Novo Resources Corp T.NVO

Alternate Symbol(s): NSRPF

Metals & Mining Gold

Novo Resources Corp. is a gold explorer focused on discovering gold projects. The Company is engaged primarily in the business of evaluating, acquiring, exploring, and developing natural resource properties with a focus on gold. It has a land package covering approximately 5,500 square kilometers in the Pilbara region of Western Australia, along with the 22 square kilometer Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. Its key project area is the Egina Gold Camp, where De Grey Mining is farming-in to form a JV at the Becher Project and surrounding tenements through exploration. The Company is also advancing gold exploration at Nunyerry North. It focuses on undertaking early-stage exploration across its Pilbara tenement portfolio. It has also formed a lithium joint venture with SQM Australia Pty Ltd (SQM) in the Pilbara, which provides shareholder exposure to battery metals. Its Belltopper Gold Project comprises the adjacent Malmsbury and Queens projects.

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Novo Resources Corp > Wall of Worry

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Comment by AlwaysLong683on Jun 15, 2022 11:38pm

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Post# 34760233

RE:RE:Wall of Worry

gaserx2 wrote: .......I laugh when everybody says "Oh they're dumping. Look at all the Sellers". I see it the other way "Look at all the Buyers". For every Seller there has to be a Buyer. It must always be a 2 way market. Someone is on the other side of a trade. IMHO.

No offense, but I think you're "seeing" it wrong.

While it's true there is a buyer for every seller, when the share price plummets, it means sellers are willing to accept lower and lower ask prices to get rid of their shares, and buyers are getting filled at lower and lower bid prices. Combine the one-day 26% drop with very high volume (1M shares traded vs. NVO's 30-day average of 333K) and you have a day in which existing shareholders were running for the exits and those putting in low bids (perhaps to try and make a quick buck if the share price recovers somehwhat tomorrow) got them filled. This is not a good sign.

It's like saying "Well, for every seller of Bre-X shares, there has been a buyer - someone on the other side of the trade." Yeah, people were buying all the way down to zero - those who waited and bought in at 0.05 a share still lost all their money.

Not saying NVO will suffer the same fate as Bre-X, but a one day 26% drop on high volume after news was released after the close yesterday would not be something I would spin as not all that bad.

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