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Updated: May 17, 2025
Degree requirements were different. Records had been moved many times. They failed to pin it down. Joe didn't care whether or not someone had a degree. It is what one can do that matters. But he cared if someone lied about it; lying is a bad sign. SPM stock broke above $14 and began to correct.
Optimists brought up investor resistance to heap leaching, an extraction method that had made fortunes in the 80's. Several mutual funds bought big positions after sending their mining aces to investigate first hand. The price was beginning to rise on larger volume. The day after Joe had lunch with Mo, he bought 1500 shares of SPM at $4.75. The next morning, the price was $5.75 bid / $5.94 asked.
When the audit report was finally released, it verified only the original assay results, a year old, and made no mention of the extraction yields. The company made bland assurances about ongoing efforts to improve the extraction technique, but there were no hard numbers and they were running out of development capital. Trading in SPM was suspended.
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