continueous discloclosure, page-28

Hit the nail on the head. Regardless of when they announced the bad results, it would've caused the same sell down and the sp would've tanked all the same.
Now here's my 2c. I reckon they realized Red Valley was a dud (or suspected it was one) at around the same time that they started looking at the cobalt acquisition. This literally came out of the blue, whilst they were drilling away at their main project. In retrospect, this move should've sounded the alarm bell, because it showed that they had low confidence in the main project.
Anyway, this is a very expensive lesson learnt for me. Need to be able to interpret all these signals better next time!