But it would appear we are finally lining up now for the real starters gun.
At a fundamental level, prices really are stupid...seriously stupid...but you get that when markets cack themselves and/or stupid people are in the stock.
lol
The company will want their options home...clearly...they will not get that however with an activity void, so whilst it may appear that nothing is going on, we can rest assured it will be...I have seen this many times before.
KEY are your classic duck on a pond...from the surface nothing appears to be going on, the water is flat and the duck seems to be drifting aimlessly...yet underneath the water, that little black duck's legs are thrashing about flat out!
The longer we go without news, the better the news is likely to be...and better the reaction from the market, when it finally comes.
Anyway...no good simply getting the stock to just 35c next march though...they will want to see 40's+ in my view for any meaningful conversion of options to take place in the current market. Either that, or an underwriting facility if they can get it?
If/when they do however...there is some $15m+ available to the company to replace anything spent from now till then on development and/or further drilling.
They really are looking finacially quite healthy at the moment.
Technically we are seeing a clear indication of accumulation...for the first time in a while, more than one party is trying to pick up stock. In this scenario, it becomes a somewhat competetive environment to pick up stock...smart players will not push each other too hard however, retaining a degree of self-control. We have seen this in the form of a cessation of buying every time the stock is bid up to 24c, as none of the accumulators want to trigger further buying from others, whch a break of 24c is likely to attract.
When they are ready however...or whan yet another party joins the play...then they will happily run it through.
These really are ground floor entry level prices in my view...amazing the company has been so successful, with a major discovery and retaining a decent cash position...yet the entity value (baby) has been thrown out with the wider market demise (bath water).
Will not be long now...might even be time for a little top up?
lol
Cheers!
KEY Price at posting:
21.4¢ Sentiment: Buy Disclosure: Held
(20min delay)