Hey
@KevS69 , of course I cannot know who the sellers are nor their motivation, but I will speculate that they are:
A. the "Fair Enough" ie those who have come to HGO (as a within the last year and are up a modest amount , maybe 15-20%) and are happy with a reasonable "Fair Enough" profit
B. the "Copper Traders" ie those who are trading for copper price only (and aren't really interested in HGO fundamentals) and who have made a bit this year (so taking profits) or those who traded in near the top (so getting out with moderate loss) - these "Copper Traders" don't have long trading/investment horizons
C. the "Impatient" ie those who got in perhaps this year, and it is just taking too long to get the perhaps +50% sp uplift they expected (some cross-over with the "Fair Enough")
D. the "Worriers" ie those who think/recognize/fear that a lot can go wrong with a somewhat new venture
E. the "Long-Termer Overweight" ie those who have been with HGO a long long time who have bought, who have seen sp drop and bought some more, have supported several capital raisings, have looked at the UG business case and bought more on market, have seen the low sp when development is advanced or when production happening and bought some more, and so are overweight somewhat massively - and are lightening up just a few, possibly for tax planning last month, or just lightening up a bit this month.
Those who would be natural buyers are:
O. "Institutions" - but they won't be buying much yet as most will need to see more re cash flow, costs and profits, and most are also precluded because of low HGO market cap.
A. the "Copper Traders" as in Sellers list above, but Cu price has fallen from its highs and is going sideways recently, so they won't be back until Cu price starts going up
B. the "Portfolio Adders" ie those who have recently come across HGO, heard about HGO from a newsletter maybe and may have done some research - (we had a few of these appear on HotCopper in the last year) - some have dipped their toe into the water, but are waiting for half year report before plunging or not, and others are awaiting the half year report before swimming at all
C. the "Existing Long-Term Investors" - see category E. the "Long-Termer Overweight" - we have run out of money to buy more!
So that is why I think that the sp is somewhat languishing recently.
