This has failed to gain traction, despite a lot of work having been done, since I sold 2/3rds of my remaining holding at 69cents (as a precautionary measure) the day the ASX opened after the US market hit that peak.
Back in February I’d talked about a strong floor for the share price in the low 50 cent range in this post below.
I suppose that is what is being tested now. After 50cents the old capital raising price of 45 cents comes into play.
I might have missed the announcement but I think part of the problem with Rob are the indistinct timelines when it comes to keeping the market informed about key events, like when a maiden resource will be calculated for Wagga Tank/Southern Nights for example. Without these timelines people begin to question whether the prospect is seriously being worked up for rapid development. You’ve only got to look at the slow, on and off again way the Mallee Bull resource was drilled out. That type of drilling just signals to the market that nobody is in any rush to go mining. Rob should not let Wagga Tank and Southern Nights fall into the same doldrums as MB, he needs to telegraph to the market that these prospects are potential goers IMO.
I’ll wait to see how that support at 50cents plays out. It looks relatively strong at the moment but I’ve learnt from experience that selling can become relentless once the market loses confidence in the story. So far the selling seems pretty tame. Esh
PEX Price at posting:
51.5¢ Sentiment: Hold Disclosure: Held
(20min delay)
