RE: What are the Risksrimington, nice to see someone is asking questions.
There are ALWAYS risks. And at this stage, lots of them.
First, the amount of time that it took to get the results out the door was ridiculous. And you have to ask why? Ask any one remotely involved in testing sand and gravel how long it should have taken - you'll see why I am bringing this up. I was hoping for an explanation in the NR. Hopefully we will find out soon, or it will make me wonder about their ability to execute.
Secondly, I think the biggest reason that it didn't move today is that the market is waiting to see what their plan is. I don't believe it is because of lack of exposure - enough people know about this play - anyone interested in aggregates sure does - and a long ways away as well. They will need to clearly articulate what their plan is, and then they will need to show they are making it happen. Hiring a consultant (such as to do the enviro assessment), while necessary, is not exactly difficult to do - I'm not sure what all the fanfare is about. Just pick up the friggin phone and call them, that's what they do for a living. I'm talking about real progress.
The bottom line is: what is the plan to get it to market, and can they execute?
They will need to spell out details, simply saying load up a boat and ship it south doesn't cut it. They will need specifics about developing the property including details about the necessary infrastructure and then deals with buyers. Right now, the length of time to get a simple gravel report out the door is not impressing a lot of people in terms of their ability to execute.
Execute, execute, execute.
BTW, yes I am long, and have been for a while, but watching closely.
Keep asking the questions, and ask management as well. Nothing is a slam dunk, and that's what the market is saying.