Congrats on you trade great timing. Many of us have been holding since RMX where drilling for Li in Nevada but the results where anything but positive and a huge sell-down occurred.
This was highly disappointing, but to be expected - however cash on hand (2.4M approx), low market cap, and a close (hopefully) to being signed sealed cobalt/copper acquisition the DRC puts this in oversold territory IMO.
Its hard to really explain the recent trading activity though as it is always hard to pinpoint one catalyst for these things but maybe a combination of the above or a leaky boat that has given it a re-rate.
To answer your question CATL (which ranks 3rd in battery production in the world) recently cut a deal with Glencore:
"Cobalt is mostly a byproduct of nickel and copper. The DRC is estimated to produce 65 percent of the world’s cobalt."
"LONDON (Reuters) - Mining giant Glencore has signed a major deal to sell up to 20,000 tonnes of cobalt products to a Chinese firm, a move that in turn helps Volkswagen secure car batteries for its shift to electric vehicles, four sources said."
"Glencore this year tightened its grip on Congo’s copper and cobalt resources by buying the remaining stake in one mine and upping its share in another for $960 million. It said the complex had the potential to become the world’s largest cobalt producer."
Even the only real link to RMX in the news release is the location DRC maybe thats enough for investors to want an early entry.
I am holding for now and will until we get an answer on the acquisition - but if you are concerned freeholding is always a safe option.
DYOR GLTAH
RMX Price at posting:
2.1¢ Sentiment: Hold Disclosure: Held
