# AAM - A1 Minerals



## greggy (20 April 2006)

Lately I've come across the overlooked A1 Minerals.  It has over 600,000 oz at its WA gold project with no doubt more to come.  It is aiming fo 1 million within 2 years and will be in production next year.  It has ground next door to the Mulga Rocks Uranium Deposit in WA, which is one of the largest undeveloped uranium resources in Australia, and will be working on it during the next few weeks.  A! Minerals has over 2 million in the bank.  With under 60 million shares and a price of 28.5c, it seems to be a real bargain.  But please do your own research before buying.


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## exgeo (3 February 2007)

Well they are even cheaper now and continuing to get good drilling results such as:

*(10/1/06)*
2m @69.4 g/t Au at Beta 

*6/6/06*
22m@28.6 g/t Au,
2m @ 4.7 g/t Au   ( - from 3m!)
2m @ 27.2 g/t Au (from 7m depth)

The last 2 results are from regional aircore drilling (outside current JORC resource area).


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## Dink (4 February 2007)

Good drill results. Likely going into production mid-2007. Not great revenue but profit to help fund further exploration. Undervalued compared to companies mining in the same region (e.g. SBM). However did read somewhere that the management might not be up to scratch. It was one of those _I know someone who knows someone who is in the know. _ Has anyone else heard similar reports?


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## Garpal Gumnut (4 February 2007)

exgeo said:
			
		

> Well they are even cheaper now and continuing to get good drilling results such as:
> 
> *(10/1/06)*
> 2m @69.4 g/t Au at Beta
> ...




On charting criteria this is a very very sick little puppy. Unless a miracle happens it may be reasonable to assume that those in command lack the skills or that their time has not come. Enclosed is my first chart, a descending triangle on price which appears inexorably headed towards a lower price.

https://www.aussiestockforums.com/forums/attachment.php?attachmentid=6321&stc=1


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## exgeo (8 February 2007)

AAM are currently conducting a feasibility study into mining their initial resource (6.2Mt @ 3.1 g/t Au for 634Koz Au). Originally scheduled to finish by end 2006. They plan to build a mobile gold processing plant at a central location and truck ore to the central processing facility, or presumably relocate the plant if a new large resource is discovered. A ball mill has been secured by deposit and currently designing the tankage for the plant.

Extensions to the existing JORC resources continue to be found, eg/ 15m @ 4.4g/t from 120m depth at *Brightstar Delta*.

At *Brightstar Epsilon* rockchip samples over a 400m strike got 20.1g/t Au, 1.2g/t Au and 17.1g/t Au. No drilling so far.

A 50 sq km tenement was purchased for shares from prospectors. Historic production at the Ogilvies mining centre from 43 shafts over 2km of strike on this ground. Historical production was at a reported grade of 29 g/t Au. Dump sampling from the old shafts gave an average grade of 10 g/t Au and a peak of 80 g/t Au. Little modern exploration.

10,000m drill programme of RAB and RC to start in Feb 07 for exploration and resource extensions.

*Corporate * $3.1m cash from Dec 06 qtly. Expecting to spend $450k next qtr. 72.5m shares for market cap of $13m at 18c. Various options, the cheapest strike being 25c. Looking at a long-term chart back to 2003, the stock doesn't appear to have spent any time below 18c although that level has been tested a couple of times.


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## greggy (16 February 2007)

exgeo said:
			
		

> AAM are currently conducting a feasibility study into mining their initial resource (6.2Mt @ 3.1 g/t Au for 634Koz Au). Originally scheduled to finish by end 2006. They plan to build a mobile gold processing plant at a central location and truck ore to the central processing facility, or presumably relocate the plant if a new large resource is discovered. A ball mill has been secured by deposit and currently designing the tankage for the plant.
> 
> Extensions to the existing JORC resources continue to be found, eg/ 15m @ 4.4g/t from 120m depth at *Brightstar Delta*.
> Besides ther
> ...



On top of all this, AAM has ground next door to the Mulga Rocks Uranium Deposit in WA.  Maybe down the track AAM may decide to float off this ground or enter into a JV.  I don't have any at present, but AAM may need more funding in order to get into production. Hence, the weak share price. The MD has a reasonable stake and is happy to answer any queries. This stock has been totally overlooked.
DYOR


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## Gar (20 February 2007)

Well drilling has commenced again, hopefully a resource extension can snap them out of this senseless downward spiral.

Fundamentally this company is pure gold.


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## greggy (20 February 2007)

Gar said:
			
		

> Well drilling has commenced again, hopefully a resource extension can snap them out of this senseless downward spiral.
> 
> Fundamentally this company is pure gold.



Its a very frustrating stock.  It has considerable gold reserves and has significant ground next door to the Mulga Rocks Uranium Deposit.  Yet the share price hasn't moved.  
DYOR


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## Gar (30 March 2007)

well she's been looking a bit healthier the last week or so, looking forward to them proving up the resources and getting some out of the ground  

would have liked this latest run to have waited a few more days to aid me in the april comp though lol


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## Gar (24 April 2007)

An interesting audio interview recapping their progress so far and the latest preliminary drilling results announcement was just posted on board room radio

http://www.brr.com.au/event/AAM/736/22582/wmp/ndofo6k00t

not long to go now


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## alphman (29 May 2007)

"Recent drilling and geological review of previous data at A1 Minerals 100% owned BrightStar Zeta prospect has found a significant resource of 287,460 ounces."

http://imagesignal.comsec.com.au/asxdata/20070529/pdf/00724954.pdf


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## Dratoz (30 May 2007)

Low grades (1.1 g/t average), but the story may not be finished, yet. Future drilling in the area is going to be very interesting.


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## flyboy77 (6 June 2007)

*AAM - A1 Minerals - 1 MILLION OUNCES!!!*

Announcement this morning on ASX. 

These guys always seem to follow through on their words. A great story only going to get better.

There's the uranium sex appeal too, of course.....


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## Gar (6 June 2007)

The feasabillity delay has been taking its toll on investors confidence but I still have faith they will come through with the goods, I've had this one tucked away in the bottom draw for quite a long time and I've come to realize that they require a lot patience


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## Gar (26 June 2007)

well guys I emailed John Williams last thursday and asked him when he expects the feasibility study to be complete, this is the response I got on friday:

"Thank you for your interest in A1 Minerals.
The current FS is all but complete I hope to have news on this very soon.
As I have previously said we expect to be mining before the end of year."


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## alphman (13 July 2007)

...and here's the response I received from my recent enquiry about the BrightStar feasibility studies...



> Dear Shareholder
> 
> A1 Minerals is progressing well with its feasibility studies as you may know
> it is really two feasibilities in one due to the fact that we are comparing
> ...


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## alphman (18 July 2007)

Interesting intro in the 4QAR released this afternoon...

http://imagesignal.comsec.com.au/asxdata/20070718/pdf/00739937.pdf



> A1 Minerals is an exploration company with in-ground gold resources that have a value estimated at approximately $800million that is entirely inconsistent with the Company’s market cap of less than $20million.


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## flyboy77 (18 July 2007)

alphman said:


> Interesting intro in the 4QAR released this afternoon...
> 
> http://imagesignal.comsec.com.au/asxdata/20070718/pdf/00739937.pdf





Answer: *Get some quality PR people on board to sell and promote the story!*

FAST. 

AAM also has some interesting nickel ground and a very sexy looking U3O8 JV which a spin off company is earning 70% from AAM by spending $0.6m over 2 years.


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## alphman (18 July 2007)

Here's a quick comparison.  Three companies, similar project phase, similar grades, similar resource estimates.  Figures may not be accurate, so do your own research.  Also, there are individual factors (eg. pre-feasibility outcomes) that may contribute to the variance in value but would very much appreciate any thoughts on AAM.

C'mon peoples, comments?


*AAM - A1 Minerals*
Last Sale: $0.20
Shares: 89,846,384
Market Cap: $17,969,276
Cash: $5,285,000

Project Location:  Laverton, WA

Inferred: 11,032,960t @ 2.10g/t for 734,616oz
Indicated: 2,918,561t @ 2.60g/t for 245,540oz
Measured: 247,800t @ 3.90g/t for 30,770oz

_Total: 14,199,321t @ 2.20g/t for 1,010,926oz_

% Indicated/Measured: 27%



*IGR - Integra Mining*
Last Sale: $0.175
Shares: 302,736,181
Market Cap: $52,978,831
Cash: Approx. $8,000,000

Project Location:  Eastern Goldfields, WA

Inferred: 2,840,000t @ 2.70g/t for 248,000oz
Indicated: 10,880,000t @ 2.60g/t for 917,000oz
Measured: ----

_Total: 13,720,000t @ 2.60g/t for 1,165,000oz_

% Indicated/Measured: 79%



*NAV - Navigator Resources*
Last Sale: $1.04
Shares: 126,281,218
Market Cap: $131,332,466
Cash: $8,079,000

Project Location:  Leonora, WA

Inferred: 4,230,000t @ 2.20g/t for 305,000oz
Indicated: 4,420,000t @ 2.17g/t for 307,900oz
Measured: 3,870,000t @ 2.09g/t for 259,700oz

_Total: 12,510,000t @ 2.20g/t for 872,300oz_

% Indicated/Measured: 65%


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## Gar (19 July 2007)

I dont really know what the problem is?

They keep pushing back the feasibility report which I can understand pisses shareholders off, but with its current market cap at 17m'ish, 5m in the bank, 1m oz of gold and a big chunk of that uranium they just found the price is nowhere near justified.

I think Flyboys right when he says they need to do some serious PR work, maybe spending a bit on a roadshow would be a positive step


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## flyboy77 (25 July 2007)

*There's Life in the Old Dog - 24.5c*

1.2m shares through today as we speak.

Strong volume the last few days........perhaps news of the feasibilty is imminent?!


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## Gar (25 July 2007)

I hope so, its been a very good week so far.

23.5 is setting up as a nice strong support level and ALL of the charts are looking good


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## alphman (25 July 2007)

Gar said:


> I hope so, its been a very good week so far.
> 
> 23.5 is setting up as a nice strong support level and ALL of the charts are looking good




There are definitely more buyers than there are sellers at present.  The whole 0.245 line just got gobbled up.  Sellers are paving way for a stampede I reckon.  Next hurdle is 0.25 which is small compared to what's brewing on the buy side.


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## skegsi (2 August 2007)

New ''Mining Investor" review on their website:

http://www.a1minerals.com.au/

Cheers
Skegsi

A few more characters here


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## skegsi (4 August 2007)

I ran some numbers on A1's Brightstar project. I'd be interested to see what people think.

*A1 Minerals (AAM)* 
(AUD prices)	 		
Issued Shares	89,850,000		
Options (exp 30/11/08, ex price .25)	26,540,000		
Current Cash ($)	5,200,000		
Cash on dilution ($)	6,635,000		
ASX Share Price ($)	0.22		
Market Cap ($) (fully diluted)	25,605,800		

14.2Mt @ 2.2g/t = 1,000,000oz

*Estimates* 
Recovery Rate	0.90		
Capital Expenditure ($)	6,000,000		
Cash Costs per tonne ($/t)	500		
Gold Price Received ($/oz)	600		

So say a margin of $100 for 900,000oz of Au = $90,000,000 minus capital costs of $6,000,000 = $84,000,000 NPV

This equates to share price of 71c, compared with current price 22c	

Now the Deutsche Bank took a controlling interest of Crescent Resources (CRE) in June via $125.5M placement. Crescent have 1.5moz and are very close to AAM in the WA greenstone belt. CRE now have a lot of cash and stated that "The Company’s strategy has been to transform itself from an explorer into a producer and to further increase mine life at its Laverton Gold Project. The recent strategic alliance with Deutsche Bank AG has expanded the Company’s long term strategy to include becoming a mid-tier gold producer through various channels of growth including expansion, *mergers and/or acquisitions*."

The article in my post below states that Crescent are confident that they can operate at a margin of $250/t for the life of their mine (5yrs+, @1.5Mtpa). In the above estimate for the Brightstar I've used a margin of $100. Obviously any increase in this figure improves the likelihood of a better share price.

Still speculative, but to me still look like they're undervalued.

Skegsi


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## Nicks (8 August 2007)

I agree with you on this one Skegsi. The figures all tell the story. The statistics (Market cap, gold reserves, production viability, outlook) are remarkably similar to another 20c Gold miner I bought into a couple of years back, AVO Avoca (now ~$1.60). The balance sheet is good too, they have plenty of operating cash. 
I guess the Uranium is a bonus but I try not to get caught up in Uranium euphoria.


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## doogie_goes_off (9 August 2007)

I reckon their gold resources will attract someone bigger, this would be a good medium term hold. Nice analysis on their website announcement. One to watch for an entry point I'd say. No use looking for low grade gold, there's too much competition, so they have a good strategy.


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## skegsi (10 August 2007)

I know its a bit tricky to talk about buy and sell orders when the market is like it is at the moment. But... Is that someone with 1mill+ shares trying to cap @0.24 and get his other 700,000+ 0.20 buy order filled. That is a lot of shares!

BUYERS	 	                                  SELLERS
Orders	Quantity	Price	 	Price	Quantity	Orders
*3	245,000	0.200*	1	0.210	92,550	2
2	85,000	0.195	2	0.215	80,000	1
2	65,000	0.190	3	0.225	12,914	1
1	15,000	0.185	4	*0.240	259,100	4*
1	50,000	0.180	5	0.245	50,000	1
1	100,000	0.175	6	0.250	158,083	3
2	58,000	0.170	7	0.255	7,700	1
 	 	 	8	0.260	95,000	1
 	 	 	9	0.265	67,220	2
 	 	 	10	0.270	212,000	2


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## Nicks (10 August 2007)

I didnt follow you at all skegsi sorry. Can you clarify, I dont see what you are meaning. Thank you.


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## skegsi (10 August 2007)

Yeh sorry Nick. I just realised that it wasn't 3 or 4 orders times the number of shares, but 3 or 4 orders totalling that number of shares. Just got access to market depth info and was playing around with it. Woops. Sorry to confuse.
Cheers
Skegsi


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## Nicks (15 August 2007)

The Australian Investor: Analyst Review August 2007


A SOLID CASH RESOURCE BEHIND A1 MINERALS’ EXPANDING GOLD PROSPECTS
A1 Minerals Limited is an emerging Australian gold miner based in Perth with projects in the highly prospective Laverton district in the Eastern Goldfields of Western Australia.
The Company’s BrightStar Gold Project has delivered over one million resource ounces and provides A1 Minerals with a solid resource inventory to turn into cash. Mr. John Williams, Managing Director of A1 Resources with over 20-years experience, described the current financial and production position at A1 Minerals. “Brightstar, located near the world class Sunrise Dam and Granny Smith gold mines, is a short to midterm cash flow project which has underlying opportunities for growth as it is in an area with some big producers.” “At A1 Minerals, our primary focus is, quite simply, gold exploration and mining. For our company to get to the production stage, we initially had to build up an inventory of resource ounces. A1 Minerals holds over 1 million ounces so we have gone into feasibility study mode at BrightStar.” Mr. Williams detailed further. “Narnoo, on the other hand, is ideal for gold and uranium and we are in a joint venture with Oklo Uranium Limited. Using the geophysical data generated by our JV partners we will also begin looking for nickel.” The Narnoo Exploration Project is found in the Great Victoria Desert in an area with high gold, nickel and uranium prospectivity. The region is undergoing advanced and sophisticated exploration for such minerals as well as base metals. Recently, a large uranium anomaly was identified at Narnoo by Oklo Uranium Limited which plans to follow up the discovery with ground spectrometry, regolith sampling and drilling. “At A1 Minerals, we are always on the look out for complementary tenements and acquisitions; we try to remain acutely aware of any or all available assets that could really improve A1 Minerals portfolio.” Mr. Williams explained. “Our current market capital is $20 million, which is actually quite low for a company with over one million ounces, but that is mainly due to the tight share cap we have employed. Although, we have not excluded the possibility of an increase over the coming months as we finalise a feasibility study at BrightStar. This has taken some time because we are focusing-in on only high-grade results so as to increase our profit margin.” Mr. Williams said. “Within our industry, gaining publicity in a market where there is a girth of resource companies can be a real challenge.” He commented. Mr. John Williams is a geologist with experience in all avenues of the mining industry. Mr. Williams was involved in the discovery of a number of deposits including BrightStar and has been involved with A1 Minerals from its inception. “A1 Minerals is dedicated to advanced research and exploration programs. We examine all areas of a prospect through test work and feasibility studies. This diligence is what has made us so successful. We have over one million ounces and exciting prospects on the horizon. This approach led us to the gold assets in the Laverton region which are now proving to be extremely resourceful.” Mr. Williams concluded.


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## skegsi (10 September 2007)

Keeps getting to that 25c resistance, ready to break out, and then the market craps itself. Hoping it craps itself a little more so i can buy some more!
Is it just me or do the options look expensive at a 9c premium. Must be held pretty tightly.


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## skegsi (21 September 2007)

sitting at 25c now just waiting for announcement to break her upward. Timing would be great. Any one know the depth?
Cheers
Skegsi


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## alphman (21 September 2007)

skegsi said:


> sitting at 25c now just waiting for announcement to break her upward. Timing would be great. Any one know the depth?
> Cheers
> Skegsi




Just broke through the $0.25 resistence.  Sitting at $0.26 right now but presented with a rather solid wall.  Needs to close above $0.25 which I don't think would be a problem considering the current gold environment.  Above average volume.  Would be a good time for an announcement.


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## skegsi (21 September 2007)

Close at 27c is nice, 52 week high close.
Big buy order at 25c should provide a little suport for now.

What do you think of a possible equity raising for say ~6mill extra cash. Maybe at 25c and we only add ~25mill shares, not too much dilution.

That should pay for their mobile plant etc. and they'll still have their ~5mill in cash

Cheers
Skegsi


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## Dratoz (22 September 2007)

Skegsi,
Still better, an announcement to move the sp to >30 cents, and then some cap raising at 30 cents... Judging by the buy and sell side, the sp may go theire even without any announcements.

I have not seen the resource estimate together with grades for a while. I know that JORC should not be far, but, could anyone post this resource info if available? Last year's annual report mentioned results of an initial FS of 266,000t at 5g/t, but that's about all we know until now. I am excited about the high grade components, but the large volume of 1.1g/t they have may not be very economical unless the POG goes much higher.

One way or another, currently the sp does not reflect the true value of this company, so we should experience some exciting times between now and Xmas and beyond. The annual report, due relatively soon, should be worth reading and may prop the sp up, too .

Regards,
Dratoz


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## skegsi (22 September 2007)

I feel it might be JORC compliant already. Maybe wrong though. Haven't got time to look right now.
Here is the mineralisations at Brightstar


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## skegsi (23 September 2007)

From their June Quater Activities Report
"A1 Minerals recently announced an updated JORC compliant resource of 1 Million ounces had been completed for the BrightStar Gold Project"
and


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## Dratoz (23 September 2007)

Skegsi,
Thank for this. The numbers look good, and especially the grades, which was my concern. The sp should head up IMO, based on the recent rush to gold, the technical brakeout, strong fundamentals, possible resource upgrade, the move to production and the speculation of a take-over . Cannot think of anything negative to balance the positives .
Regards,
Dratoz


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## skegsi (23 September 2007)

I can't think of too many downsides either.
It just seems like the road to production is gong to be too easy. With their location, the proven track record of producers literally right next door, and the predicted low capital costs (<6mill for mobile plant + extras). The fact that they already have a 1Moz resource and a market cap of only 25mill is a real bonus for us. Like you say, the likelihood of them finding significant amounts of more gold is very good also.
Definitely a keeper for me, just wish i had more money when i was buying.
Oh, and the current and predicted gold price.

There has been some talk on another gossip forum about CRE having to take out AAM because CRE's own low grade operation is just not going to cut it. But I'm not convinced. It would have to be a prety good offer! For the reasons outlined above.
AAM have the chance to be a self-funded explorer by turning a small part of their resources quickly into a cashflow. So by then you could add 'producer' and 'cashflow' to the reasons above and if it's still at 25mill market cap I'd sell whatever isn't nailed down and buy some more.

Hope I haven't just repeated what you posted Dratoz


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## Gar (24 September 2007)

Finally the old girls getting the attention she deserves  

It makes you wonder whether there might be some truth to those CRE rumors (although hotcopper isnt exactly a fountain of truth )


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## Dratoz (24 September 2007)

We did get 30 cents. Maybe >40 cents on an announcement and, then, some cap raising for a mine? The buy side looking very strong and the sell side virtually gone. Market cap still <$30 mil. 
Good luck to holders,
Dratoz


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## alphman (25 September 2007)

Speeding ticket issued this morning...

http://imagesignal.comsec.com.au/asxdata/20070925/pdf/00762303.pdf


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## Sean K (25 September 2007)

Dratoz said:


> We did get 30 cents. Maybe >40 cents on an announcement and, then, some cap raising for a mine? The buy side looking very strong and the sell side virtually gone. Market cap still <$30 mil.
> Good luck to holders,
> Dratoz



Dratoz, can you please try to add some form of acceptable analysis to any price targets. Thanks!! kennas


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## Nicks (25 September 2007)

Down heavy today. I think AAM rose to much too quick again. It has done this before only to crash back down to 20c.

This stock has bounced between 20-30c many times before and has never managed to do much else unfortunately.


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## Nicks (25 September 2007)

Gar said:


> Finally the old girls getting the attention she deserves
> 
> It makes you wonder whether there might be some truth to those CRE rumors (although hotcopper isnt exactly a fountain of truth )




yes and it also makes you wonder what happens if there isnt any truth to those rumours! especially if it is those that fuelled it up to 30c. When nothing happens it will drop back down again.

Good for daytrading I guess if this happens. Probably why the guys on hotcopper spruik such rumours.


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## Dratoz (26 September 2007)

kennas said:


> Dratoz, can you please try to add some form of acceptable analysis to any price targets. Thanks!! kennas




Kennas,
Apologies if my post could have been understood as ramping. This is something I do not do. I will need to be more careful in my future posts .
Cheers,
Dratoz


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## wipz (28 September 2007)

Considering that at 30 june 2006, the top 20 shareholders do not contain any large banks, looking at 30 june 2007 ANZ appears with 1.7m shares, which could explain some abnormal large volumes traded during the year.  This makes me think that the recent speeding ticket and lack of co. announcements makes me think that other large players are jumping on board.
Just a thought??  I've requested an up to date list of top 20 from the company, will let you know what i find.
Cheers


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## blobbob (28 September 2007)

Heres latest top 20 got it from full year accounts

Shareholdings at 21 September 2007

John Dennis Williams 6,416,666  *7.14*
Debbie Lynne Williams 3,750,000 *4.17*
Archem Trading NZ  Limited2,050,000* 2.28*
Bronzewing Gold Ltd 2,000,000 *2.23*
Sheerwater Pty Ltd 2,000,000 *2.23*
Wapimala Pty Ltd 2,000,000 *2.23*
ANZ Nominees Limited 1,717,326 *1.91*
Berne No. 21 Pty Ltd 1,500,000 *1.67*
Clune Hire Pty Ltd 1,400,000 *1.56*
Dinah Susan Dudney 1,399,835 *1.56*
Roy Leslie Dudney 1,399,835 *1.56*
Mr Murray James and Mrs Kathleen Veronica Hull 1,098,000 *1.22*
NZ Guardian Trust Company Limited 1,025,000 *1.14*
Allnew Pty Ltd 1,005,000 *1.12*
Forty Traders Limited 889,509* 0.99*
Avela Pty Ltd 831,500 *0.92*
Bruce Birnie Pty Ltd 754,755 *0.84*
College Holdings Pty Ltd (Super Fund) 719,667 *0.80*
Mark Mirko Hronsky 643,268* 0.71*
Mr Lye Kit Lee 608,000 *0.68*
*33,208,361*
*36.96*


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## alphman (10 October 2007)

Nickel potential at Narnoo...check it out!

http://imagesignal.comsec.com.au/asxdata/20071010/pdf/00768258.pdf


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## alphman (11 October 2007)

alphman said:


> Nickel potential at Narnoo...check it out!
> 
> http://imagesignal.comsec.com.au/asxdata/20071010/pdf/00768258.pdf




The Narnoo Nickel-Sulphide evaluation report prepared by Jon Hronsky can be viewed *here* for those who care for a read.

This just adds to the potential of AAM.

Last Sale: $0.28
Shares Issued: 89,245,384
Market Cap: $24,988,707


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## skegsi (14 October 2007)

hey aplhaman
agree it adds to aam charm. looks like narnoo is quite prospective for nickel.
i'd imagine that they would have to spend some money on drilling etc to float, and with feasability for gold almost done and capital spending coming up to get gold mine running, i'd think they would like to see as little spending or dilution for us shareholders as possible. probably need an agreement with another company for a little cash and ~70% interest, and get them to do all the drilling etc.
this management have been excellent so far at spending wisely and looking after us, i reckon they can keep doing it.


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## skegsi (3 November 2007)

Got these links from another forum. Great write up on A1, further highlights how good a company this is, with amazing assets. I think it's from Resource Stocks mag. Thinking of subscribing, does anyone here?

http://img132.imageshack.us/img132/4674/a1page1sm5.jpg
http://img233.imageshack.us/img233/5452/a1page2ya0.jpg

skegsi


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## Dratoz (5 November 2007)

Skegsi,
I do not subscribe, but buy at my local Newsagent and read every month. Worth the money for sure.
Regards,
Dratoz


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## norip_zxy (7 November 2007)

AAM was up 13%+ with strong buy.  Any good news gonna come out soon? 

I entered in at 30.2c average price, with 100000 shares.... looks good.. what a happy day..

cheers


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## skegsi (7 November 2007)

I hope so. Have a look at the links a couple of posts ago.
Feasability due out soon for Brightstar. Nickle prospectivity, starting drilling programme and looking for global interest for sale/JV. Roadshow starting ?next week over east. Plenty of news due, lets hope it's good.


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## Gar (8 November 2007)

Yesterday was great, broke out on good volume and hasn't pulled back much today

Do you have any more information on the roadshow skegsi?


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## norip_zxy (8 November 2007)

Is 3000ppm NI  a good grade or not?

i was confused by the speach of  this: "Dr. Hronsky was most recently Manager-Strategy & Generative Services for BHP Billiton Mineral Exploration, and was previously Global Geoscience Leader for WMC Resources. Dr. Hronsky concluded, “the Narnoo belt represents a very rare example within the Yilgarn craton, of a greenstone belt that has been demonstrated to contain prospective high-magnesium komatiite units but has seen no previous nickel exploration. This alone makes this belt a high-priority nickel sulphide exploration target.” In addition “Narnoo is a totally covered greenstone belt with existing geological knowledge totally derived from aeromagnetic surveying and limited previous drilling which was focused on gold”.

it sounds like good, but 0.3% is really bad IMO.


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## skegsi (9 November 2007)

not sure about the grade. i'm sure heaps of people here could tell you, or you could google. I think they were excited about the fact that there has been *some* nickel found from historic drills and they are linked with the high-magnesium komatiite. So the potential may be there for it to host one of the few remaining unexplored major nickel sulphide deposits. I think its about the potential, not that they have drilled a hole with high grades etc.

Not really sure about much else with the roadshow. I read on another forum that they will do Sydney, Melbourne and NZ, and ?starting next week. To be honest I'm not too fussed as I know they're undervalued and it's only a matter of time, roadshow and nickel etc. all help but the main thing is that they have a great undervalued resource in Brightstar and the feasability should highlight that.


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## jonojpsg (9 November 2007)

I think the 3000ppm is reasonable given that the hole was drilled looking for gold rather than nickel?


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## alphman (3 December 2007)

**** BIG BUYER ALERT ****

3,163,452 @ 0.275.  

Sorry, but I'm a bit on the bored side today...


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## alphman (5 December 2007)

Nice finish today.  FPO's up 15%, Options up 40% on no news.  Feasibility results due by end of the year.  Me thinks it could be early going by today's interest.

The big buyer is still lurking. "He" missed the boat this morning with a reduced order at $0.29 (approx 1.5m).  The order sat there for most of the day at $0.31 where he managed to get a small part of his order filled.  Currently, the order is sitting at $0.33 after a chase in the last 15 minutes of trading.

Should provide a cushion for any retracement tomorrow.  If we see another strong opening, then giddy-up!


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## Gar (15 February 2008)

Gar said:


> well guys I emailed John Williams last thursday and asked him when he expects the feasibility study to be complete, this is the response I got on friday:
> 
> "Thank you for your interest in A1 Minerals.
> The current FS is all but complete I hope to have news on this very soon.
> As I have previously said we expect to be mining before the end of year."




ha, what a load that turned out to be :

Lets hope that these talks with 3rd parties turn up something good, I'm gettng tired of waiting for little johnny to pull his finger out.

are any of you guys still hanging in there?


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## Nicks (21 February 2008)

Im topping up. Gold is on a steady path upward and its when they are newbies like this company is that you can make some great gains.

I bought in similariliy with AVO when they were at this price and this young - now look! Im very happy and I see the same in AAM.

Good luck to all the holders, it will come but getting in when its moving up is too late.


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## Gar (21 February 2008)

too true, I've been grabbing a few at 170 - 175 but I also have a large chunk at 215 .

Pisa's post on HC makes a lot of sense to me



			
				Pisa - Hotcopper said:
			
		

> the south is high grade, nearby the cre plant. Either they agreed on toll treatment, or aam will sell the south to CRE.
> 
> It is my firm believe that cre wants to buy the south and are doing tricks like giving unreasonable toll treatment offers etc...
> 
> ...




It would explain the delays & lack action but of course its purely speculation 

either way I'm glad to see more exploration happening while things are being mulled over


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## Nicks (21 February 2008)

I re-read the Resource Stocks article from Nov and the more I think about it the more this is a sleeping giant.

They have a JORC compliant 1Moz gold resource (similar to AVO infact - market cap approx half a Billion) which is reasonably shallow. 

Ive summarised it in this simple mathematical equation: POG - Costs of production = Mega Bucks for AAM

I mean its as simple as that isnt it??? seriously am I missing something here??  This doesnt even take into account the main focus of the article which is its Nickel and Copper discoveries, or the fact that Gold is on a steady and reliable long term uptrend (with all the fundamentals pointing to this continuing).


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## Gar (21 February 2008)

touche, I re-read that article the other day myself 

I cannot see the current price being justified at all considering the quality of their ground holdings.

All it comes down to IMO is that people are impatient and worrysome.

Management have been making half baked estimates on when they _hope_ to be going into production and then when that time is delayed people jump ship. Our problem is that it doesnt take many of these buggers to move the price a long way because the stock is so thinly traded but we'll have our day _eventually_ Nicks, I'm sure


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## Jigalong (25 February 2008)

Nicks and Gar,

Are you aware that the Resource Stocks article would have been paid for by AAM. 

Not that it is a bad thing to showcase your company.

I bought in for the second time last week at .175 . I noticed on two of the days, the price went up to .19 and was then whacked.

As one of you said, the stock is so thinly traded, any decent order pushes it all over the place.

Good luck,

Jigalong.


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## Nicks (25 February 2008)

yes paid for no doubt, but they can't lie about facts.

I try to avoid the glamourisation that many of these small caps like to put on, such as in this article, and stick to the fundmentals... the facts. Ultimately it is these which work the company.

AAM has what looks like great fundamentals, mainly, the POG, their Resource, their Market Cap, their solvency (cash). 

Check it out for yourself, do your homework and see what im talking about. It would rank this as significantly undervalued compared to its peers. There isnt any reason why its such a low price that I can seem to find - so I figure things will balance sooner or later and thats when the rewards for such calculations and patience come in.


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## jman2007 (25 February 2008)

Nicks said:


> yes paid for no doubt, but they can't lie about facts.
> 
> I try to avoid the glamourisation that many of these small caps like to put on, such as in this article, and stick to the fundmentals... the facts. Ultimately it is these which work the company.
> 
> ...





According to their Dec Quaterly cashflow and activities report, they only have $5.9M cash on hand, so they're not exactly cashed-up to the hilt.

They also have no gold processing facility of their own, and without a major investor coming onboard or a JV with a cashed up partner, imo their best chance will be reaching an agreement with an operator in the area to toll-treat their ore.

Nicks, I think you're seriously over-simplifying things by thinking all it takes to make "mega bucks" is to dig the ore out of the ground and process it. I believe the ground has been worked over before, and that there are many shafts dotted around the area.  If these underground workings are flooded, that is going to be a major headache for the development of the project.  I'll need to double-check this info, but I'm pretty sure that is more or less correct.

I have many overseas's and Aust Au miners/explorers on my watchlist, but these guys don't appear on it.

jman


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## Nicks (26 February 2008)

jman2007 said:


> According to their Dec Quaterly cashflow and activities report, they only have $5.9M cash on hand, so they're not exactly cashed-up to the hilt.
> 
> They also have no gold processing facility of their own, and without a major investor coming onboard or a JV with a cashed up partner, imo their best chance will be reaching an agreement with an operator in the area to toll-treat their ore.
> 
> ...




Hey jman, 

yes I might have oversimplified, but Im still comfortable with the fundamentals.

Curious to your answers on a few things:

1. 5.9m cash is pretty good IMO for a company in this business and market cap (16M atm!). Can you explain why you disagree?
2. Re: flooded etc - look forward to the double checking - let us know. Its a big call to say its flooded otherwise without substantiation.
3. Re facility: research it some more, they have plans for this, and their location is well suited if they do come to an agreement.
4. Re your watchlist - thats a massive call. You imply that because they are not on your watchlist that this matters, thats all. There are many good companies that arent on my watchlist, I dont make such a massive statement implying that if a company is not on my watchlist that they arent worth watching. 
5. Can you give us any of your experience, qualifications, recent success, or the actual watchlist to make this relevant? for all we know your watchlist stinks. 
6. Have you ever traded AAM?
7. Do you disagree with their au findings (which look good)?
8. If they are not on your watchlist, its strange as you seem to be watching them! lol

Cheers


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## exgeo (27 February 2008)

Notice of ceasing to be a substantial shareholder from Rand Merchant Bank. I guess this explains the recent sp weakness. Wonder if they know something we don't, or if they were just a forced seller due to something not related to AAM? Speaking for myself, I've been buying up at 16.5c lately.


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## Nicks (27 February 2008)

I think their JORC resource is 2.4g/t au right? from what i've been reading this is quite good these days. 

Its certainly a higher resource than some of the other mid tier hopefuls whose share prices are soaring.


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## Gar (27 February 2008)

exgeo said:


> Notice of ceasing to be a substantial shareholder from Rand Merchant Bank. I guess this explains the recent sp weakness. Wonder if they know something we don't, or if they were just a forced seller due to something not related to AAM? Speaking for myself, I've been buying up at 16.5c lately.




Hmmmmmn yes.....  its a bit hard to interpret without any more info


I'm still holding at these levels though


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## jman2007 (27 February 2008)

Nicks said:


> Hey jman,
> 
> yes I might have oversimplified, but Im still comfortable with the fundamentals.
> 
> ...




Happy to reply to your questions,

1.) What does $5.9M have to do with their MC?  Last time I checked, drilling companies still charge the same rate per meter of RC or diamond drilling whether it's for a multi-million dollar outfit or a grassroots play, and in this game $5.9M is nothing. How do I know? I work in this game.
2.) Re flooding, oh yes, I'll definitely be checking that out.  My colleagues know the Brightstar project well, and I've driven by it many times.
3.) What plans? Do you mean coming to an agreement with another party to treat their ore? Well that's what I said in the first place.
4.) Don't put words in my mouth and imply things I never said. I said they are not on MY watchlist. What other people have on theirs is up to them.
5.) It sounds like you're wanting me to flash you a detectives badge for id and give you my life story. If I was a geo working in the Au sector would that satisfy you?
6.) Irrelevant.
7.) So explain to me their findings Nick. What depth of mineralisation? What is the strip ratio?  Is the ore refractory? What is the host rock? Is it open along strike? Is the mineralisation structurally controlled? A grade of 2.4g/t tells me very little.
8.) Irrelevant.

jman


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## Nicks (28 February 2008)

jman2007 said:


> Happy to reply to your questions,
> *
> 1.) What does $5.9M have to do with their MC?* Last time I checked, drilling companies still charge the same rate per meter of RC or diamond drilling whether it's for a multi-million dollar outfit or a grassroots play, and in this game $5.9M is nothing. How do I know? I work in this game.
> 2.) Re flooding, oh yes, I'll definitely be checking that out.* My colleagues know the Brightstar project well, and I've driven by it many times.
> ...




Hi Jman, thanks for your responses. Think about the following:

1. Coming from a techie. Try coming from a business point of view. For what stage they are at $5.9 million is good. Its about having the liquid cash to cover immediatae costs and not getting into trouble with debt (some things we have seen alot of lately). You see Jman, in business development once you have a resource thats proven to be a reserve, you can then aquire much more capital much more easily to fund the project. Whats relevant is the NPV of the Project. Which is exactly the next stage for AAM to progress. Clearly you have Geo knowledge, but i'm curious - what financial management experience do you have in the industry? They all start out small cap don't forget, they don't start with 1 Billion dollars. Thats why the SP is what it is.

2. Flooding: look forward to your drive by to confirm. So then ASIC can investigate why AAM didnt release this info to the market. Seriously man you honestly think you can find out that its flooded with your drive by or 'friends', yet AAM can't?

3. So we agree thats a good option.

4. Why did you say it then? you said it. What was the point of the comment? I think its fair to ask as you gave no substance to the point. It just seemed like a Ramp to me (ramping can be negative too).

5. I know you are a geo, read your thread. Interestingly there are other geo's (exgeo) buying up this stock (even the major shareholders are full of Geos). You can argue techie fundamentals with them because I admit that I cannot to the degree you are purposefully flying geo technical terms at me. Business and financials however I can. I've run out of Gold Medals to give out but you'd probably argue the quality of the Medal anyway. 

6. I take that as a yes (if not you would have gladly said seeming as you dont think this company's worth buying into). Its very relevant. People often want to talk down a stock after they have sold out to feel justification for their decision. But I don't expect you to come forward with this.

7. Much answered in Dec report (had you read it you would see this), but you are a Geo, how about being constructive here and you comment on these points (without Bias) rather than rant to us how knowledgeable you are and trying to prove you can out Geo tecchie me, which no doubt you can. Refer point 5 again.

8. Relevant yet again. You said they are not on your watchlist, but you are obviously watching them. Traded them have you?? Bought at 30c and forced to sell out at a stop loss or margin call?? (I don't expect you to admit to this, so a "no I didn't" or a "no I really didn't even though you won't believe me" will suffice). Refer point 6 again.


Im glad you answered the original points, but would rather you dont answer these and just think about them, else we will be going back and forward for ever Tit for Tat! Seriously dont get too touchy Jman. If your giong to make comments then be prepared to answer them and back up your position without getting so defensive. Honesty helps too.

Noone is denying that this is not a Blue Chip stock and there are variables and speculation. If more was proven this stock would be worth a lot more. The aim is that it will be proven and it will be worth a lot more! 

Like I said at this stage I am very happy with the known fundamentals and overall current market conditions for this type of project. I think at these prices it represents excellent speculative value with the POG.


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## exgeo (28 February 2008)

Don't quite get the bit about "it's flooded". I think every open pit I've ever seen in WA which was not currently being mined had been flooded. Ironically even in the WA bush there's loads of water- it's just 10m below the surface, not not much use to man or beast (unless you have a windmill!). Flooded pits can be pumped out. The grade, well not bonanza stuff but given enough of it then I'm sure a quid could be made. Not a terrible grade for an open pit mine anyway. For me another bonus of this project is that most of it is on granted mining leases. This will simplify and speed up the beauracracy should they decide it's a go-er. They don't seem to have found the end of most of the deposits so it seems reasonable to assume that the total ounces will increase and some of the deeper hits in fresh rock are a lot higher than the average resource grade (14Mt @ 2.2g/t for 1MOz) so perhaps including these later on will bump the average grade as well as increasing total ounces. AAM is the 2nd cheapest gold explorer on a market cap./Oz basis out of the 80 companies or so that I keep track of. To save anyone emailing, the cheapest one is KAL, who I also hold. To put it into context, AAM's cap/Oz is about 1/4 that of Carrick CRK who also have a nice resource of about 3MOz (31.6Mt @ 3g/t). $5.9m seems like a reasonable amount of dough for a small explorer. It'll buy quite a lot of drilling anyway.


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## jman2007 (28 February 2008)

Nicks said:


> Hi Jman, thanks for your responses. Think about the following:
> 
> 1. Coming from a techie. Try coming from a business point of view. For what stage they are at $5.9 million is good. Its about having the liquid cash to cover immediatae costs and not getting into trouble with debt (some things we have seen alot of lately). You see Jman, in business development once you have a resource thats proven to be a reserve, you can then aquire much more capital much more easily to fund the project. Whats relevant is the NPV of the Project. Which is exactly the next stage for AAM to progress. Clearly you have Geo knowledge, but i'm curious - what financial management experience do you have in the industry? They all start out small cap don't forget, they don't start with 1 Billion dollars. Thats why the SP is what it is.
> 
> ...




Nick, as amusing as your rants and accusations are, let me make a few points absolutely crystal clear to you:

1.) If your interpretation of "down ramping" is another member commenting that they don't have a particular company on their watchlist, then I feel sorry for you.  I already clearly stated my position here i.e. I'm not convinced in their cash position, they don't have a processing facility of their own, and any agreement to toll-treat their ore will be subject to conditions imposed by the other party. That's why they aren't on my watchlist.

2.) I have never held, or currently hold AAM. As far as I am aware, ASF doesn't require people to hold the stock that they want to comment on. I find your explanation that I am somehow trying to force the price down, ridiculous and also rather offensive. I have never been in the business of "down ramping" stocks, and have always checked the veracity and accuracy of my comments before I make them. As an example, see Reece55's and my comments re the MTN JORC calculation on that thread if you don't believe me.

3.) My "friends" as you describe them, are actually other industry professionals with over 25+ years experience in Goldfields geology, independent consultants who have themselves carried out technical reviews of the Brighstar Project (esp the Alpha and Beta deposits), and other colleagues with extensive knowledge of local projects and ground conditions.  While obviously not wanting to breach any confidentiality clauses, I think other members would benefit from additional information from people who are actually here on the ground, rather than rely soley on what they read on a PC in an air-conditioned office 2000km away. You can choose to believe what you want, and tbh I'm not really concerned what you think.

4.) Grow up and show some respect towards other ASF members, dead-set serious mate. Other people will always have a different opinion than yours. It happens on here all the time, just smile and accept it. It doesn't give you free reign to attack and question other people's motives (which most of the time will be genuine) every time someone says something that bends your nose out of shape. Have I questioned your motives re AAM considering the way the sp has gone?

Nick, if you can avoid lanching into another conspiracy theory and talk about this constructively, then by all means I'd be happy to hear it, otherwise don't bother.

jman


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## jman2007 (28 February 2008)

exgeo said:


> Don't quite get the bit about "it's flooded". I think every open pit I've ever seen in WA which was not currently being mined had been flooded. Ironically even in the WA bush there's loads of water- it's just 10m below the surface, not not much use to man or beast (unless you have a windmill!). Flooded pits can be pumped out. The grade, well not bonanza stuff but given enough of it then I'm sure a quid could be made. Not a terrible grade for an open pit mine anyway. For me another bonus of this project is that most of it is on granted mining leases. This will simplify and speed up the beauracracy should they decide it's a go-er. They don't seem to have found the end of most of the deposits so it seems reasonable to assume that the total ounces will increase and some of the deeper hits in fresh rock are a lot higher than the average resource grade (14Mt @ 2.2g/t for 1MOz) so perhaps including these later on will bump the average grade as well as increasing total ounces. AAM is the 2nd cheapest gold explorer on a market cap./Oz basis out of the 80 companies or so that I keep track of. To save anyone emailing, the cheapest one is KAL, who I also hold. To put it into context, AAM's cap/Oz is about 1/4 that of Carrick CRK who also have a nice resource of about 3MOz (31.6Mt @ 3g/t). $5.9m seems like a reasonable amount of dough for a small explorer. It'll buy quite a lot of drilling anyway.




Yes, well depends on the local water table I suppose.  I've been with rigs where we've hit water at 20m, other times at 100m. The Lancefield mine is a great example, 500K oz underground with around 20 levels of underground development which has been heavily affected by flooding.  It is common to see this in many old workings and pits, and can greatly influence subsequent planning and development, but you wont find it being discussed in many ASX releases.

jman


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## Gar (28 February 2008)

Differences of opinions aside, I'm glad to hear any information you guys have got to share but keep your heads on guys, its not about being right or wrong its about identifying opportunities. 


It's been good to see some positive volume action over the last couple of days (especially today!), the bargain hunters are starting to give us some nice buoyancy at 160 - 170


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## Nicks (29 February 2008)

jman2007 said:


> 5.) It sounds like you're wanting me to flash you a detectives badge for id and give you my life story. If I was a geo working in the Au sector would that satisfy you?
> 
> 7.) So explain to me their findings Nick. What depth of mineralisation? What is the strip ratio?  Is the ore refractory? What is the host rock? Is it open along strike? Is the mineralisation structurally controlled? A grade of 2.4g/t tells me very little.
> 
> ...




See above - several posts ago.

Who needs to grow up and show respect? I think even you will have to admit how you put things was childish. Not sure what response you expect from someone after that.

Golden rule - do unto others as you expect them to do unto you.

Peace. Agree with Gar. Lets be constructive and help each other with info (good example is exgeo's post). We all have specialties and can pool this knowledge to let us as individuals make good decisions.


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## Nicks (29 February 2008)

POG looking very stong. Seems like a consistent uptrend has been going for some time now (with minor corrections along the way).

Seems like interest has been renewed in AAM. Volume has been steadily increasing and buy support seems to have come back online, perhaps its about to turn? I wonder if any chartists can give us some analysis?


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## juw177 (29 February 2008)

Fundamentals aside, I bought in purely on the technicals and that is the build up of stopping volume at 17c.

With thinly traded stocks like this one, once the sellers have been absorbed, the price can run up very quickly. The intraday chart has tested 19-20c in the last few days and it looks like there are a few sellers still looking to get out for a sllightly smaller loss. But the higher volume on the upwards movement vs the downward movement shows that there are buyers to take the stock off the sellers. We will find out soon if this is a reversal.


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## pb112 (29 February 2008)

AAM fundamentals have only improved. The poor performance of the share price lately was simply because someone ( RMB Resources I think ) was trying to sell 1-1.5 mil shares in a tightly held stock. They sold lots of shares in a short time, where an average WEEKLY volume used to be close to 300K. It should not surprise that the sp has suffered. 10000m drilling program currently underway at Laverton to increase and upgrade gold resources so lots of news to come in the near future. Gold on the rise sharply today as well. RSI is moving up today as well plus the moving average line is moving up too, so chart wise looking good


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## jman2007 (3 March 2008)

Gar said:


> Differences of opinions aside, I'm glad to hear any information you guys have got to share but keep your heads on guys, its not about being right or wrong its about identifying opportunities.
> 
> 
> It's been good to see some positive volume action over the last couple of days (especially today!), the bargain hunters are starting to give us some nice buoyancy at 160 - 170




Hi Gar,

More than happy to provide you with a bit more info. I've had a look through this thread and I haven't seen anyone seriously analyze the Brightstar project, question its feasibility or is even aware of its somewhat "chequered" history, to say the least.

These deposits have been known about for donkeys years Gar, and have been worked over before, and and far as I'm concerned the Brightstar project is an absolute dog, pure and simple. A company called Deep Yellow had a mine called Mikado at what is now known as Brightstar Beta during 2003-2004. They did mange to toll-treat some of the ore at Sons of Gwalia's Barnicoat Mill, but in the process managed to completly mis-interpret the ore body, and before they new what had happened they had gone bust, citing "poor continuity and highly variable gold distribution". These deposits are infamous for their highly variable grades and spotty ditribution of the ore.

In the bottom of the Beta pit, there is a big evil-looking stope, so obviously Deep Yellow or someone before them has stoped the qtz vein and tried to chase it to depth. No-one I've talked to has gone anywhere near it because it is so unstable, but how deep, whether it is flooded at the bottom and most importantly, "how much grade has been taken out?" are all pertinent questions here.

As far as I know, it's pretty much just Williams and a couple of his mates trying to flog this off to the market as a viable project.  Tony Ryall is apparently good value, a real "old-school" type Geo and is definitely on the level, but I have very little confidence in the rest of them.  For their contract drilling, they mostly just use contract Geo's, so potentially attracting and retaining key technical personnel could also be an issue.

The capex to bring these projects to fruition will be very substansial Gar, remember that Brightstar is spread over a number of satellite pits, which are very spread out. If Williams wants to get serious here, he'll basically have to dig the ore out in one go rather than try to toll-treat in local facilities bit-by-bit. Which raises the following question?....does he have the financial back-up to do this, well I don't think he does.  Trust me on this one, no mill in the area is going to go into shut-down mode so they can treat A1 minerals ore for 2 days out of every 7, especially if he is trying to drive a hard bargain to go with it, it just wouldn't be economic.

If you aren't sure what toll-treating is, well it can be a good way for companies with limited capacity to get their ore treated.  Generally both parties would come to an agreement re the head grade of the ore going through the mill, and there is usually a lot of assaying and spot-checking which goes on as well to confirm the parameters. Obviously the mill owner will take into account costs per ton to treat the ore and so on, and an acceptable financial arrangement would be made.

That's pretty much my assessment of where their at with this Gar, no-doubt it'll enrage a few people and cause a bit of jumping up and down, but I'm not particularly concerned about that. if people think they can trade the daily "blips" in this and make a bit of pocket money then great, good luck to them, but I personally wouldn't go near this.

Good luck
jman

PS, have a look at their presentation for the 2008 RIU Explorers Conference, it has a couple of their pits with about 25,000L of water sitting in them.


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## Maigret (4 March 2008)

Thank you very much jman for your geological appreciations.

I’m distressed with Williams & Co either. They made a poor job in communication and explaining the shareholders their strategy. A lot of promises – and none was fulfilled so far.

But you shouldn’t forget  (and I guess that is Nicks point of view):

AAM currently isn’t valued as a possible producer in 2008 or 2009 without any further marketcap dilution.

With an enterprise value of about 10 m AUD is valued as a pure exploration play that has to dig some years, dillute a lot and maybe possibly will produce in > 5 years. 

So the chance/risk ratio at 0,16 per share is quite o.k. 

And maybe a deposit that in 2003/2004 with a POG of 350 USD was not economical is mineable in these days with a POG of 1000 USD….

Cheers
Maigret


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## jman2007 (4 March 2008)

Maigret said:


> Thank you very much jman for your geological appreciations.
> 
> I’m distressed with Williams & Co either. They made a poor job in communication and explaining the shareholders their strategy. A lot of promises – and none was fulfilled so far.
> 
> ...




No worries Maigret,

Yes, the big question here is whether Williams can back up his promises with deliverables.  I thoroughly suggest investors research this carefully before buying into this however.

Good luck to those who believe in the AAM vision.

jman


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## Gar (4 March 2008)

Cheers Jman,

It's good to hear from someone with some local knowledge, I must admit I was unaware of some of the issues raised in your post.

I'm still holding at the moment though as the company has a lot of projects on the cooker, lots of exploration planned before the end of the month and it looks to be setting up quite nicely for a possible reversal technically.

best of luck all


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## jman2007 (5 March 2008)

Hi Gar,

Remember that I'm only discussing the Brightstar project area here, I know they have a lot of ground around Narnoo prospective for Ni and are reviewing data around the Duketon area as well, so potentially plenty of exploration upside here.

I quite enjoy posting commentary's for Resource comapnies on ASF even if I don't hold them or have any intention to buy, you'll see a few in and amongst the gold comapanies especially.

I would still be a little concerned over the feasibility of Beta considering the Mikado history.

Hope you can reach an informed decision Gar, can't argue with you over the possibility of a turnaround, not much of a t/a myself mate 

jman


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## explod (10 March 2008)

Nicks said:


> POG looking very stong. Seems like a consistent uptrend has been going for some time now (with minor corrections along the way).
> 
> Seems like interest has been renewed in AAM. Volume has been steadily increasing and buy support seems to have come back online, perhaps its about to turn? I wonder if any chartists can give us some analysis?




Nicks; Looking over this as I do with others peridically as it is one I have marked with potential.

I'm not a true t/a but a trend follower and a look at the weekly chart is all bad at the moment.  As things pick up in the mini gold sector it will be one to keep in mind.


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## jman2007 (8 February 2009)

Big resource upgrade last week - extra 725Koz

Anyone still holding this?...comments on the release, data quality etc?

jman


----------



## jonojpsg (17 July 2009)

Latest quarterly makes for interesting reading - sort of??  Anyone care to comment - highlights:

Production scheduled for December (~30koz pa @A$600/oz cash cost)
  Would mean at A$1100/oz a net cash of $500/oz or $15m pa.


Good resource base 1.7Moz
Sounds like some potential at Zeta with surface grades at 20g/t although small intersections

Worth a pitch at approx valuation of $8.50/oz of resource with production nearing?

I guess potential downside may be ala VRE (once mining starts, will predicted grades play out?  although 170koz reserve has been outlined).

ANyone??


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## hobo-jo (25 October 2009)

• AAM is a junior gold explorer moving to producer
• # of shares 160m
• Close price Friday – 24c
• Current market cap around $38.4m
• Brightstar Gold Project – JORC Resource 1.7m ounces (150k reserves)
• Resource spot value approximately - $1,946,500,000 (NEARLY $2 BILLION DOLLARS) – Calculated with Gold at AUD$1145
• Resource valued at only $22p/oz

***According to my Gold Nerds spreadsheet this puts AAM in the top 30 cheapest gold stocks measured by Market Cap/Resource, only 3 of those 30 are producing. AAM is one of the most undervalued gold companies on the ASX.***

• Managing Director with the company since 2002 (when formed)
• Managing Director has over 20 years experience as a geologist in Australia/overseas
• Managing Director has 11% stake (major shareholder)
• Top 20 Shareholders hold 43% of shares
• Minimal debt confined to specific equipment financing
• Hedge free, fully leveraged to increases in gold price (which you’re probably expecting if looking into gold companies)
• 100% owned gold plant (300Ktpa) nearly complete
• Production commencing December 2009
• Expected annual output of 30,000oz pa once producing
• Growth - Production output and resource increase likely
• Expected cash cost of $600p/oz (TCO - $633, courtesy Gold Nerds)
• Deposits/Projects located in Australia, so is low risk
• Recent sale of non core tenement & additional placement of 10.4m shares @ 19c to fund A1 until production commences


IN SHORT: EXPERIENCED management, HUGE resource, severely UNDERVALUED, flying UNDER THE RADAR and soon to start PRODUCTION.

Also appears to have broken out of a technical cup and handle pattern as per my post here.


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## Sean K (25 October 2009)

I have it forth lowest on my Kennas Nerd List attached at just $17 an ounce to EV.

Maybe my figures aren't updated.

Why do you think it's so undervalued as a general comparion?

Aiming to produce 30k a year doesn't sound that exciting perhaps.


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## lazyfish (25 October 2009)

kennas said:


> I have it forth lowest on my Kennas Nerd List attached at just $17 an ounce to EV.
> 
> Maybe my figures aren't updated.
> 
> ...




Yeah I think they are physically limted by the throughput of the plant. A 300ktpa plant doesn't sound all that interesting for an open pit low grade operation.


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## hobo-jo (7 November 2009)

Sorry missed your posts on this one. Yes 300ktpa may not be exciting, but it's a start to a profitable operation, have to start somewhere and once they've been producing profitably for awhile I think there would definitely be scope to upgrade the plant to increase output.

Still only priced at around $22 per ounce. I expect this to double in the short term (1-3 months -> $.50c per share).

http://www.proactiveinvestors.co.uk...ents-at-mining-2009-santa-is-coming-9616.html


> Thursday, October 29, 2009
> A1 Minerals presents at Mining 2009 - Santa is coming
> 
> Mining 2009 revved up a notch today as delegates heard a pitch from Perth based near term gold producer A1 Minerals (ASX: AAM).
> ...


----------



## chimp (9 November 2009)

kennas said:


> I have it forth lowest on my Kennas Nerd List attached at just $17 an ounce to EV.
> 
> Maybe my figures aren't updated.
> 
> ...




Kennas, this attached Gold Producer Comparison list doesn't have newmont? New mont is one of the leading gold producers in the world.


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## tehnoob (1 December 2009)

Some reasonably good news from A1 today with the release of their preliminary drilling results for the Beta site at their Brightstar project.

There was an encouraging intercept of 6m @ 62g/t at a depth of just 6m however I don't understand the large jump in SP after finishing up almost 16%

Any ideas?


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## condog (2 December 2009)

Evan better update yesterday with significant find close to surface 2m with up to 63g/t , 262g/t & 111 g/t only 100m to 400m from there plant...

Plus on target and schedule for first gold pour this month.....

Looking rediculously good value to me....

Disc - may or may not own this stock at various times.


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## Mitsimonsta (4 December 2009)

A bit of a retrace happening now. I have a feeling we might be seeing the formation of another Cup & Handle pattern.


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## condog (6 December 2009)

The best thing about their Brightstar find is its buried less then 2m deep and only 100-400m from their plant....

So its like an ATM with cash from day 1...... no deep digging or tunneling before the cash starts flowing.....

Also at 63g/tonne its not just a tiny find its and extremely high grade find right at the surface, right at the plant....   

For a very small company this is like finding Gold .....


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## tja125 (25 December 2009)

Anyone got any idea what caused the massive jump up in price yesterday? Gold price wasn't shooting up this fast, and there were no media releases that i know of. I know they were due to announce some things soon, maybe this is just insider information coming out early?


----------



## ricee007 (25 December 2009)

tja125 said:


> Anyone got any idea what caused the massive jump up in price yesterday? Gold price wasn't shooting up this fast, and there were no media releases that i know of. I know they were due to announce some things soon, maybe this is just insider information coming out early?



Good gold price.

Announcement released on the 23rd sunk in.

Higher market overall due to sentiment.

AAM had fallen from 42c to 29.5c on no bad news... and no volume whatsoever. Made it easy to rebound....

People wanting to buy in before the holidays, as they don't want to chance missing out on gold news whilst the market is closed.


----------



## Timmy (25 December 2009)

I think it may have got a write up in The Eureka Report, which would have spurred buying.  I am not a subscriber, so perhaps a subscriber could confirm this.  

There was an announcement for the company on the 23rd also, but not a lot in it: http://www.asx.com.au/asxpdf/20091223/pdf/31mxlhjk49w12p.pdf

Technical analysts could have got excited on the 22nd with a bit of a buy alert (depends on the sort of technical analysis one does).  Chart attached below (no I didn't see it on the day, no I don't hold, and no the signals don't always 'work').


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## ricee007 (26 December 2009)

Timmy, I think with a bit of careful reading, there was a lot in that announcement...

It certainly wasn't disappointing.


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## tja125 (26 December 2009)

ricee007 said:


> Good gold price.
> 
> Announcement released on the 23rd sunk in.
> 
> ...





Seems i foolishly thought that since i was on A1 Minerals email list, that i would receive this announcement at the same time as asx, but actually it was on asx and not anywhere else really, not even on their own website. Might be noted for anyone else who signed up to be on their email list.


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## condog (28 December 2009)

Miner I have no problems with helping others and sharing information for the benefit of many.....but as a fellow subscriber to the Eureka report I find it troubling that you would blatently breach copyright like this.....

Giving the general nature of a report or small snipets is fine, but to blatently cop and paste a complete report like this is out and out copyright and detracts significantly from the value to other subscribers.....

I really respect almost every word you write in here but this is not on and the mods by law need to dlete that post.


----------



## condog (28 December 2009)

tja125 said:


> Seems i foolishly thought that since i was on A1 Minerals email list, that i would receive this announcement at the same time as asx, but actually it was on asx and not anywhere else really, not even on their own website. Might be noted for anyone else who signed up to be on their email list.




ASX is the first place for all anouncements....good online brokers will be almost simultaneous, but the company emails usually lag by at least 30 min and some up to a few days....


----------



## tja125 (7 January 2010)

I'm curious how the rest of you guys read the last announcement on the 04/01, stating that a director let options expire at 35c. Is this any reflection on the confidence in the price here, please correct me. ?


----------



## condog (7 January 2010)

who knows too many reasons...it seems dumb, but maybee he was on site somewhere with no access and forgot to exercise, perhaps on holidays, sick family....who knows....you see it all the time...

No big concern.....brightstar looks very promising so I wouldnt go worrying and the speculator strarts up tonight....his last post was on AAM, instilling confidence in investors....perhaps he will now think its even more attractive and raise his holdings....


----------



## beaul (28 January 2010)

Any recent news,
They were supposed to start mining/processing in December, since then we have heard nothing?


----------



## condog (28 January 2010)

Yeh they where, they are now targeting feb.... they have been stockpiling and processing so expect an imminenet announcment...


----------



## kermit345 (29 January 2010)

Sorry i'm knew to the forums, as i'm only 23 years old and only been working in the financial services industry for a year this was my first speculative buy. Our business subscribes to Eureka report and after the speculators words and some research I did myself they seemed like a genuine opportunity.

Just wondering how many others managed to buy in before the capital raising and get some at 13 cents?

Been waiting the last 2 weeks for an announcement from them regarding their first pour (as in december they stated it was only 2 weeks away). I'm hoping sometime very soon they can give an update/announcement. I feel it will really give the share price a kick up but I guess we will have to see.


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## condog (30 January 2010)

The Q report stated feb for pour as expected and said commissioning may take several weeks.... so expect mid to late feb...


----------



## beaul (9 February 2010)

Any recent news on aam.
Considering their earlier statements everything has gone very very quiet. 
Any reasons for this? 
Are they waiting for the gold price to bottom or start rising?


----------



## ricee007 (9 February 2010)

beaul said:


> Any recent news on aam.
> Considering their earlier statements everything has gone very very quiet.
> Any reasons for this?
> Are they waiting for the gold price to bottom or start rising?



Neither.

They are waiting for their gold pour to complete.

I, er, suggest that you read their latest quarterly!???


----------



## beaul (9 February 2010)

Thanks for that, i thought i checked a couple of days ago but I must have missed it.
It does seem everything is on track.


----------



## ricee007 (9 February 2010)

beaul said:


> Thanks for that, i thought i checked a couple of days ago but I must have missed it.
> It does seem everything is on track.



No worries buddy.

I am not sure if I would say everything is on track...........

Unless, of course, Williams meant "Before Christmas" or "December" or "early January" to be December 2010/January 2011....

I somehow get the feeling that isn't true though.

But, it will be nice to eventually get some old. Tuesdayish next week?


----------



## kermit345 (9 February 2010)

Their first pour was originally scheduled for 'late 09' but due to finding it a bitter harder then expected to get skilled workers and also the extended time it took to get some permits through (from memory) it has pushed it out to now. However I highly doubt they will push it out any further and their last statement said it would occur in feb.

So I don't think they'd say that just a few days before feb unless they knew they were extremely close. I'm with ricee, expect an announcement of some-sort within a week, possibly 2.

They've slowly traded down from the mid .40 range to where it is today (0.32) on basically no announcements or bad news, just a slightly weakening gold price. However I'm hopeful that once the first pour is announced, a jump to the mid .40's again is quite possible.


----------



## condog (11 February 2010)

Do not forget the Cyclonic / flooding weather etc they have just had.... this makes it impossible to do anything.... site possibly closed and getting pumped as we speak...Id be expecting an update and possible delay


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## condog (15 February 2010)

Its now mid feb which was the earliest we should expect a gold pour announcment....Theres been no announcment so we can assume delay or damage is not to significant...

The flooding & continual wet weather surely would have delayed at least 2 weeks, but time will tell... Im hoping now to see an anouncment by late feb early march...anything earlier then that would be a real surprise IMO...

Inital poor of 30-60kg should see significant sp rise of 16-60% in my opinion...based on amatuer calcs only and PE of 10 vs sector ave of 14...so DYOR and seek expert advice...


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## kermit345 (16 February 2010)

I think over the next 1-3 months the SP should at least test and pass the 40 cent mark that it seems to struggle with surpassing.

First pour means the mine is completely operational, producing revenue stream and hopefully profits, which can be further injected for exploration not to mention the possibility of resource upgrades.

All of these are the potential upside which I personally see can push the share price past 40 cents on sentiment alone. Downside risk is now basically any site problems that occur or resource downgrades. resource downgrades are unlikely, due to how heavily the initial announcements are regulated and site issues I can only see having minor effects on the share price long term, even though it may have short term sentiment effects.


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## Donga (18 February 2010)

Holding a cricket team of gold juniors and AAM given their resource relative to market capital and about to produce is one of my stars as look much under rated. But then so do a many others at the moment with this high POG. 

Expect SP to head north once they ann the pour and get some attention


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## Gar (22 February 2010)

This weeks the big week guys, Bollinger bottles at the ready :

I'm looking forward to the JORC upgrade down the track too


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## kermit345 (22 February 2010)

I'm also very optomistic and excited about the impeding announcement to hopefully come within the following 5-10 trading days.

When you say a JORC upgrade down the track, what time-frame are you thinking? I'm hoping that once the mine is fully operational and producing revenue to be invested into exploration, that it can continue to find decent resources in the next 6-9 months. Your thoughts?


----------



## Gar (22 February 2010)

It's purely speculation but I'm hoping that next quarter we should see some of the new turtle zone results being factored in


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## Sean K (22 February 2010)

Gar said:


> This weeks the big week guys, Bollinger bottles at the ready :
> 
> I'm looking forward to the JORC upgrade down the track too






Gar said:


> It's purely speculation but I'm hoping that next quarter we should see some of the new turtle zone results being factored in



Gar, have you got anything to actually add insofar as analysis to support your seemingly bullish tid bits? 

Seems to be a lot of fluff developing around this thread.


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## Gar (22 February 2010)

I have an email from John Williams received on the weekend stating that they are still on target for gold pour this week (on the office computer at the moment though so I can't quote directly tonight)

It was also stated in the last quarterly that we will be pouring in february

As for the time-line on a resource upgrade I'm purely speculating as I stated


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## ricee007 (22 February 2010)

kennas said:


> Seems to be a lot of fluff developing around this thread.



Oh, so, you've never been to HC  ? You think this is fluff? ?

I am quite dissapointed with the lack of SH communication by AAM, and wish they would listen to repeated calls to improve it.


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## Gar (23 February 2010)

The email from JW:

(name removed)
We are still looking good for First Gold Pour next week. 
Regards
John Williams
Managing Director
A1 Minerals Limited


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## Sean K (23 February 2010)

Thanks Gar.

For a near producer A1 look cheap compared to some others on my Gold Comparison. Trading at about $33 an ounce while some junior explorers are 40s and 50s. Market must be factoring in limited exploration upside perhaps. 

Just $2m in the bank. If they don't start pouring very soon they'll be off to the market again.


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## Gar (23 February 2010)

Yeah its a bit of a worry, but the directors have been converting options hand over fist which is helping feed the burn.

Anyway, I'm a lot more confident this week than I was last week


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## jonojpsg (23 February 2010)

Gar said:


> The email from JW:
> 
> (name removed)
> We are still looking good for First Gold Pour next week.
> ...




Hey Gar,
That email was from last weekend yes?  Which means first gold pour this week?  

Yep kennas, at $33/oz they are good value especially given they are finding pods of high grade at/near surface around the plant.  If they can hit a few more of those it will definitely give the SP a leg up.

$2m in the bank should get them through this initial startup phase though - then at 30koz a year and net $500+/oz gives them $15m a year to explore with, or give back to shareholders

Still, have been burnt with VRE at similar production rates, although they had lower grades and much lower POG.  Will be reassuring to see the first three months pan out the way it's supposed to


----------



## kermit345 (23 February 2010)

It will be interesting to see if the announcement not only relates to the first pour, but when they plan to start using any income to begin further exploration. It's nice to have a bit of a time-line around the general schedule they plan on working around.


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## Sean K (23 February 2010)

kermit345 said:


> It will be interesting to see if the announcement not only relates to the first pour, but when they plan to start using any income to begin further exploration. It's nice to have a bit of a time-line around the general schedule they plan on working around.



A broard plan should have been as part of the production plan for the tailings PS, within a 10 +/-% range. They were only every to recover 85% ish, but that is to be determined. Then minus tax, loyalties, bribes, movement to offshore accounts,  etc, and you're left with profit.....


----------



## AngusSmart (24 February 2010)

After seeing they were trying for capital raising?? @ .20 latest announcement (only briefly flicked thru it after coming home from pub lastnite) so not sure its correct what i say..

I'm away on holidays at the moment. and put in an order the other day @ .30
i since changed it to .28 and was out this morning for lunch came back to see my order completed 

i hope they dont go down anymore tho .28 was an alrite price i think! well i hope!! 

welcome aboard perhaps??


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## Gar (24 February 2010)

Hey Angus, welcome aboard, Nice pickup! 

That wasn't a cap raising it was just somebody exercising some 20c options that were previously issued (it does inject 200k into the company though)


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## kermit345 (24 February 2010)

I'd say today's lower share price is a pretty darn good entry point considering majority of us are expecting a positive announcement within the next 2 days.


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## condog (24 February 2010)

One to watch, expecting announcment of first gold pour tomoz or friday

It will dissapoint if no announcentn by mid day friday, could provide good buying.

A good announcment may see big upswing as its then technically a producer. Possible a cash flow positive one. ??? wait see. but watch

Looking for 30kg+ pour, 60+ would inspire watchers. imo DYOR


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## Gar (25 February 2010)

Next week now 

I know its only a small set back but I must admit that I'm getting a little tired of being BS'ed to by management on this one.

Anyway, enough whinging, I'll continue to hold and look forward to the big day


----------



## Sean K (25 February 2010)

Gar said:


> Next week now
> 
> I know its only a small set back but I must admit that I'm getting a little tired of being BS'ed to by management on this one.



Yeah that's disappointing Gar. I wonder how much you (we) can trust in any advice such as that down the track...

In regards to news of this first pour being significant and it's effect on the sp, this might be a good test case to see if it is really that significant, or not. I mean, it's expected. It's not a surprise. Those that follow the stock know it's going to happen one day. It's ho hum factored in perhaps. Could be even a buy the rumour sell the facts jobbie. We'll see.


----------



## McCoy Pauley (25 February 2010)

The market seems to have liked the announcement, though.  SP up 7% the last time I checked and is back around $0.30/share.


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## condog (25 February 2010)

Hes spot on , labour shortages all round in WA, starting to cause delays. Get used to it on most your stocks that are operating in WA and soon QLD.

These things happen, but a little more communication helps and they will learn from that.


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## jonojpsg (25 February 2010)

kennas said:


> Yeah that's disappointing Gar. I wonder how much you (we) can trust in any advice such as that down the track...
> 
> In regards to news of this first pour being significant and it's effect on the sp, this might be a good test case to see if it is really that significant, or not. I mean, it's expected. It's not a surprise. Those that follow the stock know it's going to happen one day. It's ho hum factored in perhaps. Could be even a buy the rumour sell the facts jobbie. We'll see.




Agreed kennas, it's obviously well known what is happening.  The more significant thing is going to be whether they can control costs to the $600/oz that they estimated and whether the grades are going to hold with what they predicted.  

Obviously though if the reserve is JORC grade it should hold pretty much to their estimates, but it only takes a few points less to make some difference, eg they are targetting 3g/t if they hope to get 30koz from 300k tpa plant, but if grade comes in at 2.9g/t, they get 1koz less, or $1m less revenue.  Doesn't sound like much though, and given POG is $500 above that anyway, it looks like a pretty comfortable margin.

Am looking forward to seeing the gold poured though


----------



## phantomcamel (26 February 2010)

condog said:


> Hes spot on , labour shortages all round in WA, starting to cause delays. Get used to it on most your stocks that are operating in WA and soon QLD.
> 
> These things happen, but a little more communication helps and they will learn from that.



Not only labour folks, anything commercial Toyota is now extremly hard to get. LC70 series easy 5 months wait + the conversion. Similar for HILUX etc.


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## condog (1 March 2010)

This is the week. First gold pour to be confirmed this week. Announced last week by company that definitely done by this week. 

Expect rerating on announcment. Theres been a lot of negativity due to the delay and once a decent pour is confirmed expect a fair bit of excitement .


----------



## Sean K (1 March 2010)

condog said:


> This is the week. First gold pour to be confirmed this week. Announced last week by company that definitely done by this week.
> 
> Expect rerating on announcment. Theres been a lot of negativity due to the delay and once a decent pour is confirmed expect a fair bit of excitement .



This is a bit hyperbolic, imo. We know they are going to pour. I think it will depend on the mood of the day. If gold goes up $100 and the XAO is up 2% on the same day, then it will be a big move. If reverse, reverse. Fundamentals and minor news have very little to do with the daily movement of stocks. If they came out with an significant unexpected announcement, or planes flew into some important buildings, that would be price moving news.


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## condog (2 March 2010)

Kennas, this is a major announcment that will re-rate the company. Just on delay alone it dropped 20% last week, only to correct when the MD came out and announced we would definitely have a result announced this week. 
This one is not following the gold price at all. It will in due course, but as its not yet a producer, its following its sentiment and speculation of it becoming a producer at this stage.


----------



## Gar (2 March 2010)

I still feel there is a bit of doubt in peoples minds regarding the gold pour so I still believe we will see a significant jump on the results... 

Only my opinion though, based on people I have been talking to. 

It would be very nice if we did get the announcement coinciding with a descent rally in gold but we'll just have to wait and see


----------



## condog (2 March 2010)

do the maths if they can produce say 16kg gold per month. Its Staggering.

It will have no choice but to go.


----------



## AngusSmart (2 March 2010)

I'm starting to wish i bought in a little more, but will see how the next few days pans out.. tho i will miss alot dew to traveling back from the Usa.


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## Gar (4 March 2010)

Trading halt until monday, pending a cap raising announcement 

That'll be handy to hold off selling if the pour doesn't happen this week _as promised_


----------



## tehnoob (4 March 2010)

Does anyone have a reason for the trading halt today? Surely it wouldn't be to announce the first pour.


----------



## condog (4 March 2010)

tehnoob said:


> Does anyone have a reason for the trading halt today? Surely it wouldn't be to announce the first pour.




Yes it will be to announce first pour, or difficulty with first pour. Undoubtably its a halt while they pour.


----------



## Gar (4 March 2010)

tehnoob said:


> Does anyone have a reason for the trading halt today? Surely it wouldn't be to announce the first pour.




Read page 2 of the announcement.

"The company requests immediate halt in the trading of securities pending an announcement in relation to capital raising"


----------



## tja125 (4 March 2010)

seems strange that they are doing this at such a crucial time, or maybe it isn't strange but a convenient coincidence...


----------



## condog (4 March 2010)

Gar said:


> Read page 2 of the announcement.
> 
> "The company requests immediate halt in the trading of securities pending an announcement in relation to capital raising"




yes i missed that

very wierd unless its for a very good cause ther might be a lot of current holders on the phone 

it must be for plant problems or to fast track the upgrade??? very very odd timing with sp about to jump.


----------



## phantomcamel (4 March 2010)

They are trying to raise cash so they can afford the gold pour??? 
Obviously it is a strategic move...


----------



## Sean K (5 March 2010)

phantomcamel said:


> They are trying to raise cash so they can afford the gold pour???



LOL, At last count they had $2m in the bank, so this 'first pour' (if it happens) perhaps wasn't going to really immediately fix their dwindling cash holdings anyway. Or, maybe it's strategic, as you say. 



condog said:


> very very odd timing with sp about to jump.



Yes, they should listen to an internet avatar about how to time their announcements. It's just so obviously going to spike 20+% ish on this news. Why aren't they thinking about the day traders who are waiting for this event in order to sell out on a good profit?


----------



## kermit345 (5 March 2010)

From reading what John Williams has wrote in many previous announcements and also in articles in some respected newsletters etc. It sounds like he has put many years of blood and sweat into getting the company to where it is now, with still a (in my eyes) very good outlook over at least the next 6-12 months, and possibly further.

They probably have minimal consideration for the day traders (which is possibly a bad thing as in any business you want to bend a minimal amount of noses out of shape) but when the trading halt ends there will still be the rise everyone is anticipating.

I'll be looking for some guidance as to what the capital raising funds will be used to achieve what goals, which will help me decide on an exit strategy.


----------



## AngusSmart (5 March 2010)

Looking good so far  kicking myself for not spending a little more on it now since i didnt quiet spend all i was planning to on my holiday..


----------



## Pivotonian (5 March 2010)

First pour announced today - finally!

Still to be seen what impact it will have on the SP as its still in a halt.  Hoping for some appreciation next week ...


----------



## condog (5 March 2010)

This is an absolutely amazing result to make the progression to producer. Overdue and small pour, but extremely powerful benchmark for the company. 

Dont uner estimate the gravity of this moment for AAM. Irrespective of what the sp does, this is a massive achievement and one that the vast majority of gold explorers in this country ever fail to achieve.

I only wish i had a lot more of AAM


----------



## AngusSmart (5 March 2010)

condog said:


> This is an absolutely amazing result to make the progression to producer. Overdue and small pour, but extremely powerful benchmark for the company.
> 
> Dont uner estimate the gravity of this moment for AAM. Irrespective of what the sp does, this is a massive achievement and one that the vast majority of gold explorers in this country ever fail to achieve.
> 
> I only wish i had a lot more of AAM




you and me both man! @ .28 when i got in was so good! but i needed 1400 to go heli skiing in Alaska.. only to find the day we book it gets put on hold most of the day and than canceled.. would have added a fair bit more to the bunch i'm already holding.

cant wait till monday now!


----------



## condog (7 March 2010)

Should be a big week for AAM, depending on the post cap raising churn. apparently the cap rasing was done by Pattersons and had to be scaled back to 25% of application qty, due to massive demand. Gee i wonder why at 25c mates rates.

None the less should be a massive time ahead for AAM now that it is officially a Gold producer. A significant achievement that most goldies fail to ever attain.

Congrats to all holders.


----------



## condog (7 March 2010)

Announcment Friday During Trading Halt - expect market to react on open tommorrow.

Highlights
 A1 Minerals completes first gold pour from BrightStar Project near Laverton in Western Australia, producing a 7.99kg unrefined gold bar.
 Targeting production of 30,000oz per annum based on the plant’s current capacity of 300,000 tonnes per annum.
 Exploration programme continuing to convert reserves and underpin future expansion
Western Australian gold company, A1 Minerals Ltd (ASX: AAM) has celebrated its transition into production with the completion of the Company’s first gold pour, comprising a 7.99kg unrefined gold bar, from the BrightStar Gold Project in the Laverton region of Western Australia.
The pour represents a major milestone for A1 Minerals, propelling the Company into the ranks of Australia’s gold producers and marking commissioning at the Company’s fully‐owned gold plant. The plant has initial production capacity of 300,000 tonnes per annum, but has been designed to allow a ramp up to 750,000tpa for an estimated cost of $10M.
The BrightStar Project has a JORC compliant resource estimate of 1.7 million ounces of gold, including a reserve of 150,000 ounces (ASX 1 December 2009). A1 Minerals is targeting minimum gold production of 30,000 ounces per annum for four years, with an exploration programme underway to expand the production output.
Recent exploration activities have suggested significant additional gold mineralisation, including the identification of large zones of near‐surface mineralisation within 400m of the plant where assay results have returned grades of up to 6m at 63g/t Au.
Page 2
Managing Director of A1 Minerals, Mr John Williams, said that the conversion of additional reserves would be a key focus in the months ahead.
“I would like to congratulate all our staff and contractors who have worked so hard to achieve this significant milestone of pouring our first gold from BrightStar,” he said. “With production now underway, our core aim at A1 Minerals will be to convert resources to reserves and define additional JORC resources to underpin the Company’s growth into the future.”
John Williams
Managing Director – A1 Minerals Limited
For full reports and information go to A1 Minerals website: www.a1minerals.com.au or ASX Code: AAM


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## AngusSmart (8 March 2010)

Hope today goes well..

does anyone happen to know an other Asx gold company that has a similar production rate and is currently producing also? would like to gauge a price of where this is expected to head.. if that would be any indication on where it is to go..

Cheers and thanks for the original heads up on this company..


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## tja125 (8 March 2010)

Hey guys,

Well it seems the market didn't react that well to the capital raising.

Please offer me some insight or correct me, but i did some quick calculations to workout what the price should be after the shares are diluted with the cheap 25c shares and my answers left me thinking the price should still be around .32 (assuming the price of .33 at the time of the announcement).

Why such a bad reaction? Expecially given that it was also at a time of another positive announcement?


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## condog (8 March 2010)

tja125 said:


> Hey guys,
> 
> Well it seems the market didn't react that well to the capital raising.
> 
> ...




Not so much that it reacted badly, more of a case , theres 17 million shares just bought for 25c that can attain around a 15% return in 3days. And theyhave chosen to offload them.

Certainly the market hasnt reacted as strong as it should have and probably will once some of the discount shares are offloaded.


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## tja125 (8 March 2010)

condog said:


> Not so much that it reacted badly, more of a case , theres 17 million shares just bought for 25c that can attain around a 15% return in 3days. And theyhave chosen to offload them.
> 
> Certainly the market hasnt reacted as strong as it should have and probably will once some of the discount shares are offloaded.




I see. Maybe I misread the accouncement, i thought it was saying that they will place the shares, not that they have already done so. I understand now that there are about 15.6 million shares given out in the last few days @ 25c and the rest will await approval form shareholders?, Well lets hope things go a little better once these guys have finished making a quick buck out of their mates 

Thanks for your reply condog!


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## McCoy Pauley (8 March 2010)

The announcement clearly talks in the past tense (ie., the placement has already been made).  Not surprised to see the SP sink on the back of that announcement.


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## kermit345 (9 March 2010)

Disapointing that a raising is made with institutional and sophisticated investors at such a massive discount only to dilute the current shareholders positions, as well as have them simply sell on market straight away for such a large premium that they have recieved for simply taking part.

This is what can be disapointing about companies sometimes, the smaller investors get shafted by 1) not getting the opportunity to participate and 2) getting their holdings diluted by the large discounts to the 'sophisticated investors'.

What makes it worse is the timing of this announcement. I still believe the share price is undervalued and has some way to go as gold production continues and exploration is ramped up (as well as the possibility of production expansion). Unfortunately i'm having mixed feelings with the management after initially being very happy, hopefully from here on out there are minimal hiccups and a lot more positives.


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## Sean K (9 March 2010)

The capital raising at such a steep discount has potentially effected the share price reaction to the first gold pour, but really, those expecting a significant spike in the price on telegraphed news need to check themselves.

And those selling are likely not to be the sophisticated and institutions as they would have made some agreements not to sell for a certain period. I stand to be corrected on the mechanisms put in place for such processes. 

As far as a good placement, what were these jokers smoking when locking in 25c? The VWAP over the past 3 months has been well above 30c and possibly around 35c. Major shareholder dilution and a indication of the markets willingness to hand out money to AAM at this stage. ie, not much.  

Having said that, I think holding above major support at 30c is a very good outcome here. Could have just as easily tanked down to 25c.


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## kermit345 (9 March 2010)

True kennas, I guess it does display the confidence in A1 that the share price hasn't fallen to the 25c mark and that shareholders are comfortable to retain their holdings in expectation of future performance.

A positive to take from this is that 4.3 mill was raised and it is to be used on 'working capital' which I assume includes keeping production happening so that a sustainable revenue stream starts occuring as well as some site drilling to *hopefully* increase reserves.

This is the vibe im getting from their recent announcements and plans for the mine/site.


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## condog (9 March 2010)

The raising was done by Pattersons and was 4 times over subscribed, surprise surprise, who wouldnt.

The dilution itself isonly around 1.4cents which does then set us up very nicely for accellerated growth in coming months, so its not all bad news. Its a shame it came on top of the maiden gold pour. Thats the dirty part. 

The step from explorer to producer should have easily launched it past 40 c given its psent much of recnet months in the 30c+ and up around 37 c for some time. 

Dumb, bumb, bumb is the only way to describe this move by an otherwise brilliant small company.

who ever they recieved advice to do the cap raising off needs to have their AFSL revoked.


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## Sean K (9 March 2010)

condog said:


> The dilution itself isonly around 1.4cents which does then set us up very nicely for accellerated growth in coming months, so its not all bad news. Its a shame it came on top of the maiden gold pour. Thats the dirty part.
> 
> The step from explorer to producer should have easily launched it past 40 c given its psent much of recnet months in the 30c+ and up around 37 c for some time.



Yes, not too much dilution, but after having more of a think about it, I wonder why they didn't tap the players for even more cash while they could? 4 times oversubscribed... Maybe another $5m in the bank would have been a good thing. At 35c, of course. 

Yes, big step, but we'll never know what effect it would have had on the sp due to the surprise raising at bargain level. 

Now, they need to prove consistant production to get that 30m oz pa. Still very very junior just to be running for 30m ounces. They should be fast tracking the ramp up I reckon. I suppose once they prove themselves here, they might do it. Will be interesting to see what their cash costs end up being for this initial period.


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## kermit345 (9 March 2010)

I would hope that they make a habit of some regular announcements over the next 1-2 months to keep everyone up to date given the poor correspondence recently and the shareholder disfaction from this recent event.

would be good to have some ongoing reports on how the facility is functioning and what tasks they are undertaking with the new cash at hand.


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## condog (9 March 2010)

kermit345 said:


> I would hope that they make a habit of some regular announcements over the next 1-2 months to keep everyone up to date given the poor correspondence recently and the shareholder disfaction from this recent event.
> 
> would be good to have some ongoing reports on how the facility is functioning and what tasks they are undertaking with the new cash at hand.




Im pretty sure we will see a better communication process, i certainly told them what i thought and it appeared i wasnt the first or last in line.

They will be drilling the nearby pits so we should be seeing assays, but a second pour for me will be the deciding factor. 

At 30K oz we should be looking to see 80kg. It will take a while for them to reach that point due to technical refining etc, but i want to see a second pour of at least 40kg plus by approx 30 days from now.


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## Sean K (11 March 2010)

condog said:


> At 30K oz we should be looking to see 80kg. It will take a while for them to reach that point due to technical refining etc, but i want to see a second pour of at least 40kg plus by approx 30 days from now.



condog, what are you working on to try and get these figures? 

Monthly rates of production I assume...

30k oz pa = 850kg pa

= 70.8kg p/mth

Not much difference I suppose.

And, why have you plucked 40kg? Just an assumed ramp up rate? Maybe we should be aware that if they keep 'ramping up' over the coming months, they will not make the 30k pa as you expect in first year, unless they overcook the mill in the later months.


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## condog (11 March 2010)

kennas said:


> condog, what are you working on to try and get these figures?
> 
> Monthly rates of production I assume...
> 
> ...




Using troy ounces. i picked 40kg, assuming they will take time to rectify teething problems and ramp upr production processes and efficiencies.


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## tja125 (12 March 2010)

I contacted A1 asking how often they plan to give "update" announcements, but had no luck with replies, will try calling them soon. Has anyone been able to get much out of them?


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## AngusSmart (12 March 2010)

Almost back down to my original buy price 

could be time to jump back in again if it gets any lower..


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## Pivotonian (12 March 2010)

Below my entry price (0.295) now 

I'm very disappointed with the performance of this one over the past few days.


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## Joe Blow (12 March 2010)

AngusSmart said:


> Almost back down to my original buy price
> 
> could be time to jump back in again if it gets any lower..






Pivotonian said:


> Below my entry price (0.295) now
> 
> I'm very disappointed with the performance of this one over the past few days.




Gentlemen,

A little more content would be nice to see. Why do you think the price of AAM is easing? Where do you see support? Is there anything worth commenting on in the announcement released this morning?

Please try and add some value to your posts in stock threads. Remember, your posts exist for other people to read, so please do your best to contribute some useful content.

Thank you!


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## kermit345 (12 March 2010)

I think its more just that the SP is easing off slowly until more positive news is announced. The same happened late last year when the price spiked to 45cents and then eased down to 38c on the back of little news. I think once exploration news and continual gold pouring news comes through you will see a steady increase back to the high 30c mark.

Hopefully this is the case anyway, agree that its getting close to another good buying opportunity now.


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## condog (12 March 2010)

tja125 - AAM communications is like a silent fortress. none to speak of, no matter what. its poor. 

They need to cut ties with ________ who advised them of the timing for the cap raising. That was the dumbest timing i have ever seen. Absolutely pathetic. 

angus - i agree completley, in the fullness of time we will see results, forcing sp to respond. As long as managment can be trusted not to pull any wifties like they did last week. 

AAm  is good enough to stand tall if managment can resist chopping it off at its knees.


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## kermit345 (15 March 2010)

Up until recently they had been doing a sufficient job. However I think there are added expectations that comes with being a producer and they may be just struggling initially with getting this right. However i'm confident in the company, and its the same management that have got them here so i'm sure they will bounce back.


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## AAM shareholder (15 March 2010)

Hi, I'm a long term accumulator of AAM. 

The MD sold 268500 shares at 37.7 cents on 24Dec, look at the announcements since. Do you feel you were informed? He's converted loads of 2011 options at 20c..... did he need the money in AAM? why didn't he convert the 2010 options at 30c?  

For my part since mid 2008 the issued shares have increased form approx 109mil to 178mil ...look it up That's a dilution of value. Mr Williams holding haven't been diluted. He got 6.5 million shares at 8cents. Is "got" the right word? 

I'm doing an analysis of the effect and of the lack of reporting and issues. EG Gold pour of 7KG approx is 1 to 2 days worth only. Hard to claim its a pour and I believe it's 2-4 weeks before the current problems are resolved. 29th Jan quote "Carbon loading with Gold ready for first pour". We get no detail... do you think the people subscribing at 25c are putting up 4mill odd without any additional information>?

Who was offered shares at the hugely discounted prices? 8cents ?? 19cents?? etc.

I am interested in stopping the further erosion of my holding without proper analysis of the costs. Do you believe that the Directors thought that $1.1m raised at 8cents would be enough to get the company to pour gold. 

1.1 at 8cents announced on 6th May 09, complete on 22 May 09 PS there was a share price spike .... mmmm and suddenly extra shares were issued at 8c....mmm

Then everything changed and 22June 09 we got offered shares at 13cents but limited quantity to 115000.

Let me know what you think
Regards


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## tja125 (15 March 2010)

AAM shareholder said:


> Hi, I'm a long term accumulator of AAM.
> 
> The MD sold 268500 shares at 37.7 cents on 24Dec, look at the announcements since. Do you feel you were informed? He's converted loads of 2011 options at 20c..... did he need the money in AAM? why didn't he convert the 2010 options at 30c?
> 
> ...




I agree there is some questionable dealings that have gone on and the disclosure has also been questionable. I was unaware the MD had offloaded quite that amount of his own shares at that stage  ... The dilution at this later stage shouldn't matter so much if they could only keep us a bit more informed and not issue any more rediculously cheap stock, the SP would have a bit more confidence. As others have mentioned, when there is good news and things look ok the price goes straight up, but slides because of management's ill communication or actions. I mean their questionable actions aside the company is still very undervalued considering what we are told is in the ground yet to be mined... But i would like to hear any other opinions you have AAM Shareholder as you obviously know a little more background than myself, (I have only held since Nov 09).


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## kermit345 (15 March 2010)

AAM Shareholder, thats a very interesting analysis. Does show a bit of a trend that is both interesting and opportunistic. Basically seems that if AAM releases good news, you should sell into the SP rise, and buy back in when management decide to issue some cheap shares afterwards.

We have harped on about it a fair bit lately in this thread, i'm not sure if they have any people that check this or if anyone has re-iterated these issues with AAM. But the next 6 months will be interesting I feel. I believe they are undervalued, but the actions of people involved and their announcements could sway on whether im happy to continue being a shareholder, or look for the nearest exit.


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## AAM shareholder (17 March 2010)

Quick Update
J Williams Director actually sold shares on 4 occasions ....see AAM Announcements... re "change of Director Interest" and "Appendix 3Y" ........at the same time he converted 2011 options at 20c 
I can assume only this was to capitalise AMM while he figured out how to raise more $. Also Mr Hunt converted 1million options at 20cent. Note these were 2011 options not the 2010 which cost 30cents.
The $ converted was always approx what he sold. There was no other logical reason to convert .......unless they want to increase their control.

In total J. William sold approx 1.36millian shares at approx 36.9, 37.7, 37.8, 34.89 (rounded) 

Were we told that the plant etc had delays? 
Did they announce the capital requirements? except to issue and issue more shares at real discounts.
Did they devalue your / my holding?

Google Insider Trading.... it something like the following generic quote

"Trading while in possession of information that is generally not available and would be likely to have a marked effect on the price or value if it were known"

I want to vote against the resolutions as they enable another issue of up to 15% of a now increased number of shares.

ps check these details for yourselves


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## Sean K (17 March 2010)

Good work on going back through the announcements AAM s. And being a shareholder skeptic, as we all should be. Everyone has an agenda in this game. 

Agree that this seems unervalued on the basic numbers as I've mentioned previously. It definately pays to use tonnages, grades, etc as just a filter before delving deep to assess a company's real potential.


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## kermit345 (18 March 2010)

Will be interesting to see if these options keep being released now that they are in production and in the spotlight a bit more. Pretty annoying that if it continues to happen when they have pretty much no need now to generate cash through that method.

As i've said before, next 6 months are where it will be interesting.


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## AngusSmart (18 March 2010)

Are we allowed to discuss the voting forms we just received?

i had a very quick read thru them and i dont usually worry about voting or posting them back. i think they had something to do with options..


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## condog (18 March 2010)

Dont get distracted from the real prize by these small introcies and annoyances. The second gold pour is apparently next week. will be a price catalyst, especially the lead up.


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## condog (18 March 2010)

Further more the Tranche 1 announcment also said they are still targetting 30,000 oz per annum.

So its a remote possibility next week we could have a very significant gold pour that will ignite this thing. 

If they are targeting 30K oz , thats 2500 oz per month, two weeks since initial pour , minus a bit for teeting problems, we should be seeing a 1200 oz plus pour imo. depending on thier moulds of course. Last one was 213 oz, so 1000 - 1200 oz approx would be my target. 

I think people are  expecting a smooth transition with no technical problems, not teething problems. And that just doesnt happen on most occassions. 90% of all aussie junior goldies never even pour an ounce of gold, so they are in the top 10% performance wise. Yet forum communtators are expecting them to operate like BHP . It wont happen. They have few personell and are working their buts off to achieve a massive task that most fail to achieve.

Im in accumulation mode for the excitment and speculation next week. hoping to be free carried on AAM some time next week.

Good luck to all.


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## AAM shareholder (18 March 2010)

Interesting replies from other AAM shareholders
I don't believe there will be a gold pour announcement next week!

I got the hint several days ago that it's 2-4 weeks and I'd bet on the latter being nearer the meeting, why do you think that the meeting is 4 weeks off?
Shareholders should read and VOTE. The directors now essentially have numbers to pass what's good for themselves UNLESS we vote against them. Look at channel 7 and what happens when control is ceded.

I wonder how many of the shares issued at 19cents are still held? I also wonder how many shares were issued at large discounts to associates. The share spike in May last year was not on rumors I think it had to do with a 8 cent issue.

ps re Condog's comment Tranche1 issue said they were targeting 30000..... That's been the target for a long time. They are attempting to modify the mill and cir4cuit to process 60000 pa.
BUT they had options to Toll mill 2 years ago and not issue any extra shares. Imagine self funding..

Issuing shares at 8cents changed the company control and these should have been issued at a hefty premium. I want an independent director not a self interested one.


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## kermit345 (18 March 2010)

Directors with Self interest can have some positive sides as well though, just depends on their actions. instead of getting these options at massive discounts, getting them at fair value and growing the stock so he makes a SP gain the same as any other regular shareholder.

I think there will be a pour next week, but I don't believe it will be as significant as you think condog. I believe that there will be a slow but steady rise to where they reach their estimated output, I don't believe they will reach it straight away. I think the SP will match this slow but steady rise but with a lag effect. So next weeks pour may not effect the SP, but say 2 weeks after that when another pour is made and its another slight increase, then you will see a slight increase in the SP as well.

Obviously any exploration results within this timeframe will effect the SP as well, whether it be positive or negative dependant upon the results. Hopefully discounted options and shares to sophisticated investors or directors becomes a thing of the past and as the company begins making profit, this is what is used to generate growth and director payments, not by diluting the holdings of general shareholders.

If equity raising is to occur, it should be available to everyone, not a select few who obtain the large discount while the remainder of us feel the pain of it, both in a diluting sense and a SP drop sense.


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## condog (18 March 2010)

its funny you both seem to be disagreeing with me by re-emphasising what i said. 

Let me be clearer perhaps.

Initial gold target was 30,ooo oz p.a. - yesterdays announcment still aims for 30,000

Intital production will take a while to ramp up to 2500 oz per month, hence lets hope to see about 1000 oz 1200 tops, but less is ok.

Announcment clearly stated pour next week. Although we know from experience, that could mean in the next few weeks, but none the less the market will surely get excited next week. 

Right now red hot buying imo. DYOR .

Both the previous posters , you should be contacting the company in writing about your distrust or dissapointment with cap raisng details, other wise how else are they to know and fix the problem.

AAM hsareholder, becareulf what you wishj for , share holder advocates that take control of boardrooms, nearly always bring small companies to thier knees, by accellerating the loos of good personal. Yes its dissapointing, but its the way its done when capital is at a premium and cash flow not yet flowing. Would you prefer them to pay several hundred thousand for a prospectus, take three months of premium quality man hours to do the leg work. I hate it to, but i think you just need to tell the company and move on. If you hate it that much get ou, and by into another junior goldie like BCN or HEG.


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## kermit345 (18 March 2010)

I don't see how i'm re-emphasising what you said?

All I agreed with is that there will be a pour next week. I disagreed with your estimates and said I think it will be less, and I disagreed with your SP prediction of the market getting excited next week.

I'm halfway between yourself and AAM Shareholder. He seems very pessimistic about AAM while you seem very optimistic. I definately see the value and potential in AAM just like yourself condog, but the recent activity has left a sour taste, just not quite as sour as AAM Shareholder seems to depict.

I agree right now is a great buying opportunity, but I think the catalyst for a major SP rise will be exploration activity in combination with steady gold pouring, rather than the gold pours alone.

just my thoughts.


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## Sean K (18 March 2010)

condog said:


> The second gold pour is apparently next week. will be a price catalyst, especially the lead up.



Heard this before somewhere. Alternatively, they will use it as an opportunity to raise some money. 

Have management really proved themselves yet?


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## condog (18 March 2010)

The negativity is astounding, they manged to get the tenement, drill the resource, take it to pre production, their crusher is working, they have the carbon flowing, but unfortunately didnt manage to recycle the carbon

Give credit where its due they will overcome that. Teething problems. These things happen.

They have proven them selves so far in everything except cap raising timing and procedures. Which is par for the course when your a minow. Im sure as the company develops they will have better decisions and advisors.


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## tja125 (19 March 2010)

Well today's trades were interesting, up 7.69% on high volume. Still seems to be a large number of sellers but they seem to be holding their ground to some degree. Maybe the climb has begun (Lets hope). Will be curious to see if the climb sustains until next week when there will either be another delay or a positive announcement. I may not be as hopeful as yourself condog but i do agree there may be a gradual climb and spike of some kind providing there is a half decent pour.


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## condog (20 March 2010)

imo the only thing that killed the previous price spike was a badly timed and price cap raising. 

imo there will be a price spike on speculation and in relation to a good pour if it occurs next week or the week after. 

Carbon recycling should now be resolved and the previously loaded carbon on site should be able to be processed pretty quick to contribute towards next pour. 

Id imagine they ave a pretty decent sized crucible, but unsure. Im expecting / hoping for 1000 oz, but if they are now fully functional it could be a lot more. anything much over 1000 oz would set the sp on fire. 

Apparently the gold room has been assembled, but thats only an apparently, im not certain. The detail was a bit wishy washy. 

the latest announcment stated too clear things - JW espects next pour to be next week, and he is still clearly targeting 30,000 oz per annum. That being the case he needs to ramp up to 2500 oz per month. If they are on track, the three weeks they have had since previous pour should enable a 1000oz pour. And the previously loaded carbon should hopefully add to that figure.

Not sure on how thier labour shortages are going, but if they have 24 hour shift on that plant they could possibly deilver a result that is shockingly good compared to the last which is well and truly reflected in current depressed sp.

Interesting week ahead, and glad to be holding.


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## AAM shareholder (22 March 2010)

Twice I tried to reply... last attempt and brief.

Friday AAM drew a hammer on the weekly chart and was up on volume that was greater than the corresponding prior down. This is positive, however the 13/7 moving averages are crossing to the downside. Today 2.30 AAM was down 1cent with low volume (ok so far) and even buys and sells. There is resistance at 34c and the price needs to break up above 29cents first. Note there is a gap in the chart at 24-25cents and gaps generally get filled.

Several members seemed excited about the potential for the stock to run with good news.... there is an old saying "buy the rumor, sell the fact" beware. I'd be happy for you to be right but am skeptical. 

AngusSmart ..... there should be no inhibition to discussing the voting forms. Me I'm voting against the latest issue. This doesn't stop the issue but prohibits the directors from getting the right to issue another 15% of the cap. I want more transparency before I give them the right to water down my holdings.

I'm curious re other shareholders here ... are you day traders, why did you buy AAM ...stockbroker recommendation and if so which stockbrokers and how long ago? Are any of you holding larger volume eg to 100 shareholders? 

regards


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## Donga (22 March 2010)

AAM shareholder said:


> Twice I tried to reply... last attempt and brief.
> 
> Friday AAM drew a hammer on the weekly chart and was up on volume that was greater than the corresponding prior down. This is positive, however the 13/7 moving averages are crossing to the downside. Today 2.30 AAM was down 1cent with low volume (ok so far) and even buys and sells. There is resistance at 34c and the price needs to break up above 29cents first. Note there is a gap in the chart at 24-25cents and gaps generally get filled.
> 
> ...




I bought in about 3 months ago, after seeing their low value relative to being an emerging producer (also holding NAV and GOA on similar basis) and still believe AAM will shine if they can sort out what looks like early teething.  

There are a number of shareholders on another forum who are writing to management with now well over 3 million shares between them - here's a snippet. I have not been involved. 

"Ok here's where we stand
Bandwagon 664,418 shares
Dratoz 600,000
thrones 55,000
Simon 83 40,000
Hoppie 100,0000+
Shlart 150,000
Troyus 35,000

Ok thats a block of 2,544418...enough perhaps for the directors to pause for a couple of nanoseconds.

Its effectively a Million bucks worth of stock.I suspose everyone else is happy with the further dillution to their stockholding implicit in Resolution 6....ie)anybody else want to leave a chockito in A1's Dillution Pool Party?

I say we ask why the company requires an immediate capital raising of $358600 when theres over $5million at bank and we are in production

The Question rationaly and susinctly asked:"The company has asked for shareholder approval of this capital raising....why is it neccessary?" Now thats our right if nothing else.

Hmm Nathanblogs you're on... anyone else for Lunch after a bit of shareholder activism. KR up for lunch and a wideranging discussion on A1?"

Let me know if you wish to get in touch with the  other forum and I will send you details in a private message. 

And let's hope for some great news this week


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## AAM shareholder (22 March 2010)

Yes I'd be delighted... and you can add in my 1m (diluted shares) into that mix. Please contact me via my email. 

Regards


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## AngusSmart (22 March 2010)

Cheers for the reply 

i agree with the vote. i dont see why they were trying to raise money at this time. they clearly have enough to play with, right ontop of production happening soon.

will have to track down the forms now to get my vote in. i dont hold a great deal at the moment. but will sell my under performers, cut the losses and get in on this one..

not a day trader either, dont quiet have the time for it at the moment but was looking into it.


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## kermit345 (23 March 2010)

I would also be interested in reading this other forum. Would most likely add my shares to the mix but I don't have a large holding (as i'm young starting out).


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## AngusSmart (25 March 2010)

kermit345 said:


> I would also be interested in reading this other forum. Would most likely add my shares to the mix but I don't have a large holding (as i'm young starting out).




Yes likewise, i wouldnt mind reading some more of peoples thoughts about the company too.

not holding a great deal at the moment, will probably see how the sp goes after the meeting in april..


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## AAM shareholder (25 March 2010)

AAM filled the gap at 24c this morning. I'm having difficulty with this chart and don't like its shape nor the silence from AAM. 

There are now lots more nervous shareholders who bought at 25c and 19c who may start to sell unless a really good report is produced.

Wrote to AAM  no reply
I want a independent director. I don't want to end up with another Croesus.


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## tja125 (25 March 2010)

I am not loving the chart, but i think even a mediocre info release today or tomorrow regarding the gold pour would be enough to keep things looking hopeful.


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## kermit345 (25 March 2010)

While the charting is not overly wonderful, it is on the back of some news that hurt shareholder confidence.

Any positive news that becomes front of mind instead of the recent issues, should be a positive catalyst for the share price. While the second pour will hopefully be positive news that gives the SP a boost, i'm in the hope that they are undertaking more exploration and getting results from the turtle zone to hopefully buffer the resource. Now that would be positive news that provides a more substantial increase.


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## AAM shareholder (25 March 2010)

http://www.brr.com.au/event/62204/first-gold-pour-december-2009

Boardroom radio link 27th Oct 2009 AAM interesting to listen and remember that "all that glistens ......" well maybe "the best laid plans...." 

Tomorrow is the day... of the big announcement. AAM price daily chart  shows indecision but the 13/7 moving ave and MACD are pointing down. A good result may get a bounce but with the US$ still moving up and gold down it may be that only... a bounce. Once the US$ reverses (or at least partly retraces this up move) we might have a rally? in gold shares.

My understanding is that the sophisticated investors who got shares at 25c (a big discount at the time) may not want to hang about. They don't get advice...only large discounts to allow them to be greedy. They are not generally long term shareholders, but have assets of > $2mill and incomes > $200,000  so it will take some time and possibly cap any move from the production announcement.

Now to why I don't want any more shares issued.
Assuming a AUD to US$ at .9, and gold oz = $1000 US, then AUD gold is approx $1100. With production of 30000oz pa and costs of $600 per oz we get the following profit per share,
1. 120m shares, 13c per share, on a PE of 6, share price is approx 78cents
2. 190m shares, 08c per share, on a PE of 6,.............................48cents

It makes a huge difference.
AAM could have pushed the Toll Mill option harder

CRE just processed for 50 days and their grades are half AAM ave grades
They produced 22000 oz at cost of approx $800AUD giving a est profit of $6.6million. With AAM's grades and some of their high grade ore, 50 days could realise $10million+ profit

Even if the mill works I'd be looking for a Toll mill option for a short burst.
The loss of 30000oz from capital doesn't affect the shareholders as much as more shares do (unless you're a director and can issue shares at 8c and options at 20c)

Not everyone believes that gold will breakout to new highs. Prector at www.elliotwave.com believes firmly that its on its way down towards $680 per oz. before the next wave. 

regards
ps not heard from Donga but would like to as the meeting is looming


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## kermit345 (26 March 2010)

Useful analysis AAM Shareholder. It's amazing the difference that having 50%+ more shares on issue makes to the share price.

There really should be no reason to issue further capital from here as if production can reach a steady point, it should produce constant revenue to cover any costs.

A1 usually make their announcements mid morning from what i've noticed, so looking forward to some action before lunch. say you apply even a 25% discount to those 2 share prices you've eluded to as it may not trade at its value. That is still values of 58.5cents and 36cents respectively. If the share price reaches 58cents over the next 6 months when operations are stabilised i'd be very happy. Also think this is a possibility if exploration proves successful.


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## AAM shareholder (26 March 2010)

kermit345 said:


> Useful analysis AAM Shareholder. It's amazing the difference that having 50%+ more shares on issue makes to the share price.
> 
> There really should be no reason to issue further capital from here as if production can reach a steady point, it should produce constant revenue to cover any costs.
> 
> A1 usually make their announcements mid morning from what i've noticed, so looking forward to some action before lunch. say you apply even a 25% discount to those 2 share prices you've eluded to as it may not trade at its value. That is still values of 58.5cents and 36cents respectively. If the share price reaches 58cents over the next 6 months when operations are stabilised I'd be very happy. Also think this is a possibility if exploration proves successful.




Kermit..If the gold price crashes then production costs will overwhelm the revenue...this is a risk! Note: the PE of 6 I used was for the example only. Gold shares generally have higher PE ratio (especially when gold is hot) but during the down no one is interested in buying. Look at AAM's monthly chart for it entire history, note the initial enthusiasm and then the continual downwards move to 6cents... who bought there? 

Longer term when we get a real gold bull market AAM will be a $$ stock (if its not taken out and if it gets full production....). In 1987 before the crash Perseverence Mining had the hype of gold and all the stocks ran on rumors...by the end it was below 20c. 

Don't get too excited 
regards
ps XJO might be forming the right shoulder of a head and shoulder or completing an (d) of a 4th wave sideways with an e down or ??? 
Comment anyone? ps I'm not a Elliot wave guru.


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## AngusSmart (26 March 2010)

I want to buy more.. but im on the fence at the moment..

tossing up whether to wait for this meeting where they may announce a small capital raising.. or to jump in now @ 25c..

you really think gold is going to fall that fast?


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## AAM shareholder (26 March 2010)

AngusSmart said:


> I want to buy more.. but im on the fence at the moment..
> 
> tossing up whether to wait for this meeting where they may announce a small capital raising.. or to jump in now @ 25c..
> 
> you really think gold is going to fall that fast?




Angusmart... I don't know what gold will do. Please read my comments carefully. I mentioned risks and Prector at Elliotwave.com. 

What I think will happen and what I do is irrelevant. In an earlier post I mentioned the downside of AAM to 24-25cents and its there now BUT what is happening at AAM...? I don't know.

You and some of the other members here seem so eager and positive that its going to the moon (well I exaggerate) so I suggested looking at the full AAM chart and puting some moving averages on the chart and maybe look at other stocks charts as longer weekly and monthy charts. 

All I know is that I have asked for a AAM register yesterday and as of today have been told that the "Share register relationship manager" is waiting for approval from AAM. Last time this happened was before the 8 cent vote and I didn't get the register so I couldn't block their vote 

2.00pm Sydney time (approx 12.00 WA I think) AAM .24 to .245 
I think there is more selling in block than buying.... ie 5 or 6 sales show the same time (hh.mm.ss)

regards


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## AAM shareholder (26 March 2010)

Maybe "they" read this forum 
I just received an email that I can get the AAM register. 

Ok what's the betting that the release will be after closing today


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## tja125 (29 March 2010)

and now we have silence again... why not at least tell us "the pour has been delayed until.... because...". Annoying.


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## tja125 (29 March 2010)

Just called AAM on the phone and spoke to a girl (just a secretary i believe). She took my email address, but was unable to say anything to me about whether there would be an update announced soon. I gather she was more or less "typing my details up on her imaginary tyepwriter" simply to appease me and get off the phone. Oh well didn't expect much more.


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## AngusSmart (29 March 2010)

Damn i didnt get my .235 order in just now..  why would that happen? the price fell to that  but my order didnt go thru yet?

i agree the silence is annoying huh,maybe they will announce early into next month. sometime before the meeting on the 14th.


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## kermit345 (29 March 2010)

Starting to get frustrated at the guessing games. The last announcement they clearly said 'second gold pour expected to happen next week'. Now it has me stumped as to why they would give an explicit time period unless they are almost certain of meeting that time-frame.

Had they of said 'we are expecting our second goal pour to be completed in the coming weeks' then that is fine and we all could of had fun guessing when the news was to come and got excited about it. However as soon as you infer a time-frame of the announcement and then don't stick to it AND leave the investors with no further communication as to why an announcement has not been made it gets a little frustrating. The unfortunate part is that its not the first time something like this has happened.

Still looking forward to an announcement and very keen on reading its detail, it's just the communcation (or lack of) with us, the shareholders, is beginning to wear a little thin.


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## condog (30 March 2010)

Call AAM - speak to Mark Pitts you will be surprised. They have apparently done the 2nd pour and didnt announce it as they already had announced it was happening. Plenty  due in future  weeks.

Announcments will not be made every pour.


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## kermit345 (30 March 2010)

I understand they won't be made every pour, would just be nice to have constant communication while they are pushing through the teething problems so we know where its at. Hopefully as you say there are some announcements soon then.


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## tja125 (30 March 2010)

Condog can you please put the details up here regarding what you were told about the second pour then and anything else you heard. Much appreciated, thanks.


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## condog (30 March 2010)

The 2nd pour has occured as per expected and announced it would occur. No news on size obvioulsy as that would breach disclosure.

3rd pour soon and commissioning on site hopefully by then. thats all. 

Sell off based on zilch. Overreaction.


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## jonojpsg (31 March 2010)

condog said:


> The 2nd pour has occured as per expected and announced it would occur. No news on size obvioulsy as that would breach disclosure.
> 
> 3rd pour soon and commissioning on site hopefully by then. thats all.
> 
> Sell off based on zilch. Overreaction.




I wouldn't say zilch mate - if there is "no news on size" then the 2nd pour could just as easily point to underperformance of the plant, in which case it would not be an overreaction at all.  Careful how you go IMO


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## tja125 (31 March 2010)

jonojpsg said:


> I wouldn't say zilch mate - if there is "no news on size" then the 2nd pour could just as easily point to underperformance of the plant, in which case it would not be an overreaction at all.  Careful how you go IMO




I think Condog meant there was no news on size because if they just told one person over the phone too much it would breach disclosure rules... But i would still welcome an official asx announcement...


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## kermit345 (31 March 2010)

I wouldn't say zilch either, its basically traded down to the capital raising price, and then slid slightly further due to the lack of recent news. It sounds like they are pouring fortnightly and i'd hope they would do an announcement after the 3rd pour, so maybe some news late next week?


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## condog (1 April 2010)

i think you will see an announcment over easter, as im assuming JW will have time to gather his thoughts.

Also the third pour will hopefully be on site, so that would trigger an announcement. 

overheads for pouring of site run at approx 25% of pour, so that basically halves the profit of each pour. They will surely now stop pouring till they can do it on site. However having said that each time they load that circuit to test it , they cannot leave the carbon sitting around loaded up if they fail to recover it from the carbon. So several more pours off site will signal circuit problems, while an announcment in two or four weeks would hopefully signal everything resolved.

They have truck loads of gold  close to plant and truck loads of capital to fix the problem, so imo just a matter of time.


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## jonojpsg (1 April 2010)

condog said:


> i think you will see an announcment over easter, as im assuming JW will have time to gather his thoughts.
> 
> Also the third pour will hopefully be on site, so that would trigger an announcement.
> 
> ...




I'm holding condog so I hope for our sake you're right.  Truck loads of gold close to plant doesn't mean squat though, and truckloads of capital?  Well a few million anyway - I guess if they can't fix it with that then they deserve to be hung out to dry


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## BandwagonJumper (9 April 2010)

Hello all

Longtime lurker,first time poster.

Im the BandwagonJumper from the other forum whos currently dispairing of the childishness of it. Thats the dillution I mean(and the other forum)

Im mentioned as a holder in a block of holders deciding to vote against the further dillution of our holdings. I will be at the General meeting next week and am keen to talk to any other attendees about what they hope to achieve from their attendance. At this stage I will vote against resolution 5 and possibly others. There is no reason to raise a further $350K through Pattersons as per resolution 5...................its the butt end of an allotment to sophisticated to the detriment of retail holders.

Im not John Williams,I cant sell(if thats what we must call it) myself 6.5 Million shares @ 8 cents to seize/obtain  effective control of the company. 

Now I ask you is that action to the benefit of Shareholders as per his responsibilities as the head of this enterprise or is that simply for the benefit of John Williams?

Lastly the communication from the company has been dreadfull. Especially when you need to consider that The MD sold 268500 shares at 37.7 cents on 24Dec. 
Whats been the disclosure to shareholders before or since? 

AAM shareholder(The Poster) was correct about the timing of this meeting and the lack of announcement of a second pour. I think the company is playing games with a pathetic little bar poured in a shipping container in perth and is about to reveal a substantal Gold Pour prior or during the General Meeting.This is about as predictable as the twists and turns on Neighbors. It could be 50-100Kgs and it could be accompanied by requests for further capital and or Pay-rises for Directors. If this doesnt happen next week then they really havnt a clue and heaven help us.


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## kermit345 (9 April 2010)

mmm so what your saying is that the recent lack of communication on a second pour could be because they are saving the news for just before the meeting, in an effort to give shareholders a good taste in their mouth before the meeting, so that hopefully the vote goes through for the further allotment?

At least their thought process for trying to squeeze more shares out of the company is logical, make everyone happy with some good news just to get that extra dilution into the company.

If they actually provided a reason that this extra $350k was vital to the company going forward, then the dilution could at least serve a purpose. But by just issuing extra shares for more cash at such a discount with no communicated reasoning, its no wonder a lot of us are scratching our heads.

I'll be watching closely over the next 1-2 weeks to see how it all develops, its definately poised to be interesting thats for sure.


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## Sean K (9 April 2010)

This one's having a shocker, while other gold juniors run away. That first pour really ignited them. I agree, should have been at least a positive but geesh. I've said my bit on the capital raising, but not enough on how management must be made accountable for their decisions. It's difficult for retail holders to make a difference, but make a statement if you can.


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## DJG (10 April 2010)

I have started paper trading.

First pick was AAM - Brought in at .245, up now to .250 - 4.17%

Might hold for a while to see how they do


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## Joe Blow (10 April 2010)

DJG said:


> I have started paper trading.
> 
> First pick was AAM - Brought in at .245, up now to .250 - 4.17%
> 
> Might hold for a while to see how they do




Dan, it's always a good idea to explain - even if it's brief - *why* you decided to buy in. That way, you offer up something for discussion rather than simply stating that you bought in and what price you paid, which doesn't really contribute much to the discussion.

If you're here to learn, contributing your own ideas/analysis is the best way to start.


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## AAM shareholder (10 April 2010)

Re Resolution 5

*Please vote against all resolutions.*

My understanding from several phone calls and reading is:
Note: PLEASE DO YOUR OWN RESEARCH as well.

1. under Listing Rule 7.1 the directors can issue 15% of the capital in a 12 months period.
2. A negative vote on any of the current resolutions has no effect on the shares already issued (as they were issued under the prior 15% allowance) BUT it will prevent the directors from issuing that proportion of shares during the next 12 months.

I'm VOTING AGAINST ALL RESOLUTIONS
If they can't issue any more shares we could force them to come to the shareholders and identify what is happening.

Your votes MUST be at A1 resources by 10am on Monday Perth time! see General Notes attached to the document you received.

Taking your proxy form to the meeting does not count...
SO please fax it, preferably first thing Monday morning ......by 9am or their fax might run out of paper.

You can submit your vote proxy form without identifying how you wish to vote but must identify a proxy (whom I assume? can be yourself) to vote your shares at the meeting. If your proxy is late or doesn't register correctly your votes will be ignored.

I'm not sure of the procedure for the proxy to register and get your votes counted.
READ the note on the PROXY FORM re "Attending the Meeting" and download the form referenced.

There are 2 ways in which the voting can be passed.
1. By Poll (count of the actual votes submitted).
2. Show of hands at the meeting.
If the show of hands is called for, you need 5 members or 5% of the votes to be able to demand a "Poll".

Remember the company gets to see and count votes before the meeting...

Generally I fax my proxy to A1, fill it in and nominate the chairperson as my proxy.

Addition Note:
1. What has been happening as of Dec... I can surmise only.
2. At what rate is the ore being crushed? .... don't know
3. Is the gold room up and running........don't know 
4. How much capital is left ....... I wonder?  (here I'm assuming they have poured people at the problems and that costs money)
5. What liabilities have been assumed and their time frame.... I don't know
6. How much capital is required because of poor management to do a relatively simple set of tasks..... I don't know
7. How long before the mill will be processing ore at the minimal rate of 30000oz pa ..... I don't know BUT from discussions with metalurgists and mine managers etc I assume that with higher grades of ore and approx $1mil for an easy upgrade that rate can be easily doubled.
Do I trust the current directors? .........

Has my shareholding been diluted by over 60% in the last year ...YES
Has J. William's been diluted....hardly. 
......That's apart from 6.6 million shares at 8cents now at .24 cents an increase of worth approx +$960,000 plus the sales at 35+ cents and additional value of the converted options at 20c. 

Its not only about the price on the ASX
If you own 1 million shares in a 100 million share company you own 1%
If you own 1million shares in a 200 million share company you own 0.5% 
If that company actually produces you would see a large difference in its price per share where there are less shares......you figure it yourself


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## BandwagonJumper (10 April 2010)

AAM shareholder said:


> Re Resolution 5
> 
> *Please vote against all resolutions.*
> 
> ...




I agree wholehartedly. Why bother trying to raise capital by issuing 6.6 million shares to the MD at a paltry .8cents.
The MD of this micro cap has pocketed 1.3 Million this year without considering his option sales. The enterprise to this point has been 12 weeks late in the suggested commisioning timeframe and in the past 4 weeks has informed us(the owners of the company) of total production of 6Kgs of unrefined Gold. Im afraid im not impressed and will be voting against all proposals on Wednesday at the general meeting.

I was silently suffering when the MD got 6.6 Million shares at a discount the final straw was the recent 15% dillution to "sophisticated" investors which was 4 times oversubscribed at Pattersons(Too flaming cheap). These "champs" have then smashed the shareprice by dumping for a "couple of ticks" and returning the shareprice to the discounted capital raising value.

I can guarantee you if there were substantial institutions on the share register the Directors would to too frightened to treat them in the same fashion that WE the retail holders have been. Strangely the small holders where so much of the support and enthusiam for this stock has sprung from have been smashed with 60% dillution of their holdings in 12 months.


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## tja125 (12 April 2010)

I doubt they would hold bad news or news of a bad pour until the meeting, so like bandwagon jumper said, i hope we are told good news regarding the pour at the meeting and that everyone votes against the cap raising proposals, that would be our best outcome (fingers crossed for both these things happening).


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## verce (13 April 2010)

First post - just wanted to say I am looking forward to this meeting tomorrow and I am personally of the opinion that they will clear up a lot of bad blood with their shareholders. Management can't have taken this company so far only to let things go to pieces at this point.

[Holding AAM and hopeful.]


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## Donga (14 April 2010)

verce said:


> First post - just wanted to say I am looking forward to this meeting tomorrow and I am personally of the opinion that they will clear up a lot of bad blood with their shareholders. Management can't have taken this company so far only to let things go to pieces at this point.
> 
> [Holding AAM and hopeful.]




Similar sentiments and just hope we're right. Frustrating lack of news which in this market means drift downwards but the fundamentals appear sound. 

Looking forward to feedback from those attending the meeting.


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## AngusSmart (14 April 2010)

Wow how predictable!

before the meeting the announcement we've been waiting for made

BRIGHTSTAR UPDATE Highlights

Gold plant commissioning in final stages – increasing throughput up to full production over the next 7-10 days

23.5 kg of unrefined gold has been produced during commissioning ␣ 

50 person accommodation village established

General Manager of Operations (GMO) and Chief Financial Officer
(CFO) appointed 

BrightStar Gold Project now fully staffed with ~60 personnel

continues on..

http://imagesignal.comsec.com.au/asxdata/20100414/pdf/01054634.pdf


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## tja125 (14 April 2010)

I'm not overly concerned about the size of the gold bar at this stage, I'm more liking the "full production planned 7-10 days". *If that is not a lie or exageration (Important)* then i think we have smooth sailing for the SP from now on in my opinion. (Also lets see how the voting goes as well obviously)


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## kermit345 (14 April 2010)

So does this mean within the next 2 weeks we may have another announcement with the results from the meeting as well as an update stating that production is now in full swing?

I'm not too concerned with this initial amount either, if steady full production is achieved then this would be the main point anyway. Hopefully as production reaches capacity and the gold room is completed then we will see steady SP appreciation over the coming months.

Obviously there are still some issues that are dependant upon the meeting as well. Looking forward to the outcomes of the meeting and if that has any major bearing on the company/SP as well.


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## tja125 (14 April 2010)

Everything passed at the meeting, i am reading this correctly?

I think these things shouldn't really matter so much PROVIDING they reach full production as planned in 10 days or so or even two weeks at worst and keep us updated.

Just my thoughts...


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## kermit345 (14 April 2010)

Yup looks like everything was passed, even point 5, the tranche 2 release of shares which will unfortunately contribute to further dilution, even though some on these forums were hopeful that this may not get passed. Although there may have been more information at the meeting that elduded to why these funds were necessary.

Looking forward to see AAM Shareholder etc post here with their thoughts and what they took away from the meeting.


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## AAM shareholder (17 April 2010)

kermit345 said:


> Yup looks like everything was passed, even point 5, the tranche 2 release of shares which will unfortunately contribute to further dilution, even though some on these forums were hopeful that this may not get passed. Although there may have been more information at the meeting that elduded to why these funds were necessary.
> 
> Looking forward to see AAM Shareholder etc post here with their thoughts and what they took away from the meeting.




Hi Kermit,

I for one have not posted as I don't feel that I can add anything factual.
Look at the latest report on the ASX and read carefully.

There is a word change to "Commissioning" rather than "Production" which was used during all of 2009. 

My calculation, 23.5 kg, is about 24000gms, at 4gm per tonne = 6000 tonnes of ore. At 300,000 tonnes pa that's approx 1/50th of an annualised production, 365/50 is approx 7 days. Vary the figures and play with it. If there was higher grade ore then it less and vice-versa... it seems to have been confirmed by figures below. Seems to be confirmed by the release below that I refer to.

The ASX report of 14/04/2010 where they say and I'll select 3 points only...you read the rest,
1.  "crushing has performed up to 1000 t per day" 
(so was 23.5 kg of gold effectively between 4-10 days of production only???
2. "The second ball mill's bearing required repositioning..........."
(That's information which wasn't released to the market at the time when it delayed milling and was thus relevant! I'm told that repositioning is not a minor activity and they will likely have known about this problem WHEN???

3. "The gold room is currently being completed....", 
(The market was not informed of this nor of the likely extra costs and delays of processing that were incurred! )

On 25/02/2010 the ASX announcement included the following
"......the first gold pour will take place late next week....."
"the delay is primarily due to the limited availability of skilled and technical workers that is severely impacting project development in Western Australia and in addition the Company has had some technical challenges in bringing the refurbished plant up to operating standard, all the most significant issues have now been overcome."

(So why is 23.5 kg all that has been produced???)
(Note the bearing alignment wasn't the problem they told us about, just that there was maybe no skilled staff available to fix it available to fix it!  again shareholders were uninformed of the extent and nature of the problem and indeed the costs associated and the risks of running out of cash)

There is another forum you might like to log into hotcopper.com.au where there is at times additional information. Make your own discernment re the information posted as well as check everything I post for accuracy.

Regards
An AAM shareholder


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## tja125 (19 April 2010)

AAM shareholder said:


> Hi Kermit,
> 
> I for one have not posted as I don't feel that I can add anything factual.
> Look at the latest report on the ASX and read carefully.
> ...






I agree that more disclosure was necessary, but they have only claimed a max crush rate of 1000 t per day and that they are 'increasing' to max capacity. So maybe they only achieved this on one day and every other day it was a lot less, who knows.

*We can't really make assumptions about ore grades or how many days production 23.5g of gold was without knowing the full extent of the problems or an accurate figure of how much ore has been processed.*


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## AAM shareholder (28 April 2010)

Hell ooooooooo!

Are any shareholders still watching AAM?

I suggested it could take out the 24-25cent gap and that the weekly MACD had crossed to the downside. I must admit it looks awful and the next gap at 15-15.5 cents 9th Sept 09 is something I don't want to contemplate.

Does anyone have faith in the announcements?

Just wondering


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## J&M (28 April 2010)

yes I have a small holding which is so far down about 20%  
I read the report by David H.  and the comments on this web site
and the company data  

I did vote against the share raising  

Not sure weather to hang in there or just sell for the 20% loss 
will prob keep and wait for any signs of share upward trend 

James


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## AngusSmart (28 April 2010)

I'm going to sit on it for a while and see what happens.


not knowing every little detail about gold mining was the half year report that bad?


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## AAM shareholder (28 April 2010)

J&M said:


> yes I have a small holding which is so far down about 20%
> I read the report by David H.  and the comments on this web site
> and the company data
> 
> ...




Hi James at risk of saying the wrong things.

When you look at a stock, watch volume as well as price.
Charts:
Look at 3 or 5 yr weekly charts as well as the daily chart.
Place 13 and 7 period weighted ave on the stock.
look at MACD and RSI indicators 
That's enough for a start

Look at where the moving averages cross, look at the volume on a move.
Generally a crossover on the averages on a weekly chart is more potent than on a daily and will generally be a change in direction

Do this on AAM, NWE, AZS and other stocks to get a feel.
Also on monthly charts and see where the price has been (history).
we tend to worry about daily moves but when I look at the longer charts I get a different perspective. 
ps hardly nothing doubles in a day.... having said this AZS did well the last 2 days and I was lucky to buy and sell some and keep some. They went from 0.043 to 0.65 today

Volume
Often you will see volume day spike weeks before a cross over on the moving averages. Buyers are accumulating. then the price settles. watch the patterns and get a feel. Its all about insiders, short term traders and psychology.

Down moves generally have lower volume that the corresponding up move. Up moves often start with large volume, note the volume near tops.... note the volumes near bottoms....analyse these for yourself 
ps there are TOPS and intermediate tops, BOTTOMS and intermediate bottoms. Look for retracement patterns.

I think TLS is retraceing currently. A friend asked me if it was a sell near 2.93 he picked the bottom 

Hope this helps a bit.


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## tja125 (28 April 2010)

AAM shareholder said:


> Hell ooooooooo!
> 
> Are any shareholders still watching AAM?
> 
> ...




 Hi AAM Shareholder. I still have confidence they will get the plant up and running in time.

Here is a posting from a member of another forum who had a phone conversation with Liam at AAM (These are not my words):

*************************

G'day,

Just spoke to Liam @ A1 this morning, and have exchanged emails following this conversation, which purely represents a summation of the phone call. Below, with his consent, are our emails. My comments first, followed by his within brackets. 

I hope this helps to alleviate a few of the concerns thrown around here recently. BTW - on the phone it was apparent that there was an air of confidence in the recent activities at A1. It should be reasonable to expect that they are within their announced guidelines with respect to timing, commissioning and ramping up to full production.

**

Hi Liam,

Thank you for your time earlier, i greatly appreciate your efforts towards clear and coherent company/shareholder communications. Following on from our discussion, i ask that you review and validate the following information, of which i intend to share with other interested investors.

1. AAM employment advertisements: I understand these positions are a mix of new and existing positions, with the emphasis being on geological mapping etc for the beta area. The positions are also part of the long-term strategic plan of securing quality staff that will assist with current and future mining/exploration plans.

LIAM: (These positions are really just part of our day-to-day operations and are required to maintain the workforce A1 needs. The key emphasis of ALL A1 Minerals staff at the moment is robust production with a longer term focus towards growth. We aim to be a mid tier Gold Producer.)


2. Cashflow position: I understand that A1 has been diligent in assessing the near-term cashflow situation. It is expected that, assuming the modelling parameters are met, that A1 will be in a cashflow neutral/positive position in the coming weeks/months. Also, as a means of contingency, A1 is currently looking at various methods of alleviating cashflow concerns, should A1 not meet its target production figures in the short-term. Ideas such as debt, forward sales, amongst other things are being discussed with necessary parties. The board is fully aware of shareholder angst with respect to recent equity raisings, and will endeavour to ensure this form of capital raising will be avoided if possible (or seen fit)

LIAM: (Assuming our forecasted mining plans and cash flow modelling is correct, we believe that A1 has enough cash to cover itself into steady production. However, we are prudently ensuring that many contingencies are available and all options are considered. Rest assured the Board acknowledges feedback from shareholders regarding equity placements and the disadvantage of dilution.)



3. Grade controls and Silver: I understand that blended ore has been treated throughout the commissioning phase, and as full production approaches we can reasonably expect to see ore in accordance with the reserve statement being treated. It is probable that silver credits will vary, but the intention of A1 is to focus primarily on the Gold reserves, and any silver credits will be regarded as 'by-credits'. It is expected that the gold room will not change from its original purpose, and as such, we can expect refinery of gold/silver to be conducted by your agents, not necessarily internally at A1. As part of the grade control testing, A1 has focused on Gold, but is analysing silver as it goes. Consideration of Silver as more than a 'by-credit' will not be a significant focus, however all information will help to form a study as to its commerciality.

LIAM: (We see the Silver mineralisation at BrightStar as a positive and exciting opportunity however, our core focus is still Gold production and Silver is not affecting our production plans. At this stage, silver offers additional credit when refined to A1 but no production processes on site will be changed for collecting additional Silver without further assessment and unless is in shareholders interests.)


Again, thanks for your time and efforts. 

**

best of luck y'all

cheers,
Split

****************************


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## J&M (28 April 2010)

AAM shareholder said:


> Hi James at risk of saying the wrong things.
> 
> When you look at a stock, watch volume as well as price.
> Charts:
> ...




Thanks for the advise you are not saying the wrong things I am on a steep learning curve. But get a buzz when I make a good sell which I have done once !! 

James


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## Sean K (28 April 2010)

I'm sure condog is buying with his ears pinned back. 

While I personal think the hype surrounding this is unfounded, we need to remember that the market was spanked today and a lot of juniors went south of Patagonia. The reason is, they are illiquid and quite often trading stocks, so as soon as some punters see a sign to sell they bail quickly, while no buyers appear. Panic sellers are always willing to sell out no matter what the spread. Therefore you get large movements from day to day, in both directions.


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## Sean K (28 April 2010)

Just having a quick look at some figures they've provided in regard to the mill.



> Following the March quarter, A1’s CIL gold processing plant was commissioned with the plant was undergoing last minute modifications before commencement of operating at or near its designed capacity of 300,000tpa (by late April).
> 
> Further details of the Plant and commissioning are as follows:
> Separate areas of the plant are showing up to 1000 tonnes per day can be achieved (incl crushing)




Now, some areas of the plant showing 1000 tn per day, adds up to 365,000tpa.

BUT, how much of the plant, and what's the rest doing? 

Are they just presenting the positive stuff and not producing all the market sensitive information required by law? 

Sorry if this was picked up by previous posts I skimmed through.


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## condog (28 April 2010)

kennas said:


> I'm sure condog is buying with his ears pinned back.
> No i am out of cash, i , would have though if i had the cash. AAM? is stretching my patinece, but the upside is monumnetal if it comes good. Im actually carrying a 20%+ loss on it a t presnt, will give it about another 2 weeks to come good , and then make a decision.
> 
> 'Greece is a major concern, but i reserve my judgment. if in doubt cash = ok.


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## Sean K (28 April 2010)

condog said:


> 'Greece is a major concern, but i reserve my judgment. if in doubt cash = ok.



Cash is a trading position which many don't really grasp.

I've gone on long term trading investment holiday until I see solutions been generated by world governments.

In the mean time there may be some great short term trading opportunities, which I will miss, but other better ones will appear later imo.


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## AAM shareholder (29 April 2010)

kennas said:


> Cash is a trading position which many don't really grasp.
> 
> I've gone on long term trading investment holiday until I see solutions been generated by world governments.
> 
> In the mean time there may be some great short term trading opportunities, which I will miss, but other better ones will appear later imo.




You could be right re cash.
And thinking about cash waht about AAM's cash

AAM's last announcement.

*Last Quarter report* (I may have rounded some figures slightly)
payments for production $1,230,000 
administration 696,000 (approx 2.8m a year) and growing?
Cash at end of quarter $2,309,000

The above was cash at end March 2010. Cash must be down at least another $700,000 (end April unless they are sitting on bills). What are AAM's current liabilities?.... 60 people on site, building a gold room, cost of refining off site, and advertising for expensive additional staff, where's the money?


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## Sean K (30 April 2010)

AAM shareholder said:


> You could be right re cash.
> And thinking about cash waht about AAM's cash
> 
> AAM's last announcement.
> ...



Didn't they just do a raising for 4m or so?

Need to add that in I think, but at this rate it lookslike it'll be going quick.

Need to get this gold production going well or they'll be cactus.


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## AAM shareholder (2 May 2010)

kennas said:


> Didn't they just do a raising for 4m or so?
> 
> Need to add that in I think, but at this rate it looks like it'll be going quick.
> 
> Need to get this gold production going well or they'll be cactus.




Kennas, yes they did but read the ASX reports.

17/03/2010 Completion of Tranche1 raised $3,941,400
14/04/2010 cash at Bank $2.4million  
So where did it go 

Best I can analyse the situation
1 month after the announcement of completion of the Tranche 1 

(Cash held on 17/03/2010 + $3.9m) - (current liabilities + expenditure) 
= $2.4 million left in the Bank 

I realise some of the Trance 1 money was received before the announcement of 17/03/2010 but that doesn't alter the calculation's effect.

What were the current  liabilities? Did AAM trade whilst their insolvent?
Seems to me AAM needed this injection urgently to pay their suppliers, staff, and Hp etc.

Now we have
Gold room construction costs 
Running the mill
60 staff

Now one month later what's in the bank?
My guess is that costs are over $1million per month and probably much more.
What liabilities are undisclosed? we can see the HP (they needed 5 more utes.
What is the "state" of "normal state" processing through the mill?

AAM can't get tranche 2 away so they'll try and do an issue at 16cents likely to shareholders who still believe.
A gold loan looks unlikely unless production is really fixed.
If production is fixed then all may be well.
WHERE IS THE PROMISED UPDATE?

Guess for yourself what staff costs are. Prior overheads ran over $2m per year, say $160,000 per month. PLUS additional staff who need to be paid weekly and at least monthly.

WATPAC billing approx $600,000+ per month 
My guess Cash is < $1 mill + gold 

There's a song I remember from when I was a kid "Tell me a Story"

So JW, "tell me a storeeey! tell me a storeeeey tell me a storeeey and then I'll go to bed, you promised me you said you would.........."

Out of here


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## Sean K (2 May 2010)

AAM shareholder said:


> Out of here



It's looking very dubious isn't it. Maybe a nice out of the blue drilling result could turn the tables, but who relies on chance to make an investment decision? Interesting question regarding trading while insolvent. Where is that cash going?


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## condog (3 May 2010)

ive turned negative on this till we get an announcment. not enough capital, too many expenses, poor communication , but lots of gold in the ground.


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## Buckfont (3 May 2010)

AAM shareholder, this is the tune, that you remember probably shows your age

http://www.youtube.com/watch?v=hviV1JKo6oY


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## jonojpsg (3 May 2010)

Looking a bit like VRE to me  Lost big time on that and have bailed on this after the quarterly  It's a shame smaller companies like this can't get access to decent debt, as it seems highly likely that they would be able to turn a profit once production gets going?  Still might I guess?


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## AAM shareholder (3 May 2010)

Buckfont said:


> AAM shareholder, this is the tune, that you remember probably shows your age
> 
> http://www.youtube.com/watch?v=hviV1JKo6oY




Hi Backfont,

Thanks 
Yup that's it and the tonal quality is great, actually reminds me of much of what has been being written on HotCopper by the JW cheer squad over the past 6 months. 

Showing my age? YES (says he smiling).

Hi jonojpsg
VRE, seems to have been already de-listed!?! 
I don't wish this but I'm starting to worry.

Condog I've been negative for some months. read my earlier comments.

Actually I'm angry.
I believe that JW treats this as his company.
His PR repeats verbatum the same "@stuff@ " that we read and the HCopper crew lap it up. Shikes we even have a copy of that email with the PR on this forum. It got rave reviews on hot copper..... say no more.

Since issuing 6.6m shares to himself at 8cents he has not announced the full extent of the production and staff problems until well after they have had an impact. Now many hold on with too many shares to dump and no buyers...least ways no buyers for volume.

JW sold on market in Dec 09 and Jan 2010 at prices above 35c.
How many employees converted options and sold shares?

Would you have sold if you knew that the promised production date of Dec could no be achieved? If you had known and understood the effect of these problems. 

Why did they convert those options?
Some 7.3m options which did not have to be converted many for years.

They also paid for the accommodation and the mining contractor with shares some at a value of 37.5 cents.

Either they required $capital or they are taking more control to sell the company.

I believe that I have been mislead by the ASX releases and *will *be doing something about that *regardless *of if or when the mill is up and in full production.

please DYOR I am not clairvoyant.

Look at a 6 month daily chart with OHLC on them.
draw a line from the Dec high that touches the Jan high and continue it, 
then a line from the Dec lows (both within days) touch the April and yesterdays low.

Makes a nice parallel trend channel.

looks like 5 waves down ...I think it needs a volume down day to complete.
ps I'm not a great chartist.
Did anyone checkout AZS one of the shares I mentioned several posts back?

Cia


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## AAM shareholder (4 May 2010)

AAM Announcement,

In production at rate of 30,000oz pa.
I suspect that the plant can do better than 30,000oz.
The release says Production 

??????????????????        What grade is it             ??????????????????
??????????????????     what's the recovery rate    ??????????????????
??????????????????        Gold room status            ??????????????????
??????????????????        COST per OZ                 ??????????????????
??????????   is $600 inclusive of all cost still accurate ???????????????

The prior estimate for upgrade to double capacity is based I suspect on fudged figures. I can't see these clowns managing a duckpond let alone a gold plant. 

Unfortunately the profitability per share has now been halved by management's failure to either toll mill 2 years ago or to raise cash via loans

Short term they may process some high grade ore 8gm+ and issue a "surprise" : announcement".


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## condog (4 May 2010)

Its the announcment we have waited for 

A1 Minerals - AAM - Gold plant at Brightstar begins operating at designed Capacity Reply |Matthew Connors to business 
show details 2:06 PM (10 minutes ago) 


Gold plant at Brightstar begins operating at designed Capacity
Highlights
 Commissioning of CIL plant completed at A1’s Brightstar gold project, and plant has now achieved its rated capacity and design specifications.
 Gold production has commenced with production scheduled at 30,000 ounces per annum from 300 K tpa throughput.
 Final ‘commissioning’ gold pour of 10.6 kg Au brings total to 34.1 kg during commissioning stage.
A1 Minerals is pleased to announce that the gold plant at its Brightstar project has recently achieved its designed capacity of 300ktpa, to produce circa 30,000 oz Au per annum.
The CIL plant was commissioned last Friday and is expected to be operating reliably as per design.
Gold Pour
A1 Minerals had another gold pour last week which produced 10.6 kg (~ 339 oz) of unrefined gold. This is the last of the ‘commissioning’ pours which takes the total amount produced to 34.1 kg (~1,089 oz).
Page 2
Photo: A1 Minerals CFO (Albert Longo) holding a 10.6kg unrefined gold bar
Now that the plant is in production, A1 Minerals looks forward to taking advantage of recent strength in the gold price and generating strong cash flow from its high grade ore at Beta.
For further information, please email myself or Liam Wheaton from Investor Relations on LiamW@a1minerals.com.au or visit the website.
John Williams
Managing Director – A1 Minerals Limited
For full reports and information go to A1 Minerals website: www.a1minerals.com.au or ASX Code: AAM
The information in this report which relates to the Brightstar Gold Project is based on information compiled by Mr John Williams who is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the mining method undertaken to qualify as a Competent Person as defined in the JORC Code (2004). Mr John Williams is a full time employee of A1 Minerals Ltd and consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
BACKGROUND INFORMATION ON A1 MINERALS LIMITED
A1 Minerals Limited (A1) is an emerging Australian gold miner with its 100% owned BrightStar Gold Project currently in development. The BrightStar is situated in the highly prospective Laverton district in the Eastern Goldfields of Western Australia, a region with a rich history of gold production that is demonstrating scope for significant new gold deposits. Mines developed in recent years include Barrick Gold's Wallaby/Granny Smith and AngloGold Ashanti's Sunrise Dam gold operations. Since listing on the ASX in December 2003, A1 Minerals (ASX: AAM) has grown its assets through prudent acquisition and successful exploration to a total ground holding of more than 2500 square kilometres; JORC Resources of more than 1.7Moz gold including JORC Reserves of more than 150,000oz gold; and its own gold treatment plant. The BrightStar Gold Project is expected to produce a minimum of 30,000oz gold per annum for at least 4 years.


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## AAM shareholder (4 May 2010)

Yer, yer, Condog,

No need to repeat the "stuff" they dish out on the ASX
Its the same "stuff" they have been feeding us for the last YEAR. :iamwithst

14th April 23.5kg
4th May, another 10.6kg
WOW grandma, what big gold eyes you have 

Why don't I believe their announcements?
ps. READ THEIR ANNOUNCEMENTS CAREFULLY there is subtle word usage.

4th May, the "ANNOUNCEMENT" then small buyers jumped right back in.

The share price hardly moved, volume was up, there are more sellers lurking.
On a monthly chart this downturn still looks just like Dec 2007.

Gold price in AUD is still good. AAM is near it's 2004 low. I'm stoked 

The re-tracement from 42cent is :-
1. greater than 50%,  that would be 22cents
2. Its hit 61% (20cents) 

Today's chart action shows "indecision" on a candlestick chart.
Exactly my feelings.

I don't have a brokers screen but when I look at the trades I think that the sell orders were larger than the buy orders. 

Look at some other gold charts, NAV, RNG, SLR, OGC, etc

"The more I think, the less I know"

For what it's worth I think CBA topped today.

                      You've done a super job John Williams


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## BandwagonJumper (4 May 2010)

Were not out of the woods. Disclosure has been pathetic, we still have no idea how badly the enterprise is haemoraging. This could be a sucker pump before another capital raising I agree. The was 2.2 Million volume today...............where did the 2.2 Million sellers come from at this lousy price?

Im like you.......STUCK

I would have been 25% 0f todays volume.

Nothing of any material value was released to the market today. You know my history AAM Shareholder "Im a production guy". If this had broken through the storm clouds and was in the sunshine frankly there would be 200 People in Kalgoorlie talking to anyone who would listen about this stock. Instead its moribund. 
I have one question is 10 Kgs a good return of a couple of weeks?


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## condog (5 May 2010)

If you consider they are tinkering with the circuit and putting through the bare minimum ore to avoid wastage, 10kg is fine for a few weeks. The will step that up now.

As the announcment said looking forward to strong cash flow.  

You got tot remember guys this is already priced like a failed exdplorer so to have it producing up to 30,000 oz p.a possibly starting today is phenominal at this price. they have $1B bucks gold located, much of it extremely close to the circuit and extremely close to the surface.

If it was priced at $150M mcap id agree but its around $40M or less.


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## BandwagonJumper (5 May 2010)

My Thoughts:
You dont avoid wastage in a Gold mine.
I worked for:
-Resolute.
-Great Central Mines.
-Western Mining Corporation. Not as a contractor but as a salaried Full time Mineral Process Technician. I have Plant commisioning experience

There have been issues here with insufficient agitation in adsorption tanks
Secondary Ball Mill (Regrind)
Primary Jaw failure and massive vibration on the secondary conical crusher,thats my mail anyway whats yours?
None of these issues I would consider anything above a troubled commisioning but the 5 month time frame leaves me somewhat worried. Wheres the Gold?

The WatPac mining contract is coming in at around $750K per month (thats my mail). I would guessimate that there is less than a Mill in the piggy bank. 

Mills are run flat out (Always) recovery rates never I repeat NEVER determine Mill throughput. I have been in a Mill where the head grade was 32 grams a tonne and it was simply blended back to 2.5.. I worked on a 160 tonne an hour Allis Chalmers Ball Mill that we run at 300TPH, recoveries dropped from about 95% to about 87% and no-one gave a rats because its a cash flow game. There are full time Mets measuring the GIC Gold in Circuit so none of this is a wing and a prayer, its measured often. The emphasis is always on the Golden Eagle laying the Golden eggs,no-one is ever worried about some Gold to tail mate.Quite simply we need the Revenue(Its a matter of survival)

Weve been told vaguely we are headed towards "full production" , its "imminent",  a whole lot of qualifiers have been used, theres only one measure here and thats what Gold youre pouring.

What better way to tune up the ellution circuit, get the grind right etc than have the projected head grade at the mill throat?(4.5g/T). Its not as if weve got 400tph going through this to tail, its a winky dink toy mill is  probably running at 35 Tonne an hour.

Im sorry, Im past coming up with excuses here after 20 weeks. WE now need to see the Gold and its very very likely in my view that more money is required to feed "The Hungry Beast". Whats the Placement going to be at?
Sure things could start going right and we could from this point forward start pouring sufficient Gold to meet present and future contingencies. Lifes taught me that thats probably just wishfull thinking on my part.

The Companys not saying much but if it
"Looks like a snake, slithers like a snake and bites you in the face..............Its a Snake"  Weve been waiting a month for a 10Kg pour and the shares are at a giveaway price whats that tell you? If a stocks hot, Jubilee, Delta, Hill 50 there will already be 2000 shareholders living in Kalgoorlie who brought in based on a tip from an insider, thats not happening.

Lets not get carried away, they have a reserve of I think about 120000 ounces(thereabouts). Priced fairly ATM I think


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## AAM shareholder (5 May 2010)

Thanks BWJumper,

In Dec 2009 they announced 15000 tonnes high grade ore on the pad + low grade. If they processed only the high grade and assuming 4gm per tonne only we have.

15000*4gm= 60000gm=approx 2000oz(rounded) = approx 66kg
Say max 1000oz in the tanks = 33kg , 33kg for sale

Wow that's what they got  

I know that this is simple analysis BUT why dig any more for the last 5 months and pay out $$ if you can't process what ya got.

look at RMS (5c capital return)
They took the toll mill option initially and then used their cash.

1. I'm wondering is AAM going to be anywhere near as profitable even with double capacity.
2. Has anyone analysed their ore bodies enough to be able to tell how costly the underground option will be.
eg is the nature of the ore such that it is high enough grades to cover costs and easy to convert to resources?
3. Where is the money coming from?


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## condog (5 May 2010)

BWJ i understand your frustrations, but if we continue to have emotional outbursts like this with unjustified attacks on the company i can tell you what placement price will be. But you wouldnt like that. 

The announcment weve been waiting for arrived yesterday. I suggest patieince now to see the next pour result.


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## AAM shareholder (14 May 2010)

Price of gold starting to look like Nickel did at the top.
If I was managing a small gold stock I'd take a PUT option on the gold price in US$. 

Short term the US$ should drop but medium term it may continue up for months to finish this retracement. As a risk mmt I'd take insurance. If I'm wrong and gold keeps shooting the company makes lots of $$$ and the PUT is a blip in the cost margin, If I'm right then the company has a good profit and can keep going whilst gold and the Aus$ DROP.

Have I missed AAM's production announcement??????


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## BandwagonJumper (18 May 2010)

Condog thanks or your input however you describe my input as emotional. Read the posts and consider the data, I'm not talking in ASX company releases and generalities.

Full throughput means nothing, Im concerned about the Production figures ie) GOLD PRODUCTION.
6-8 weeks on from the AGM that the directors mistakenly called youre still getting excuses. I have worked in this Industry, this is not a chemical or hydrocarbon process this is brutaly simple process. Whos ever taken 5 months to commision a 35tph ball mill? Im listening...who?


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## Sean K (18 May 2010)

condog said:


> You got tot remember guys this is already priced like a failed exdplorer



Nodpe, that would be in adminbistration. Tis companie is in sherious trubble. Looks like they cant deliver thew the promises.


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## jonojpsg (18 May 2010)

kennas said:


> Nodpe, that would be in adminbistration. Tis companie is in sherious trubble. Looks like they cant deliver thew the promises.




Shownds like yure in sherius trubble kenna - had a few have we   Although I agree, looks unfortunately like VRE although these guys don't have the excuse of a low POG


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## condog (24 May 2010)

announcment out today

if they actually achieve it this has huge potential

current mcap = 40M

targeted output = 2500 oz pmth at cost of $600 aud per oz

current gold price approx 1400 aud per oz

at net $600 per oz and say 1500 oz per mth = $10.8M net profit p.a

PE 10 = $100M

sp target for me 50c witning 6 months,

"if " all goes ok

best case say 2000 oz mth at 800net = 19.2M p.a PE 10 = 192 m 

sp target $1.05

DTOR may contain erros, seek expert advice. I been wrong so dont rely on this.


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## condog (24 May 2010)

Note to above post. They have some credibility issues, by not meeting previous timelines to vercome before the market will price this fully in, imo.


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## ricee007 (24 May 2010)

I understand you are being conservative, but...

2,000 oz isn't best case -> rumours around the block are that they can do more than 2,500 oz (unsubstantiated, but, nonetheless, lets give them 2,500 oz, like they have said)...

2500 * 800 (current gross profit) * 12 = $24M

However, I'm assuming other expenses will need to be made from that $24m (I doubt corporate overheads are included, for example)... let alone the millions of dollars spent exploring.

I have absolutely no barking idea, but, perhaps, say, $6m exploring and $6m on corporate overheads ?
=$12m profit.
at a P/E of 8 (still risky), this is $96M market cap, or circa $0.50c.

However, any appropriate sensitivity analysis on this must be particularly wide.
POG in $AUD could range from $1000-$2,000.
Cash costs could easily be $700.
Exploration costs could be $12M
Plant could be upgraded in 3 months.
Things may not go well.
Could do 33,000 oz/year instead of 30k oz.
Market could think P/E of anywhere from, say, 6 - 25 is appropriate,

etc, etc, etc.

This is a VERY hard stock to confidently value.


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## condog (24 May 2010)

ricee

agree lots of unknowns

fact is if, if, if they now are producing at what they say they can its a multi bagger of 2-2.5 times current sp. possibly a lot more. 

need some numbers to regain credibility. not that they lied, they just failed to meet about 6 targets in a row for the last 9 months.

46kg of poured gold suggests they now have it operating fairly well.


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## Sean K (24 May 2010)

condog said:


> fact is if, if, if they now are producing at what they say they can its a multi bagger of 2-2.5 times current sp. possibly a lot more.



Still require cash costs condog, and then add in exploration costs. 

What are the cash costs that they have announced?


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## condog (24 May 2010)

kennas said:


> Still require cash costs condog, and then add in exploration costs.
> 
> What are the cash costs that they have announced?




Thats why ive been very conservative.

Could have gone with 2500 and 800+ as quoted, but allowing 600 and using 1500-2000 allows a conservative estimate.


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## Gar (3 June 2010)

AAM are presenting at the AMEC Convention around lunch time today
http://www.amecconvention.com.au/Program.aspx


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## Pivotonian (6 June 2010)

Gar said:


> AAM are presenting at the AMEC Convention around lunch time today
> http://www.amecconvention.com.au/Program.aspx




Can anyone give us a rundown of what they said, or even better know where we can get a copy of the preso?


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## ricee007 (6 June 2010)

Pivotonian said:


> Can anyone give us a rundown of what they said, or even better know where we can get a copy of the preso?




Check their ASX Announcements for the win.... as I believe it is on there. I hope that answers your question.


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## Gar (10 June 2010)

Not a bad day...

Got a mention in the Eureka report last night, up 15% today on the highest volume in 6 months 

Really looking forward to the June quarterly :beat:


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## AngusSmart (10 June 2010)

Was scratching my head about this today! couldnt find any news as to why, glad that finally somethings happening! thanks for the insight as to why.. not a member of the eureka report..


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## AAM shareholder (23 June 2010)

I know one company that had a great wrap on Eureka at approx $4.00 several years ago and its now 4cents....."EUEEEEEKa"! 

Don't believe everything you read


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## AngusSmart (8 July 2010)

A few mishaps, but otherwise this latest batch of news looks quiet good to me!

a closer deposit traded for a further away one + .5mil in cash ontop...

http://imagesignal.comsec.com.au/asxdata/20100708/pdf/01077735.pdf


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## jonojpsg (8 July 2010)

Careful!!  Note the 300oz per week translates to 15koz pa which is half their forecast 30koz!  Yes this is because the feed in grade has been diluted due to moisture issues, but if this can't be rectified then woops, I reckon cashflow might just be squeeezed a little tight.  

Let's see - 300oz x ($1400-$700) = $210k a week.  Nah, maybe that's enough to cover costs OK?

Anyway, would hope to see that grade fixed asap if I was in still


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## AngusSmart (9 July 2010)

Forgot i had an order in for them today  while at the gym it was filled...


*Share Purchase Plan*
The Board is pleased to invite registered holders of shares in A1 Minerals Ltd as at 5pm (WST) on 8th July 2010 with registered addresses in Australia and New Zealand, to make a further investment in your Company by subscribing for up to $15,000 of shares, without incurring brokerage or other transaction costs.
New shares under the SPP will be offered at 18 cents which is a 15% discount to the average market price of shares for the 5 business days preceding this announcement.
The issue will be limited to 59,058,180 shares to raise a possible approximately $10.6 million. This number of shares equates to 30% of the pre offer issued capital and complies with the requirement of ASX listing rule 7.2. To the extent that applications for shares under the SPP exceed the 30% maximum, A1 reserves the right to close the offer earlier and to scale back applications on a pro rata basis.


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## jonojpsg (9 July 2010)

jonojpsg said:


> Careful!!  Note the 300oz per week translates to 15koz pa which is half their forecast 30koz!  Yes this is because the feed in grade has been diluted due to moisture issues, but if this can't be rectified then woops,* I reckon cashflow might just be squeeezed a little tight*.
> 
> Let's see - 300oz x ($1400-$700) = $210k a week.  *Nah, maybe that's enough to cover costs OK?*
> Anyway, would hope to see that grade fixed asap if I was in still




Obviously wasn't enough  If it were me, I'd be thinking twice, maybe thrice, about whether to cough up more with their past track record


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## musicman74 (11 July 2010)

hi ppl ive been following the forum for ages now since i bought in on David Haselhursts recommendation @ 34 c plus bought most of his other shares.
would really like 2 hear any1's opinions on the latest ssp Announcement and the future of the company
would really like 2 hear what AAM shareholder and condog have 2 say

im new 2 the share game
cheers


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## Sean K (11 July 2010)

musicman74 said:


> would really like 2 hear what AAM shareholder and condog have 2 say
> 
> im new 2 the share game
> cheers



condogs previous valuation for this company was:



condog said:


> announcment out today
> 
> if they actually achieve it this has huge potential
> 
> ...



So, going to 50c in 6 mnths and then $1.05.

Massive support between the 18-25c mark, under that looks dodgy. Really needs to bounce here or looks terrible. 15c next support possibly?


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## musicman74 (12 July 2010)

thanks 4 that kennas 

but when it comes 2 the SPP @ 18 c do they seriously think any1 is going 2 sign up 4 that now after its already been down 2 15 c today im far from any expert but i know i wouldnt sign up 4 it now , i couldnt see any advantage 2 it


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## AAM shareholder (12 July 2010)

musicman74 said:


> hi ppl ive been following the forum for ages now since i bought in on David Haselhursts recommendation @ 34 c plus bought most of his other shares.
> would really like 2 hear any1's opinions on the latest ssp Announcement and the future of the company
> would really like 2 hear what AAM shareholder and condog have 2 say
> 
> ...




Hi Musicman74,

People who make most out of shares are directors, insiders, brokers and tipsters. I didn't see David Hazelhurst's report and did he give reasons for his analysis? I guess you won't find him listing AAM amongst his great picks.

I've been silent, nothing to add to my previous comments. 
Read AAM's reports carefully.  

eg compare their Table of Mineral Resources Estimates updated 30th June 2010 with the earlier ones! Note the recent one is in grams  and the total is down from 1.7 mill ozs to 41,311,490 gms...... looks better in grams  
I think that's about 1.33 mill ozs. 

They've swapped 2 leases for CASH!! 
They want more CASH. 
My back of the envelope calculations indicated that was the issue. 
Will they get CASH?


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## BandwagonJumper (14 July 2010)

Kennas;Massive support between the 18-25c mark, under that looks dodgy. Really needs to bounce here or looks terrible. 15c next support possibly?


Absolutely right.



A1's a cadaver


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## AngusSmart (15 July 2010)

This is strange, we're actually getting somewhat frequent updates from AAM...


BRIGHTSTAR UPDATE
• Gold Increases to 384oz for 1st week of July • Ore grade increased to 3.3g/t • Currently accessing richest part of the orebody
Latest estimates for gold produced during the first week of July increased to 384oz from 300oz (actual) in the previous week in line with the increasing availability of dry ore for blending.

More here http://imagesignal.comsec.com.au/asxdata/20100715/pdf/01079557.pdf


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## jonojpsg (15 July 2010)

AngusSmart said:


> This is strange, we're actually getting somewhat frequent updates from AAM...
> 
> 
> BRIGHTSTAR UPDATE
> ...




Yep, that'd be what I would be after if I was still holding - although I am watching with a bit of interest I must say.  Grades should continue to increase as they work down into the higher grade part of central pit, which seems to be born out by the jump to 3.3g/t.  Obviously one would want to see their daily throughput stabilising up around the 750t per day to give them more like the 600oz a week that they were aiming for.

I realised too on my last post that my calculation of $200k per week should have been FREE cash flow (after $700/oz cash costs) so there should be NO requirement for MORE CASH 

Esp if they are at 350oz x $700 = $245k per week ($1m a month) free cash flow.  Come on now, what do they need an extra $10m for (except to line their pockets)


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## Sean K (16 July 2010)

jonojpsg said:


> Esp if they are at 350oz x $700 = $245k per week ($1m a month) free cash flow.



jono, I know that's back of the envelope stuff, but are we missing anything else in regard to cash flow and expenses? Any loans, debts, depreciation, exploration, etc costs of significance. Maybe not an issue. 

And aren't they targetting 2500 oz a mth at $600? Still a bit to go.


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## CapnBirdseye (16 July 2010)

AngusSmart said:


> This is strange, we're actually getting somewhat frequent updates from AAM...




Not too ununsual where there is a SPP underway.  Call me a cynic, but it may go quiet once the placement is complete.



kennas said:


> jono, I know that's back of the envelope stuff, but are we missing anything else in regard to cash flow and expenses? Any loans, debts, depreciation, exploration, etc costs of significance. Maybe not an issue.
> 
> And aren't they targetting 2500 oz a mth at $600? Still a bit to go.




This is strange, NAV did the exact same thing.  I just don't get why you wouldn't sit tight and wait for the cash to come in.  May be a cash-flow thing, but a overdraft ususally caters for cash buffering.


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## J&M (27 July 2010)

had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c 
The shares were only 16c a few days ago and .185c yesterday 
today they are 18c 
Seems they are getting desperate to raise some funds

I only have a small holding and not looking to buy any more at this time 

Your views are welcome 

James


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## Sean K (27 July 2010)

J&M said:


> had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c
> The shares were only 16c a few days ago and .185c yesterday
> today they are 18c
> Seems they are getting desperate to raise some funds
> ...



On those numbers, unless you are buying hundreds of thousands of shares, it doesn't really matter. It could go up, or down, and you will be marginally up or down one way or the other. Perhaps what matters is what longer term direction you think she's going and if you actually want any more shares I think.


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## AngusSmart (27 July 2010)

J&M said:


> had a call from AAM tonight asking if we were going the buy more shares at the cap raising price of 18c
> The shares were only 16c a few days ago and .185c yesterday
> today they are 18c
> Seems they are getting desperate to raise some funds
> ...





Yeah i had a message when i got home, however. i forgot i had a buy open and i copped some @ 18c the day before the raising was announced.. not really looking for more and wish i hadn't got them the day before either..

seems a bit desperate, and i agree. i think the spp was too high.


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## condog (27 July 2010)

its a blue skier if they pull it off, but right now they have ruined the trust of most, from the poor communication and questionable press releases of the last 6 months.

happy to be sitting on the sideline watching with interest. ready to pounce once the figures match the story.

it seems like its getting better, but if it was as good as they say they wouldn need this cash or the last one in my opinion.


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## Miner (28 July 2010)

Have not seen AAM Shareholder's posting on this thread for some or long time

I hope you are still well and keeping active interest on this

Cheers

Disclaimer NH but keeping interest alive


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## manyon22 (28 July 2010)

I agree condog, i sold all mine when the SPP was announced. I really disliked how their announcement was pitched - we need more money to explore this wonderful discovery we have - yeah right, nothing to do with the fact it's cost you more to get started up than planned and you need some cash to keep going.

I expected teething difficulties but their lack of frequent and frank announcements really damaged my trust in them. I expect this was similar for everyone else.

Having said that, if they get over their problems now and start making a profit then I'll be buying back in but they really have to prove themselves capable first.


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## AAM shareholder (28 July 2010)

Miner said:


> Have not seen AAM Shareholder's posting on this thread for some or long time
> 
> I hope you are still well and keeping active interest on this
> 
> ...




Hi and thank you for you kind comment.
Yes I'm well, but have been selling down and was angry on seeing the SPP.
I've just reviewed some of my prior comments. It's always difficult to be objective in a group without wanting to blog, make a point and appear correct and say "told you". I figured I'd said it all. 

I had built a large holding in AAM and traded them. I was a top 20 shareholder but have essentially sold down and would buy ONLY if / WHEN the board is replaced. I think that's not out of the question! 

I smiled when I read my post of 28th April. Maybe I should re-read some of my other posts....  

AAM where to now....I believe they have someone organising the production and that is improving. If they don't get enough cash I think the board will have eruptions. The chart is still not giving me a buy signal... things can change overnight, too many variables. 

I am worried re the whole market ....breaking up OR getting setup for a sharp correction! Must admit I sense some underlying interest in some of the other shares and am watching to see the market position at the end of Aug.

Kind regards to all


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## Miner (29 July 2010)

AAM shareholder said:


> Hi and thank you for you kind comment.
> Yes I'm well, but have been selling down and was angry on seeing the SPP.
> I've just reviewed some of my prior comments. It's always difficult to be objective in a group without wanting to blog, make a point and appear correct and say "told you". I figured I'd said it all.
> 
> ...




Hi AAM Shareholder

Hope you have made good money on your unloading of AAM.
There are few other companies who play illusive games with some con board. Reading through AAM was no exception. 
Probably you should change your name since you are no more the big gun for AAM (just kidding).
I am safe as I will remained a Miner no matter what 

All the best

Regards


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## AAM shareholder (1 August 2010)

*NARNOO fairy tales*

A FEW EXTRACTS of some ASX announcements by AAM

15-11-2005 "NARNOO EXPANDED TO MULTI ELEMENT PROJECT WITH MINERAL SANDS AND URANIUM POTENTIAL"
ADDITIONAL PROSPECTS FOR GOLD, NICKEL, COPPER AND DIAMONDS

17-07-2007 "Large Uranium Anomoly at Narnoo"

July 2007 OKLU Uranium IPO 20c (now approx 4cents) listed to target uranium. 70% of Narnoo uranium by spending 1.2mill etc

19-10-07 "Advised exploration significance of 3 major targets has been confirmed"
Also written up by the "Australian Investor" so it must be good!

03-03-2009 "Ground Breaking Exploration program potential for gold and uranium deposits" etc etc.

10-12-2008 "COAL discovery at Narnoo" another boost for AAM's share price

10-02-2010 Sale of Non Core Tenements at Narnoo
A1 reached agreement during the quarter to sell non core tenements at Narnoo. The sale consideration was $0.3m in cash and a 2% NSR royalty

Dear Shareholders ITS NON CORE!

Not sure why ... bad memory but I think Desert Fox (a company with T Hronsky as director is involved. Now its to be part of an IPO with St George Mining and I think the same director. PS Tim's brother a "Nickle Expert" had rated it highly for nickle.

BUT our directors sold and We'D HAVE YOU FUND IT a 2nd time.

WE have not been told what discoveries were made at Narnoo but be sure the IPO will be "FULL OF IT"


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## AAM shareholder (1 August 2010)

*AAM APPENDIX 5B fairy tales*

Quarter ended 30th June 2010

Cash flow related to operating activity.
1.2 (c) Production (647)

Quarter ended 30th Match 2010
1.2 (c) (1,230)
Okay so for latest 3 months the production costs halved while production increased form $261,000 to $2,768,000

ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER
Production 4,120,000

Please try and reconcile this as I can't.

DO I BELIEVE THIS?

What is the creditors' position.
Were creditors promised payment once funds were raised? how many more employee and other shares are to be issued to cover costs?

Cash flows related to investment activities
March quarter
Payments for purchases for other fixed assets (3,312)
June quarter (4,079)
What are these ..... incidentals?

Administration costs halved this quarter?
March quarter (696)
June quarter (320)
Next quarter est (458)
How much is owed? to staff for June quarter?

June quarter
Cash flows related to operating activities
1.2 Payments for (a) exploration & evaluation 169
this is a credit (payment received)

I guess I am having trouble reconciling these accounts and making sense.......says he

Bottom line without the .5mill giveaway sale to Regis AAM would be broke.
The next 3 months doesn't look financially terrific to me.
I would like TO SEE THE BOOKS!
I would like TO AUDIT THE PROJECT.


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## AngusSmart (3 August 2010)

* cough bull**** cough *

*
Extension of Closing Date for Share Purchase Plan for One Week*

Under the terms of the A1 Minerals Limited Share Purchase Plan announced on 9th July 2010 the board of A1 Minerals Limited have decided to extend the closing date of the Share Purchase Plan.
The bulk of applications are only now being received despite a two and a half week offer period. However indications from shareholders suggested that there was insufficient time to consider fully the offer. Therefore the closing date has been extended by one week and will now close on Monday 9th August 2010

More here..

http://imagesignal.comsec.com.au/asxdata/20100802/pdf/01085029.pdf


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## J&M (3 August 2010)

Why would you put into a cap raising at 18c when the current price is around 17c 18c and could fall to 16c or lower 

I do have a holding in this stock and have lost a bit so far
not looking to average down or buy more at this time  

James


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## J&M (5 August 2010)

yet another call from AAM left a MSG asked me to call then re cap raising 
Shares now at 166c 
why would anyone pay 18c share for cap raising when you can get them for 165 C
Just confused why they would even bother calling again '

James


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## 5min (5 August 2010)

Knowing they reduce spp prices, I'm tempted to get out @ 16c tomorrow. They may call back next week to offer @ 10c... who knows...


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## J&M (9 August 2010)

Copy from AAM 

this should bring a smile to AAMShareholder 
I recall him saying that the mananger would resign with some pushing of course 


BOARD ROOM CHANGES
The Managing Director of A1 Minerals Ltd John Williams has tendered his resignation, effective immediately, as Managing Director of the company.
The board acknowledges Mr Williams' contribution to A1 Minerals (ASX: AAM).
His geological expertise was responsible for the company's substantial resource base and the board appreciates his energy in developing the company’s Brightstar mine in the Laverton region of Western Australia through to production
The company’s Chief Financial Officer Albert Longo has been appointed Finance Director and the company today appointed Bill Hobba and Richard Stroud as Non Executive Directors, effective immediately.
Mr Hobba provided and established the Brightstar gold plant for the company and has been assisting on mill operation matters at the mine site.
Richard Stroud is a mining engineer with 37 years of experience in the mining industry and currently is a director of Optiro Pty Limited, a mining consultancy based in West Perth. Mr Stroud has worked on numerous projects both within Australia and internationally.
The company will be seeking a new chief executive officer

I have a small holding


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## Sean K (9 August 2010)

J&M said:


> BOARD ROOM CHANGES
> The Managing Director of A1 Minerals Ltd John Williams has tendered his resignation, effective immediately, as Managing Director of the company.



WOW, not even for 'health reasons'. Or the old chest nut for 'personal reasons'. Maybe they should have just come clean and said for 'reasons we can not explain'.


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## musicman74 (12 August 2010)

im suprised nobody has had nothing 2 say about the ceo leaving and the furture of the company and what is install for aam


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## 5min (12 August 2010)

musicman74 said:


> im suprised nobody has had nothing 2 say about the ceo leaving and the furture of the company and what is install for aam




Well, at least they got rid of him. What next would be: when they get a new ceo (maybe soon), and he looks at the cash situation and decide what to do. I wonder how much lower the share price can go.


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## AngusSmart (12 August 2010)

Will have to wait and see how it plays out. i thought they would have had enough cash earning from gold to fund themselves thru whatever..

but the spp they had and the current price is a joke. 

i am glad he is gone, as the company was going no where but down.. lets hope we can get someone else in good to steer this in the right direction.

untill then i sit and watch my money going down the drain..


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## Beefa (13 August 2010)

Volume has been huge the last few days - 5.2m, 4.9m 3.3m there has been a lot of selling going on. I wonder if the CEO is unloading himself of his stock?

I'm not holding a lot of stock but really unhappy with the current direction of the share price. Hopefully a new person in the top job can guide this company into a better place.


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## photoshopdepth (13 August 2010)

volume's flattened out a bit from the past few days.. but will prob take one big seller to get everyone to sell down
hopefully it has bottomed - though it's unlikely considering what they'll do with the failed SPP. 10c?


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## 5min (13 August 2010)

photoshopdepth said:


> volume's flattened out a bit from the past few days.. but will prob take one big seller to get everyone to sell down
> hopefully it has bottomed - though it's unlikely considering what they'll do with the failed SPP. 10c?




They shouldn't do more SPP anymore, that's only going to drive price down further (and without getting the money) unless they are going to do at <5c (just a random made up figure, don't question me on how to get 5c). They could offer some insto investor (at least non public investors) a big chunk of the company say at 15c per share. So that investor can get a material chunk of the company without driving the shareprice too much.

The ceo could be unloading his stocks (maybe out of revenge?). I dunno and am speculating.


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## Sean K (13 August 2010)

The spp raised $0.7m.

They were aiming for $10.6m.

Well, nice try, eeeeek.

Hope the new board lifts the bar.


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## tehnoob (19 August 2010)

Any idea what is going on today? Up 20% on no news, huge volumes. More than the last 3 days combined, and it's not even 11am.


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## AngusSmart (19 August 2010)

And to add to this its mainly buyers!

3-4mil of them seem genuine today.

as for 1-1.5mil in sellers who aren't dreaming.


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## musicman74 (19 August 2010)

David Haselhurst wrote about AAM last night thats why there having a big day


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## AngusSmart (19 August 2010)

My posts gone?

anyway i just read the rules again.. sorry for posting a link to another forum

google a1 minerals and you will find the report posted on another forum


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## photoshopdepth (19 August 2010)

musicman74 said:


> David Haselhurst wrote about AAM last night thats why there having a big day




Can you post an excerpt from David's report here?

Massive buys followed by massive sells today.


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## J&M (19 August 2010)

photoshopdepth said:


> Can you post an excerpt from David's report here?
> 
> Massive buys followed by massive sells today.




hello Photo 

Just sent as a PM to you its the full David H page just delete what you dont need to read 

I am a holder 
James


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## 5min (19 August 2010)

J&M said:


> hello Photo
> 
> Just sent as a PM to you its the full David H page just delete what you dont need to read
> 
> ...




I guess we don't disagree with what DH says but they are still short of cash.


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## J&M (20 August 2010)

I agree cash is very short 
They seem to be producing the gold so wondering where the money is going 
I think Williams needs to answer a few questions about the finances
But that sure wont happen now 
I am very reluctant to put more money into this 
Till the company has a new C.O with a record of successful mining 

When David H gives a stock tip thousands jump into the stock 
the stock goes up almost always then after a week or 2 it tends to settle down again 


just my

James


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## 5min (20 August 2010)

J&M said:


> I agree cash is very short
> They seem to be producing the gold so wondering where the money is going
> I think Williams needs to answer a few questions about the finances
> But that sure wont happen now
> ...




I agree with above.
David H's words did not seem to carry as much weight as last year given his hypothetical portfolio was down 30% ytd (or 40% without recapitalisation).

You see some volume again today as well drove the prices up to 14c again. I'd still be cautious to get back into this one. I'd be rather worried if they don't get a replacement ceo soon (that could tell me that people who looked at the situation didn't want to take it)... just my opinion though.


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## AAM shareholder (23 August 2010)

St George Mining Ltd is about to float on the ASX.
They were mentioned in ASX release of A1 Minerals.

Here are a few extracts ......from their prospectus. 
St George Mining Limited was incorporated on 19 October 2009 and has two wholly owned subsidiaries – *Desert Fox Resources Pty Limited *(*which owns 100% of the East Laverton Property*) and Blue Thunder Resources Pty Ltd (which holds the Company’s 80% interest in the Pine Creek Property).

*On 5 November 2009,* the Company as guarantor and its wholly owned subsidiary, Desert Fox Resources Pty Ltd (“Desert Fox”) *as purchaser entered into a Sale Agreement with A1 Minerals Limited for Desert Fox to acquire a 100% interest in 5 Exploration Licences and 5 Application for Exploration Licences (subsequently granted to A1 Minerals Limited and held in trust for Desert Fox)) 

It's all rather interesting 

They also purchased Narnoo leases for $300,000 and they "got" some other leases. OH and they are issuing 20m shares at 20cents for $4mill BUT the "sponsors" can get 100 lots of 100,000 shares by proving up 1m oz etc see section 10.1.2 

OH and do you recall this happening in Nov 2009


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## AngusSmart (23 August 2010)

AAM shareholder said:


> St George Mining Ltd is about to float on the ASX.
> They were mentioned in ASX release of A1 Minerals.
> 
> Here are a few extracts ......from their prospectus.
> ...




I dont believe they were chasing money to fill their pockets around then. so no one was made aware, as usual...

lets hope when we get a new managing director something starts happening and the shareholders get something back for being very patient..


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## AAM shareholder (24 August 2010)

Re not short of cash! Weren't they? 
09/12/2009 1.25m options converted
15/12/2009 1.1m options issued to pay for accommodation
29/12/2009 268,500 shares sold by JWilliams on 24th
                 and 500,000 options converted.
It goes on and on
They were short of cash!


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## Beefa (25 August 2010)

Just noticed the latest announcement.

Is it unusual for a new Director to hold (well his wife holds) $1.6mil in shares (11247775 X.145) 

Not that I think that's a bad thing as he'll have a vested interest in the share price you'd think. 

And as I've said before I'm a holder, but only a very minor one.


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## prawn_86 (6 September 2010)

Just saw the back end of a TV ad for A1 Minerals on CNBC. What the hell are they doing forking out thousands of dollars for TV advertising?

I dont own, just interested in why a small cap with dodgy background and no retail customers would be advertising...


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## AngusSmart (6 September 2010)

In regards to the A1 minerals and St george mining. seeking to raise $4,000,000

Just received a letter about St george mining IPO a brief outline regarding a1 about this as follows.

Says On november 5 2009 St george mining acquired the narnoo gold and nickel project from a1 comprising of 10 tenements covering 519sq. km's 150km's east of laverton,

another 2 tenements were acquired from a1 on the 10th june 2010 A1 retained a 2% smelter royalty in regard to minerals extracted and sold from these two.


John Prineas

Executive chairman


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## AngusSmart (23 September 2010)

*Best gold pour yet for A1 Minerals as operations ramp up*

The steady improvement in gold production for A1 Minerals Ltd saw its largest gold production yet with this week’s gold pour of 516 fine ounces of gold and 347 fine ounces silver.
The estimated value of this dore is $696,600

A1 Minerals chairman Michael Hunt said “It’s gratifying to see the operation building up towards its intended gold production level after the teething pains we have suffered with both mining and milling operations. Our next step is to complete building the gold room so we can pour on site”.

The operation is now under the supervision of A1’s Technical Director Bill Hobba who supervised CPC Engineering’s renovation and assembly of the plant last year.

The company has engaged mining consultants Optiro to provide advice on improving the geological and in pit grade control methods currently being used at Brightstar.

Mr Hunt added: “I expect that during the next quarter the company will be consistently achieving its target of producing at the rate of 30,000 ounces of gold per annum”.

Yours sincerely,
Albert Longo Finance Director – A1 Minerals Limited


our new chairmans name is mike hunt. :bananasmi


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## AAM shareholder (24 September 2010)

my cents worth for what it's worth 

1. Prawn: re advertisement seemed to be JW's last attempt to raise the share price prior the the SPP at 18c. I can't see these costs in the last 5B statement  
2. Angus Smart re St George: read their prospectus carefully. Tim Hronsky was a director of A1 Minerals. The assignment of Narnoo and other sales .... they were cash poor and sus the rest for yourself. I don't believe that A1 got value for any of it's tenement sales. Read prior announcements by JW touting Narnoo as a terrific holding....mmmm 
3. Michael Hunt has been the chairman of A1 Minerals for quite some time...he's also responsible for where it's at..... why is you little man jumping? 

Last announcement: if extrapolated AAM targets 25,000oz p.a. costs were not announced. The next 5B will be interesting. An analysis of the last 3 or 4 makes leaves me questioning??? 

 I suspect that the importance of Bill Hobba is greatly underestimated.


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## musicman74 (30 September 2010)

i think he was trying 2 b funny have a think what mike hunt sounds like his parents must not of lol


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## haro (10 January 2011)

any guidance on this company... looks like its bottomed out... surely an announcement couldn't be far off... 

Haven't been following long but compared to a non-producer exploration company isn't this a good bet...


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## AngusSmart (10 January 2011)

haro said:


> any guidance on this company... looks like its bottomed out... surely an announcement couldn't be far off...
> 
> Haven't been following long but compared to a non-producer exploration company isn't this a good bet...




We've been waiting for that announcement for 6 months....... wheres the gold?

Stay away, thats my advice! poor management that seems to chew up investors money on a constant basis, they gift themselves options all the time.. wheres the gold??

they do sneaky deals and sell off assets, i find the grades they "apparently" have unbelievable, even tho they aren't that great.. Wheres the gold???

i just simply dont have trust in them anymore. look around for investor sentiment i am sure everyone will agree  

if you want a junior goldy thats going well look at NST


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## Crom (10 January 2011)

I'm inclined to agree.

Though I see they are doing a new web site to no doubt deflect attention from announcements.

This is an incredibly frustrating stock so my reponse when I have spent time researching and yet still bought such a non perfoming stock is always to trade with a stop loss.

.005 cents between .105 and .11 is a bit of a gimmee.  Just check the chart!

More than one way to skin a cat!


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## exgeo (12 January 2011)

Next announcement likely to be a trading halt prior to going into administration, or "We've gone cashflow positive". No other alternatives, given that the last qtly showed they had no cash in the bank. Knowing this, I bought a few at 11c as a double-or-nothing type of bet.


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## willow007 (28 January 2011)

Sold out of my AAM today - I'm afraid this company's going down the gurgler. It's been an incredibly frustrating ride, with seemingly very poor communication between the company, its directors and shareholders. 

Let this be a lesson to all that you must ALWAYS trade with a stop loss! I also agree with the previous poster's comments - next announcement will either be "going into administration" or "we've actually made some money". You know which way I stand...


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## exgeo (28 January 2011)

willow007 said:


> Sold out of my AAM today



Me too. The recent share price action and lack of announcements from the company re the cash position makes me think things will not end well. Let's face it, if things had gone well cash-wise, you'd think they'd announce it ASAP, shouting it from the rooftops.


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## System (10 December 2011)

A1 Minerals Limited (AAM), is now known as Stone Resources Australia Limited (SHK).

Discussion of this company continues in the SHK thread: https://www.aussiestockforums.com/forums/showthread.php?t=23945


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