IMO the price pullback is in response to the speccy buyers who came in between 0.30-0.40 in the last couple of weeks expecting news on mine construction or approval to blow it up to ~$0.60.
I think they've cashed out prematurely based on rare earth spot price trends from Nov 2020 - present - higher lows and higher highs, very much still at the beginning of the uptrend. The world has clocked onto battery tech and rare earths as the next boom, thanks Elon for giving this legs.
The last announcement doesnt really change the fundamentals:
310M market cap (cracked the magical 100M mark)
1B shares on issue (relative to market cap shares on issue remains undiluted)
~25% of shares held by insiders (not insignificant)
Lithium resource close to the port of Darwin (negligible transport/shipping costs compared to other assets).
Consider what you're buying here compared to gold exploration juniors etc. that trade purely on nearology or on tenements being granted.
Even accumulating more at 0.30 they're going to look cheap once engineering and mine approval get announced. Suspect support around 0.27 - 0.30 in the interim and resistance @ 0.40 until the next good announcement.
Fib chart suggests next high will settle around ~$0.51 on the next good news.
