I have done the same and I have done so on the same principle throughout these last 5 years.
That Agate Creek has got over $600 million of proven gold and all that was required was for management to get an environment licence, which they have, settle a compensation deal with the land owners, which they have, and to get an agreement with the Traditional Owners, which they have been negotiating with the North Queensland Land Court legal representative on behalf of the Tradition Owners since November 2017 and then the Mining Licence.
They are the fundamentals that have always been behind my support and continued purchases. I held Renison shares which were effectively valueless and I knew that I would never recover anywhere near what I invested. But, knowing that all the assets and management were the same I, like yourself, Towie, in a comparatively modest way, took advantage over the years of those low prices for LNY and have now returned to a position where even a small rise in the SP will cover all of my losses on Renison.
Now, I, and I'm sure, you, also fully appreciate that the TO agreement and the ML might, for some completely unknown and, IMO, illogical, reason fail. So be it, that's what investing in penny stocks is all about.
But, I truly believe that after yesterday's announcement, we are at the closest point ever of being able to see a positive outcome for the shareholders.
LNY Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
