Hate to sound negative but until HGO demonstrate that they will not burn all of their cash again, the share price is going nowhere.
If they can confirm positive cash flow for June - and going forward - then the price will move straight back into the 20-30 cent range. Perhaps I am oversimplyfing things but thats the way I see it.
The failure to confirm anything to date has just spooked the market to death. There is a real concern over the management of cash flow.
Its convenient to sit here and say short-sellers are to blame...but where are the shorters? Not happening according to the figures. 10% of issued capital is not a high shorting percentage.
It starts with the June production numbers later this week and then the next quarterly cash flow report.
HGO Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
