Well, seeing as it's been mentioned, I have to confess that I...

Well, seeing as it's been mentioned, I have to confess that I did dump a small parcel yesterday at open just in case (motivated in part by it not being the bloodbath open it might have been and as such retaining the chance to sell into relative strength), and placed a buy at 13.5c or 14c (can't exactly remember) for a slightly lesser amount. Now blerdy Macquarie Prime seems to be down so I can't see if that was filled or not. Hence my wondering yesterday if anyone else was considering putting in some lowball buys.

So, yeah, mea culpa.

Am now watching very closely.

Positive - tightly held stock. One would think that it would have dropped lower and faster being as illiquid as it is, so personally I reckon a hit to 13.5 is pretty good all things considered. There hasn't exactly been a a rush to the exit. Comparatively low volumes (or at least low dollar amounts) exiting at this stage.

Cons - very possibly some more downside. As I say, I can't get into my platform at the mo, but from memory there are some biggish buys at 12c or thereabouts, although the sell stack this afternoon at 19c or under looked formidable. Will be rough indeed if that support is pulled. Here's hping it's not someone playing the same old same old tricks that you see everywhere and that these are sincere buys. Hopefully the co are looking at financing options that don't involve a share issue to the participating companies, as we're going to get some dilution and SP weakness thataway.

Interesting times. Still confident here, but have a niggling opinion someone might be able to correct me about:

The subtext recently (and it's now explicit) was that trial mining was halted in part because of interesting new options, and in part because of the cash burn and the original plan being poorly executed. I do wonder if it was more the latter than the former, because I can't see what was preventing them from continuing with plan A as they neared higher grades while concurrently investigating plan B. It does sound as if the new direction might be a bit of smoke 'n mirrors (not that I'm doubting the truth of it, just doubting the centrality of that motivation to the recent developments) to help leaven the fact that they just ran out of cash. It's interesting and all that there may be new stuff down the hole, but the cash has been and remains the really critical factor here, IMO. Frankly, if this co had a better cash position I'd have a much larger holding here, but as y'all know that's what's been keeping me from taking a final position.

What keeps me positive here is that I do think this company has excellent tenements, and long term that's more important than almost anything else. Personally I'm not fussed if they don't pour but just manage to stay alive for the next six months or so while getting a less tenuous plan together - preferably in a way that isn't too harmful to the SP. I don't *think* the market was pricing this one as a producer yet anyway, and suspect that the market has determined value here more on the in-situ assets than the development cycle age, but the risk at the moment appears to be losing investors who thought they were buying in further along the life cycle of the project than it's turning out to be. And, of course, the risk to capital raising possibilities that a too-low SP might bring.

As always, very happy to be critiqued.