RE: LBEI won't pretend to be able to "provide a clear explanation" of the drop in share price today, I can only provide my opinion.
Last November Jilin Jien decided to end the involvement of Gary Nash, the CEO who had guided the company for a number of years - from a point that the previous management was selling off prospective properties, to the point that LBE demonstrated sufficient potential to attract investment by Jilin Jien. Gary Nash had earned a reputation with shareholders for providing regular updates and for treating each shareholder equally - responding to questions personally, regardless of the person's stake in the company. At that point the company appointed an interim CEO, by definition a sort of "lame duck" replacement, until a permanent replacement could be recruited. Some of the longer term minority shareholders who had not already departed when Jilin Jien took control, or when the "founding" CEO was released, likely didn't expect much from an interim CEO and were willing to retain some or all of their holdings until a permanent CEO was named. During the tenure of the interim CEO, I've been told that those contacting the company might expect an opening question as to how many shares they owned - that sort of attitude did not inspire loyalty of the remaining long term shareholders.
The new CEO has been on the job since May, and the minimal news on operations that has been released has been less than inspiring. The share price has continued a slide downward, which can be expected when the only news is that the production halt continues. Reading between the lines that the mill has been refurbished, and drilling expanded, does not offset the fact that the company is producing no revenue and debt is increasing. The company has provided no guidance as to an expected date that production will start up, nor the tonnage expected to be processed.
In my opinion, LBE may still show good potential for investors. But until the company provides the promised drill results in Q3 or Q4, or provides guidance on production - or actual start up production data, there will continue to be trading days like today. Someone with several hundred thousand shares wanted out today, and with all the negatives of the past year, there are few anxious buyers. The longer term shareholders that remain will have to get used to being treated like "poor cousins". It's not uncommon when a company is controlled by a large parent, and not contemplating going to the market, that the short term share price performance and minority shareholders' concerns are a non-issue with management. It doesn't necessarily mean that management is not dealing with business - nor that the company cannot be a worthwhile investment. It's the reality of a transition from a company guided by an entrepreneur, reliant on market financing, to a company that's a subsidiary of a large corporation.