Today company announces a hedge which secures the equivalent of ~16% annual production at near record high prices. 3 million shares were instantly bought on the back of that, which although is only ~$85k, is equivalent to nearly 2 days volume against the 50 day average. The result? The needle on the share price does not move one bit. Ordinarily this type of transaction would move a company a percent or two, and with that create some momentum and encourage more buying. Not here. Why? I'll tell you, it's big, it's grey, and it's standing in the corner looking silly. Sure, we may see a little end of trade game where the pip is captured, but that just disappears again on the recipricocal side in the next day or two. Sure we are currently sitting around 30% of the relative low, but how is that anything to hang our hat on? It isn't. It is the same when the company announces anything, be it a 10% improvement on production throughput, a reduction in COGS, increment to the LOM. It doesn't seem to matter. I want something done about it, or I want to hear why nothing is being done. And that doesn't mean peddalling out the rhetoric that cleaning up the register was put to a vote in 2018 and was voted down - that is hardly relevant to where we are today.
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