You're absolutely correct. Drilling is required to prove out stocks like this... and guess what management continually fails to accomplish in a timely and well executed manner? Drilling of course.
The last results, and these results were disastrously late (using their own timelines).
Realistically, this stock sits at the bottom on a long list of REE explorers in terms of viability. This is because there are a bunch of explorers in this area, slowly, pulling up clay that is not viable for processing because it's not ionic, and is full of titanium in anatase. So far as I can tell there is not a single anatase mine on earth, unlike rutile. The current REE price only supports a handful of projects (producers basically) and even MEI may not be viable despite being probably the best ionic clay deposit anywhere.
So you're probably ok to day trade this stock, but I'd say it will end the same as the last run, perhaps just a quicker turn around where people here are trying to exit.
ENV Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)