Too soon for me to comment on the smarts re: value and pricing, I want to reflect on things for a while.
The market trading nincompoops certainly don't care, but then I'm right out of it having backed the wagon and filled to the top long ago, and I'm not thinking of selling a sheet until we are way above $3 and probably much more - dependant on results. In any event even if I had to eat my hat at $1.50, at today's joke pricing level thinking of letting even one share go is ridiculous.
The game of squeezing us out, choking the life out of ETG's carried interests at HNE, we are into extra innings now, and the fresh disappointment of RioT's pushing out their unveil on the mining plan for Hugo North/HNE to next year is swiftly countered by knowing we are still going to be there until we get our price.
Now watch for the options to top up to confirm where management's thoughts are at - they know we have had our collective heads held down in the toilet for the past year.
Too expensive? Desperate times make for desperate measures. I haven't had the time to figure out the relative upside/downside pricing. BUT I still say this has all been a long, drawn out charade over something everybody "in the know", RioT, TRQ, the Mongolians doing the serious negotiating on their side, our management have "known" for a long time - there is coming down the pipe a big, very valuable chunk of rock or chunks of rock caught up in the JV and/or Shivee West that the market gives zero value towards, and time is money, RioT and the Mongolians are salivating to get their forks into watever it is - HNE extension most likely but there are other suspects - X-grid, Argo, Ulank Khud, further north along the OT trend on the Northern JV.
That's why I didn't blow it all out at $3 bucks and I still don't feel too bad about it, except of course for the missed trading opportunity - but I never would have imagined we could be abused and beaten down to cowering in a sad, curled-up little ball at 50 cents more or less.
Where there's money in the treasury there's life, and where there's life, there's hope.
What price for real hope?
KEY FACT: The lift capacity at Hugo North for many years to come is going to be limited to 25 million tonnes. So it becomes pretty pressing to load every lift with the most valuable rock possible and 1 - get as much cashflow as possible going for our desperate Mongolian partners, 2 - recoup the capex sunk into this crazy, unpredictable roller-coaster, and 3 - pick the low hanging fruit while you're in the saddle and benefit accordingly. No point in enriching some punks who will be running RioT in 30 years with the gravy. Human nature to go after the best ASAP. Carpe diem.