Ann: Annual Report to Shareholders, page-72

The style of selling had short seller written all over it, 1.8M in a single order took out all the 12c, 11.5c and 11c bids in one hit, even left some on the ask at 11c. Don't see the need for a fund selling out to cause so much damage all at once, surely taking it down one peg at a time and soaking up bargain buyers over some time would have received a higher average sell price...

Anyway, luke has deliberately created this uniformed market and vacuum of fear for insiders to front run, easy pickings for any wanting to push the price down without any reason to step up to the bid. Almost 50% drop in share price last few weeks since the August monthly production report got circulated around the office and Board. Makes a mockery of Listing Rule 3.1 to "disclose information that a reasonable person would expect to have a material effect on the price"... proof's in the pudding right. Material monthly/quarterly production below guided ramp-up recovery path, ipso facto materially lower earnings is the obvious explanation for the sell-down. For the life of me I can't think of an explanation besides 'I want to look after friends, family and favoured investors ".

Satellite pictures seem to show only two DMU's operating at any one time (can't see 3rd ever on overburden). Also mining into Year 3 area down eastern strand instead of east-west strips across the entire deposit. My guess is can only staff 2 x DMUs and supporting mine fleet, sticking to eastern strand with lower overburden, maybe even accepting some lower grade OB as ore for purpose of overall efficiency economics.

Still doesn;t explain the apparent <50% nameplate WCP/MSP performance as indicated by lack of shipments. Tailings disposal constraints causing shutdowns still, continued chronic equipment or infra downtime, MSP issues?? Still waiting for buyers in volume with confidence that sell off is overdone, maybe 9.5c next suport?

GLTA Mushrooms