My guess is it ended up being the perfect storm. Market was happy with this in a 10-14c range for a while but over the last few months every single spec on the market has been getting aggressively sold down due to interest rate macro. That's just the starting point though.
At the same time you have delays on results and while the recent results were awesome, the ones before were pretty meh and just mattered for infill drilling which is not that exciting until we see the MRE expanded. So no upwards momentum there.
You then have endless fearmongering from he who shall not be named. No doubt he got into a few people's heads.
Then the bad raise which might be because they got dicked around on cashflow and f*ed up and combined with all the above it's made people really jittery. I remember you used to be quite positive so I can imagine you've gone through this process and become quite frustrated. I don't blame you. You might notice I'm not as bullish as I was earlier too, I just think that the project is good enough to pull management out of the hole and I'm not convinced they're being malicious.
I'll tag you on that other junior I was referencing that's in a real death spiral so you can take a look at the difference.
AW1 Price at posting:
8.0¢ Sentiment: None Disclosure: Held
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