The fact they haven't secured an offtake yet even though sentiment was so bullish just highlights how much of an ameteur mob these guys really are. The tables are shifting In the buyers favour which will mean lower prices recognised for their products and in turn lower cash flows.
Currently capped over $100 million fully diluted for a project that will only generate 125 million pre tax in free cash flow over 5 years with commodity prices under there forecasts (ie they won't even earn the $125 million) looks overvalued especially when comparing to other quality company's already producing with good margins and cash positions.
I couldn't really care less what the die hard fans say because the facts speak for them selves... you don't make money living in fantasy land.
RVR Price at posting:
18.5¢ Sentiment: Sell Disclosure: Held
