RE: Bet on the wrong horseI almost had double your pain, but changed my original strategy after the stellar Young-Davison drill results which saved me. Originally I had gone long P and was close to short selling NGX to profit on the spread. On Friday however, I decided to buy call options on NGX thinking that the first merger would unlock a lot of upside potential in the short-term especially with a growing YD deposit. Of course Monday came and instead of being underwater for both positions, I got lucky to be showing a profit because of the calls.
Going forward, I like P more as a stand-alone company over the new NGX/AUQ. The fundamentals for Primero have not changed except the fact that it received a free 8% of its market cap in cash. Production will be on the rise while costs going down. Isn't P back on the block as a possible takeout candidate?