old mate an MRE has set an expectation to the market.
I'll assume for the time being that your use of the old mate terminology wasn't intended to be antagonistic! But if you're upset I called you out for not reading the entire announcement, then that's on you.
But you're right, it has set an expectation. And the expectation should be tempered by the fact that it's an inferred MRE. But surely the coy being up front with the information it has obtained from a desktop study is a good thing? If they withhold that information and the first round of confirmatory drilling confirms and exceeds historic drill info, you would probably accuse them of assisting with potential insider trading? damned if you do, damned if you don't.
Personally, I'd prefer to know all the information the coy has to continue evaluating whether I stay or go? As with any and all investments?!
And now accusing them of smearing, is just being a negative nancy for the sake of it. I take these reports with a grain of salt - it's a desktop study, using old drill data, with the view to developing a targetted drill program to enhance their understanding of the ground and potential resource. Reckon your geo mate would more than likely approve of such an approach - maybe ask him?
And as for whether this was a smart move or not? I'd say the markets' response has indicated it was a smart initial move on DR's behalf. Whether the final outcome supports that - well, neither of us will know that for quite a few months yet!
CAI Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
But if you're upset I called you out for not reading the entire announcement, then that's on you.
(20min delay)