I am suspecting a similar result. I look at commodity prices and wonder where the uplift will come from? Metallurgical coal? Alumina? Copper? Base metal prices are horrible. There is no shining star / get-out-of-jail-free commodity (i.e. uranium) in our portfolio which has outperformed for the past six months.
My hope is that: a) costs are under control, and better than expected; b) there is positive news on the Hermosa development; c) the dividend is LOW; d) borrowings aren't up a great deal (unless it's money used to do site works at Hermosa and towards the overall cost of the project); e) the share buyback programme continues.
As you say, it's possible the current share price incorporates a lot of negativity and low expectations. At around $3.00 we are at what will soon be approaching a three year low (mid-2021). I am happy to continue looking through current weakness and short-to-medium term difficulties. I'd rather be buying now when expectations are low, than buying on expectations of perfection.
S32 Price at posting:
$3.06 Sentiment: Buy Disclosure: Held
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