BMN 7.89% 3.5¢ bannerman resources limited

chicken lickin.............

  1. 694 Posts.
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    Here's my read of today's trading:

    One or two pretty serious holders (for whom its BMN holding was probably a smaller part of a hefty portfolio) head for the door for whatever reasons, possibly not getting what they considered a stellar PFS sufficient to get them big bucks in the desired timeframe or perhaps for other reasons, we can only guess. So the bigger fish(es)take decide to head off not really caring what they get for their shares and start dropping parcels, loads of few smaller fish who haven't the clues to make up their own mind see the sp drop and follow, panicked by what looks like a big negative reaction to the PFS, but not being able to figure out exactly what is wrong.....who cares, someone knows more than me, I'm feeling around in the dark and that's enough for me I'm gone.

    Stop losses of traders who entered for a quick buck get hit, likewise those who entered on the back of DnD. A trickle turns to a torrent and anyone without confidence in their view of the world or the ability to make a reasoned assessment think S%it what don't I know I had better get off this asap. And there you have it.

    We then spend the rest of the day trying to pin the tail on the donkey and scrounge around looking for holes in the PFS that gives a hook to hang our hat on and explain why someone larger would like to exit. Capex, opex etc etc.

    If the PFS had been a total pants then it I would have expected it to tank immediately and with a much more immediate slashing to the sp.

    Lets not forget - the sp actually was in green territory for a while on opening for half an hour or so. And the selling was soaked up - or every seller there was a buyer there ready to grab it - so who was on the other end of the massive volume today ?

    Back to basics:

    1. Whilst there are aspects to the PFS that might be less than stellar and worth discussing in greater detail, we have a green light (which is/was always the big concern with the PFS), the mine is economically viable at the current long term price (which is expected to head north longr term).

    2. We are talking to strategic partners - big tick.

    3. We have a massive and expanding resource.

    4. We are seriously advanced towards a mine. Far more so than many. This is a big tick when you consider how long it takes to get to this point.

    5. Uranium is set to become a hugely strategically important asset in a global context. We all want as profitable an operaton as possible that is a given, but supernormal profits become less of a focus if you consider the alternative is shivering in the dark, issues of national security,

    Personally the PFS ws not that far removed from what I expected. Plenty more to come with this company in my view.

    I will not be panicking but will be looking to turn this into an opportunity, when all others are losing their heads make sure you keep yours.


 
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(20min delay)
Last
3.5¢
Change
-0.003(7.89%)
Mkt cap ! $37.05M
Open High Low Value Volume
3.8¢ 3.9¢ 3.5¢ $112.1K 3.090M

Buyers (Bids)

No. Vol. Price($)
7 908974 3.5¢
 

Sellers (Offers)

Price($) Vol. No.
3.6¢ 255787 1
View Market Depth
Last trade - 16.10pm 02/06/2020 (20 minute delay) ?
(live)
Last
3.5¢
  Change
-0.003 ( 7.89 %)
Open High Low Volume
3.8¢ 3.8¢ 3.5¢ 159950
Last updated 15.56pm 02/06/2020 (live) ?
BMN (ASX) Chart
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