Classic market over reaction - good company, good results just beaten down by poor perception.
I originally thought this was a good buy at 50 cents, except looking further at the numbers and cash burn rate combined with a falling gold price (last few months) lead me to believe it was overvalued and would need more capital to be raised until gold sales start flowing in.
If you have bought at 50 cents don’t stress, GCY will be there again soon enough. Don’t get bought into the hype on these types of companies, do your research and then wait, since 80% of time it’s down to market timing that will make you money.
Also note that the gold price is fairly firm in AUD and anymore downside in the price of gold will be short lived.
GCY Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
