It closed over $700m. A somewhat bitter sweet "rally" at the end... I'm just continuing to buy more stock each increment. The more panic selling, the better buying opportunities. 12 months from now this will be the 52 week low and people will be wishing they had picked up at it. Unfortunately, it's hard to see good opportunities when fear clouds judgement.
The only thing to keep me from buying right now is the lack of actual support accompanied with my belief that this summer will summon a pullback in the overall market. I really feel for the current shareholders..I've been watching the price action very closely for a week now and it saddens me to see that your value has been diminished. I certainly think this is going to be a good entry. I think we'll bounce off of $4 tomorrow. That is where I plan on buying, about a 25% position. I'll add all the way down to $3 if it gets there (I doubt this will happen), in which case I'll likely allocate 40% of my portfolio to TCM.
It is very undervalued but it is very hard to put a number on management incompetence / malfeasance. If management was at all interested in the shareholders they could simply have put the company up for sale and gotten fair value. Instead they looked after themselves and lined the pockets of the banking syndicate at the expense of the share holders. If you look at just the most recent investor presentation and do the math as it was presented you will see a shortfall of 225 million at the low end. This would be offset by about the same amount of cash flow from operations if they hedged out the moly. So on the surface it appears that there is little need for financing or perhaps $100 million dollars. Instead they do $430 million dollars of financing at the most egregious terms possible.