Personally I bought in the low 2's so was thinking very much the same of selling my initial capital out and letting the profit ride. It was only a small punt to begin with so my thoughts are as follows;
1. This started out as a "nearology" play but started looking in a bit more detail at the type of ground they have.
2. With drilling having commenced and a Phase 1 of only 1700m they should be done in a short period of time. Initial results should start coming back within a month or so (Happy to be corrected on this)
3. Should the results be similar to neighbours across the border then I see the MC at $100M which puts the sp at around 25c
4. Should the results be average then maybe a run up on hype to around the traders paradise of 10c before being sold back down prior to Phase 2 drilling.
5. Should the results be non-existent (which I doubt) then a fall back to the 2's or 3's?
6. Given the surface outcropping already mapped and the fairway running through our tenements then my gut tells me it could be closer to point 3!
7. Whatever the outcome a MC of only $20M is still pretty cheap with room to grow (imo)
Risk/Reward for me is pointing to a -3c risk to +25c reward and I will be watching the neighbours very closely for their results before we get ours.
All the above is just my musings on a late Friday so please take it with a healthy dose of "Yes please"
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Good luck all and have a great weekend
(20min delay)