I’d say it was more likely a lot of retail selling as they...

I’d say it was more likely a lot of retail selling as they looked to take up the raise (normal occurrence). There would have been a lot of insto buying post raise for those that wouldn’t have been filled.

It was pretty clear yesterday that someone big wanted in and I reckon more likely to do with the moves in aluminium prices and China’s increase in bauxite imports. As soon as someone started wiping the lines, other buyers who were sitting on the sidelines probably decided it is now or never, pushing us higher.

Naturally we will see a bit of selling from those who took up shares in the placement and holders that bought around 2c or below (where I got in, before we plummeted to sub 1c and then built up on the way back up). I won’t be selling for a while yet and am still adding to my holding, despite the size in the context of my portfolio.

My first target is circa 8c (3x my ballpark $120m forecast EBITDA), but if commodity prices move even further in the right direction, I will be holding for 10c+. All IMO, but strong earnings capacity, favourable commodity backdrop and growing production should see us do well.