RE:FoxyThat's the thing. When you strip it of the emotion, the ego and the wishful thinking, it was pretty evident it would end up something like this back in 2012.
No amount of sunshine and unicorns and banning the truth makes this anything other than what it is. A third tier project on the list of a miner focused on oil and coal.
I won't say I guessed 16 cents after the FS, but my 30-40 cents was not far off. The spending of the liquidity on AZ and CXM was beyond anyone's ability to foresee. Like trust children given an inheritance, the company has squandered the future in one of the worst markets in memory. The CFO let her options lapse, even in the money.
If you think this company has a future, you should be asking management what their plan is for funding in 2015. They have dwindling cash, a market where their assets are mediocre and high capital, and they gave away control of the their prime asset to a third party. The DM transaction shows us what a better development might be valued at, but we know what it took to get 75%: $24M from TCK.
Many are selling off their positions. I suspect most will not regret it in the future.