Came here to see if there was some reason for the price tanking today by 5% today and here it is. I assume everyone knows the CEO of Grange is also "Commander of Project Development Headquarters with Shagang" - as noted here at https://**.st/stocks/au/materials/asx-grr/grange-resources-shares#ownership - presumably lifted from a GRR report
I have always liked the company but only bought in recently at 0.34 because I have always been dubious about this 'poacher and gamekeeper' setup. Will vote NO to the offtake agreement. There could be good reasons for it, but it appears if so, GRR are not supplying them. ASX issued a series of "please explains" to Kogan yesterday about insufficent explanations in their quarterly, - perhaps if they are prompted they may do for GRR as well?
BTW I bought because of the fundamentals, but the catalyst for me to stop lurking and part with some cash (less than $10k I add) was Gupta going to use the GRR pellets for "Green steel" at Bells Bay which is being subsidised to be converted to hydrogen use, and of course currently uses Hydro anyway. GRR super-high grades, pellet manufacture and Tas location, is obviously a strong longer-term play for the oncoming Green revolution and massive infrastructure investment scenarios. That is still true but sadly, there are serious question marks about Gupta now. Otherwise GRR might have been bolting even higher.
GRR Price at posting:
57.0¢ Sentiment: Hold Disclosure: Held
(20min delay)