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Wildcat Resources (ASX:WC8) has posted a diamond drill assay of 110m @ 1.2% lithium oxide from 193m depth above the company’s Leia Pegmatite target – but it hasn’t been enough to cause excitement.
The market had collectively shrugged heading into the second hour of trades with shares down -1.5%, not really much of a movement one way or the other, ultimately suggesting the market is pleased but not thoroughly.
The company wrote on Thursday its results “continue to highlight the exceptional thickness and grade throughout” the target, but that view wasn’t necessarily evident in share price action on the Thursday session.
The big story looming large overhead, of course, is the memory of lithium prices four years ago compared to where they are now.
Across the board, and despite a recent (small) uptick in lithium prices on some benchmarks, if Wildcat’s heading back to darling status, that wasn’t evident intraday.
The company pointed out on Thursday it still has around $50M in cash in the bank – perhaps saving it from further declines. That, or, people are wondering how the company will get nearly 200m deep with less that amount of money.
Still – Wildcat’s sell off wasn’t too pronounced, indicating investors could remain net bullish.
WC8 last traded at 16.3cps.
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