Short Term Trading Week Starting: 26th Feb, page-191

There's small leverage in the oppies at this stage but not enough liquidity for me to jump in to be honest which is why I went with the heads. A lot have been converted and a lot won't be sold until July/August this year.

The key for me with the heads was always to see how the price was tracking towards the end of Feb/start of March 2018. AVZ announced they had Manono/Kitolo on the 2nd of Feb 2017 and in the following weeks I'm sure many positions were taken. A lot of those holders have now reached a year in holding so I'm guessing they took some off the table, booked a profit and claimed a 50% CGT discount in the past few weeks. I'm sure there will still be selling pressure in the next few weeks too because of the drop to 2c back in early March 2017 when it filled the gap but that should be balanced with the expectations of the upcoming phase 1 drilling program.

After we get through this period, we may not get any real selling pressure until July/August. That's just me thinking out loud so others may have a different opinion.