Nice preso, plenty of geo porn etc etc - it's great to be finally drilling.
The things that caught my eye though were on one of the most boring slides of the deck.
This from AGM presentation:
And this from today
Institutional ownership has gone from 6% of 353m shares to 18% of 436m. This means institutions too 57.3m of the 83m shares we issued (or circa 70%).
Also if we look two lines higher Uncle Eric appears not to have been diluted for the first time in a while. He turned down raises with a one handle and took one at 27c.
Smart money would appear to think the cycle has turned. Does that mean we were wrong to raise when we did. I still say no. This silver down leg (in the up cycle) could last a couple months and would have put us in a less strong negotiating position as we want to get moving on drilling and spending money. We are now free to ride the next leg.
USL Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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