RE: overreaction? You will always have some people nibble at a +20% haircut. But the question you have to ask is 'whether you want to tie up your money in this stock until next year. With no drilling, you have no news, this stock is hardly positioned to take full advantage of the uptick in PM prices.
This drill season has been a big disappointment given this was ment to be one of the best Shaun Ryan plots. I think they spent $7m and for that you want a bit more than what they got, especially considering they delayed drilling last year to take a hugh number of soil samples to define the best drill locations.
Expectations were high, drilling did not deliver and no news until next year, the big boys are not going to hang around, so not an over reaction, just a normal reaction, imho.