Sudbury Novice, you write:

"As shareholders we are likely anticipating that NOT has more good assay results coming that further expand the known reserves to 1500 M and in width. At the AGM, NOT announced very good assays that indicated that the ore body is continuous at least to 900M and yet the market took this as negative . Hard to figure what they were expecting?"

What many traders in any and all stocks are hoping for is appreciation based on emotion (not long term players, but traders). When the event happens that was fueling most of the emotion, even if the event is reasonably good, much of the emotion ebbs away. It's like anything else in life, the anticipation of the event is often more intense than the event itself. So, I think an NR has to overcome the added emotional threshold baked into the share price as the result that (for the most part) humans are the buyers and sellers of stocks.

My guess is that many who sell on the day after an NR don't know much about the company at all (of course, beyond the pure traders, there are many who are regulars here who routinely trade the stock or keep a percentage of their holdings as trading shares). But those traders are attracted to NOT based on its volatility and a general knowledge of Canadian resourse stocks and even a more general but very limited knowledge of the ROF. But those traders do have good command of the knoweldge they need - the chart of the stock and the thought that it is more emotionally driven than most stocks.

Relative to your point on consolidation being a good thing, I think the great majority of holders of the ROF companies would wholeheartedly agree, but they vehemently disagree on the relative values of their respective favorites. And relative value is where the deal is made or is not.