LRS is tricky tricky - for me the prospect was there for a speculative stock, although for speculative stocks,
cash is key (personal opinion). Now, in saying that, there were a number of prospects prior to recent announcement regarding updates to drilling program.
We all know milestones were not met regularly, both not on a big scale, nor on a small scale. The recent uplift in SP was on the basis of anticipation of recent results for well known targets that had be backed up by a history of the old timers mining and also great samples.
If they (the results) had have been good - there may have been a basis for an uplift to SP and therefore a better CR, but they were not good, based on market sentiment. It happens.
In terms of Lithium (LIT), LRS was an after early market cracker in a rising and open market. Time has killed this for me, as have the other brine focused explorers and existing LIT producers in the area.
Moving on - if the last announcement stated results from Santa Gertrudis and La Culpable are expected within a week (a throw away to keep people holding on for the big next "what if") from the 13th April and they are not issued by COB 21st April, then this in my mind is loosing more time than you had available and I have a real issue with this kind of statement as in my experience with programs (regardless of industry) it shows desperation to try and please, which is concerning.
This also comes in to play with the effort to make it known that there were discussions happening regarding the Copper Project in Peru. Retrospectively, nothing has been announced so it also sounds as though it was a desperate attempt at seeking further updates from the JV partner to please the market with no avail.
Couple this with the Cobalt prospect and I found myself in the same position as when I first entered LRS when they started targeting LIT, albeit with less cash.
Lastly, that ad banner at the top of this page is driving me nuts.
I am being very specific in my focus on certain points within the announcements so DYOR.
Looking forward, surely for his own survival CG has to have something to announce. Also given Easter, the next "week" may mean business days, and therefore an announcement technically would not be overdue until after COB Monday, 24th April - for which the market would even tolerate Wednesday, 26th April as being on time. My issue being that other LIT explorers are posting half decent results, and are still getting smashed.
So:
- Copper - Sounds good. Do not see immediate upside so becomes unpredictable;
- Mineral Sands - I have never had any idea of what is actually going on here;
- LIT - Some cash to fund current drilling. I suspect a little more sporadic in targets with a view to hit something positive to announce to the market so as to seek CR to fund next stages of San Luis in order to define JORC;
- Cobalt - sounds good, if they had cash, but will also be a while off before approval to drill. Permits may come earlier, but without cash in the bank, I cannot see having a big impact;
- CG is Mr South America
and is focused on the "lithium triangle", or at least on the outskirts.
I am only posting some thoughts as I had previously stated I
was a big supporter. I am not currently, but I will wait until after a CR, and see where it sits in context to prospects vs. cash (and time).
My sell was driven by not so great results, coupled with ongoing short sighted promises and little to go on in terms of ability to raise cash.
(20min delay)