Bulletin Resources (ASX: BNR) shares are down 15% today. That seems an excessive reaction to what appears to be a very modest setback. But if the BNR share price was riding high on hopes and dreams - which we’d suggest has largely been true just recently - then it doesn’t take much to puncture such a balloon.
So, it’s true, this isn’t much: “Bulletin Resources Limited (“Bulletin”, “BNR”) refers to its
application to the Department of Mines, Industry Regulation and Safety (“DMIRS”) for the Native Vegetation Clearing Permit at Bulletin’s Ravensthorpe Lithium Project. Bulletin wishes to advise that it received correspondence from DMIRS after ASX market close on Thursday 30 November 2023 requesting additional information be provided in respect of the Native Vegetation Clearing Permit application. Bulletin intends to lodge the additional information requested with DMIRS as soon as possible and anticipates this to be lodged with DMIRS by 8 December 2023.”
However, when the ASX asked Bulletin why the share price was roaring ahead a couple of weeks back the company said: BNR is not aware of any other specific information which would explain the recent increase in both the price and volume of the Company’s securities. BNR refers to its ASX announcement dated 4 October 2023 entitled “EPA’s Greenlight Allows Bulletin’s Drilling Applications to Proceed” whereby BNR indicated that the EPA approval has paved the way for DMIRS to process the Native Vegetation Clearing Permit (“Permit”) for the Company’s Ravensthorpe Lithium Project. While DMIRS has not advised Bulletin of its assessment decision, it is expected that Bulletin will be notified in due course and will advise the market at that time.”
The company itself was saying the price was likely up on that permit, so the problem with the permit is likely to affect the price, right?
Bulletin Resources share price from Google Finance
We’ve talked before of Bulletin Resources: “Note that this doesn’t actually mean that Bulletin now has the right to drill in order to explore further. It only means that this specific bureaucracy is not going to demand a permit so it’s now possible to proceed with getting the other permit from the other bureaucracy. OK, so we should all be aware of the environment and all that but a slightly absurd level of paperwork here, perhaps?”
As we say, perhaps a little too much was being built into that Bulletin Resources share price, making any delay price sensitive.
