Well...we have waited for a long time for a update. Finally the update has been released and to be honest: The update in my view is a pre-massage of what might come in the next few weeks and in addition is a "cover my a..s" exercise for the actual management.
Obviously the Wesson's have not performed 100% correctly and my guess is that Ned or who ever has realized that not everything was running so smoothly. The SP by the way has exactly reflected this status over weeks and months of uncertainity.
However...this is not important and not relevant any more. It might be that Woulfe needs money - in this case the update was just a preparation of what might come in the next weeks/months after everything has been analysed in detail. In this case we will very probably be confronted with further dilution and very unlikely the SP will recover. I think this is already priced in the current SP.
After having resolved the liquidity issues (if there are any) I would not be surprised to hear that the deal with IMC will not be finalized. Shortly after a new CEO will step in and then I would say that plan B will be realized and somebody else will replace IMC. My feeling is that this bad news might push the SP even lower (below 10 cents).
Finally what we have seen yesterday was probably overdone but might not be the end on the downside.
Personally I have sold all my shares between beginning of April and - just a coincidence - the last pieces last Friday at an average of roughly around 21-22 cents. I still believe into the potential of the company/project but my gut feeling told me that something is not right here. My main concern is that some interpretations or findings at Sanddong are not accurate enough and this might further hit the SP.
So overall still a lot of uncertainity. Nevertheless my feeling is that the SP in 12 months will be higher then today. In between and in the short term I would not be surprised to see high volatility and even the SP collapsing below the 10 cents level. Namely when the last (so called) weak hands will loose the last portion of confidence and will completely capitulate in front of further potentially negative updates.