As Marvin Gaye would say....What's Going OnFacts:
- CRE raises $30m at $1.75 in Dec. 2021
- Stock trades between $1.30-$1.70 range for a year...until Nov 2022
- CRE received Provincial permit in November 2022....stock runs up to the low $2s ($1.90-$2.30 range)
- Jan 2023-Mar 2023 -- based on mgmt proclamations etc - investors pile in driving stock to just under $3...waiting for a deal by end of Q1.
- Q1...bleeds into Q2....deal not announced
- Stock begins to crater as soon as early as April 1 -- clear reaction to missing the self imposed deadline that was drawn in the sand...
- Stock continues to crater...mixed messages from mgmt about timing -- confusion creates more confusion, panic sets in for some when it drops below $2...shorts are smelling blood and are in control (my opinion)
- Selling begets selling....and voila - here we are folks!
What else is going on?
- Project NAV is not impaired - still very robust
- A deal is being negotiated - see press releases
- Drilling results in more robust deposit, new targets and new deposits identified
- Selling continues -- because at this point the fast $ knows it will not make its money here and the shorts can act without any problem and regular investors are tired and want to stop the bleed
- Conspiracy theories abound, blame is thrown around, governments and mgmt are blamed...people begin to believe all their own b.s.....the same way they did when it rocketed to $3 without a deal....
In my books - this is a classic capitulation happening. The deal will happen...this is a highly desired asset. The negative feedback loop is very loud and strong right now -- that is why most on this board are negative. The more conspiracies i read about the more it begins to feel like we are near the bottom...it's hard to buy when there is blood in the streets...but always the best time!