PP
Notice how the SP moved up exactly in line with the date the PP shares of September 2013 became freely tradable? I'd suggest there has been, and likely will be, distribution of those shares which have more than doubled. Once in strong hands, it's not going to take much buy side volume to move this much higher. Can anyone find me a higher IRR with any gold company; explorer, developer or producer?
There is very obviously a complete lack of faith in management, a great deal of concern with the Malian govt's review of all mining permits, the ability of management to fund this without hedging, serious dilution, taking on unattractive debt or entering into a less than equally beneficial partnership. . . . or some combination of all.
Transparency, frequent communication and leadership are required here. When those are absent one must ask why?