W2, I agree I don't think SAR will become a traders stock & it...

W2, I agree I don't think SAR will become a traders stock & it would be interesting to see how many of the offers above 20c are remain when the stock trades higher. I also think due to the recent rise in share price some uneducated holders (hopefully they will read recent presentation "Entering the Gold Producer Ranks") may think 20c I better sell, this only enables as you say the informed buyers to scoop up more SAR, again I highlight that about 40% of SAR is held by top 3 shareholders & the No.1 shareholder is the Managing Director.

My thoughts are DYOR of course & decide for yourself, but with the profits to be generated from commencing gold production, from their 100% owned gold mill (replacement value $100m - $150m see presentation) SAR at 20c are capped at $39m will (excl. all oppies >23c strike) My view would be to consider this as a speculative investment (let's say gold goes to $800USD/oz & the AUD hits 0.70USD = SAR would still generate $53m in net profits from stage 1/2 alone)
Bid at 18c looks like educated buyers are happy to soak this one up, as there not to much around.

DYOR - "Entering the Gold Producer Ranks" (presentation)