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Apparently it's all "we must show a profit now" which I agree with. I figured this production update wouldn't make us fly as the previous ones didn't despite being incremental improvements. But I didn't think we'd drop on the day.

A list of things that people have talked about lots that were meant to begin the re-rate over the past year:

1 - The loan being completed.
2 - Market cap over 35m attracting institutional investors.
3 - 4 stopes open.
4 - Clearing the hedge.
5 - More PR from the BOD.
6 - Monthly reporting showing improvement month on month.
7 - Copper over $4.5 (obviously isn't now).
8 - Mill at 1350tpd.
9 - Higher grades.
10 - Hitting a run rate of 7000 tonnes annualised or 650 monthly.

Yet the share price is at a level not seen since before #1 happened.

I'll never invest in another company that isn't posting profits, it makes no sense to buy in at 30-50p when you can wait until the company finishes its transformation and get in for less cost and less risk.

I'm tempted to take a break from here. The constant ramping is only leading to frustration when it turns out to be wrong. I have no doubt been guilty as well of stating any of those 10 things would help the share price. Most of us have.

I now strongly believe only profits will move this, and anyone saying anything else will move it is talking bull****. So I look forward to the financials when they come.

The quarterly report in October will be as expected (2000+ tonnes) and another sell on news event that will be hyped up on here in September by people who won't be posting over the next couple of months.

Very frustrated here.

Especially when he said 21p after a 10% drop from 23.

I think we need something to sustain a rise to 40p, not just results. Usually we get results, traders sell and immediately start talking about how we need to see the following month's results. Profits will be what re-rates us so I see the financial news in a few weeks that they hinted at in the interview as more important than the results.

It's amazing how quickly the market can go from "this company is amazing, 670 tonnes guaranteed, buying more tomorrow" to "the world is ending, placing coming, selling for 19p today".

Not a dig at anyone in particular. Just disappointed at how today is going. I think the market needs a bit more patience. The results will come soon and we'll be happy. For about a day.

I don't think we should expect 670 for June. They could have been at a 670 run rate for the past three weeks but had lower grade ore in the first half of June. As long as they explain it I'm happy. I'm still thinking 600-650.

OldFool, those rounded sells aren't K2, they wouldn't sell in chunks that small.

Yeah I am very surprised we didn't get them today at 7am. I don't think they'll come intraday so hopefully tomorrow.

They will come. We're due an update for Q2 as a whole so probably be bundled with that in a larger RNS.

8000 is easily achievable with increased grades. Something around 1.75% grade at 1350 tonnes per day would do it. We're aiming for 2% grade. Absolute maximum we could probably achieve is 9000, however keeping that up for a full year would be difficult. But that's why I've never seen the 7000 target as difficult.

Here's hoping for a juicy RNS on Monday morning with around 650 tonnes. Surprised the share price has remained below 20p this close to results.

Unfortunately micru they had a number of setbacks in 2021 that have delayed this turnaround by around 6 months.

Losing the only producing stope in May 2021 was catastrophic for their timeline as it significantly reduced income for 2021. The delays to finance, Covid issues and the faff around the safety shaft at the end of the year didn't help either.

That said, 2021 was certainly better than 2020 and likewise this year is going a lot better than last year so far so those statements aren't false. Companies can and do improve from year to year.

That's a good find JPKiter. Interesting that they both end in 952. Unlikely to be a coincidence.

I'm hoping so. 461,952 is such a random number it could well be the remainder of their shares. Usually they dump in large round numbers like the 525000 earlier in the day.

How much is "part" though? As I said in my last comment, if you hedge only part of production then we'd clear that hedge soon and enter the same market. On top of making less profits in the first half of the year. I don't think it would have made that much difference overall for the year.

Our "hedge" was essentially making higher profits in the first half of the year that are now covering the reduced profits now. An actual hedge contract would have just levelled that out.

It's all good saying we should have hedged when copper was at $4.75 but what kind of hedge would have been offered at that time? I doubt anyone would have given us a hedge near $4.75 as that level was a spike due to the Ukraine war. They'd probably look at the average copper price over the previous year and give us a hedge closer to $4.20. That would be decent now, but would have meant less profits earlier in the year.

I doubt they would have hedged more than 3500 tonnes either, which we'd be hitting around the end of July, leaving us in the same unhedged position in the current market. Either way, we'd have been unhedged for the majority of the second half of the year.

AimMaster2018 clearly has HPD, best to ignore his cries for attention.

I've no doubt that there will be a pull back at some point but the general trajectory is up. Why short this when there are dozens of better opportunities on AIM?

I think a lot of people bought shares at 21-23p a month ago and sold them on the production update. Nothing wrong with that strategy, that's how you make money. But that could account for a lot of the sells and the slow rot from 27p. There has also been the general fear with copper falling since then. I don't think K2 will be out for a couple of months yet, but hopefully I am wrong. I'll be happier when we're back in the 30s.

Even with copper at its current price we shouldn't be anywhere near 21p as this was significantly undervalued at 30p with higher copper price. This copper price is still higher than the hedge from last year.

I agree on your other points, it is difficult to see where copper will go in the short term. I too expect a recession. Hopefully it stays above $3.5.

I think we go for these kind of stocks because we're greedy. We all want multi bags and get rich quick, but is the risk worth it? I'm slowly learning that AIM is a cess pit of **** and the stocks only go down over the longterm.

Maybe it is better to have a solid portfolio of dividend FTSE stocks and a small trading pot for AIM stocks. Yes it's boring and the returns are less, but you're at far less risk of losing everything. I would have been in a much better position today if I'd stuck my money in stocks like BP and Shell a year ago. Every AIM stock on my watch list is down significantly.

I'm not invested here but it was once my second biggest holding and I've been following it since as I wanted to get back in. I almost bought some the other day when it dropped to 14p but decided against it as I couldn't work out why it dropped so much so quickly.

It's heartbreaking to see what has happened and people losing fortunes, it could happen to any of us on any share. I'm learning from this too. I am very overweight in another stock which is 30% down and the market conditions there are not looking great. I am learning from both stocks about the importance of diversification. I don't think I will ever put more than 25% into one stock again once I fix my current portfolio.

For me something didn't quite add up with DDDD. When I invested people were ramping like mad saying this was going to £10 and how NASDAQ listing would be the start. Then the share price quickly plummeted to £1, so I decided to exit and take a loss. If it were worth £10 then why all the selling? Something didn't feel right. After getting stung like that in ARB it became too risky. It was still up massively since mid 2020 and that concerned me.

I hope for all holders that this comes back. It doesn't make sense to me that it would be shut down over a 12.5m loan. They must have some cash in the bank if going below 7.5m caused this so surely a large placing at 10p would generate enough cash to pay off OF? Increasing shares by 50% at 10p would generate £9m. Combined with any cash in bank that would pay the loan off. The next issue is the cash burn. They may need to shelve some projects and focus on one thing at a time. If they succeed at turning things around then the share price would rise. I would have hope if I were a holder as it doesn't seem like a massive debt. But maybe someone wants the assets on the cheap.

I don't think I will invest in biotech again. I was an investor in Synairgen too at one point but got out before the crash. It's far too risky to be putting decent money into. Especially so if you are late to the party - investing after the company has already multi bagged.

I'd like to think so but all I've heard for the past year is we need X and Y for Z market cap and each time we hit X and Y the goalposts move. I expect by September people will be saying we need to prove 7000 tonnes to hit Z. Then we'll need the ore sorter.

Maybe what we actually need is for people to hold the shares for longer than a week.

I don't think it was just K2. DJ sold a fair bit a month ago as well. Plus others when it crashed to 22p.