola are bullish and should have people buying.
It begs the question of if something has gone wrong in the processing plants timeline to first production. No news from the company is not helping the SP either at this stage.
Trading below the last trading range of 24.5-27c between the end of December and mid January is ugly on the charts to boot.
To me it is all adding up to something not quite going to plan at this stage and someone is selling out. It would be nice to hear from someone close to the plant (i.e. living in Ravensthorpe), what the general gos in the area was about the plant.
Given that GXY has had a similar fall, the silence does not smell right.
I've bailed for now, but will be back when the charts are showing a better set up, and after the news of whatever is not going to plan comes out.
I hope I'm totally wrong and wish all holders the best.
GMM Price at posting:
24.0¢ Sentiment: None Disclosure: Not Held
