No need for conspiracy theories. The simple explanation is that there's a large seller. The bulk of the recent selling has been from a Perth broker. Good opportunity to grab some at lower prices. Just stick your bid in the seller will come to you.
Haywood and TD Weisel have released updated research reports. Not on the EXT website yet but will probably show up in the next week. The updated Zone 1 estimate exceeded both broker estimates.
Haywood have increased their price target from $7.50 to $8.80, based on a DCF valuation of $2b at 12% discount rate. They're estimating 92.7 mlb at 500ppm for the initial Zone 2 resource. They also say that the number of drill rigs will double from 6 to 12 (no timeframe specified) - I don't think the company have mentioned this?
TD Weisel have a brief note - they maintain their price target of $6 (Canadian dollars), but will increase their target to $7.10 if a 250mlb resource is reached in August.
EXT Price at posting:
$5.98 Sentiment: LT Buy Disclosure: Held
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