I'd say the market is reacting badly in part because of the inconsistent messages.
They say the shale is a temporary thing but yet are taking steps, 'in the near future' (whatever that means) to deal with it. So is it temporary or not? Does temporary mean a few days, weeks or months?
Well, how much are they encountering, how much of the 50% CIL under-performance is due to the shale? Is the amount they are encountering increasing, stable or decreasing? If the shale was mined as part of the 'main orebody' as per the anncmt then did they look for it in the tailings drill cores and assays or assume it wasn't there?
Also they are making close to a mill in income but/week but yet still need to raise more cash? $1mill/week should cover expenses, so why the raising?
I'm confident the company can overcome these issues (eventually) but the info they provide raises more questions than it answers and that feeds uncertainty.
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