Hi Rabbit,
In my opinion of that situation, the announcement quoted 3 or 4 REE's an no more, and those REE's were not the heavy REE's. It also quoted a narrow section of high grade gold outside of the breccia pipe.
My understanding of how ASX releases work is that the release has to have materiality to warrant a stand alone announcement that is outside of the quarterly, half yearly and annual reports. It is illegal for the company to withhold material information from the market. I think that what may have happened is any of the following,
- They tested for the REE's and found that there were no heavies so it needed follow up work before any further statement could be made,
- They drilled other holes which went through the same "zone" but not far away from the first hole and did not encounter any elevated REE's so that would mean that what they got was a one off and therefore not worth commenting on.
- Re the gold, the intersection was small and outside the breccia pipe and therefore not worth following up any further with this program as it would have been too expensive to keep drilling 400 metre holes to try to hit sub 50cm high grade veins. Better to do that when you have an income producing mine and are looking to expand the mine life.
I do not believe that this board, which has the former Managing Director of Macquarie Bank as its largest shareholder and Chairman, would mislead the market or withhold information that they deem to be material.
As for the board and top 20 increasing their shareholding at cheap prices that some people here keep stating is the board "hidden agenda".
The top 20 in 2018 controlled 85% of the company and Baghdadi (via SXX) and Johnson's combined holding of the company in 2018 was ~43%.
In 2024, the combined shareholding of Baghdadi, Southern Cross and Johnson is 38% and that is a drop of 5% from 2018 and none of them have sold a single share. The top 20 in 2024 control 61% vs 85% in 2018, that's a drop of 24%.
Any suggestion of takeover by stealth is nothing more than the rantings of some wierdos, that have probably smoked too much of that bad shit in their lifetime or are currently on hallucinogenics, or they refuse to read and accept what is written in black and white and published for all to see.
(20min delay)