I agree Fancypants.The stock is clearly basing around the 70c...

I agree Fancypants.

The stock is clearly basing around the 70c level. Cash backing at 50c per share.

We are currently sitting on an enterprise value of around $25m. An almost identical project next door was taken over 12 months ago for around $350m. And this doesn't take into account the fact that we have another project (Bandondo) which could potentially be worth hundreds of millions as well, albeit in an area where infrastructure is lacking currently.

I may be repeating myself, but I feel the Scoping Study will be the potential game changer here.

There are plenty of small cap stocks that are sitting on good assets BUT have $1bn + capex spends in front of them. As such the market knows they can't 'go it alone' so they get belted.

While EQX may not in fact 'go it alone' I am hoping the capex cost will be an achievable figure which will actually show the market that WE WILL get to production. I still believe Exxaro are a natural acquirer of Mayoko, however I am not averse to seeing EQX and maybe a minority partner taking this to production. I think either way you cut it - be it takeover or going to production this want be staying at 70c for long in my opinion.

While the selling has been relentless, the volume has not been huge. Furthermore we have not seen one reduction in holdings from a top 20 holder so it is more than likely that the selling is coming from smaller holders who are either nervous or not aware of the quality of EQX assets.

Illiquid stocks fall like a pebble on small volume...and rally like a rocket on small volume. We just need the scoping study to trigger that buying. I continue to accumulate at these levels.