Too kind @arsenic . I like to think I've picked up some patter recognition re the commodities and mining space over a few years now.
Copper being smacked down along with gold etc always tends to happen around commodities options expiry dates. No coincidence there. SP sell down in line with Cu price dropping across the board.
So we have now closed the gap in the mid to high 2s. Gaps always close for some reason (unless they are break away gaps but those are <1% of the time). Now that the gap is closed, let's see where to next as the Cu price recovers from EOM options shenanigans.
The delta between price and value just increased, at some point this will be reflected upwards in terms of MC, for anyone with any semblance of time frames that it takes for this to play out.
Most of my money is made in the sitting as the delta gap closes.
@sweet crude has been pretty good on the timings of news flows so I look forward to the results when they drop. Pinafore was always looking decent especially since the initial resource was completed by the likes of Placer and Homestake etc.
One thing I remembered was the burn rate is $1 million aud per month for 3 rigs. There are other costs for land acquisition, finance etc from time to time but that's the general number for 3 rigs.
The team will be drilling tighter spacing at Antler for DFS as no one wants to have happen what Calidus went through becase of not having proper geometric control of the ore body modelling when it comes to mining and finance.
2 to 3 rigs from here on in.
Lots of sell off in the small cap space across the board last little while on anaemic volumes, when the liquidity switch is flipped back on we will know.
One thing of note in recent presentations was top 20 have circa 50% of SOI. It will be very interesting to see next few months what if any sub holder notices for >5% drop.
(20min delay)