Ann: Retail Entitlement Offer Results, page-11

the shares might be trading at 10 cents, but it’s close to impossible to pick up a large amount of volume at this level.. so there is still incentive to buy small parcels.

I don’t pay too much credence to any 10% fluctuations in share price at this point. All I know is that an EV under 40million is cheap for a 2.5 mtpa mill and a high grade (likely low cost) deposit nearby. Even if never never ends up being a dud, there isn’t too much downside unless none of the capital allocated to drilling expands the resource estimate.. thts worse case scenario imo. The company might then be sold at basement bargain prices, but you should still get some kind of return on your money

conversely if everything goes right and never never is expanded to a 600,000 ounce high grade resource, is deemed to be economical, and GCY becomes a 140,000 ounce annual producer, I could envision the share price increasing 300%. Risk reward seems ok here