Why unfortunately??? Prices going down now is the opportunity to load up on more.
According to Bank of America, Iron Ore is supposed to average $174 for 2021, going down towards the end of the year. They expect it will average $147 for 2022. Labrador should get the mine up and running around the Spring / Summer of 2022. This is going to go.
I semi-expect some sort of progress announcement over the next month or two, which should give the stock a small boost, but everyone on this thread knows, or should know, this was not going to be a quick thing. Next year when they announce the beginning of production, prices should hit a MINIMUM of $2 and probably $3, with a likelihood of $5 per share. If iron ore prices stay in the $175 - $200 range, it should hit $10 or higher a share. This is because, according to the PEA, cost of mining per ton is approximately $32, which is much less than most of the other mining companies, therefore equating to more profit. The bottom line, is unless the bottom unexpectedly drops out of the bottom, this stock is going to make a considerable amount of money per share for anyone that buys at leas than $.30 a share.
Dropping down to $.20 a share in the short term would make me happier than crap. I am currently sitting on approx 60K shares bought at an average of $.28 per share. I am currently waiting on money to be transferred to take advantage of buying another 10,000 shares at the lower prices and am praying it stays in the $.25 - $.26 or lower range until I am able to do so, so I can lower my dollar cost average.
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