The fact is the share price was way way overvalued a month or two ago compared to some of its superior peers.
Not so much now as those senior peers had a great run up all the while MOY share price has been coming down. Still some room to go down. 16-17c is possible.
The latest quarterly report is very well explained and the answer is there for whoever is reading thoroughly.
June and September quarter costs are going to be very high and production down for number of reasons.
If that is so then there is not a lot of free cash for the plant upgrade. So a small CR for 15-20 million is possible that is if they go for the plant upgrade.(At some point it will be necessary)
But at what price ? The people putting money in the business are looking for bargain.
165-175 million market cap is not a bargain. I really don't think the sophisticated will be putting new money anymore than 15c.
So the share price can't go up under those circumstances.
Looking at the trading and gold price action in USD.......a visit to 16-17 cent is likely. There is not much support below 20c.
A few months ago I made my position clear. People can go back and check some of my post on MOY.
I haven't missed much since then.
MOY Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
