Because the resource upgrade won't be as large as what many shareholders are expecting. That's also why they're taking their god-damn time releasing it, trying to squirrel away as much extra resource as they can. And let's not forget management's focus is on *that* other company now, from which they've all made eye-wateringly high (paper) profits. This raise before the upgrade release is yet further evidence the ground they have is not quite as good as they've been letting on.
I don't have access to the offer yet so I'm not sure what price it will be held at, but I'm expecting 1.4 to 1.5c, hoping for higher of course.
All IMHO.
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