Don’t think this move down is so much about the price of iron ore but the lack of trust in management to execute on any of the potentially company making projects. If VMS only has Riley’s iron ore to offer, then current market price, give or take 1c, is fair.
To me the bigger question is whether they can make Mt Lindsay’s tin & tungsten work. It was said that A$50mn is enough to get it going. Unfortunately I have no idea how much credence to put in this figure, especially after recent communication fiasco. And time line for Mt Lindsay is yet another ball game.
Management must work on rebuilding trust and credibility. Communicate clearly what the game plan is, how to get there, the time & cost involved and meet timeline goal posts (except for unforeseen circumstances). Unless that happens we might well be back at 5-6c.
VMS: Riley Iron Ore Mine - Profitable or Not?, page-155
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Last
1.1¢ |
Change
-0.001(4.55%) |
Mkt cap ! $28.05M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.1¢ | 1.0¢ | $52.56K | 4.842M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 24 | 6564455 | 1.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.1¢ | 900000 | 1 |
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| Last trade - 14.18pm 15/11/2024 (20 minute delay) ? |
| CRI (ASX) Chart |