For what it's worth, I think today's results are actually quite good, but... I also acknowledge that they are not enough to induce a major shift in sentiment for GBR in the near term. Therein lies the opportunity in GBR, as... I think if investors can step back a little, and look at what has happened to other explorers that have released scoping studies on high grade, economic pits (likely toll treatable), a re-rate occurs after.
NMG being the best example, but there are others across the sector (MEK, BTR etc).
GBRs current weakness does give me a small expectation that with it's very weak register, it's open to consolidation (not by the MD, but... it's shareholders will likely be more conducive to seeing a beneficial deal done).
Would have been very easy for the MD to explain in more detail why the study has been delayed, or... perhaps he also made the mistake of telling the market a timeframe that was not reasonable...
Either way, GBR is now valued at peanuts, when... it's assets are better than most (high grade, close to multiple plants, good access)... though the mining leases should have been put in progress so so long ago. Very short sighted by the whole board.
Whilst many seem to be angry, I don't see why they are angry at the company in regards to the drilling.... better to be doing it than not.. just look at ODY.
It literally does nothing!
(20min delay)