Yep. That was exactly when I sold. Delays are always inevitable with this sort of project, you can always bet on that. Coat blow outs are highly likely. But when they delayed the DFS for that long and then still didn't even get it done and had that insane cost blow out, selling was a no brainer.
This CR is terrible, but was entirely predictable. Killing around 30% of the share price to raise a few tens of millions when you still need over a billion, and if you think you've seen delays and cost blow outs already, imagine what you can be sure to see when they actually get boots on the ground... one day...
This project may very well be a success, I wouldn't be surprised at all, I didn't sell out because I wasn't expecting to see the project ever happen, it was just that it was obviously going to take a very long time and during those years the price was going to be lower, and spending years angry and frustrated about my holdings' value decreasing seemed like a bad idea. The price has approximately halved since then and all QPM has to show for itself is more delays and some dilution, plus perhaps some doubt.
This isn't necessarily a bad company to invest in. If the project is a success there will be plenty of people making money on it at some point in the future, but they'll be the ones who get in at the right time, not the ones who were telling me I was stupid and short-sighted for selling at double the current price. Once the funding is secured and we have a timeline we can actually take seriously (keep in mind that there are going to be multiple delays all along the way) I will likely consider getting back in, but probably years down the track at a fraction of the current price.
You can spend time becoming bitter about the company and then be resentful of the newcomers who buy up holdings larger than yours for less money without having suffered for years, or you can be one of those people who buys at the right time.
QPM is not your family or football team, you don't have to unconditionally support them all through the difficult years at great cost to yourself. I mean, hey, you can do that if you want to, but if your goal is to make money rather than support a company treating you like this you may want to question your strategy.
What price will the next CR be at? Are you going to say 'oh, lovely, this time they only dropped the price 15% to keep the lights on for a bit longer'? Probably not, and even if so, is that really something you want to be holding for? Today's crash isn't the big final one where they've secured the funding they need to get the project happening and the multi year orphan period is all you need to worry about. There are still probably hurtful hoops to jump between now and that one.
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