DML 0.00% 1.9¢ discovery metals limited

goodbye and good luck

  1. 2,673 Posts.
    lightbulb Created with Sketch. 99
    Well i entered the stock in the 40's (which i though was safe) with a 3 month view of a corporate transaction at a higher price $0.75-1.

    First to admit i got it wrong and even from what i thought was a good entry point dusted some coin. I guess all the old adages apply, dont catch a falling knife, chart tells a million pictures etc etc

    Feel liberated selling, ill take my loss and lesson and walk away with my shirt on, although torn a little ;)

    Last thoughts

    1. Post todays release, all credibility for mangemnt has been lost and i do not trust their forecasted C1 cost numbers.

    2. My revised numbers has Boseto barley scraping a positive NPV. Please dont baulk at this as CF bid and the boards current position clearly demonstrates the complications and issues of the project.

    3. Two possible outcomes takever (35-max 50)or rights issue ~15c. The only buyers will be deep pockedted comapny's which can foot the debt bill and also pay teh additional capex to reduce costs and increase production.

    4. I fear for those with cmments of "world needs copper", "i wont accept anything below $1.70" as you will be settung yourself up for a massive fall. The operations have issues thats why we are where we are

    5. Finally with the major shareholders like blackrock, genesis and all teh others i wouldnt be suprised to see a class action raised as this has been the mosr appauling 6 months management of a company i have witnessed.

    Anyway good bye and good luck all
 
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