T,
I hear you wrt to those possible explanations, based on the fundamentals, but I doubt any of those aspects are factoring much at all with POS atm. Basically, POS is a Ni spec stock and in times of heightened fear and panic, the market has zero appetite for optimistism (i.e. possible upward price re-rating wrt possible resource upgrades or project economics becoming technically viable). It all gets drowned out by the larger negative macro news flow. That's not to say that these things are not important; they are, but the market simply isn't interested while there's a strong negative global mood. The best we can hope for atm, imo, is that we're largely ignored by the market. The fact that we've got good cash reserves and we were already well off our highs is theoretically probably enough, but there's always the possibility that weak hands get nervous and the price drifts down further. On a thinly traded stock it doesn't take much at all to move the SP. For LT investors, it's of little consequence.
I guess I'm trying to convey that there's a time and a season for almost everything in financial markets. Positive drilling results under BS should help the LT economics, but I wouldn't expect any meaningful credit to be given by the market while the herd is stampeding in the opposite direction. Short of hitting some kind of gob-smacking mother lode that gets everyone's attention (eg: oh idk, say discovering a massive gold ore body while actually looking for Ni), the best we can hope for in the near term is to simply mark time SP-wise.
The big question is how long this bear will last. My take is certainly while infections continue to grow in Europe, with the next likely wave of worry likely to be wrt US infections, which appear to have been artificially under-reported because of inherent structural deficiencies. (I'll be disciplined and refrain from commenting about the utter lack of leadership being provided at the top).
We don't fully understand the full impact of the supply shock yet, but it's the demand-side shock that is occupying my most of thinking atm. That's still very early days...
LT investors should park their holdings in the bottom drawer for the moment and go on a holiday (<-- er, strike that. Prolly best to staycation, binging the entire Vikings series on Netflix, for starters - lol).
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