I am posting here after a long time.
I used to post regularly as many posters may remember. I didn't like what was happening. I got out and stopped posting. But I have been watching nearly every day. I have an interest because of association.
So why I am posting now? Firstly, what is happening was expected. Anyone positive on this stock is playing in the dark. The seeds of something not good happening was done long time back. We reached 26c last year. We touched 2.6c this week. One-tenths of the highs in one year. Price action itself tells the story, not much needed to add there to see what is happening.
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So what has gone wrong? Firstly, management. Their vision is not one would expect from good management. They were lucky before, and thought had talent, it shows now. Their vision to understand the situation and take appropriate steps is lacking. Secondly, their big prize, Big Sandy, they should have realised how US regulations work and set expectations accordingly. Instead, for a very long time, they kept repeating, its imminent, will happen this quarter. Either they were incompetent to realise how that works, or just misled the holders. Either way, not good. Look at LAC, INR etc. There is a trend. US is the most unfriendly country to do mining - one of the most unfriendly, so try to stay away from US if possible. They talk big but act little.
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Last time I posted that AZLOA were useless. Now they are worthless. I was told they are still good. My reasoning was that if SP can get over 18c, you can already make over 400%, why try to take a risk to make a bit more. With new options at 5c - the bar has been set.
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So what will happen from here? Market cap is coming down rapidly. Now under 80m. It was over 500m not much time back. The more it comes down, the risk/reward for new punters gets better. For long term holders, I can see a long grind.
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What can change positively? Two things can change. BLM approval or significant advancement on Prairie. Its possible. I have not yet written it off. I know, same way as things drop, it can go up also in similar fashion. I know some big traders love to play this. So it can happen. But now fundamentals have to support it strongly. I know many of long termers over here. I feel for you. I really wish something good happens here. It can happen, but does Paul have the vision? Is he looking after his pockets or shareholders? Prairie is the key now. If he can't get something good happen in short time, I may not be surprised, but that will kill whatever is left. All the best and hoping to be back at some stage. When I am back, it would mean good for most long termers over here.
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