Sure, the SP performance post-announcement is slightly...

Sure, the SP performance post-announcement is slightly disappointing, but not entirely unexpected. Probably not worthy of all the hand-wringing of the past 24 hours.

Whilst the announcement is very positive, there's still a lot of work to do before this becomes a done deal. The SP appears to reflect this.

As I mentioned in my previous post ITT, there are conditions precedent to be met (including regulatory and shareholder approvals). Even if the chances of the proposed Goulamina JV falling over are remote, the risk is still there.

The other factor is the timetable.

FFX only has a $2.5m deposit at the moment. Assuming conditions precedent are met, Ganfeng still has up to 12 months from today to pay for its share across two further tranches (viz. $36.5m by December; remaining $91m by June 2022;$2.5 + $36.5 ). That's also why I don't see the demerger happening this year.

I'm a little surprised that the SP broke the 0.50 barrier on the downside, but that probably explains why I'm more of a FA guy than a TA guy. Having said all this, I don't mind. FFX can continue to grind upwards with the occasional pullback for as long as it wants.

News will keep flowing (don't forget the gold!), FFX will keep getting runs on the board wrt production at Morila, and the grind may be kicked along a bit as each condition precedent is met.

From where I'm sitting, my investment in FFX appears to be a pretty decent "get rich slow" scheme.

All IMO. GLTAH.