Yes I can see how it can look that way on the chart shown on page 5 of the Announcement today (Macquarie Presentation), which only shows announcements regarding Julimar, and none regarding Pyramid Hill.
But the long story behind my short comment above is:
That chart is only efficient at distilling the events down to the most poignant and significant dot points which are relevant to Julimar.
With the benefit of hindsight - now that the whole world is starting to understand the value of Palladium and other PGEs, and that Chalice has the unique and very highest level of cutting edge, specialist geological expertise to find them - it can also be viewed as a very good, rough guide.
But it was nothing like that at first - at least not to most investors in my circles.
eg Having lived through every day, chart and candlestick - and after reading every report, article, blog and watching every interview - this is my recollection of
how it actually happened, from an investor perspective:*
The first 20 cents, more or less depending on the wick height of your candlestick, up to January 13th-ish 2020 was all about Gold... it was even half the name of the company back then. Chalice Gold.
* Then Covid chaos hit the markets. And while the rest of the market nose-dived, Chalice only dipped until the spotlight started seeking out gold stocks.
* Both asx announcements by CHN in March 2020 on the 5th and 11th were about gold. And at the unloved low-cap end of the market, it typically takes 2 to 7 days for announcements to be reported and published through the most popular investor newsletters.
* So by the time the first Julimar announcement was made, many investors were still only hearing and digesting the previous 2 announcements about gold.
Remember: many investors have busy lives and businesses, so they don't have time to watch the market directly. They rely on their favourite newsletters to keep them updated at least once a week/month with the most interesting summaries. Sometimes an announcement for Chalice wouldn't rate a mention more than once per month in those newsletters, no matter how many gold bells they announced in the previous 4 weeks... and that's also what makes the hikes in SP a little more complicated to map statistically on a timeline.
However, we also know:
* The first trading halt for Julimar was March 17th - while most investors were still reading for the first time about the Gold in Chalice Gold at Pyramid Hill. And the Trading Halt announcement only mentioned drilling results, not where, so the logical assumption, given the timing, was that more gold had been found at Pyramid Hill.
* Then the Suspension was extended on the 19th for a few more days, and the only extra clue we were given was that it was for the Julimar Nickel Project... "Oooh, Nickel," we all think. "Nickel is nice, but Chalice Gold is great at finding gold. Perhaps there is some gold with the Nickel..."
* March 23rd the suspension was lifted and we finally got a chance to read the actual announcement... NOTE: Headlines that day included: "Fund managers shocked by equity market's collapse"... "ASX to extend losses as global economy shuts down"... and every page talked about covid chaos and how to shift investments from shares into cash property and
gold... gold... gold.So from everything I heard and saw, that first day of trading when shares leapt on the first Julimar announcement, the chatter everywhere (not just on hotcopper) was a touch of disappointment at first. It was only copper with the nickel, not gold (yet)... but we still had the relatively fresh news about Pyramid Hill and nearly no days (for some folks) for any chance to act on the news.
Like many others, I saw the Palladium, and knew already that it was more valuable than gold. But the only mines I knew were in Russia, and they were over $400US / share. It was also really hard to find any information about how much high grade PGEs it took to make a discovery valuable enough to be "commercial". As every gold explorer knows, it's not enough to strike high grade, you also need to find enough high grade to make it worth digging up a whole mine.
So in the meantime, all the grapevines were abuzz with the latest gold news from Pyramid Hill, and with much lesser interest - initially - in the nickel and copper at Julimar.
It wasn't until well into the afternoon that the first mention of Palladium cropped up ANYWHERE in any of the forums tweets and facebook groups I follow... I think Dwuuu was the first of 3 anywhere, but they were soon drowned out by those who still only came for the gold and didn't want Chalice to let themselves be distracted by anything lesser like "merely" nickel or copper.
I watched all the candlesticks - and all the comments in all my feeds that day.
So
that's why I attribute about 30 cents of this first "Julimar" announcment to Pyramid Hill investors... bringing the total to 50 cents-ish so far...
Then: April 7th Announcement: "First Diamond Drill Hole at Karri Hits Primary Gold Zone"...
Such terrific news!!... Pyramid Hill was really rocking it!
But there was nearly no time for most investors to even read it, let alone react before CHN announced a Pause+Halt, Extended Suspension situation the very next day on the 8th... Plenty of folks were quite upset by that suspension, because they'd been trying to buy based on those latest Pyramid Hill results...
So that's why it seems to me that at least
30 to 40 cents of that days gains also seemed to be attributable to the gold, and all the covid chaos that was compelling investors to "go for gold".
Then July 29th through to 16th August, it was all about gold again...
at least another 15 cents worth. And that's why I think about $1 of the current shareprice is attributable to the current price.
(20min delay)