Opportunity knocking, page-22

Bit of both the way I see it. The deposit has a value as proven by the DFS and the work/money that went into it which is sunk and gone. However, SFX do have a mine camp, some other roads/infrastructure and team assembled across many disciplines so it is shovel ready as Bruce likes to say. The finance and NAIF are all valuable and took time/money to bed down as have other approvals etc. Yes the project's value is what's it's all about, but any partner is walking into a cheap share of the project with a lot of additional material, technical and time assets in place, paid for upfront by SFX.

I can't blame sellers for getting nervous either, but we can't assume it is simply holders liquidating completely. Selling even a small portion of larger holding is a sensible hedge at this stage. Sell say 25% and the shares rise strongly when a deal is done and holder is still net a winner, even if some was left on the table. Sell 25% and the deal is delayed and shares tank into the low 20's then pack yourself on the back. Risk management means selling down sometimes even if you like the project and it;s chances of success. Nerves, macro view, need cash for other opportunities, re-balancing portfolio etc, there is no shortage of reasons someone might be selling.

Maybe someone is giving the tree a shake to see if they can get others to break and do the hard work for them selling down below 30c resistance? Matters not, this is an uncomfortable binary gamble on Bruce getting a reasonable deal done at least. The lack of buyers and volume speaks to how little the market likes to put up big money for that sort of risk in this sort of environment. Tough business indeed with lessons for all who invest in junior explorers imo.

good luck