Why the sell off?For what its worth a major holder was in there...

Why the sell off?
For what its worth a major holder was in there thinking the new to be "patented" extraction technique that was being sold to some of the instos as a panacea was going to produce a lower opex than anticipated so they held for the PFS.
After crunching the numbers yesterday morning the holder saw a greater risk leveraged to U price and a disappointing opex that was higher than expected and dumped at around 10.50 am 600k setting off the chain reaction selloff.
We will see who got out in the next top 20 disclosure.

The anti BMN brigade are just rubbing their hands in glee with the i told you so's which is a bit sadistic.
Vayama PDN may have had a horror balance sheet before but they were trading sub 10c not too long back and now if you got on board even sub 50c would you be crying now?
There is more than just a fundamental reason why U miners and U explorers trade at the multiples they do.
Balance sheets dont always tell the story.
I remember Oil search getting trashed from 1.20 to 70c a few years back when the PNG gas pipeline was canned not the same story but look at the big picture.