The psychology of investing. When a sp is below expectations, investors always look for reasons and plenty of reasons keep coming up here. The current theory is a DFS that has been delayed. Before that it was elections in Angola. Before that it was capital raisings. Etc, etc. Some of those played their part. What has it been, 6 months that the DFS has been delayed? Production maybe 12 months from original guidance? Take a look at a stock I recently owned - A4N. They expected and gave guidance that they would receive offtakes that would allow debt funding at least three years ago. It's out of their control and they are still waiting but that did not stop the sp going from 9c to around 70c and the mc reaching over $600 million before it corrected. There would be countless other examples. This 6 month delay on the DFS, for good reason, is no reason to hold back the sp for long. Traders psychology is keeping the sp low currently. Traders are pushing the price up and down. It’s not management. This is still a bear market - hopefully one that's formed a bottom. The sp will sort itself out soon enough.
