@coto, with 3x under, i meant 1/3 the current SP. it won't get there all I meant was it can go either way.
however, if the next round turns out like the previous one where it returns a dud after another 3.5 months of waiting and no other drilling is done during this time then don't be surprised.
The SP hit 0.7-0.8c (26th June 23) just before the buyback announcement (10th July 23) it must have been that dip in SP that prompted the mgmt to announce the buyback and the buyback announcement propped up the price because a lot of us assumed the buyback of the projected number of shares would propel the SP to new heights.
that trick is out of the bag. Now, unfortunately, we all know what the mgmt did. the buyback is close to expiry. next time the SP dips the mgmt can't pull that trick out of their hat.
by the time we get the results from the next round of drilling a year will have passed since it last tested 0.8c. not much has happened during this time. two rounds of drilling, one of which is an absolute failure. we don't know yet what the second one will yield.
Two years have gone by since the last positive news (Kurundi drilling). The management doesn't seem to care. They do not want to acknowledge or change their way of doing business. Keeping the monthly cost low is more important to them than drilling more frequently. we are an exploration company. if we have the money in the bank and still not exploring then what can be worse than this?
given all of the above, once the SP starts dropping next time how many will have the stomach to keep holding? one of the motivations for holding is things are close to turning around. if you look back at the last 2 years does it give you that feeling? can we put our hands on our hearts and say the mgmt is sincerely trying to turn things around? if the next round is a dud. how many will be willing to hang around for another year for just another two rounds of drilling?
(20min delay)