Market expectations got out of hand. The announcement did not contribute any new information over and above what they have announced already.
Nothing is yet economical, in fact, nothing has been found yet. Only a sniff, albeit a strong sniff.
Further, with the drill programme now largely at an end, and months of analysis and planning for follow-up drilling to come, the market will start to factor in long periods of no news, and the inevitable retraction in SP.
Don’t get me wrong, this is one of two really exciting Nickel explorers in WA at the moment, and I would back LEG over most others (I bought in cheap, and sold out in the recent run-up to circa 6.0c. Will pick a good moment to buy in again, which is not now). This is definitely a long term play.
LEG Price at posting:
5.3¢ Sentiment: Hold Disclosure: Not Held
