We said and I totally agree. The share price performance has totally over blown this and will bounce back to the 20's in coming weeks. Only 2 weeks ago a well credentialled new director came on board to complete and excellent board loaded with experience. Only less than 72 hours ago the company chairman in his letter to shareholders in the Notice of AGm release stated.....
The Company has markedly advanced and achieved key milestones over the past 12 months in pursuit of our goal to complete the Hawsons Iron Project’s Bankable Feasibility Study (BFS) and develop this trulyworld-class resource.
They have always been transperant and highly professional in communications with HIO developments. I stated in late August that this company would need to raise capital in October as the LDA raising was only half what they needed ($5m) and given the increased costs of the BFS, the final settlement of the $2m to buyout pure metals and difficult capital markets have taken there toll. They simply need to halt the BFS until they have been able to clearly get capitalised to see out the cost of the BFS. The LDA faciltiy, as we subsequently found out, was a dud financing facility and cannot be relied on to raise capital at all.
As other have mentioned it is a world class project with world class high grade IO. We are pausing to see out the tempest brewing in global capital markets. Great buying levels and expect the company to put out an announcement soon to articulate this better than todays badlky worded annoucement.
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