The shorts were 100% correct AGAIN!
Obviously they gather their information from people at site rather than clueless internet links. They saw what happened at the pit and knew it would have much wider implications than the company was ready to admit. Yesterday LGO's smoke and mirror game was exposed and rest assured it's going to hit shareholders hard. Weeks ago the company became aware the infill drilling campaign had to be postponed yet the information was held back till the Q1 report, opening up another opportunity for shorts to make money.
The Q1 report demonstrates: LGO is unable to turn a profit at $10.39 V2O5. Today V2O5 is at $7.90. In addition, costs get completely out of control. Guiding costs higher has become a quarterly exercise. On top of this, in future quarters they will have to pay significant money servicing their debt, standing at $65M now! That's roughly $5M of interest p.a. alone!
There is a snowball's chance in hell they can make money in this kind of environment. At the same time their battery business goes absolutely nowhere. One battery sold, ever. And that was two years ago. A total mess by all accounts!
Senhor Arias, please install a capable management team or sell the company to somebody who will!