Yes, lost a lot. There was 3 distinct falls in SP.
1. It started with delays in lab analysis, sent to wrong lab that couldn't do the job then sent elsewhere so a share price crawl down to about 17.5 cents as investors braced for bad news.
2. Results then came in, tragedy, oil in brine, big dump to around 12 cents.
3. Then came the new lab result with around 120ppm or so lithium (from memory) so another down to 6cents.
Sounds like a Coles ad, down down prices are down! From a steady 20cents range to 6cents in about 3 weeks or so. Now unless you were in before the price it's trading at now many lost a lot.
So they're on my watch list because yes they have potential, but potential is not getting my money after this type of performance.
You know, first things most miners do is chip samples, rock samples, drill assays ..... what have we found and where is it (depth etc) is the game. Then where do we build our plant. Here, yeah we got a hole and water came out and there's a raging party of euphoric investors not knowing what they really have and a yoyo share price.
So, what happens if the magic hole with decent PPM is 200km away from plant? Errr, bloody long pipe with pumps regardless of pressure. What if evaporation ponds are required or worse, heated (costly) by other means for evaporation to concentrate the low quality brine for increased PPM lithium. So to me it's not time yet to buy because really they have not got much yet and there's no knowledge of costings due to the unknowns.
It all hinges on that magic hole with decent lithium grades. Until then, I'm not parting with a cent. The lab analysis for PPM lithium is the first and foremost thing that should be checked, many times, is it consistent, does it reduce over time (after 24hours of flow etc). If it takes a dozen holes .... get cracking like other miners do with drilling, that is why they are called EXPLORERS not well watchers.
