RE:RE:PMET I get everyone's frustration, as we are stuck big time at this level. Already gave my input on why we are here but just for perspective this is the stock market so everyone wants to make money! CRE management wants to build mine, and I think that's the disconnect. They are not looking for a big rise in share price like most of us. To go back to trading:
PMET - 92M shares so low float (exploration/feasibility stage)
RCK - 93M shares, again low float (exploration/feasibility stage)
SLI - 166M shares (near production)
FL - 225M shares (exploration/feasibility stage)
CRE - 214M shares (between feasibility/production)
So many who invested are jumping ship ( I wanted to) as there are other opportunities where you can make multiple gains. To be honest, the way CRE is moving we are looking at a 2x current price gain maximum for this year. So why not move to another high-risk/high-return opportunity if that's your investor's profile?
As of today, only 40M shares have traded on TSX above $2( I’m looking at $2, as below that you can walk away with decent profit too), add another 30% from the other exchanges and we are looking at 50M shares traded above $2!!! That is a drop in the bucket and we will need to go above 50% of the float to have a base that is looking for gains before selling in order to move upwards with no news. So in the case of PMET they can switch their base fairly quickly and keep the price higher as they keep pumping news and have a low float.
So whoever wants to keep this puppy down, is just short-selling 20% of the daily volume (as evident last few months) and that works until we exhaust the original base. It will take probably another 4-5 months if we have similar volumes and no news.
Management’s delay to Q3 construction news didn't help either, actually helps with not bringing shareholder value. So no idea why this is down, I always speculated that JSL had an agreement to finance the mine by diluting at around $2.50, and that's where we are, but in a few interviews he was insisting they do not want to dilute so I gave them the benefit of the doubt and didn't sell. Now I’m waiting for $4 and .. well it’s frustrating to wait for another 6 months.
Are we going to see a hostile takeover at $4? Maybe... I honestly see either that or a bad 50% financing by dilution.