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.
GML Price at posting:
1.8¢ Sentiment: None Disclosure: Held
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