Apologies all those who have tagged me re current share price movements. Been bit busy lately. Perhaps my message is best directed to Newbees rather than to some long term posters who appear still to be delusional.
I would strongly recommend you taking profits whilst you can and using stop losses. When you have a frog post $2 notes supported by cheer squads you know something is not right.
There is no real justification for recent share price increase other than the prospects of a massive cap raise. The share price movement over last week or mirrors the share price movement a few years ago. Pumped to $1 cap raise 60c and then back below 10c. There was no justification back then for the increase and none today. Ask your self this, EV value of EGR say $100m, yet its feasibility study for epanko is uncommercial. Why do you think it hasn't received funding since 2018 despite management telling shareholders financing is imminent? Cant blame graphite prices back then.
Given relative low volumes seems to be a collective effort of some long term holders to push price.
Why have instos left? Company is now run by retail investors
Some claim that EGR is 6-12 months advanced on pilot plant. This is laughable. EGR acquired epanko back in 2011 or so, has had 6 years more than others to develop it and now others are only 6-12 months behind. speaks volume of lack of progress at EGR and significant progress by others. In fact others are finalising approvals for downstream yet EGR haven't either found a site in Tanzania.
Some will tell you don't need cap raise, will be debt funded. if this is the case get ready for WKT 2.0. EGR will be in administration before it digs an ounce of graphite out of the group.
Question whether management have any credibility. They burnt over $30m on getting approvals for Kwinana. Non holders have called Kwinana a flawed business model and finally management agreed pulling the pin.
Finally looks like ASX is equally as incompetent as management. where is the speeding ticket.
All IMO
EGR Price at posting:
30.0¢ Sentiment: None Disclosure: Not Held
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