I think you've hit the nail on the head, who in their right mind would buy now when we:
a) Are an explorer and no one can say whether we are exploring or not, this would be the main catalyst for a rerate, in my opinion.
b) Are burning through cash with no value added, just a decline in share price. Management have said they are looking for more land holdings which will decrease cash on hand further.
c) Were previously told through a 3rd party, with connections to management, no more dilutive capital raises, and then they do exactly that. How can you trust them to not raise at 20% discount again when funds get low again, especially when they have done nothing to increase the stock price? It will be extremely interesting to see how much cash has been burnt this quarter, I'll let you work out what a 20% discount is from current share price levels.
The market is saying management cant be trusted and there are many more dilutive cap raises coming, share price action says the market has it right. There are also big question marks over whether they can even pull the water or the copper off, managements history speaks for itself.
P.S. The whole AGM not being live streamed just comes of as very amateurish as well.
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83.0¢ |
Change
0.020(2.47%) |
Mkt cap ! $125.6M |
Open | High | Low | Value | Volume |
84.0¢ | 84.0¢ | 82.5¢ | $31.83K | 38.34K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4000 | 81.5¢ |
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Price($) | Vol. | No. |
---|---|---|
83.0¢ | 2222 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 4000 | 0.815 |
1 | 6276 | 0.810 |
1 | 3046 | 0.805 |
6 | 106820 | 0.800 |
1 | 3000 | 0.795 |
Price($) | Vol. | No. |
---|---|---|
0.835 | 4763 | 1 |
0.840 | 5285 | 1 |
0.845 | 73538 | 1 |
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