I looked at some trends this morning just to see if our current share price performance was an anomaly. I looked at PLS and AJM - I looked at GXY as well, and whilst they had a similar trend, their trading pattern was a little more complex. Both PLS and AJM had significantly depressed SP just prior to something that propelled their SP upwards (in 2015). PLS's event appeared to be a quarterly that suggested that government approval to mine was expected within a few months (it was a 3.5c) and I couldn't find records for AJM - it was a bit over 1c (either there weren't any announcements or they were called something else then - there are probably other explanations as well) - either way, both companies had very similar share price trajectories. They dropped to what look liked a recent(ish) low and then had a significant recovery (as quick as 7 days in the case of PLS). I'm sure if I looked at the entire sector, I would have found similar trading patterns.
I know that there is a propensity to assume that our SP is linked to some impending doom for CXO, but the quick look I did this morning might suggest that this is just the way it goes, whether by weak hands or manipulation. But as a number of posters have said, nothing has changed. I still have a significant confidence in the project, and therefore I am not checking my losses anymore (and definitely not selling). This feels exactly like the examples listed above, we are being pushed down to a point before we have a significant event that will push the SP upwards. I feel like we are close to the bottom, but I don't know, it is just a feeling, maybe the bottom is lower (I honestly thought we would not see these current levels, but hey, I am learning all the time with CXO), but I am confident that it will recover, and recover quickly when the right announcement is released. Maybe it is MMP, maybe it is finance, not sure, but it will be something, and should be soon. I do know one thing, once we start construction, a valuation of 26m for a company moving towards 110 mil (US) per year is not right, and I suspect the market will recognise this.
CXO Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
