Ann: Maiden JORC MRE for West Desert, page-85

We’ll never know - and they will never admit to it were it true - but I suspect they knew the guts of the WD JORC back in Sep/Oct and actually could’ve released it then. And while not abysmal in itself, perhaps they knew it was not sufficient to send us back to a respectable IPO level. So maybe they fudged and re-crunched numbers and dragged it all out (which they can legitimately find ways of doing), thinking the US critical minerals hype would boost us up, US inflation might settle along with the wider markets, and Jan/Feb would be a better time to drop it. A risky bet that didn’t work, they ran out of time and hopium and instead had to run the Quarterly out resulting in stop loss triggers, some miffed holders, and swift destruction. Just one theory on how we got to this point.

My problem with all of this is that a decent professional adviser (probably US based) would imo have counselled against that approach, along with the hand-to-mouth recurring cap raises that has created an expectation they will be always running out of money. What they’ve ended up doing this month is to eviscerate the market cap, create extremely negative sentiment (retail has been punched the gut here), misread their market, lose trust, and leave the share price flapping about in the wind. Every day that goes by this decline gets worse, and if I were the major holder here right now I would probably want a head on a chopping block.