Hi Skater, I see the main reason behind the volatility pattern you mention is due to the timing of the yearly Share Purchase Plans which are announced in February and completed in April/May. They have a two fold effect: Initially when they are announced the Sp is suppressed because of the overhanging new stock about to come online (dilution) and the accompanying discount that is offered for the new stock. Once the capital raising is complete and put to work the share price catches up. In this latest capital raising there will be more bang for your buck than any previous, because the extra infrastructure required is far less than previous required for development. Essentially the mine is dug, there is just some additional decline to reach another vein.
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