..because another mans garbage is anonther mans gold...
as mentioned PGS are precisous metals that are used for manufacturing of various products.
South Africa has worlds 75% PGM resource.
ELR is part of this PGM resource.
here is managements game plan;
under perform the company, ie., loose money.
this impacts the share price in downward direction.
once share price is low enough, the company is attractive for purchase. this is were is ELR is right now.
any competitor, regional or otherwise will look to add resources to their protfolio.
because ELR has already done all the hard work of finding the resource.
at $120MM, ELR pricing is a beyond a laughable joke.
the price will flatline and a buyer will come in, pay $250MM, thats 100% premium to the 60 day price... and that is.
the retail inverstor who bought in at $1.70, include myself will keep crying for long time.
while management will put a star on their shoulder and say that look he successfully sold this asset.
If this does not happen in the coming month, then look for ELR to drop even lower and thus prompt and even lower bid.
in my opinion, management should resign or be replaced asap.
they need to stop the cash bleed.
they burnt thourgh $100MM in just 12 months.
time will tell.