Gotta wonder how many of the 73m CR shares issued at 21c last...

Gotta wonder how many of the 73m CR shares issued at 21c last month have now flushed through. They were under water straight away, so some level of profit taking is understandable especially with 30c options attached as well

Far East Capital commentary after the first 2 drill holes is worth a re-read

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Lindian reports very impressive REE interceptsWe have always said that Lindian’s Kangankunde REE project in Malawi was one of the best in the world, based on historical work undertaken by BGRM and other competent parties. Well, we now have modern proof. The first two holes reported by LIN last week disclosed intercepts of 110m at 2.9% TREO, and 250m at 2.9% TREO. Both intercepts started at surface and terminated in mineralisation. The mineralisation obviously extends deeper. The NdPr component was an impressive 21%. There was no radiation recorded in either hole, which is very advantageous. Within the broader intercepts were good intervals up to 4-6% TREO. The grade is very high, considering that Hastings (HAS) has a reserve grade of only 0.95% TREO at its Yangibana Project under development in WA

The Lindian share price was a spectacular performer for quite a few months in 2022, but then it seemed to fall out of bed when traders started taking profits. A very poorly managed placement at 21¢, created even more selling in December. I’m told it was originally meant to be an $8m raising, but pragmatism of the Company and the broker saw it blow out to $16m. Those who bid high numbers in the expectation of being cutback were surprised to see that they got their full bid, effectively making them overweight in the stock. Not everyone likes to see the upsizing of placements by such a large proportion

It seems like a number of placees were happy to sell the shares and keep the attaching three year options, exercisable at 30¢. This sort of behaviour is always negative for the share price, in the short term.

Having gotten through the pain of the share placement, and seeing the excellent intercepts starting to be reported, I’d like to think the share price will continue heading north again. A 48% improvement in the share price on the day of the announcement was a fair indicator of where it is going now.

http://www.fareastcapital.com.au/imagesDB/newsletter/WeeklyComm7January2023.pdf