The stock is undervalued provided they execute (which I believe they will) on the ramp up volumes and schedule.
The market is pricing in significant risk at the moment because the company has fully drawn down on its loans and has $54m left in the kitty.
Any delays might/will result in cash flow issues and greedy vultures (aka brokers) will be lingering around waiting for a cheap CR.
The sentiment regarding the IO price doesn't help, but GBG is profitable at a price of $100/t, so the issue as it stands is the ramp up coupled with debt.
In other words, cash flow. No different to LNC and ARI during Q3 in 2012.
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Holding a small position at the moment and waiting to see if there will be opportunities lower down. If that doesn't happen then I'm happy to buy more on the way up once the commissioning is complete.
GLTH
The stock is undervalued provided they execute (which I believe...
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