(1) someone that just wants to sell but is a bad trader: Generally big holders sell down gradually both to not affect the SP too much + to get the maximum gains. In the worst case scenario, they'll line wipe 1M blocks (we've seen this plenty of times with IVZ)
But adding 1M road blocks, first time for IVZ. Adding road blocks like that generally kills momentum and doesn't do any favours for people who want to sell. (thats why usually when momentum picks up you'll see people pull their sell orders to let it go higher)
Hence why im thinking its probably (2) which i describe below:
(2) someone trying a scare tactic that still wants to accumulate some more before the news flow starts (i am guilty of this practice in the past, but not in this stock) - it only works for low MC stocks. To be honest it didnt really work when i tried it, but i can only assume that sometimes it does.
So yeah, either way, i wouldnt be concerned.
People selling now are actually doing us favours, because they will take some selling pressure off when the PSA announcement is released.
I genuinely think we wont be seeing the SP this low in the coming months. The risk/reward ratio from these levels is absolutely amazing. At $80M MC its an absolute bargain for a shot at being a (non-exaggerated figure) $1B+ company
When we are closer to drilling i am giving a conservative estimate of being at ~$250M MC
