severe overreaction

Although the estimate was somewhat disappointing considering the expectation set from the previous announcement, the grades are still good & project viable for a mine of this size.

If you look at Moly Mines
"The project has a current JORC-compliant inferred resource of 152 million tonnes at 0.09% molybdenum (Mo)"
or QOL:
The new figures are:-
"Measured Resources 598,200 tonnes at 0.42%WO3, 0.17%MoS2, 0.03%Bi
Indicated Resources 111,500 tonnes at 0.41%WO3, 0.16%MoS2. 0.03%Bi
Inferred Resources 238,300 tonnes at 0.4%WO3 and 0.2%MoS2"

THR:
"Measured Resource of 530,000 tonnes at 0.42% WO3 and 0.27% MoS2, a 43% tonnage increase over the previous resource;
• Indicated Resource of 2.4 million tonnes tonnes at 0.39% WO3 and 0.17% MoS2, a 37% increase over the previous resource; and
• Inferred Resource of 800,000 tonnes at 0.15% WO3 and 0.1% MoS2, more than three times higher than the previous resource."

This project certainly competes with QOL on both size & grade and MOL on grade.

Looks like the traders got burnt & left the investors. We'll see if the project stacks up in September when it comes time for off-take agreements.

Good luck. We may need it