My personal view is that the share price has largely been accurate.
Let's pretend TODAY KCN announced there will be no positive cashflow from operations for at least another 3 years+, there will be financing issues, Plant 1 delays, average gold grade of ~0.4gm at least until Oct 2027, no buybacks/dividends, TAFTA extended 3 more years, no NE sale, and (of course) no guarantee around FX and gold prices over the same period. What would you value the stock at TODAY?
Now, if you go back 3 years ago to 2021, the stock hit $1.70, and has been trading on an average of about $1.45 (to the naked eye looking at a 3 year graph) since that time. I'm struggling to find a period, lets say before 30 June 2024, where the share price should have consistently traded well above this historical prices, maybe at $2 or $3 based on what we know now
I am not denying the existence of short sellers or bots or whatever. I’m simply pointing out that the share price has consistently aligned with the company's financial position, cash flows, and overall performance at different periods over the past three years, largely reflecting the fundamentals we now understand along the 3 year journey
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