This is material - ELD must issue public statement In my view, when a stock goes down more than 30% like this , amputating 700 milllion in value
from the shareholders the following action is to be pursued by management:
Correction to the press release that really just speaks of 30 000 yearly tons of production, even if it vanished is really worth 3 million a year at $100 profit, plus a few million for yearly additional operating costs forever
They have to respond to that and clarify the bottom line worst case scenario and best scenarios to give a range to the damage caused by the recalculation of reserves
THIS IS 30% of the company value - they must issue a statement urgently !!!!!!!!!!
This drop in price is so material it eclipses by far and leach pad exploratory studies with overall
relatively smaller consequences than the market is now calculating. If what I just said is wrong then
tell us in a press release just why that news item is so catastrophic. I have never seen such a small item , in a company whose book value seems close to intact and gold price above expectations, cause such a drop and this in 35 years on the markets.
Issue a clarification to the first press release and react to the price drop please - urgently !