Ann: Great White Kaolin Project - Definitive Feasibility Study, page-349

So did you sell out today? Just going off your sentiment and not held status?

Was a bit of a shocker there was no TH to be honest.

Think it caught a lot off guard and many would have panicked and dumped.

Trying to look at upside or at lease minimise further downside.

MC now approx 50% of NPV
PE of 4 based on EBITDA
No future upside / bluesky / NN stuff priced in (not sure it will
come off either)
Figures seem conservative in general
Any positive news (rock solid confirmed not BS fluff) will see decent SP appreciation
Over 90% of register held today. Less than 10% of SOI changed hands and I’d say 3 or 4% would have been traders and shorters pushing it lower.

Risks I see:
is it good enough for debt finance? Will another CR be required?
CF to fund future phases means no divvies for years
Rep of JM heavily tarnished
Massive orphan period based on time blow outs
Can this team focus on the core task at hand and deliver going forward?

I reckon we will see a bit more of a pull back short term. The BoD really need to earn their stripes now. No more BS just deliver!