Possible Reason For Share Price on the Close....?
Total Number of Holes Reported: 43 (great!)
Number of Golden Joint Holes: 23
Number of Lotto Holes: 20
Golden Joint Hole 21-462: 69.15 g/t Au over 14.15 m = 978 gxm (outstanding!)
Best of the other 22 Golden Joint Holes: 21-264 13.35 over 2.10 = 28 gxm
21-389 5.91 over 2.25 = 13 gxm
21-301 2.26 over 3.15 = 7 gxm
Best of the 20 Lotto Holes: 21-404A 31.63 over 2.05 = 65 gxm
21-338 25.31 over 2.15 = 54 gxm
21-367A 24.25 over 2.2 = 53 gxm
I consider a "good hole" to produce a metal factor of 100 gxm or better. While NFG has produced numerous cores exceeding this number (often by a lot), I suspect NFG's assay results vs. market expectations played a role here. Perhaps if there were some 100+ gxm holes in addition to 21-462, the share price would have held higher. Also, Lotto was a disappointment in my view.
My guess is that 21-462 excited the market initially, but when investors paused and reviewed the PR assay results in their entirety and measured it against expectations, they may have come to the conclusion that taken as a whole, the PR didn't meet their expectations for Lotto (whose assay results were a long time in coming) and Golden Joint save for the one huge core (in other words, 42 of the 43 cores were 65 gxm or less).
Not saying what happened was justified, but when you hit multiple monster holes and others that are in the 100s re. metal factor early (like NFG did the first half of 2021), I think the market expects such results to continue in order to boost the share price significantly.