IMO the only thing that could justify this level is a lack of clear rights to the resource, and what are the chances of that? Even the most unlikely siesmic disruptions such as the take-off deal falls out or proves to be a sham, and/or the PEA is somehow discredited, and/or there is massive dilution here in the pennies, or even a collapse of global potash below $375 wouldn't warrant the current PGRX market cap and enterprise value. The low volume and lack of filings seem to indicate that large holders aren't dumping.
Taken together BlackRock, Apollo, Sichuan, the 2011 PEA, the 2012 43-101, and other independent events over just the past year must have significantly de-risked the play without question. Is there something else happening here besides management just shooting itself in the foot and MM/shorts piling on for an opportunistic takedown??
