Not upset mate, and definitely not at the market - the market tends to get it right most of the time. I am definitely frustrated at management though for their lack of communication about how the project is progressing. Not sure how long you have been an investor in CXO, but I have been around for a little while, certainly long enough to know that what sustains a share price rise is momentum. Momentum is created by investors understanding a project and having confidence that it has a decent future, hence why I was not overly excited by the small share price rise to 3.8c - this may have been a positive for you but at the end of the day a rise of 0.2c takes us up to approximately 15% above the 52 week low and is hardly something to celebrate, especially as it had no momentum behind it. Unfortunately, the SP was always destined to stall today based on the lack of real information available about the project and the low volumes of shares being traded. Based on the time since we started drilling this season, we should have more information by now about how the program is going, the fact that we don't (or even understand why we don't) is somewhat concerning. The CXO SP is currently in a holding pattern whilst we wait for an update. What I struggle to understand is what is wrong with releasing information like: the MMP response was received from the NT government on date X with a requirement to submit additional information based on a few criteria, this has been completed and CXO will inform the market as soon as a determination is received, or, CXO has completed the recruitment process made entirely of local staff and is waiting for the approval of the MMP to begin employment....statements like this place additional pressure on the government to get their act together. I'm assuming management thinks that this kind of information may be perceived negatively and therefore they are not releasing it, but not releasing the extra detail is having the exact same negative effect. Better communication demonstrates transparency, which creates trust. Trust empowers confidence, and yep you guessed it, people buy into confidence - momentum is the markets way of demonstrating confidence in a stock. I figure there are two types of investors; those that are active, and those that are passive. My belief in this project, the lithium sector generally, the need to develop more sustainable energy sources, and the size of my holdings in this company led me to the choice of being the former. My posts on this forum are me expressing my views as to how the project, the company, and its management are performing. When I believe they are performing admirably, I will happily state this, but for now, I need them to be more transparent. They may be excellent geologists, but they are not great communicators - being technically proficient is important to getting a project functioning, but being an expert communicator is what brings in the investment - something we need both in the share register and the balance sheet. It is not unreasonable to expect that a board should be able to procure the skills to balance out all requirements. If they need a better communications strategy and don't have the organic skills, then buy them in - I thought that was what we had cannings purple for (they are supposed to be a corporate communications company) - so what are we paying them for?
CXO Price at posting:
3.8¢ Sentiment: Hold Disclosure: Held
