It’s not a huge shock that we are seeing a retraction. In order to keep the momentum going, we needed a reasonable announcement this week. The announcement this morning increased the overall resource marginally and was based on one hole - don’t get me wrong, 7mt is good progress but in isolation, the increase is marginal. Sadly, given the time of year and the fact that there are no further announcements expected until jan 19, we may see it slip back a little further. Doesn’t worry me, as I am not selling and it is just chewing up time for my shares to hit the 12 month CGT mark. I am looking forward to the announcements in jan and the DFS. From some recent research I did, the DFS didn’t seem to be the catalyst for rapid appreciation in SP, the interest from the market seemed to come from the completion of offtake agreements (that makes sense though as the offtake is the confirmation of future profits), so the DFS should trigger additional offtakes and then we should be away. No down ramping, it’s just the way I see it.
CXO Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
