If it fails to materialise by the end of the month I'm out. I've hung around long enough from being stratosphericly in the green to deep in the red. I do believe in the general thematic and world movements that could take this from being a plot of land to a functional mine, but with the way management have constantly cocked things up or shifted goal posts it just seems more sensible to get out, eat the loss and enjoy the tax offset. I can always buy back in later if something moves ahead.
The simple thing is that if they don't get the funding from JFE they're up shit creek with no one to bail them out. The investors have been drained and have no good will left. The corporates wont touch it because its just a patch of dirt in the middle of nowhere that needs a DFS to prove its worth. That leaves a whole lot of nobody to fund the extreme staffing costs of a non producing company to get to that point.
As you noted, the silence is deafening. Not a single post on X in a month and in the world of investments; no news is bad news.
Obviously I'm hoping for the best, but the track record leaves me only expecting the worst. Fingers Crossed.
MGT Price at posting:
10.0¢ Sentiment: None Disclosure: Held
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