we just dont believe it .., page-20

Very simple.

Imo investors have been reworking their figures on CQT.

When CQT was capitalised at over $200 million this was on the assumption that 100% of Mt. Carlton and 100% of the regional exploration upside belonged to CQT.

For example, I hardly imagined that 51% of the regional exploration upside blue sky would be given away for a few million dollars worth of drilling .. the initial commitment is only $5 million ($2.5 million worth to CQT.) Down goes my valuation of CQT. Bang!

When CQT was capitalised at over $200 million this was also on the assumption that with future strong drilling results, based on 100% CQT equity, the CQT share price could rise very strongly, making future finance easy by astute placements.

When CQT was capitalised at over $200 million this was also on the assumption that with future strong drilling results there could even be a takeover battle for CQT.
Most unlikely now.

As I said, it is pretty obvious that investors have been reworking their figures on CQT.