Hey Plough, agree with all you say, though I think the biggest error (and I call it that because I do believe there was not intent to mislead) was SL saying they were fully funded. Other than that, SL likely got caught up in the positive results they were seeing over the past few weeks (visible gold in the cores) and as such, spent the last 10 days being just a bit too positive about the company (which... it's hard to be critical of, as I would rather he be positive, but... sadly, an MDs job is multi faceted and as such, he needs to manage expectations).
In essence:
* SL spruiked a little too hard (which pushed the share price too high too quickly)
* SL was likely very upfront with big holders about a potential raise (and or brokers) and someone basically screwed SL over.
* Drill results were great, but... with the main lode deviating a little, it may have given some a reason to sell and run
* The reality that $28m, while a lot, is not going to last forever with an increased drill program
* Large holder sold out (and... other entities learned about the selling and took advantage etc)
There are of course many other potential reasons for the fall, but... they just seem the most logical to me.
Hopefully SL can change the language a little in regards to funding from now on. I think realistically, most investors don't give much credence to being fully funded, as even BGL (who have the most highly paid team on the ASX) who supposedly have been fully funded, keep adding extra debt, or... toll treating some gold for extra liquidity to get them over the line.
Other than that, I want Spartan in a strong position, I want them to drill even more and... while dilution sucks, it had to happen sooner or later (just would have been a little easier to accept if the sell down had not occurred).
Perhaps I have been here for too long, but... I just want to see the Dalgaranga super pit become a reality.
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