You may be right about the fact that the met and recent drill results were priced in and that the time to buy was in the .20s etc. However, I assume you are talking from a short-term trading perspective?
I'm a strong advocate for the medium to long-term value of KNL for reasons that have been detailed ad nauseum in other posts. Having said that, I'm here to learn and hear what others think.
My personal view (and I am no expert) is that we are seeing profit taking from people who have held since sub 0.20s and who benefitted from the 0.07 share issue earlier. The fact that this is a relatively illiquid stock will mean that the profit-taking process takes longer to wash through.
I have put a call out to Mitta as I value his thoughts but looking at the chart below I see a large volume spike on 15 August when KNL opened at 0.42, got to a high of 0.445, hit a low of 0.40 and closed at 0.41... those who bought then and those who got in earlier (myself being one of them) can still turn a nice profit even where we are trading. Personally I have traded small parcels but in recent times I have been firmly accumulating.
I think KNL has a lot of room to grow but we have progressed rapidly in a short period of time and need to stabilise before heading up again. The comparisons to SYR are fun and have some relevance but I think it is unhealthy to expect we will hit $2+ overnight simply because we also have a good (and perhaps better) resource. We will follow our own trajectory.
Appreciate other views.
KNL Price at posting:
47.0¢ Sentiment: Buy Disclosure: Held
