What is up with DRM, page-17

Eh... DRM's already dropped more than 50% in three months. If someone was going to panic sell, they'd be leaving it pretty late by now.

More than 60% of the projected output is hedged and the share price is sitting around book value, so there's a significant drop in EPS and/or a capital raising already priced in. It's not really surprising DRM has held up well the last couple of days - it's already been cut to the bone. There's not a lot left to cut.

Sentiment can do weird things, but for the SP to justifiably drop much further 'should' (ha) require some sort of major stuff up (e.g. Deflector running at about twice the AISC that was used to justify development... which would still be well under the current POG).

If I was opening a position I'd wait for confirmation of reversal, and I'm kicking myself for playing with falling knives (again), but DRM's situation as a value play is about the same as it was last week imo.