Chart, page-178

Profit taking or accumulation?
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Yes WC8 gained 8c to finish at 91.5c. Our volume was good and similar to what were doing a week back, just over 23m shares traded. An open on 98.5, a high of 1.01 and a low of 91.5. We finished on the low of the day.

So how good was the announcement? Though there are some who still have doubts whether it can be a Tier 1 Lithium play, but many are now slowly accepting the fact that some real play is here. Now the question is - how big it is?. I will just repeat what our MD said and each of us can interpret as we want. I feel we are onto something big. MIN got a sense and invested close to $175m.

Our MD said - "The thick and high-grade assay results consistently being returned from Leia convince us that Tabba Tabba is host to a very significant lithium deposit. The Project’s setting on Mining Leases and its proximity to infrastructure in the centre of the most prolific hard rock lithium district in the world, truly cements it among the best lithium development opportunities today.”

If this is not good enough, including 180m at 1.1% and previous 85m at 1.5%, another 85m at 1.3%, then I am not sure what is good. Also, we are drilling, its open on many sides, so much more play has still happen.

So how was the price action? Many may have felt disappointed not to see a much bigger rise. Also not to have finished above $1.

So why didn't we rise much? Not sure, a few things I feel may have been in play. Firstly I feel profit taking. Many sitting on big gains and would have been eyeing somewhere around $1 to take some profits, so that may have stopped a bigger run. Secondly, based on open price of 98.5, we didn't go much higher, only till 1.01. So many short-term players who may have bought today for a much larger gain, may have started offloading when they saw its not going there today - leading to some pressure on SP. Thirdly, volume was not very high. Not sure why. Looks like some big traders did not participate today. Maybe they thought let it settle and then we will get in. Maybe they will assess and plan first before jumping headlong. Just my thoughts, I could be wrong. It could be that this is a fair price, so please dyor.
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So was there anything to like? I still think there were a lot of positives:

• From a risk perspective, today's results have further de-risked the project. Sometimes it takes time for people to accept and price to catchup.
• We made a new ATH of $1.01
• We made our higher finish at 91.5c
• We gained around 10% for the day
• Today's results would certainly stir some things up, like GH trying to match CW or some new players. Next few days will tell

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Personally, I did pick up some shares at 95 and more at closing auction at 91.5, for average 93 - so am down for today's buy. But am playing for future, hopefully it comes in good and have some luck also on our side

So what may happen tomorrow? After a great announcement, a very good start to the day, we were pushed to finish at the day's low - that part was not a great look. But those who have been playing this for sometime, may have got used to it - I certainly am. I feel a much bigger move, like what happened from 30s/40s will happen if some big traders start taking position, or another industry leader who wants to have definite play in Aus Li - there are not many, especially this size and potential. As our MD said, this is among the best lithium development opportunities today. So some may want to to be part of this in big way. Will that happen? Lets hope so. All the best.