It's the last ruby related episode for NXE/Mustang. Management needed cash ahead of the case with Arena. Now they have enough in reserve. Time to move on.
The focus should really be on the graphite / vanadium. The scoping study is remarkable. If they manage to finance the phase 1 (10 million AUD) thru an offtake agreement, they will soon be in production.
2018 couldn't be any worse. Hopefully 2019 will be the turnaround year.
At this level, it makes sense to average down any position. I'll do it when they get the financing for phase 1.
Ann: Amendment to Fura Gems Merger of Ruby Assets Agreement, page-28
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