Due to the massive drop in SP, it is laughable to think it would only cost me $28.30 to take up my full entitlement. Question is, do I spend my $28.30 on: *5 coffees, or *567 shares and 283 options
Will N27 pull something out of their sleeve and surprise us all? The bit that worries me is there seems to be no clear direction of what they are doing - seems they are going around digging holes hoping to find something. Wollorgorang seems to be a lost cause to me. We have seen massive fails with AUZ and CLQ so far due to the HUGE CAPEX required for cobalt mines. DSO may be an option considering the small size of the resource, but then you have the environmental approvals to deal with which are an absolute PITA in the NT (much different to WA). Have a look at how long it took TNG. Not only this, you also have the wet season to deal with so you could only be producing 8 months of the year. What offtake partner would want something that doesn't produce 4 months of the year?
Having said all the above, someone thought it worthwhile to invest $450,000 and you don't get to have $450,000 spare cash without being money savvy.
$28.30 is cheap if they discover a viable resource but a waste if they are delisted in 6 months; which seems somewhat likely considering their assets and cash burn.
Thoughts?
RML Price at posting:
5.3¢ Sentiment: None Disclosure: Held
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