Unfortunately for anyone that would have liked a lithium drilling progam, a big bounce and a quick exit you were the minority. The numbers mentioned here for Tom (and I suspect other major holders) only exist if they sold. If these holders believe the true value is in the gold then patiently drilling and building a mine on a big resource is the way to access it. If they can sell the rights and responsibilities (the latter being an important point) of a lithium deposit for a decent amount, with payments staged to maximise value and liquidity over the timeframes desired then the deal they made was right for them (and other long term holders).
I am sorry the traders got burnt, however trading involves risk and in this case at least they are still left with a company with a valuable gold deposit. Now the decision for them is do they wait for the slow grind or exit for more fast paced volatility and momentum? I believe claims that this was a poor decision by management are not accurate. It was a poor decision for the goals of traders on the register, that does not mean it was a poor decision for the major holders, who may I add, have been quite clear on their intent.
Best of luck in whatever everyone does from here, whether staying or going.
All IMO, please DYOR and GLTAH.
BRB Price at posting:
29.0¢ Sentiment: None Disclosure: Held
