I think its healthy that they take a close interest in their register. They are listed in several countries and there is some ability to arbitrage by buying on several exchanges.
They also need a reasonable understanding of how much of their register might have the potential to support an eventual raising to build the mine.
People are welcome to sell out now based on sentiment, but I dont think such a decision is based on fundamentals. There hasn't been any change in Marengo's fundamentals over the last few months that are likely to be worse with the release of the DFS. Issues in Europe and PNG are a seperate matter. My previous main concern was political turmoil in PNG. The outcome of recent elections in PNG seems to have resolved many of the issues.
It is correct as some say that not all companies get a bump from a DFS release. But all things being equal it only takes a small change in sentiment for the share price to rise. Should one buy into a company that has just had an exciting interesection of say 10m at 2% Cu, or the company with $20 billion or so of measured resouce (supporting 20 years of mining), a DFS, strong institutional representation, an engineering design firm who is onboard and a credible path to financing? Everyone trades the market differently but I choose the latter company.
One less talked about achievement in recent months has been Marengo's ability to attract credible senior staff. No decent candidate is going to come onboard for a mine with little to no chance. Especially when the timeline for assessing its viability is under six months.
Furthermore, most complaints seem to center on a lack of timely feedback and milestones. Not long ago the head office consisted of pretty much Les. Things are changing....
MGO Price at posting:
11.5¢ Sentiment: LT Buy Disclosure: Held
