Its tightly held and MEL is continuing to buy. With the rights issue no longer going ahead they are obviously increasing their holdings by buying on market, they would have had close to 20% after rights issue but are currently only at around 7%. Makes me wonder why people keep placing volume at 23 cents (that seems to be the price they are snapping up), should be making them pay a premium if they want to increase another 10%+
They are onsite drilling at GF and have their own drill rig present that they are operating so if there was nothing there then they would not be continuing to buy IMO. Also the gravity survey from wanilla is completed and they would also be a part of assessing it for potential iron minerilisation.
LML Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
