It is interesting that they are putting out a presentation with an exploration target range of 2.7 to 3.8mio ounces addition. With a resource upgrade due in the next week or so I suspect they have a pretty good idea of what that would be. It would be very poor marketing for the actual resource update to be at the lower end of that range. Therefore I think they will come out with a decent upgrade. But....will it move the share price? That is the big question. In the past positive announcements have been sold into fairly aggressively. Looking at the price action over the last few weeks it seems there is a large seller out there who won't sell below 13c but is offloading above that number. Until they are completed this stock will remain weak.
As to your question about why - I guess it is general market sentiment, it is precious metal weakness, it is the fact that POD have generally been very poor at raising capital and we are now in a very tough environment for capital raising in general, all of which is leading the market to believe that even though the resource is there POD won't be able to get it out of the ground. This scepticism provides opportunity for investors that believe in the story. IF, and its a very big if, POD can pull this off then they will be worth many multiples of today's price. I guess that's up to individual investors to decide whether the risk is worth the investment. Time will tell.
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