How much were these other projects worth, prior to the Luni find and ENR's own Niobium finds?
Going back just over 2 years the SP was around 10-20 cents with 350M shares on issue. The deals with IGO and S32 already in place. Without the Niobium in the area, around $35-70M Mcap, certainly not the >$200M currently.
Despite the announcement of "Significant Copper" recently, I don't really think 30 cm of 2.1% copper at 634 metres deep added any value, nor boosted the price. It's not really 'significant' after all. If they could find 200 metres of copper at that grade it would be an entirely different picture!!
Just look at the SP over the last 3 years. A big kick up in Oct/Nov 22 when P2/Luni were discoved, next door. Then another kick up may-July last year when Luni had great finds and ENR had Falcon Gravity, and diamond drilling and finds of carbonatites at West Arunta..
Like it or not Niobium is a large part of the Mcap here, as presented by history, and IMHO will continue to be. Should there be a great copper discovery, I suspect it will be the surprise kick upwards as not much value placed there presently, so yes the copper could be something added out of left field with success..
ENR Price at posting:
48.5¢ Sentiment: Hold Disclosure: Not Held
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