Unfortunately it's the same old story. Significant (yet slow) progress and the share price once again looks to be in trouble, unable to hold 80c and looking to become resistance... yet again.
S18 approvals are due any day now but I'm guessing this is already factored into the share price. ILUA should be registered by the end of the year but I also presume this is factored into the share price. Some might disagree but IMO it's a foregone conclusion it will be registered.
So what will it take for RWD to finally break-out and be re-rated? Drilling? Cornerstone investor taking a position? Change of management? Production? Reward has such piss-weak volume that it's embarassing. Fluctuations of 10% either way on volumes of only a few thousand bucks. This isn't normal for a company valued at $55m. This needs to change.
I notice RUM has a market cap approx. $60m (209m shares * 29c), with approx. $15m cash from memory. Rwd has a market cap of $55m with about $3m cash. EV's are quite similar yet RUM's cornerstone investor regularly buys on the market to support the share price. IMO it's clear who has the better asset/s but that is just my opinion.
Will things ever change?
A disillusioned holder.
RWD Price at posting:
73.7¢ Sentiment: None Disclosure: Held
