That was a very well timed and significant announcement. TA wise the low was put in yesterday with one of those Doji candlesticks. Today was confirmation. That's why it was well timed.
It was important because the market is having trouble coming to grips with the rerate of LOM. The market needed reassurance that the diamonds being found (both specials, and just regular production), was not just a fluke. This announcement confirms that and continued revenues can now be projected.
They probably also had to announce the find as the diamond will be worth upwards of $1m so I'd say that is information the market needs to know.
Will post a couple of charts soon.
Ann: Lulo Diamond Update-LOM.AX, page-17
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