It could just be a normal reaction to a longer term prospect than some were hoping for. Basically clearing out some who were in it for short term gains. Maybe they bought in below 2c etc and are looking at the long process - approvals etc > action > sales > profit.
The announcement pretty much says no mining this year as scoping study, export negotiations & agreements etc are aimed at completion late in the year. Plus it will take time to get equipment into TL and get port facilities in place. Just in time for the next wet season….
It takes time & the share price should follow each positive step forward.
Don’t forget the subsidiary only gets 70% as well. And that REMs price to buy from esr has to consider their costs and profit margins. They are basically a middleman so some of the estimates floating around may be optimistic.
But if the drilling pans out - it should be happy days.
It could just be a normal reaction to a longer term prospect...
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