J Capital’s new and rather late attack on Lake Resources follows a shocker long bet on gold and lithium minnow Firefinch.
J Capital principalTake, for instance, when in March, J Capital switched gears , issuing a long report on ASX-listed, Mali-focused gold and lithium minnow Firefinch Ltd.
“We believe Firefinch should be trading at a valuation of between $1.68 billion and $2.28 billion,” J Capital wrote, implying upside of between 70 and 130 per cent.pari passuA subsequent rally in the shares to roughly $1.20-a-piece was short-lived. On May 30, Firefinch appointed African risk specialistas non-executive directors to “strengthen” its board, only for the duo to resign less than a month later when the company’s shares were voluntarily halted from trade on June 27.
Which made July’s update from Firefinch interesting reading, in which it withdrew production guidance and warned of reduced working capital, suspended operations, and new cost-cutting plans.
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