# QOL - Queensland Ores



## jooooooles (29 June 2007)

Coudn't find any postings on this company under Q-Z under the forums.

Here is a breif outline on what well could be Australia's first molly producer. The company has a fully funded Molly / Tungsten project 100km South West of Cairns and is expected to start mining in the last quarter of 07 (within 6 months)

Currently has a market cap of less than 40 million. Will be producing 150,000 tonnes of ore per year with JORC MoS2 grade 0.17% and JORC WO3 grade 0.41% with a mine life of 6 years.  Commissioning of crushing equipment expected to happen between Dec - Jan. There is huge potential to increase the current JORC resource as well/

Molly prices currently fetching around US $32 / pound and Tungsten US $250 / MTU - unlike other explorerd who are + 5 years of becoming producers QOL is likely to be there within 6 months. Huge potential to take advantage of strong rising prices particualry for molly with some analysts predicting that it could top US $50 / pound in the near future. 

The project was fully funded through a right's issue and the company will be generated a cash flow within first quarter of 08.

They have just signed off on the native agreement and lodged their EPA application for public review which hopefully will be completed and lodged in Aug - Sep

Interesting link to have a look at which mentions QOL http://www.thormining.com/docs/downloads/tungsten21June07.pdf

Company also has a copper/gold project and is hoping to be a 2 mine operating company within 2 years.

As always DYOR


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## prawn_86 (2 July 2007)

have to say that after a weekends worth of research i decided to buy in at 32c.

happy to hold for a couple years, especially with such good exposure to moly and the copper and gold potential.

does anyone know if their moly is hedged? as i couldnt find that info anywhere.


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## doogie_goes_off (2 July 2007)

Did my research last week too, price moved before I could act. Thanks for alerting ASF'ers to QOL jooooles. I'll be looking for an entry point.


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## prawn_86 (2 July 2007)

depens on what your hold strategy is but i can see it being well above curreent prices by the end of the year. at least 40c by december imo


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## Who Dares Wins (2 July 2007)

Any ideas on how much it will cost to mine the ore on a per tonne basis? it would help to know this to evaluate the company.

Could be above that 40c mark sooner than some think the way its going. Strong again today so far.


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## jooooooles (2 July 2007)

No problem guys - this one isn't going under 30 cents any time soon I beleive. Up a massive 13% today with some huge buy orders going through - turned into a bit of a frenzy at one stage. 

Excellent support 

Quantity   Price   
114,955   33.5   
350,000   33   
150,000   32.5   
290,000   32   

To think this still has a market cap around 40-45 million is absolutely bewildering to me. Still priced as an explorer - will be generating cash flow around 6 months 9 at the absolute latest. Considering some of the U plays out there who have market caps in excess of $100 million and won't be minning until well over 3 years with so many risks and unknowns is staggering. So many boxes are ticked off for this one and with Native title just signed off on last week and the EPA being lodged for review.

Considering also that fact that the options (QOLOA) are being snapped up at an 10 cents. These have an excess of 35 cents (Need a SP of 45 cents to break even!!!) That means that who ever is buying them is behind the 8 ball already. Punters are looking to leverage their holdings and returns one would assume and who ever is buying them seems pretty confident.

Who dares wins - have a look at the link in the first post I did - there are some 'base calculations' on QOL on the last page.

I forgot to mention they also have a copper / gold project as well read the annoucnements. They plan on being a 2 mine producer within 2 years - the first being Wolfram around about 6 months.

There is also the potential to upgrade the resource tonnage at Wolfram. They are still drilling and results are pending as well.

Also interesting to note molly is extremely bullish and many analysts beleive that US 50 / lb is a 'heart beat away' - 

As I just finished typing it has shot up 34.5 up 15 %

DYOR as always and make your own conclusions regarding this company

Jooooooles


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## porkpie324 (2 July 2007)

There are some posts on QOL on the commodity section, I managed to pick up some this morning at .33, did'nt go to mad, may be some anouncement temp buying pressure. porkpie


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## prawn_86 (2 July 2007)

here is an email i recieved from the MD this morning with regards to a few questions i asked.


Hi Shaun

Thanks for the email.

In relation to your questions please note the following:

1          QOL will be attending a lunch at the Melbourne Mining Club in
July and currently uses Farringtons to manage PR. 

2          The announcements planned include further progress relating
to the Wolfram camp mining lease leading to mining commencing in Dec
2007 and production in early 2008. The direction the board has taken is
that once WC is up and producing then Mt Cannindah, a copper and gold
project in Monto will be developed with the intention of production
commencing in 2009. 

3          The cash forecasts currently show that the current cash
holdings will take the Wolfram Camp thru to production. At this point in
time there is expected to be no further dilution of shares with the next
movement expected to be the exercise of options in Nov 2008

4          Please see attached


Regards

Peter Birch


1. does the company have any PR planned? if so will they be handling it
internally or externally

2. what announcements/results are planned over the next 6 - 12 months
and what is the long term vision/forecast of the board?

3. How long is the current cash in bank expected to last? will there be
any further dilution of shares?

4. Would it be possible to gain a list of top 20 shareholders?

I look forwards to your correspondence and may have further questions in
the near future.

Kind Regards

Shaun


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## alankew (2 July 2007)

Shaun thanks for that,is it possible to put up the list of the top 20 including the percentages held.Thanks in advance


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## prawn_86 (2 July 2007)

im not at my normal computer cause im visiting my old man, so i'll have to wait till the weekend to put up the list. 
but the talbot group (ken talbot) of macaurthur coal (i think) is the major holder with about 8%. the top 20 totals around 38%.
real figures will come on the weekend. 
sorry for the delay.


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## BIG BWACULL (2 July 2007)

E TURD (E TRADE)website has this to offer atm hope it helps,
07/08/2006  	Donwillow Pty Ltd  	            9,765,000       18.92%
20/12/2006 	Talbot Group Holdings Pty Ltd 	8,100,000 	13.66%
31/01/2007 	Rigi Investment Pty Ltd 	  4,100,572 	   5.98%


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## mick2006 (2 July 2007)

very interesting day's trading for QOL, all time record volume with a steady stream of large 100k plus buy orders.  One would think a bit of accumulation going on.

The research paper from Far East Capital could very well be attracting a fair bit of new interest into QOL.(available from QOL website very interesting read)

*What we do know is that QOL is going to be the first in a new breed of Molybdenum/Tungsten producers in Australia with first ore mined late 2007 and first sales early 2008.*

With a excellent outlook for both commodities and near term production/cashflow, QOL should benefit from a large re-rating as it gets closer to production.

Also very interesting to note the very high grade molybdenum, with grades around 4 times higher than that of DGR's project.


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## Ken (2 July 2007)

I am a fan,

But chart wise is this right time to be buying?  26 cents to 35 cents. Will there be profit taking if the buyers are done for the short term?

If the buyers have there stag, and it sits around current levels.. slowly but surely the impatient sellers will push it down.

Just reminds me of ELK a bit,  not saying its not going north, just trying to find myself an entry, and history has told me, majority of the time, you will get an opportunity.. after some decent gains,  which QOL has had.


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## jooooooles (3 July 2007)

Closed above the 34 cents mark. This is first time since May. Maybe we are looking to break 40 cents mark?

Since posting this one in the forum last week I am really surprised about the response. Seems a lot of punters like the QOL story including myself. Looking very strong in pre open already - punters scrambling in to get cheap stock before it might take off again - this is a possibility.

DYOR as always


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## Spaghetti (3 July 2007)

Sold out of this stock in April for .415. Could not understand then why it wasn't go ballistic but was soon after a rights issue or something I do not understand. Saw the company on TV over the weekend talking with the locals and generating a lot of interest so jumped back on without any thought yesterday and paid the highest price of the day. Still far cheaper than my sell price in April I tell myself lol

I remember reading a broker report on the QOL website that gave a very healthy price target if I recall correctly. Sure it was included on the prospectus, anybody else seen it? Cannot for love or money find it now. Do not want to quote it without providing support.


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## Spaghetti (3 July 2007)

Found it, under capital raising presentation March 2007. Not an independant broker report so will not quote here, their estimates I guess. Anyone can read on the website.


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## mick2006 (3 July 2007)

hey guys have had this one on my watchlist for a while now and have been buying small chunks here and there, hoping to get a decent position. But judging by the movement today on good volume the market is finally waking up to *QOL*.

*It will be Australia's next Molybdenum and Tungsten
producer with mining to commence in the 4th quarter and first sales in the 1st quarter next year.*

It has the jump on many other of the near term producers such as THR,PDM,VML.


So a look at QOL and its projects


*Share Structure*

Shares 138,381,153
Options 34,730,192


*Market Cap *

$58,857,857



*Reasons to buy into QOL*

- Exposure to hot commodities in Molybdenum/Tungsten
- 2 mining operations by early 2009
*- Wolfram Camp mine already fully funded and due for production 4th Quarter 2007*
- Mt Cannindah (copper/gold/silver) due to come online early 2009
- High potential for resource expansion in immediate proximity to producing mines.
*- First in new breed of Molybdenum producers*
- Will be generating profits in first year of production
- plenty of Shareprice upside due to stock re-rating as mine commencement gets closer.
*- undemanding p/e of 1.5 based on current share price*.
- top 50 shareholders control 57% of the company (thanks Shaun)

*Wolfram Camp*

Production to start late 2007, with first sales early 2008.

To produce on a yearly basis

- 229,000 lbs of molybdenum
- 41,820 metric tonnes (MTU) of Tungsten

Annual sales of $21 million

Costs of $9.3 million

Profit of $11.7 million



*Mount Cannindah*

Feasibility Study complete early 2008
First Ore 2nd quarter 2009

Yearly Production of

- 8200 tonnes copper
- 5950 oz gold
- 275,000 oz silver

Total sales of $67 million per yer

Profit of $27 million per year



*With over 3km strike left to explore at Wolfram Camp, QOL believes that they will be able to tripple the current resources*.

The two main projects above will keep QOL busy over the short term they have several other exciting prospects being Banford Hill and Triple Crown.

If you take the potential profit of *$38 million *from the two projects it leaves QOL with a fully diluted

*EPS 22 cents
P/E 1.5*

Shows how much potential upside there is with QOL if you use the standard P/E of 10 it would give you a share price of around

*$2.26*

I would like to add that I am not saying that QOL will reach $2.26 but this is used to highlight the potential of the company.

Also the commodity price used for the calculations are as follows

Molybdenum $25 per lb
Tungsten $250 per MTU
Copper $2.50 per lb
Gold $650 oz
Silver $10 oz

All of the above commodities are trading significantly higher than the price assumptions used by QOL, which could add even further upside to the company.

Below is part of an article from Far East Capital

Prospective Tungsten Producers
“Update Shows Qld Ores is Leading the Pack, Boosted by Molybdenum”
The Molybdenum Co-Product is Adding to the Appeal of Some …
Molybdenum Price Has Been Stremgthening: The tungsten market has been overshadowed by the
surge in molybdenum prices from US$25/lb in February to US$33.50/lb at the end of May.
• The market has woken up to the fact the non-corrosive qualities of molybdenum make it an
essential element in construction of pipelines for the oil industry and in nuclear power plants.
The problems with leaking oil pipelines, such as we have seen in the Alaskan pipeline, can be
avoided if molybdenum is used in the steel. Currently approximately 66% of the oil pipelines in
use have to be replaced as their steel doesn’t contain molybdenum.
• The desire for molybdenum amongst investors has been highlighted by the commissioning of a
new molybdenum investment fund by Sprott Asset Management in Canada.
• The value of molybdenum is highlighted by the observation that it has now reached the price that
uranium was fetching, two years ago.
Limited Molybdenum Entry Points: There is no direct entry into molybdenum production for
investors on the ASX at present.
• Australia’s first molybdenum producer will be Queensland Ores, due to commission its
mine at the end of 2007, or early 2008.
• Two prospective tungsten producers have molybdenum as a co-product; Queensland Ores
and Thor Mining. Only Queensland Ores has a fully-funded development project.
• Thor Mining is still in the pre-financing stage with no definite timetable for production, but
we do view it as a project of merit.
• There are a number of exploration companies with prospective molybdenum projects.
These will be covered in a report that we are currently working on. However, none of them
will be a producer in the short term ahead of Queensland Ores.
Debt Finance Difficult: Specialty metals projects, tungsten and molybdenum included, are very
difficult to debt finance due to the thin markets. Equity financing is essential. While there is merit
in seeking debt/quasi debt from end users or investment banks, as a means of minimising dilution,
these negotiations can lead to development delays and constrictions.
… But Tungsten Prices Have Firmed Up As Well
• The tungsten prices as quoted in the London Metals Bulletin, has remained strong. The price is
based on surveys of producers, consumers and traders. For the month of April, the average low
price was US$257/MTU. We have increased the price from US$220/MTU to US$250/MTU in
our spreadsheet, the lowest level it achieved in May.
• China is the largest consumer in the world. In the past it has subsidised mines, but the subsidy
levels have been diminishing and a number of mines have closed. Stockpiles are being drawn
down to satisfy demand so there is an expectation that prices will remain firm


Would be interested to hear peoples thoughts on the company. 

*Looks very good going forward likely to be heavily re-rated closer to the start of production*.


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## greggy (3 July 2007)

mick2006 said:


> hey guys have had this one on my watchlist for a while now and have been buying small chunks here and there, hoping to get a decent position. But judging by the movement today on good volume the market is finally waking up to *QOL*.
> 
> *It will be Australia's next Molybdenum and Tungsten
> producer with mining to commence in the 4th quarter and first sales in the 1st quarter next year.*
> ...



Hi Mick 2006,

Thanks for the tip Mick 2006. QOL looks very interesting and is set to go into production by late 2007, early 2008.  Its also cashed up after an issue supported by Far East Capital.
DYOR


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## Spaghetti (3 July 2007)

I am going accumulate a huge parcel of QOL in the next three months. It still has one hurdle I believe, that is the environmental management plan approval so some risk attached. Their notices suggests all approval processes and the go-ahead should be October 2007, originally hope for August 2007. They are ready to roll now, just waiting for the approvals.


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## porkpie324 (3 July 2007)

Accumalation is the way, just be aware that any hickups with  issues to cause a delay in production will result in QOL shares being hammered, probably an oppotunity to accumalate a few more.porkpie


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## Ken (3 July 2007)

Well.

A lot of people understandably want in...


Did anyone get a top 20 share holders list. i'd imagine around 45-50% are top 20....

So not that tightly held.

I haven't seen the share price being capped or anything from the short time i have been watching it...

Reminds me of the time frame building up to AGM taking off.

How well do people understand tungsten, and the big m word? moly....?

Is it a precious metal..?


Has this stock had much press?


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## Spaghetti (3 July 2007)

ken

I read articles from time to time about Queensland Ore in The Australian. recently they wrote about the native title and evironment report holding up the mining lease. I think they are keen to get started asap to capitalise on the high moly prices.


It is also local so I hear about it on local tv and papers etc.


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## Ken (3 July 2007)

Anyone know the expected mine life?

I havent been able to track it down.

I think the recent spike in price is the fact that the natives have given it the all clear.


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## kamil (3 July 2007)

Ken, the expected mine life is 4 years, check out: 
http://www.thormining.com/docs/downloads/tungsten21June07.pdf, from jooooooles original post.


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## Bushman (3 July 2007)

Info on the big T can be discerned from the following industry website. It is used mainly in cement carbides, lighting and metal alloys.

www.itia.org.uk. My favourite fact is that tungsten is in fact 'heavy metal' in Swedish. Should serve me well at the next pub trivia night.

No such industry website for Moly as far as I can find. The wikipedia website has the following blurb. 

The ability of molybdenum to withstand extreme temperatures without significantly expanding or softening make it useful in applications that involve intense heat, including aircraft parts, electrical contacts, industrial motors, and filaments.[7][5] Molybdenum is also used in alloys for its high corrosion resistance and weldability.[4][8] Most high-strength steel alloys are comprised of .25% to 8% molybdenum.[3] Despite being used in such small portions, more than 43Ã—106kg of molybdenum is used as an alloying agent each year in stainless steels, tool steels, cast irons, and high temperature superalloys.[4]


In terms of news, The Australian had the following recent article on QOL (amongst others):

http://www.theaustralian.news.com.au/story/0,20867,21882427-18261,00.html

I hold QOL medium term mostly because it will have an operating mine in a 'window of opportunity' when moly prices are set to spike. All it needs now is for environmental concerns to be met. It also has some as undelineated exploration potential in its Wolfram camp and its copper holdings as described elsewhere in this thread. However a word of warning on spec metals - small markets mean a new competing mine opening will quickly douse the metals price. Buyer beware.


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## mick2006 (4 July 2007)

the initial Wolfram Camp mine is set to run at least 4 years, but QOL have still got another 3km strike to explore and expect to tripple the current resource and in turn add several years to mine life.

As for concerns as to the price of Molybdenum just keep an eye on the constant stream of reports documenting the accute short supply due to mine exhaustion.  The report in the Australian about QOL link in post above documents how companies are now stockpiling Molybdenum because of the short supply and how the price in now only a heartbeat away from $50 lb.


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## arminius (4 July 2007)

ive found this to be a useful source of info...

www.infomine.com/investment/historicalcharts/showcharts.asp?c=Molybdenum.

cut and paste was never my thing.


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## Spaghetti (4 July 2007)

The stock has gone through that stangant period when it loses support from those who invest in explorers but is not yet ready to take on board those who invest in producers. It may never have received the appropiate level of support though at exploration stage due to the metals being unknown.

Prawn is correct that any further delays may see some dumping as people who own shares want action, not sit and wait while their money could be of better use elsewhere. At the moment I can see many who have waited and possibly been sitting on losses quick to offload with any small increase in price.

I have started to accumulate but have not bought a full parcel yet because even though October is only 3 months away, 3 months can seem like forever when your money is not making money. I am ready to pounce though if suddenly support arrive en masse. All the noise we are making for eg may be enough but I really do believe the stock will benefit most from taking on board those who invest in producers.

I noted from joooooooooooles link the comment that this type of delay from the epa is occuring across the board, not unique to Queensland Ores, so the company itself seems itchy to start and well ready to move into production. Hopefully October is a reasonable assessment of when the leases will be approved.

Also note that Wolfram has a mine life of 4 years at a very high profit margin and that they will have the second mine hopefully start production in 2009.


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## Ken (4 July 2007)

I need volume to drop, the price to drop, and I will be in for my largest stake in a company.

The steps are in process, and that what i like about QOL, you can see the progress, its easy to track, theres no smoke covering anything up.  aka (ADI).

Its an Australian way of doing business.

Its out in the open.

I like it, and I hope it makes everyone a bucket load of cash.


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## Spaghetti (5 July 2007)

Buyers acted brilliantly today, last I saw the buy side it was quite substantial but no-one was giving in and forced sellers to meet them on their terms.

Perfect for this stock at this time.

Accumulate at the lowest price, drive it down, flush out the frustrated because it is not going to fly for a bit. Time to bargain hunt for a medium term hold. In my purely personal opinion only.

The little heat native title approval generated may all be forgotten already so lets hope prices may drop even further.

Can't match Talbot's holding but I may try


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## jooooooles (5 July 2007)

Just a few quick ones mine life is actually  5.8 years.

876,500 tonnes resoruce / 150,000 tonnes ore mined annually 

After speaking with the company - based on existing drilling on the site there is a likelihood or possibility that the resource will be increased slightly as previous results are analysed. 

Drilling to increase the resoruce at Wolfram will not occur until 2008. The reason is the company will be focusing all of its resources in bringing Wolfram into production.

This makes sound sense - no point in drilling and burning cash on resource upgrades until the mine is in production. After this point when the company is generating cash it can finance its drilling resource upgrade. There is huge potential to increase the resource as previously mentioned with 3 km of strike left.

If we "speculate" that total resource can be increased to 3 million tonnes then this would increase the mine life to 20 years @ 150,000 tonnes per year. This is speculation but I think it is pretty to safe to say with historic minning in past decades within the areas we will see a resorce increase of some description over the next year. There is also the possibility of expanding the infrastructure to accomodate an increase in tonnage per year.

DYOR


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## jooooooles (5 July 2007)

Spaghetti,

Excellent buy side depth but don't let this fool you. There is a buy order in for,

1,000,000 @ 0.1 cents

So you can safely take 1 mill of the buy side straight away as someone is playing games.

Still by doing that the buy side greatly outweighs sell and pre-open looking strong this morning.


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## Who Dares Wins (5 July 2007)

Some information has already been qouted on this thread from The Far East Capital commentary of QOL and the entire article is available on the QOL website under the Research heading so if anyone hasnt already checked it out then do so. Very informative and illustrates the potential the company has to expand the Molybdenum project, let alone if the price rises as is forecast.

As far as re-rating goes now that the company is close to production, this could start from now on and maybe has. Look at MMX, it started moving about 5-6 months before production. I hold QOL.


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## prawn_86 (5 July 2007)

ok guys here is a list of the top 50 holders for you all.

TALBOT GROUP HOLDINGS PTY LTD                 1,550,000            8.347%
TWYNAM AGRICULTURAL GROUP PTY LTD	8,179,094	5.911%
DONWILLOW PTY LIMITED	                          7,558,186	5.462%
ANZ NOMINEES LIMITED  <CASH INCOME A/C>	2,598,844	1.878%
RIGI INVESTMENTS PTY LIMITED	               2,137,500	1.545%
SANDHURST TRUSTEES LTD  <SAIGF A/C>	2,134,405	1.542%
EREBON PTY LTD	                                      2,085,520	1.507%
MR CHRISTOPHER TERENCE JORDINSON	1,999,339	1.445%
MR ANDREW JAMES MURRAY BORDER	             1,959,375	1.416%
MRS JANET BORDER	                          1,959,375	1.416%
MR JOHN IGINO KAHLBETZER	                          1,850,000	1.337%
MANFREE NOMINEES PTY LTD                          ,778,829	1.285
CITICORP NOMINEES PTY LIMITED	             1,527,297	1.104
INTERDALE PTY LTD                               	1,524,575	1.102
RIGI INVESTMENTS PTY LTD	                          1,495,040	1.080
NATIONAL NOMINEES LIMITED	             1,407,360	1.017
METALS MINING & FINANCE CORPORATION LTD	1,289,245	0.932
SHELL COVE CAPITAL <BLACK MARLIN A/C>	1,273,480	0.920
KILLINI NOMINEES PTY LTD	                          1,237,500	0.894
MS CLAIRE ELIZABETH DAVIS	             1,180,000	0.853
RIGI INVESTMENTS PTY LTD	                          1,175,000	0.849
CURZON MADISON LIMITED	                          1,137,343	0.822
MR JAMES MCILWRAITH	                          1,076,996	0.778
NORINE NOMINEES <MME SUPER FUND A/C>	1,019,010	0.736
HSBC CUSTODY NOMINEES (AUSTRALIA)	1,005,000	0.726
PFTF STOCK PTY LTD	                            994,130	0.718
MERRILL LYNCH (AUSTRALIA)   <SETTLE1 A/C>	   972,521	0.703
BLACKBROOK NOMINEES PTY LTD	               962,500	0.696
STATION CAPITAL PTY LIMITED	               893,698	0.646
RORNIK CAPITAL   <RORNIK CAPITAL FUND A/C>   802,000	0.580
MDA CAPITAL  <MACARTHUR EQUITIES A/C>	   720,000	0.520
BAYSTREET PTY LTD  <TRADING A/C>	                701,310	0.507
REPUBLIC AUSTRALIA PTY LTD	                700,000	0.506
SHELL COVE CAPITAL <THE BLACK MARLIN A/C>   700,000	0.506
FORTIS CLEARING NOMINEES <SETTLEMENT A/C> 695,468	0.503
MYRTLEMONT <ERENDIRK SUPER FUND A/C>         675,000	0.488
RIGI INVESTMENTS PTY LTD	                              647,572	0.468
NOOSA PROPERTY DEVELOPMENTS <MCMURRICK>   637,500	0.461
MS HOLLY CAMPBELL	                              625,000	0.452
BOND STREET CUSTODIANS <MXR - WN0125 A/C> 600,000	0.434
GREGORACH PTY LTD	                              589,076	0.426
WARMAN INVESTMENTS PTY LTD	                  562,050	0.406
MR ROBERT WOODLAND & MRS ERIKA WOODLAND  <R WOODLAND EXHIBIT S/F A/C>	                                                        555,000	0.401
GLENESSLE PTY LTD	                              525,000	0.379
UBS NOMINEES PTY LTD	                             512,166	0.370
QUANGI PTY LTD  <SOUNNESS SUPER FUND A/C>  504,000	0.364
SANPEREZ PTY LTD	                              500,000	0.361
MR PETER TAYLOR & MRS SONIA TAYLOR	    500,000	0.361
BIKINI ATOLL INVESTMENTS PTY LIMITED	   500,000	0.361
BELL POTTER NOMINEES<BB NOMINEES A/C>       450,000	0.325
MR BARRY CHARLES BROWN & MRS MARILYN MARIE BROWN  <BARRY BROWN SUPER FUND A/C>	                                         450,000	0.325
NEWANGLE HOLDINGS PTY LTD  <ANGLE HOLDINGS A/C>	450,000	0.325

	                                       TOTALS 79,562,304	57.495%

sorry about the layout, im not sure how you attatch an excel file.

hope this helps


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## jooooooles (9 July 2007)

Annoucement out what a ripper as well. New resource estimate now includes new Bismuth resoruce which is valued at US$18/lb - making the mine even more profitable.

11 hole RC drilling campaign pending results - targeting areas outside of the already defined resoruce. Most holes returned similar mineralistaion similar to that of Wolfram

Excellent assay results from copper/gold project with all holes returning results > 1.5 % Cu Eq



DYOR


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## Who Dares Wins (9 July 2007)

New ann. out.

Final resource estimates prior to development fo the Wolfram camp project based on drilling up to the end of 2006.

WO3 in the measured and indicated resource categories has increase 187 tonnes from previous estimates of 2970 tonnes. MOS2 has incresed 115 tonnes from 1245 tonnes. So this represents an increase of 6% and 9% respectively.

Also Bismuth estimates are included for the first time due to increased demand for the metal. 200 tonnes of Bismuth at $18/lb estimated and easily recoverable.

Bismuth adds another $8m US.

Joooles beat me to it.


----------



## jooooooles (9 July 2007)

Yeah my initial calculations where that the Bismuth is worth about 8.5 US$ million in ground value too - this is a bonus really. 

Can't wait for those 11 RC hole assays to be released...

DYOR


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## Ken (10 July 2007)

Price is down to 33 cents.  Just what QOL needed in my opinion for me to take a genuine interest in them now.

Chart wise, I never bought in.  I felt I had missed the run.

On my watch list.


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## Spaghetti (11 July 2007)

I wish I had got them for .33. I have bought a few more but have put some money elsewhere that is equally a wait game. So much for my strategy of putting my money where the action is lol.

I have read and read and read and read about all things moly. I have read and re-read all the reports on QOL. 

My thoughts are that extended mine life would assist the s/p. Obviously will happen but such a long way off until this will be set in writing.

Moly in general has some issues with processing, so waiting for an offtake agreement. Emails with QOL indicate current negotiatons are underway. That is all I know.

I think that waiting for mine lease approval represents a high risk to those that prefer production companies and even those that are willing to invest in early discoveries of explorers. It is so final. However I personally see no issue at all. Historic mining area, about all that has ever happened in the area. The only thing interesting about the area is all things geological. 

So hopefully once lease is granted QOL attracts a new type of investor. 

Emails with QOL are quite positive about no further delays to the granting of  the lease. The report on their website says the only issue, flouride in ground water? was just a management issue. I am no expert in this problem but it is obviously not fazing any major stakeholders.

So all in all I feel very positive about this stock. Some negatives for sure, but outweighed by the positives. 

Without extended minelife I cannot see this stock reach a very high p/e but even on a much more modest p/e big gains are possible. How long this will take ? No clue!


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## Spaghetti (13 July 2007)

Well, nice day. Perhaps an article somewhere generated interest. Closed up 14% , also closed on day high, so I am happy.


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## motion (13 July 2007)

Yep sure was also see the stock code "ARV" for another moly company

The write was big in the australian

http://www.theaustralian.news.com.au/story/0,20867,22064531-23634,00.html


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## Spaghetti (13 July 2007)

Motion

Good read, hope they publish a story everyday. The Australian has consistently been behind all things moly.

Cheers


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## P.O.D (13 July 2007)

Hi All

I really like this stock and the fundamentals are right!! The only current risk to the SP at the moment is the EPA clearance does anyone know when this report is expected to be released?? Can this stock reach 50c by the end of next week? Got a really good feeling about this one!!!


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## Spaghetti (14 July 2007)

P.O.D

Expect mining lease to be granted October. That is based on what is planted in my memory without re-reading back. Hope my memory is better than Howards this week.

S/P to .50 next week.? Nothing is going to happen that would make that a fair call that I am aware of. Not that I would complain if it did. Maybe The Australian could make a front page headline, that would be sweet. Mind you I never expected it to finish this last week at .40. Maybe will go back down a little, may settle around that price for a while, may take off. So a one in three chance lol. So bottom line is I have no idea.


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## jooooooles (19 July 2007)

Annoucenement out today on Melbourne Mining Club Presentation. Good PR - hopefully there were some instos and brokers at that presentation, did anybody attend it?


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## Spaghetti (19 July 2007)

joooooooles

Read the presentation on announcements. Haven't got my full parcel yet, but have accumulated quite a bit. Have a nice little profit already on very little action. Nice little stock to have and not really worry about. Do want my full parcel under .40 so perhaps should pay more attention May float up quietly without the market noticing.


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## cmh888 (20 July 2007)

Closed high at 0.43 today! Hope you haven't missed the boat to stock up. Glad I jumped on the boat!!!


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## Spaghetti (21 July 2007)

cmh888 said:


> Closed high at 0.43 today! Hope you haven't missed the boat to stock up. Glad I jumped on the boat!!!




Not sure, maybe!  

If it follows recent patterns it will drop a bit before going back up again. If it still keeps going up I am still happy as I do own quite a few already. I did buy a few more yesterday at higher price, not many, my price still averages far below .40. So I can justify sticking to my rules in some twisted fashion.

I was watching it yesterday and it did look like the buy side was too weak to support such a strong close. So nice surprise. very nice.


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## Bushman (30 July 2007)

Good quarterly report out today. 
1. resource size increased;
2. draft environmental and native title compensation docs received.
3. mining licence due to be received early Oct 07.
4. Further positive sounding drill results. 

Sold down to 36c at the moment. Once it bottoms, it should start climbing up once more. 

Far out - what dodgy US loans and the end of takeover's have to do with a company with $20mill in cash, a mine close to productions, an 'in-demand' metal resource and good prospective ground, I will never know. 

As I have read and am starting to believe, the market will do what the market will do. Even if it it irrational...


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## prawn_86 (30 July 2007)

bushman, i agree,

we are a resource based market that should be able to sustain ourselves. Why should our whole market fall because another countries housing market is not up to scratch? i can understand if those stocks associated with it do.

but anyway... time to pick up a few bargains and QOL is one of them imo


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## stormbringer (30 July 2007)

Our mining boom is mostly based on china's industrial boom. In part, china's rapid growth is helped by the US, because they buy so many of their products from china. So if the US enters a period of uncertainty, which it has, it will inturn affect china's growth sustainability. That is why our market, more often than not, follows the US market. This is my basic understanding of the connections between the 3 markets. Correct me if I'm wrong, or better still, provide a more analytical explanation on how these markets are connected.


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## Spaghetti (30 July 2007)

Zero affect on a stock like QOL. Well there was an affect and it was panic selling. No logical reason. The affect was magnified because it is a low volume stock. Gains are magnified the same way.

Great stock because you know at the end of the day it has value based on soon to be producing at low cost . Even if you are conservative as I am it has only upside. Nothing or no one would ever suggest it is worth less than it is. If so i would love to hear about it.,


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## onthego (31 July 2007)

Hi Everyone
New to ASF so a big hello. I hold QOL. Did lots of research on it. I don't day trade but hold long term as I have a goal which involves my house!!!
Spaghetti do you hold QOL?


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## prawn_86 (31 July 2007)

has anyone out there done a detailed fundamental analysis on QOL to get a price target?

just curious because if no-one has then i might do one of my own and post it


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## jooooooles (4 August 2007)

Can't beleive its taking a hammering like it as the moment. I'm not going to be panic selling into this downward trend - just have to take the hits at the moment...


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## Who Dares Wins (9 August 2007)

Yeah Jooooles, well my response to the panic selling was panic buying. 

I got into this stock around 28 cents, got more at 32 cents on the way up so it was kinda cool to see it go through 40 cents so soon afterwards. But you know what, it was kinda cool too when it came back down because once it got back under 33 I just started taking on more. 

Someone posted on here earlier along the lines of  QOL being a good stock because the company has cash in the bank, a mine close to production and an 'in demand' metal - and they are dead right.


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## doogie_goes_off (9 August 2007)

I now hold QOL, 30c - that's a bargain in anyones book. Look forward to announcement of the mining lease grant date, should send a wave of positive sentiment over this one, just need to hold for a couple of months.


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## Spaghetti (15 August 2007)

Well, well, well.

It is down to about original issue price, can it get any cheaper?. Have bought at so many prices but this price looks tempting. Scary stock though goes down 10, 15% as quick as it goes up the same. I may wait until some sanity returns to the market or maybe not

It is close to production and does not need finance and with even a stupid p/e there is still a lot of upside. Anyone disagree? Does someone know something I don't?

Why do people sell at such a bad price, and why didn't I buy them lol


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## prawn_86 (16 August 2007)

well with the way the moment is at the moment im hoping it stays choppy for another 6 wees or so as i will have more funds by then and will be able to get some more for a fraction of what they are worth imo


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## jooooooles (16 August 2007)

Its a massive over reaction - people are getting spooked and forgetting the fundamentals of this company. If it keeps going down like this the market cap of the company will be worth less than the money they have in the bank! Go figure that one? Totally bizzare and irrational. I would like to see the share registry and compare it with the one posted on here a few weeks ago. Would be interested to see if the big boys are still holding...


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## prawn_86 (5 September 2007)

looks like the interest is cominng back to QOL.

Up about 20% in the last 5 days. Possible buying in anticipation of mining lease been granted, which is supposed to happen this month.

Providing all anns are released on time and everything is running to schedule there is still some big gains to be had IMO.

I'll be looking to sell once first cashflow begins most probably.


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## jooooooles (24 September 2007)

Up on big volume today 20%! Maybe that mining lease is just around the corner. Options going ballistic...


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## doogie_goes_off (24 September 2007)

I think patience is paying off, don't sell before the bell! I am most impressed with the volume and hope to see it go past my highest buy price of 0.355where I thought it was good value, the ones I got lower than that certainly were a bargain. It just proves smaller more easily developed resources are worth investing in.


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## doogie_goes_off (24 September 2007)

To back up that last statement, MGO have placed $15M with the Canadians at 36c and can't keep their price up there, the volume is greater with QOL. Sometimes bigger isn't better because you just get more dilution than you can poke a stick at and they have do a deal with the devil to develop their resources. QOL has really attracted some buyers/accumulation today and for the first time this Fin.Yr. I can


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## Spaghetti (25 September 2007)

Well finally is all I can say, looks quite good this morning as well. Was so undervalued was wondering if the everyone knew something I didn't. Have traded in and out over the past while but will sit back now and hope for the best.


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## It's Snake Pliskin (25 September 2007)

44cents might not be out of the question if the market remains bullish. A simple look at a chart will tell why it isn't impossible. I am watching it.


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## skating101 (27 September 2007)

Hi guys

New to ASF, nice to meet you all.

Got a couple of reasonably general questions:

1. What is QOL's long term plan? Even if this mine is in production for 7 years it would still be nice to have some kind of idea as to their plans after this mine starts to wind down.

2. I tried to find this stock on IG Markets to no avail QOL is not returning anything under search.


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## flyboy77 (5 October 2007)

*QOL - on the march today?*

*Maybe word on the imminent mining lease grant is leaking into the market? *(due "early to mid October" as per their last quarterly report)

Strong bids mounting on the buy side.

Oppies look good value imo (and I'm holder).


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## flyboy77 (15 October 2007)

*Will there be a Significant Resource Upgrade?*

We're due assays from 13 holes too - potential to significantly expand the resource and, as a consequence, the mine life....

From QOL's last quarterly report:

"QOL completed an eleven hole reverse circulation (RC) programme (804m) during the quarter with the objective of testing a number of targets away from the current resource area. *Assay results are not yet available but most holes returned mineralisation or alteration similar to that encountered within the reported resource area.*

In addition, two diamond drillholes, drilled as part of the groundwater monitoring programme around the proposed mine site, intersected mineralisation well outside the current proposed pit limits."


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## dubiousinfo (15 October 2007)

*Re: QOL - on the march today?*



flyboy77 said:


> *
> Oppies look good value imo (and I'm holder).*



*

I dont know that the opies are cheap if compared to the heads. With an exercise price of 35c their price at the moment (11c) is all premium. I know the premium was higher a few months back, but I dont think we will see that kind of premium again. I think the heads will need to move more to take the opies further.

Having said that, I think the heads are still undervalued and I like the extra leverage in the opies.

Holding opies.*


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## Who Dares Wins (19 October 2007)

New announcement.

Drilling results from Wolfram Camp and Mount Cannindah. 11 new RC holes drilled at Wolfram camp with the best result 1.43% WO3 and 0.79% MoS2. 

Goes on to say how it can be reasonably expected the economic mineralisation is continous over the strike length.

WDW


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## Who Dares Wins (19 October 2007)

A couple of bids stacking up over last nights close and one bid for 500,000 at 32.5 cents! A good sign.


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## flyboy77 (26 October 2007)

*new company presentation- Queensland Ores*

well worth a read. This company has a big future with two projects two come on line in the next 2 years..........!


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## doogie_goes_off (16 November 2007)

Mining lease granted today! I would have thought this would keep the share price up on a down day. The market has obviously catered fo this in the SP or was nobody looking at 10:45 am? I'm expecting a few cents appreciation by those who thought this was a hurdle for the project. Looks like I'll be holding a while longer.


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## Synergy (16 November 2007)

Yeah i thought so too... Things looked quie strong on the release but a big seller knocked it straight back down. Perhaps it will pick up this afternoon, its sitting around its baseline still.


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## Who Dares Wins (16 November 2007)

Yeah I'm surprised too that it didnt lift off abit. i don't think the announcement was already built in to the the price because the price has been quite abit stronger a few months ago.
Its a postive announcement though, no doubt about it, now its a certainty the mine will go ahead and be up and running soon.
No more redtape.


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## doogie_goes_off (16 November 2007)

It just doesn't make sense, has everyone who thought that once mining lease was granted the price would rocket sold out? It's sold down pretty hard on OK volume.


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## Bushman (16 November 2007)

Anyway the final hurdle has been removed in terms of the project. So now we look for - 
1. the off-take sales agrrement;
2. a tight capex project;
3. moly sales 2nd half of next year.
4. further drilling Wolfram Camp;
5. Blue sky upside Cannidah and Bamford Hill. 

2 yrs for the lease to be granted. bloody painful. makes me laugh when i look at the frenzy at RAU. they have another 3 to 5 years to go. what's the rush? 

As for the seller today, who knows the motive? Maybe they accumulated during the correction with a view to selling on this announcement. For some its the underlying assets, others trade the trend.


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## prawn_86 (16 November 2007)

Im happy holding onto my oppies. Once constuction starts humming along we should see a return to higher levels imo.

All price sensitive announcements from hewre on in should continue to raise awareness


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## Bushman (16 November 2007)

agreed - there should be steady accumulation leading up to June/July 2008 mine opening. 

selling at the moment is ridiculous. happened at MHL too on the announcement of the jv partner. that's what everyone is looking for but the motives for some is def different.  

anyway been following QOL for 6 mths now - in that time they have finalised the drilling, obtained the EPA approval, drilled Cannidah and now had the mining lease approved. its moving from a developer to a producer before our eyes. Initial mine life is short but it will render them cashflow positive, accelerate future drilling campaign etc. they will also get a chinese investor at some stage.


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## prawn_86 (16 November 2007)

Bushman said:


> selling at the moment is ridiculous. happened at MHL too on the announcement of the jv partner.




MHL hasnt announced a JV partner yet 

but thats a discussion for that thread not this one


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## Bushman (16 November 2007)

prawn_86 said:


> MHL hasnt announced a JV partner yet
> 
> but thats a discussion for that thread not this one




My sincere apologies - that should read discussions with an as yet potential undisclosed JV partner. But yep it belongs on the other thread.


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## flyboy77 (18 November 2007)

The QOl guys really need to focus on growing the resource and hence the mine life (and NPV) at Wolfram Camp.

Long and strong QOL.


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## Synergy (4 December 2007)

Good positive ann this morning. I'm impressed that work started immediately after being given verbal confirmation of their lease being granted. Things look like progressing fairly quickly to production if they keep up this attitude.


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## prawn_86 (4 December 2007)

Yeh, good to see things are finally happening now. 


Now that development is underway:


> Significant attention is now being devoted to the planned resource extension on the property




Will be Australias first Moly producer for many many years


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## Who Dares Wins (4 December 2007)

Synergy said:


> Good positive ann this morning. I'm impressed that work started immediately after being given verbal confirmation of their lease being granted. Things look like progressing fairly quickly to production if they keep up this attitude.





Yeah I agree. having the verbal confirmation was one thing but getting it in writing is so much better. And a rapid start made to development too. Keeping in mind that only 20% of strike length along known workings has been drilled there is great potential for a resource upgrade in the future.

Strangely though, the options are down 0.7c when I last checked.


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## doogie_goes_off (5 December 2007)

Another milestone released today - they have signed an offtake agreement for concentrates at Wolfram Camp, just after the approval of the mining lease. It will be good to see news of construction milestones etc to see their production schedule come together. First shipment of concentrates should be a day of reckoning for the SP too. Plenty to look forward to.


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## doogie_goes_off (12 December 2007)

Another very positive announcement after close of trade today - new stream sediment anomaly indicating a potential tungsten target within 30km of the Wolfram Camp mining lease, a few dollars spent exploring for the source of this anomaly may see new resources defined and these could potentially be proceesed on site at Wolfram Creek if it all proves up OK. More resources would really supercharge the value of this near term Moly-Tungsten producer.

It's nice to have some blue sky in a fundamentally good stock. I'll hold until post first sales, maybe until a maiden profit. If there are more tungsten-moly deposits located near by I'll hold for a few years yet.

Progress on the site at Wolfram Creek also seems to be on track. Bring on production 2008!


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## prawn_86 (17 December 2007)

Another progress report out on the Wolfram Camp mine.

First blast due to be next week. Ball mill and other items have arrived. Concrete slabs have been poured.

Also, in the area where the first blast is set to occur they have found visible mineralisation, where they had not drilled previously, showing that there is a lot of potential for a resource upgrade, which they have been saying all along


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## jooooooles (19 December 2007)

Mining Lease Granted - *Check*
Native Title Cleared - *Check*
EPA - *Check*
Off take agreement signed - *Check*
Bullish commodities - *Check*
Long lead items arrived on site *Check*
First concrete pour on site for plant *Check*
First blast on open pit *Check*
'Blue Sky' on increasing resource *Check*
Cash flow next year *Check*
Agressive drilling program at Wolfram next year *Check*


Sellers dumping everytime it attempts to break 28 cents *Check*


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## shinobi346 (20 December 2007)

I don't get the continually falling either. I thought with the formal announcement of the mining lease the sp would go up or at the very least hold. How wrong I was. Either the market had already priced it in or... ?????

So long as the mine is operational on schedule I see money in this one.


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## doogie_goes_off (5 January 2008)

4th Jan announcement of significant (>50m) Cu/Au intersection continues to provide confidence that Mt Cannidah should add some value to the share price when a resource is announced. They are 'continuing' to estimate the resource. I think this will break 30c again if the resource is reasonable - can't speculate though, I haven't looked into it enough yet. Looking forward to a Wolfram camp update in January.


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## prawn_86 (5 January 2008)

Yeh im happily sitting back and waiting with this one. 

It meets all my criteria:

Relatively unkown for know, so no trader manipulations
Near term producer
Fully funded
Will produce something in demand (doesnt matter if it iis not market favourite like IO is atm)
Reliable Management
Good Shareholder communication



As i have said before, it is only a matter of time before it is realised, and once the cash starts rolling in we should all be happy ... hopefully


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## Sean K (18 January 2008)

What the hell is going on with Moly plays at the moment? Has the Mo price tanked the past 6 months? It's only gone from 35 to 33 hasn't it? 

Long term support looked to be between 25 and 27, and now 20 IMO.

I think just about all Mo hopefull's charts look like this at the mo.


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## flyboy77 (21 January 2008)

prawn_86 said:


> Yeh im happily sitting back and waiting with this one.
> 
> It meets all my criteria:
> 
> ...




not fully funded prawn 86. Capex and opex up on original estimates, will need to raise more equity, circa 5m+? to finish the gig.


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## katalyst (26 January 2008)

when are we going to get another update from wolfram? seems awhile since the last one. Also i read in one of the annoucment they were expecting to produce concentrate in Q1 are they still on track for that?


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## prawn_86 (25 February 2008)

Another progress report out today.

On track for first shipment in July. At current prices market cap is only equivalent to cost of mine construction etc, so the market is factoring in no upside or production whatsoever 

This site seems to have Moly coming out its ears, which is what was originally suggested. They found more visible mineralisation in what they thought would be a waste area.

I am fairly certain that the mine life will be expanded once further drilling can be funded. As they have stated before, they only originally did enough drilling in order to get a big enough JORC to progress with the mine


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## Synergy (27 February 2008)

I think this is looking fairly promising. Pushing off a double bottom on reasonable volume. Resistance should hopefully be fairly thin to 28c. Hopefully it can push through 20c tomorrow with a bit of luck. I'm not seeing any reason for it to have fallen so far considering production is around the corner.


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## prawn_86 (3 March 2008)

more good news for QOL, looks like they are finally starting to get everything into place ... hopefully 



> Queensland Ores Ltd (ASX Code: QOL) today announced further metallurgical testwork on ore samples from Mount Cannindah had identified a cost-effective processing option for the Company’s promising copper/gold project.
> ...
> Initial flotation testwork at 200 and 300 micron primary grind sizes, with no regrind prior to cleaning, produced concentrates containing 30% copper with overall recoveries of copper at 92.4% and 89.0% and gold at 69.9% and 69.8% for the respective grind sizes.





Perhaps someone with geo knowledge could elaborate?


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## jman2007 (7 March 2008)

prawn_86 said:


> more good news for QOL, looks like they are finally starting to get everything into place ... hopefully
> 
> 
> 
> ...




Probably delved into the mysterious and murky world of the metallurgist here Prawn,

Plus I've only ever spent very limited time in met processing 

Flotation is used to separate and isolate particular components from a complex ore mixture.  There are various ways to achieve this by the use of collectors, frothing agents and so forth, but basically the chemistry of the particle is altered so that it will either repel or attract water.

In this case, probably both the Cu and Au have been selectively attached to a lighter compound and will preferentially rise to the surface of the pulp, and can be skimmed off.  The wetted particles will sink to the bottom as waste (the gangue).

Presumably the collected concentrate in this case will be further refined to extract the precious metals.  The Au recoveries seem a little low, but perhaps a real metallurgist would have an explanation for this.

I might actually keep a lazy eye on QOL, have been surprised with the recent sp performance considering their progress has been nothing short of sensational compared to some of their rival precious metal competitors, which incidentally have also performed poorly. Moly price still strong at $US33/lb.

jman


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## jman2007 (7 March 2008)

Can't see any real reason why this should have gone through such a dramatic re-evaluation.  Most of the major financial and regulatory hurdles have been overcome at Wolfram, and cetainly no other Australian Moly/Tungsten hopeful will be producing ahead of QOL.

Although the Wolfram mine life and overall grades are not world class (significantly less than THR's Molyhill, and marginally higher than VML's Watershed), there is potential for resource upgrades as people have mentioned.  According to Far East Capital in June last year, QOL's strip ratio was anticipated to be 5.4:1, compared to the latest 8:1 ratio quoted in the latest Feb 08 presentation, so there have been some increases in mining costs here = less bang for your buck. It also mentions in the latest presentation "Starter Pit base constrained by former workings and rapid increase in stripping ratio" so perhaps a bit of a unforseen cost blowout initially, but surely nothing that would derail the project at this stage.

If the MC is currently equivalent to the capex to set Wolfram up as Prawn mentioned, I am fairly comfortable in saying that this does look undervalued atm, not only will QOL be able to take advantage of the high tungsten prices, the additional moly credits, and potential from Mt Cannida might not even be factored into the current price!

Might have to climb aboard afterall, hehe

jman


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## Synergy (10 March 2008)

Another positive ann out this morning with the final drilling results from Cannindah being released...

*The final drill-hole returned an intersection of 29m (estimated true width 22m) at 1.35%Cu, 0.34g/tAu and 19.2g/tAg from 201-230m.

The deposit is approximately 200m long and the mineralised envelope is around 50m wide on average. Drilling has shown the deposit to extend at this width beyond 200m below surface.

A new resource estimate based on the latest data from the Project is being
undertaken by Golder Associates and is scheduled to be completed before the end of the quarter. *

So hopefully in a few weeks we should see a Cannindah resource estimate.


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## jman2007 (10 March 2008)

Synergy said:


> Another positive ann out this morning with the final drilling results from Cannindah being released...
> 
> *The final drill-hole returned an intersection of 29m (estimated true width 22m) at 1.35%Cu, 0.34g/tAu and 19.2g/tAg from 201-230m.
> 
> So hopefully in a few weeks we should see a Cannindah resource estimate.*



*

Yeah I saw the release too...

Some nice Au grades for sure, 19.2g/t for 29m?....cripes!

But mineralisation sitting at considerable depth, would prefer something much closer to the surface, but hey, I'm sure investors and QOL will be reasonably happy with the width of the intersection regardless.

jman*


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## urgalzmine (11 March 2008)

Hey guys/galz

I was reading their quarterly activities and to me its concerning.

They have had delays on their Wolfram Camp, according to the prospectus they were meant to be the first Australian company to have a mine for tungsten and Molybdenum producing. They were meant to produce Jan 08 and then it was May 08 now its July 08. It has a life for about 5 yrs ( just top of my head) I hope they find some big reserves soon.

The bright side is that they got a buyer, Citic for a year 


The second mine Mount Cannindah had some ok results ( refer to ann 29/01/08) drilling 1m at 10.25g/t AU and 3m 14.8g/t  but they need approval from the QLD goverment to use water otherwise this mine aint gonna happen.  <--- thats  a little concerning.


The third mine they have is Bamford HIll which has no news....

Overall they have potential but the delay of mining the Wolfram Camp has killed the sp. They may have all flocked to HSK? what you guys think?

cheers


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## jman2007 (11 March 2008)

urgalzmine said:


> Hey guys/galz
> 
> I was reading their quarterly activities and to me its concerning.
> 
> ...




Just be patient mate....

The delays experienced at Wolfram Camp are symptomatic of the delays that the entire industry is currently facing.  These are due to a whole host of reasons, such as extensive waiting periods for drilling rigs, long turnaround times for assay results (usually 5-6 weeks), scarcity of trained technical personnel etc. And of course lets not forget the not insignificant contribution the weather can have.

Particularly in the moly/tung sector, there have been delays across the board. In QOL's case, they will be producing a commodity for which there is a demand, the project is fully funded (?) (can someone confirm flyboy's comments please?), and all things considered to be shipping their first concentrate in July will be huge milestone. And as I've said before, there will be no moly/tung hopeful going into production ahead of QOL.

I have no idea about investors flocking to HSK, which incidentally is a matter to be discussed on that thread 

jman


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## prawn_86 (20 March 2008)

Well i just bit the bullett and threw a tiny amount at QOLOA.

All or nothing play, and i think that if QOL meet all its targets then there is some good leverage out of the oppies.

They expire 30/nov so i guess i'll know before too long...


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## flyboy77 (24 March 2008)

*QOL - CITIC Off take deal*

To clarify an earlier poster's remarks re the CITIC off take deal.

The deal is for 1 year PLUS a 3 year option (QOL's option) and they are allowed to market to other potential buyers in the interim.

It really irks me (to be polite) the rhubarb some people write in these places as if they are gospel truth....


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## prawn_86 (31 March 2008)

Mt Cannindah Resource upgrade released today.

72000 tonnes Cu
91000 oz Au
3.6mill oz silver

My quick calcs put the insitu value at $360 million.

Considering they plan the first shipment of moly from Wolfram camp in July, and that Wolfram has enourmous upgrade potential, its looking better and better all the time.

Im holding for Wolfram production, but the other projects add a nice bonus.

now the market just has to take up my view...


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## AnDy62 (31 March 2008)

I share your view if it's worth anything Prawn  . Took a little nibble at these today and will bottom draw this boy unless there's some wild movement (preferably upwards lol). Looks very promising to me, Copper grades are solid if not spectacular and Wolfram looks exciting. Nice ann today I thought too...


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## JTLP (31 March 2008)

Let's give a huge round of applause to Prawn.

Managed to sneak a 100% return in about 2 weeks.

Golf Claps all round :

*seriously well done!


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## prawn_86 (31 March 2008)

Not really JTLP

Only $1k worth of oppies at 2c went through and there are still more sitting as a sell order there, so if i wanted to offload i wouldnt get that price.

But it is nice to see someone buying at that price, even if it is just a small amount


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## JTLP (31 March 2008)

prawn_86 said:


> Not really JTLP
> 
> Only $1k worth of oppies at 2c went through and there are still more sitting as a sell order there, so if i wanted to offload i wouldnt get that price.
> 
> But it is nice to see someone buying at that price, even if it is just a small amount




You know what im saying 

Just undercut by .001...you miss out on a bit but bam you make some nice returns


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## AnDy62 (31 March 2008)

Grabbed this excerpt from Wiki (I know... but it is sourced). Also noticed that the Book Value of QOL is $0.24 as of mid 2007. Talk about oversold, once it gets up and running... I'll be a *very* happy man.

Supply and Demand-

Although current molybdenum production meets demand, refiners, or roasters, are expected to run into a shortfall between 2009 and 2015, depending on demand.

A roaster processes the moly into a fine powder, pellets, or other forms. Total world moly roaster capacity is currently 320 million pounds per year, *barely enough to meet demand. There is not much excess roasting capacity*, and no one is actively permitting for the production of any new roasters in the United States. Global roaster capacity also looks limited, and a future roaster shortage is predicted. The data above are based on the assumption that mines will be able to increase output.

Western demand is projected to increase by around 3% annually, *while China and the CIS demand is projected to increase by around 10% annually*, increasing overall global demand by around 4.5% annually. Increasing demand can be attributed to two main factors. Hydroprocessing catalysts are becoming essential for crude oil. The other contributing factor is the increase in *nuclear reactor construction*. There are 48 nuclear reactors to be built by 2013, and approximately 100 are to be built by 2020. The International Molybdenum Association (IMOA) says that an average reactor contains about 520,000 feet of stainless steel alloy. Some larger reactors contain over 1 million feet of stainless steel alloy. Unless moly mine production picks up at a rapid pace, *shortfalls of the metal are expected to arrive around 2009*. [25]

http://en.wikipedia.org/wiki/Molybdenum#Supply_and_Demand


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## AnDy62 (7 April 2008)

7 April 2008
APPOINTMENT OF EQUITY CAPITAL MARKETS ADVISER CONFIRMS
COMMITMENT TO MOVING INTO PRODUCTION
Queensland Ores Limited (ASX Code: QOL) has appointed financial services firm
BBY Limited as its exclusive Equity Capital Markets Adviser.
Queensland Ores Managing Director Taff Greenwood said the appointment was
another demonstration of the Company’s commitment to bringing its projects through
to production.
“The Company plans to advance a number of activities in its project development and
explorations program in the short-to-medium term,” Mr Greenwood said.
“These activities - including completion of the Wolfram Camp mine development, the
extended exploration of the Mt Cannindah project and the accelerated exploration of
the Bamford Hill prospect – will require capital.”
BBY will assist Queensland Ores to communicate its business strategy to domestic
and international institutions and Sophisticated Investors and explore future capital
raising opportunities.
The agreement with BBY provides Queensland Ores access to world equity markets
which should over time expand the shareholder base, adding value for existing
shareholders.
BBY has offices in Sydney, Melbourne, London, and an equity stake held by major
US Investment Bank, Jefferies Inc - a global investment bank and institutional
securities broker focused on growing mid-sized companies.
Mr Greenwood said Queensland Ores’ relationship with BBY is another endorsement
of the quality of the Company’s asset portfolio.
ABOUT QUEENSLAND ORES
Queensland Ores Limited is a listed resources company focusing on developing quality resource
projects in Queensland. The Company trades under the ASX code QOL.
The Company’s asset portfolio includes advanced specialty metals projects such as tungsten and
molybdenum and copper/gold.
Queensland Ores’ two key projects are the Wolfram Camp Project, developing one of Australia’s richest
tungsten and molybdenum deposits near Cairns; and the Mount Cannindah Copper Project, advancing
the areas surrounding and including the former Mount Cannindah mine, located about 100km south of
Gladstone.
For further information contact:
Mr Taff Greenwood
Queensland Ores Ltd
Chief Executive Officer
Tel: 07 3230 2000
Media:
Ms Anna O’Gorman
Principal Consultant
Three Plus
Tel: 07 3503 5700


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## AnDy62 (7 April 2008)

Well the market has been hammering QOL 

Found this bit interesting; 

The agreement with BBY provides Queensland Ores access to world equity markets which *should over time expand the shareholder base, adding value for existing shareholders.*

Is it common practice for companies to effectively say that the share price should go up in the future? I didn't see anything negative about this ann, maybe it has instilled fears of future delays? Any thoughts people?


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## jman2007 (7 April 2008)

The market is certainly shunning QOL atm...

Although I am presently sitting on a modest loss here, there hasn't really been any concrete evidence to support a negative view of the company imo, and I am happy to keep holding.

Probably the market has been somewhat exasperated by the delays _across the board,_ that almost every company has sufferred at one time or another in this sector.  Getting to production status, which is really only the _start line_, will be a major hurdle overcome, especially in QOL's case.

If they can infill/step-out drill along strike at Wolfram Camp and improve the resource figure, this should hopefully offset the decision to mine at a slightly higher cutoff grade, which has had the effect of increasing the waste to ore ratio and subsequently increasing the operating costs.  Potential exploration upside appears reasonable to good.

Obviously Wolfram camp if their prime focus, but not much attention has been paid to Mt Cannidah either. QOL have been quietly working away in the background and have come up with what looks like a well-constrained and robust resource figure and model.  It basically looks like an enriched oxide cap with a fair bit of supergene enrichment.  They seem fairly confident that they can extend the mineralisation down plunge, but whether this could still support an open cut operation is still being explored. I'm unsure how they would go about co-extracting the Cu and Au, since with conventional cyanide leach circuits, the Cu would basically gobble up all the cyanide.  Maybe two independent circuits?  Looks like an interesting project anyway.

Cheers
jman


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## jooooooles (9 April 2008)

QOL has finally bottomed out.

You won't be seeing 13 cents and sub from now on. Over 1 million traded today all of the Opes selling seems to have finished confirmed somewhat by the announcement today as well. Increased volumes over the last week would suggest that QOL has finally bottomed out and the selling has finished. 

Just my opinion.

Wolfram Mine looking to be commisioned next month


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## AnDy62 (9 April 2008)

That's my thinking too Jooles. I'm going to wait for some technicals supporting a move upwards then accumulate at these low prices


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## prawn_86 (11 April 2008)

Well they are starting to pump out the proce sensitive anns now.

They have released 4 in the last fortnight, all with decent news, plus emphasisng the fact that their mine is nearly being commisioned, and that the first shipment will be gone in July 

Latest ann saying they have recieved an extra 2 exploration licenses next to its current Mt Cannindah tenemants.

The following is actually from QOLs original prospectus, where they talked about surrounding tenemants, to prove Mt Cannindah was in a good area:



> number of *former workings *including, from west to east, the Monument, Lifesaver, Dunno and *Appletree*.






> Appletree skarns also account for anomalous soil gold values






> A small Exploration Permit for Minerals (“EPM”) over a portion of the Appletree prospect area in the south eastern portion of ML 3209, is excluded from the Cannindah Project area as it is held by another party.



Not anymore


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## doogie_goes_off (11 April 2008)

1 MILLION SHARES ISSUED FOR A SMALL epm

This much dilution should not be a worry and 140k equivalent in shares is worth it, however I would like to see more details on appletree before I think this is a great deal, but I'm glad it doesn't affect the cash position as they need the $ for plant commisioning.

QOL should start a bit of a climb once the plant is complete IMO.


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## jooooooles (11 April 2008)

Doggie,

150K + 1 million shares is an absolute steel for those EPMS. 

QOL strong today up 14 % to 16 cents


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## doogie_goes_off (13 April 2008)

Jooooles, I wish I held those EPM's, maybe if they gave me 1 million shares their price would halve! instead of going up. The chances are that these shares will appreciate and Xtreme is now along for the ride, good on them I suppose. Maybe I didn't understand the diagram and maybe there should have been a new diagram to put it in context with the announcement. I am sick of companies that cannot clearly promote their projects to the market. I was buying QOL at 26c an hold because fundamentally I think they are worth more. A 10% of IGV figure would seee them well above where they are now but the market does not appreciate announcements without detail which still leaves them open to buying by astute investors such as yourself jooooles. If I were the directors I would be very nervous about potential for a hostile takeover, which would only be good for the share price longer term I suppose. Anyhow I reckon there will be a retrace because the real announcement will be plant commisioning IMHO. Good luck to all long term holders.


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## jooooooles (13 April 2008)

I don't think Friday's sharp rise was because of the announcement in relation to the EPMs. We already knew QOL had acquired the EPMs in October last year 5 months ago. Friday's announcements were just formalities. What’s disappointing is the DOW sharp fall Friday night which may impact the SP come Monday but I suspect many technical traders will jump on QOL next week too.

I think it is attracting interest from investors who can see the potential of the company and can see that it is clearly undervalued.

The company has reaffirmed that first shipments of concentrates will be in July this year on several occasions. Every update and announcement has included somewhere that "QOL is still on track for the sale of first concentrates in July". This means that the plant is to be commissioned next month in May. Potentially this is 30-45 days away. It is within budget and 85% complete. 

Why wouldn't you look at getting in now when this company was trading as high as 49 cents even before it had EPA clearances and mining leases and there we so many unknowns. All of these unknowns have now gone. The only thing we need to know is the small about of coin they need to raise as working capital - as cash flow from the sales is 3 months down the track. BBY on board for that now much better to have them on board than the Far East Capital. 

So much has happened since then and we find ourselves at 16.5 cents with a market cap of 21 million which does not reflect the value of this company in any shape or form. 

Mt Cannindah has an in ground value of over US$750 million and by the sounds there’s a lot more. The cash in the bank and value of the plant and equipment alone is greater than the market cap - go figure.

This company has had a solid strategic plan right from the very start. Management have and continue to follow it through.  The sales of concentrates will be used to fund an aggressive drilling campaign at Wolfram to extend the life of the mine. This is a win-win for shareholders as it stops further dilution. The plant was constructed to take 250 tpa. Its only initially going to operate at 150tpa until the resource is increased. The resource is based on some 20% of the “known” strike. Drilling outside the pit has yielded grades which are extremely similar to those inside the pit.


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## jman2007 (17 April 2008)

Yep,

Pretty much agree with that assessment joooles. Volume has been steadily building for 3 days now, and pressure from the buy side starting to have an effect. Perhaps QOL have not marketed this project to their fullest, but as July draws closer and closer and management continue to maintain they're on track for first concentrate shipping, the risk is diluting. Barring any negative news, such as delays in production or plant commssioning etc I can't see a major retrace on the cards, just my opinion though.

jman


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## Synergy (18 April 2008)

The Wolfram update out this morning does a great job of explaining where everything is up to and also explaining the economics of their projects. A pretty impressive little release really, well worth a read. It's great to hold a small cap company that is so professional. Fills me with confidence.


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## prawn_86 (18 April 2008)

Synergy said:


> The Wolfram update out this morning does a great job of explaining where everything is up to and also explaining the economics of their projects. A pretty impressive little release really, well worth a read. It's great to hold a small cap company that is so professional. Fills me with confidence.




Yeh i really like the way the have/are going about things.

They were relatively quiet over the last 6 - 8 months while they were focussed on making sure there were no problems with the mine etc, and now they are close to production they are ramping up the marketing.

Shows me 2 things:
Wolfram will be on time
They know the importance of marketing

Good stuff


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## AnDy62 (18 April 2008)

Yep, buying pressure is definitely back now 

Agreed, their marketing is fantastic. It reminds me a lot of Queensland Gas when they were still a sub 50c share. Straightforward and impressive without
bloating the company's prospects in anyway. Wouldn't it be nice if they did a Queensland Gas rise lol. I'm glad I picked up a parcel of these the other week at 15c. Will look to buy more soon, maybe even today  The way I see it, Molybdenum will get hotter, copper and gold are obviously hot.. the company is still at a significant discount to its book value and the market hasn't really woken up to this share yet.... worth the risk IMO.

Interesting yesterday, there were a fair few late buyers, post 3pm.. and then the ann today...


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## AnDy62 (24 April 2008)

Buyers withdrawing, sellers coming back now. Looks like another wander down is likely.

It's a patience-tester this one, no doubt. Plant commissioning can't come sooner, or too July. Hopefully, some love might stay with this stock after these milestones.


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## jman2007 (24 April 2008)

AnDy62 said:


> Buyers withdrawing, sellers coming back now. Looks like another wander down is likely.
> 
> It's a patience-tester this one, no doubt. Plant commissioning can't come sooner, or too July. Hopefully, some love might stay with this stock after these milestones.




Yeah it's a teaser for sure Andy,

Having difficulty breaking through 17c due to a steady stream of sellers coming out of the woodwork. These may be long-term holders of the stock who have finally lost patience, and are looking to come away with at least something. Imo, there really isn't all that much risk associated with this now, the only teething concern is the shrortfall in working capital, which could be solved with a new cap raising. 

We need to just get through this tough little period, and arrive primed at the starting line in July. 

jman


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## morton_mains (24 April 2008)

Plant starting producing May 15. See reuters http://money.www39.ninemsn.com.au/article.aspx?id=449666
First shipment July
Things are happening now.

Their March ann. said cash would run out in June but that various financing proposals were being looked at. I see debt more likely as its balance sheet is debt free. 
Any capital raising would look better later as it would be perceived as relating solely to Cannidah and its latent value.


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## AnDy62 (28 April 2008)

morton_mains said:


> Plant starting producing May 15. See reuters http://money.www39.ninemsn.com.au/article.aspx?id=449666
> First shipment July
> Things are happening now.
> 
> ...




Thanks for the article, good read. Interesting that China has already bought first year's production with option for next three years. Should have the cash flow coming in nicely with good prices for Moly and Tungsten.

For this first year's predicted production;

We have 200 tons of Moly at 50% 
= 100 tons of Moly
= 2200lb (1t) * 100  * 33.50
= $7.4m 
Profit = 7.4m - costs
        = *$5.2m* (assuming costs of $10/lb which is the norm I believe)

That's for Moly alone (forget Tungsten and Mount Cannidah altogether)

And what is the market cap? At current prices *20m...*

And this is not making figures up, this is the production which has already been bought by the Chinese firm. This couple of weeks might be a last chance to scoop up cheap stock before the anns roll in. I know I've built up a decent parcel


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## flyboy77 (29 April 2008)

Try this for some better numbers:

*A few facts* (as taken from last presentation):

1. Annual production
     60,000 mtus WO3 (now @ USD255/mtu)
     250,000 lbs Mo     (now at USD 33.4/lb)

Therefore *annual revenue * based on those numbers and prices and using AUD/USD of 0.93 (60000 x 255/0.93 + 250000 x 33.4 / 0.93)

= *AUD25.4 million*

2. Opex = ~AUD 75/tonne

Annual opex = 150,000 x 75 = *AUD 11.25m*

Annual Operating surplus (before yearly capex etc) = *AUD 14.15m*


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## benwex (30 April 2008)

Has anyone had contact with the company managment or BBY in regards to a date for an announcement on the future funding of the company???

benwex


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## AnDy62 (1 May 2008)

So, trading halt... anyone have any ideas? Let's hope it's good news. It is a bit worrying that the share price went down on a pretty high volume the day before


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## AnDy62 (1 May 2008)

Whoops, now I've read the trading halt ann properly, it is a capital raising 

That's depressing, just when you thought the pain was almost over. Brilliant.

I hope the price holds up ok ...

On the positive side, a cap raising was probably expected and maybe factored in to a degree


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## Who Dares Wins (2 May 2008)

Try not to worry too much. We've known for a while that they may have to raise working capital to get them through the first few months. Production still on sched for mid-may as far as I know so there is only a short distance to go now.
WDW


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## doogie_goes_off (2 May 2008)

AnDy62 - This is why the share price edged lower in the fist place IMO. I would say that once the capital raising is over we will be in a period of growth, hopefully they only go for around 1 FOR 3 offer AND NO MORE OPTIONS so there is not significant dilution.

Mt Cannidah needs some serious cash spent on it too, until QOL is cash positive next year some time then I'm prepared to put my hand in my pocket.


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## Synergy (2 May 2008)

yeah I agree there will be a growth period ahead as long as they get this over with quickly. It would be good to have this all over and done with before production starts... Idealy they would have done this before now but at least we can look towards Cannindah once its complete. Although the SP may not reflect it, Wolfram seems to pretty much be a formality now. Seems very low risk at 15c to me.


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## AnDy62 (5 May 2008)

So the news is out, and QOL closed at 14c after hitting 12.5c. Better performance than I had expected.

Huge amount of buyers over the 13-14c range and total buy volume exceeds sellers > 5:1. Allotment at 12c (up to 5k worth) may prove to be not too bad a pick up - dilution is a worry though. 

Anyhow, surely there could not be any more hurdles (bar this capital raising going pear shaped somehow) before we see production and cash flow


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## prawn_86 (5 May 2008)

Personally im disappointed with the SPP. Why do they need 12mill? They said it would only be about 2 - 3 mill needed to finish Wolfram off.

They should have used less dilution (preferabbly debt) just to cover the small amount needed before production. Now the people who forked out 35c in the last placement will be pissed and the new finance guys (BBY) will be laughing as they get a sub market price SPP just before production starts.

A poor effort by management IMO, after doing so much right, its amazing how they failed at this...

All my thoughts only


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## Bushman (5 May 2008)

Yep it has been a frustrating little stock this one. 12 cps is dilutive but surely it has to form a permanent bottom now. Debt free, entering production, 1 year sales off-take etc. 

Maybe $12m is to fund an aggressive exploration program? Drill hits is what this one needs now to deliver those long awaited above average returns on Wolfram. Mine life is still low based on the current JORC. Less talk, more drilling please.  

But it is about to leave 'explorer' to 'explorer/producer'. That equals cash in as well as cash out and makes this a different beastie all together.


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## AnDy62 (5 May 2008)

prawn_86 said:


> Personally im disappointed with the SPP. Why do they need 12mill? They said it would only be about 2 - 3 mill needed to finish Wolfram off.
> 
> They should have used less dilution (preferabbly debt) just to cover the small amount needed before production. Now the people who forked out 35c in the last placement will be pissed and the new finance guys (BBY) *will be laughing as they get a sub market price SPP just before production starts.*
> A poor effort by management IMO, after doing so much right, its amazing how they failed at this...
> ...




So do we think the SPP should be taken up? Is there any reasonable chance that 12c will not be a sub-market price due to dilution


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## jman2007 (5 May 2008)

jman2007 said:


> Barring any negative news, such as delays in production or plant commssioning etc I can't see a major retrace on the cards.




Well, looks like I'm well and truly eating my words 

Apparently QOL were also considering arranging a $10M working capital facility as oppposed to a cap raising, so I didn't find the size of the share issue too surprising.

Dilution can be useful sometimes, as it can also breed liquidity in the market place. Bit of an overreaction to pummel this back to 14c imo.  

Prawn, existing shareholders will get an option to purchase up to $5000 @ 12c, so we can all have a chance at reducing our buy-in price 

I for one, may actually consider the share purchase plan.

jman


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## benwex (5 May 2008)

I spoke with the management today ( MD Greenweood and company secretary Gill) about the capital raising...

I asked if they need the full amount of the second tranche $12m and they said yes, all of it which surprised me as I was under the impression they need only a small amount to see the project to production. The money is to get then to comissioning and production so I think they are really short of funds!!! They are confident they will raise the required amount and there advises BBY suggest the price of 12c.

I asked about project finance and as they have no bank feasabilty study on the project no bank would touch them...

Also I asked about institutions and there seems to be no real interest 

Very mixed impression from them.

Forgot to ask when the record date is for the share purchase plan. Any ideas???

The money is for the completion of the Wolfram project, they did not mention any funds for exploration..

benwex


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## jman2007 (5 May 2008)

benwex said:


> I spoke with the management today ( MD Greenweood and company secretary Gill) about the capital raising...
> 
> I asked if they need the full amount of the second tranche $12m and they said yes, all of it which surprised me as I was under the impression they need only a small amount to see the project to production. The money is to get then to comissioning and production so I think they are really short of funds!!! They are confident they will raise the required amount and there advises BBY suggest the price of 12c.
> 
> ...




Hey good on you for being proactive,

According to the release, there is an Extraordinary General Meeting scheduled for the 17th June to approve the issue of Tranche 2 placement shares and the SPP. Shareholders should begin to receive info over the next 7 days re the SPP.

Still approx $7.5M cash on hand according to their last quaterly, lack of institutional support somewhat perplexing. I know the delays have led to increasing costs, and that there has been an increase in the stripping ratio in the due to some tweaking of the pit shell, but I found the following comment from Taff Greenwood in the Quaterly interesting:

"Our aim is to lift the resources to at least 3 million tonnes which at the currently planned treatment rate will extend the mine and project life to _twenty years_" Mr Greenwood said.

However, lets not put the horse before the cart just yet and pray that the commissioning of this little baby is successful, also very pleased to hear that ore stockpiling has begun. 

jman


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## nioka (7 May 2008)

Bushman said:


> But it is about to leave 'explorer' to 'explorer/producer'. That equals cash in as well as cash out and makes this a different beastie all together.




 I like to get into a stock just before it commences production and starts to get a cash flow. The construction period is usually a flat period for share prices and there is usually a bounce after a successful start up. I've decided to get into QOL on that basis. The new issue will be a good opportunity for some to reduce their average buy in price. Just my opinion. DYOR.


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## AnDy62 (13 May 2008)

Correct me if I'm wrong but the 15/5, Thurs was the scheduled date for the first treatment of ores at Wolfram ? I wonder if this will be price sensitive, if the company can make the date. Also, does anyone know when the 12c share placement will be offered? 

The share price has been interesting, thrashing around 13.5c - 15.5c on high volume. I think this represents the polarity of sentiment surrounding QOL


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## morton_mains (13 May 2008)

AnDy
Yes 15th May first production date - newspaper report, but don't think there was any ann. 

First tranche of 20m shares available for sale yesterday so good to see they have enough sense to dribble them onto market. Can't quite figure why no Substantial Notices have been done?

To answer your question the next tranche and the SPP have to be mailed to shareholders and approved at extra-ord gen meeting scheduled for 17/6. Time is getting tight, there's probably a specified time period so they will be working hard. I imagine the sticking point will be how to "sell" the need for $x, with other matter being how much stock will have to be issued - I suspect it hinges on capital for FUTURE project (Mt C.) and not Wolfram - all very Trojan Horse feel to me.


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## nick2fish (13 May 2008)

Doses anyone know what will be the record date for spp. 
I'm thinking of getting in tomorrow and the spp would be the clincher.Just stumbled onto this company tonite (Had my head in the sand lately) and find it hard to believe the sp decline. 
I thought companies were supposed to increase value as they neared production  
Oh well maybe my trade in the morn will spark off a stock stampede 
Cheers


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## Synergy (14 May 2008)

From: http://www.steelguru.com/news/index...ian_miner_eyes_old_tungsten_mine_restart.html


*Australian miner eyes old tungsten mine restart *
_Reuters reported that Australian prospector Queensland Ores Ltd is on track to revive production from a century old molybdenum and tungsten mine this summer, having agreed to sell the ore to China.

Mr Taff Greenwood MD of Queensland Ores Ltd told Reuters that "Shipment of the first concentrate in July is looking good. The plant is just short of commissioning and the *first ore will go through the plant on May 15*."

He said that it is building an ore treatment plant, which will yield 1,100 tonnes of tungsten bearing wolframite concentrate and 200 tonnes of molybdenum concentrate over the next 12 months.

The concentrates produced by Queensland Ores contain 65% to 685 wolframite and 50% to 51% molybdenum.

As per report CITIC, one of China's biggest diversified state owned enterprises, will buy all the output for the first year of production, with an option for another three, under a deal announced last December, the latest firm looking to Australia to provide raw materials to sustain China's growth._



So hopefully we'll get some positive news sometime over the next couple of days... Knowing this company, they won't waste any time in filling us in once things get going.


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## countryboy (14 May 2008)

in the que of 20 plus at 14c...cant see the point of paying too much if i can buy $5000 at 12c. just gotta watch that deadline. looked at anumber of MOY plays and this looks the goods with scope to upgrade the resource


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## benwex (14 May 2008)

countryboy said:


> in the que of 20 plus at 14c...cant see the point of paying too much if i can buy $5000 at 12c. just gotta watch that deadline. looked at anumber of MOY plays and this looks the goods with scope to upgrade the resource




does anyone yet know when the record date is for the $5000 at 12c???

I might call them tommorrow to find out...

benwex


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## AnDy62 (15 May 2008)

:^ cheers, let me know the answer :

If candle analysis means anything, this must be at the bottom. First an obvious morning star, then the long-legged dojis- QOL is trying to break up. Hopefully, there will be the ann today re treatment of first ores and some price momentum


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## benwex (15 May 2008)

AnDy62 said:


> :^ cheers, let me know the answer :
> 
> If candle analysis means anything, this must be at the bottom. First an obvious morning star, then the long-legged dojis- QOL is trying to break up. Hopefully, there will be the ann today re treatment of first ores and some price momentum




I spoke with the company secretry this morning

the rec date has not been set yet but he did say it wont be for a few more weeks...

benwex


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## doogie_goes_off (15 May 2008)

Yep looking forward to being offered more shares at 12c, would be a real treat if they start an upward run. All these type of ops take a while to get their plant right but presumably there will be price movement when first sales are announced.


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## juw177 (15 May 2008)

The capping at 15c continues. Maybe they are taking the share issue and reducing their current heads? Maybe it is ANZ?

I am watching the supply very closely as this may well be the bottom.


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## AnDy62 (15 May 2008)

There we have it. Just too many big buyers to hold her down today, up to 16c, looking for 16.5c. Record volume I think too. I'm a little perplexed as I thought that there might be an ann today, but there wasn't and the price went up anyway. The insiders aren't often wrong with QOL so let's hope, that there is some good news comin'


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## questionall_42 (15 May 2008)

Just wondering if there would a minimum amount of shares to hold to be entitled to the SPP (up to $5K of stock I assume). I realise the date has not been set for QOL, but just wondering what others' experience with SPP has been. Entered this a few times and looking to book some losses on strength while buying into the SPP @ 12c. Thanks.


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## doogie_goes_off (16 May 2008)

ANNOUNCEMENT: First Ore Fed Into Crusher...etc. I'd say there is a chance that this mine will actually get it's ore to market on schedule, nothing short of spectacular in the current conditions. I still hold a few, let's hope the new plant runs efficiently and we see a positive cash flow.


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## prawn_86 (16 May 2008)

Very good announcement, once again good to see promises been delivered on time.

The final photo looks the best to me. Quite a large stockpile of crushed ore there already and that was 4 days ago


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## juw177 (16 May 2008)

Took profits at open today. The ann does not warrant a large increase in SP. The volume in the past days is also partly due to the new issues that will have a short term capping effect on the SP.

Looking to get back in if it gets back to support level.


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## Snakey (16 May 2008)

Congratulations to all who had saw this coming. Very nice Ann. and I think we will see this one grow long term. still cheap I think considering year high 44c and year low 12.5c It seems to have slipped under the radar a little.always good to see things happen on time.


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## doogie_goes_off (16 May 2008)

I'm guessing we'll see 26c on successful commisioning of all plant and a breakthrough on first sale of product but DYOR


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## AnDy62 (16 May 2008)

juw177 said:


> *Took profits at open today. The ann does not warrant a large increase in SP.* The volume in the past days is also partly due to the new issues that will have a short term capping effect on the SP.
> 
> Looking to get back in if it gets back to support level.




I disagree. Sentiment is vital. The market being re-assured that this will be exporting in July, as a heavy sold stock, is IMO very important. There may be a scramble to pick it up in the interim. Up to 20.5c, beauty


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## BenH (18 May 2008)

Does anyone have a figure on what its worth once the first shipment is made and they are fully in production? what is a realistic expectation per share?


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## Synergy (18 May 2008)

I think the key to their SP into the second half of this year is their Mount Cannindah project. The start up of Wolfram is great news and should lift the SP further yet, but the real excitement will be more numbers from Cannindah. They'll have the capital to make a real push with more drilling now. 

Once commissioning is complete at Wolfram, I expect their focus will be straight to Mt C. I haven't seen any timeframes but previous anns have suggest further resource updates throughout 2008. Currently they have drilled to 230m with drilling proposed to 330m on good results at lower levels.


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## AnDy62 (19 May 2008)

Looks like another happy day, indicative price 21.5c. Good luck to those who hold! Important day IMO, whether we see profit taking and a move back down or a continuation up, signs are to the latter. I'm also wondering if the SPP is acting as a deterrent to sell stock, those 41666 shares are worth over $8k at the moment.


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## jman2007 (19 May 2008)

AnDy62 said:


> Looks like another happy day, indicative price 21.5c. Good luck to those who hold! Important day IMO, whether we see profit taking and a move back down or a continuation up, signs are to the latter.




Nope,

not today anyway. I'd rather see QOL build up some support around 20c first before going too much higher. Need to build a solid base and allow some consolidation after the breakout from 13c. Fundamentally though, nothing has changed. 

jman


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## AnDy62 (20 May 2008)

Ann out last night re the EGM. SPP is to be done on a pro rata basis due to offer (almost certainly) being oversubscribed. I read on another forum that may equate to around 1 share for every 6-8 shares, up to the $5k worth. May not be good for the price ST. Let's hope I'm wrong again today :


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## drizl1 (3 June 2008)

Anyone seen the latest announcement? Any views on how this may affect SP in the short? Doesnt seem to be any date on when production may start.


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## blehgg (6 June 2008)

juw177 said:


> Took profits at open today. The ann does not warrant a large increase in SP. The volume in the past days is also partly due to the new issues that will have a short term capping effect on the SP.
> 
> Looking to get back in if it gets back to support level.




Wow back to what I paid for it originally a few weeks back.

(Note - I no longer hold.. jumped ship during the peak...)

Watched it slowly slowly slump over the past couple of days...

Will be looking to jump back in if it dips any lower... watching... waiting...


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## AnDy62 (8 June 2008)

Should be a good chance to get some cheap after the placement is put through. Probably a chance of 13c as it is a lot of shares coming on the market. Still, the price should get rolling once exporting starts in July with this annoying cap raising outta the way.


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## AnDy62 (16 June 2008)

blehgg said:


> Wow back to what I paid for it originally a few weeks back.
> 
> (Note - I no longer hold.. jumped ship during the peak...)
> 
> ...




Did you get back in or am I the only holder here any more? Thread is deadly quiet. 
SPP details came out on Friday, for those who were wondering, the record date was on Friday...  wonder why the price went up today, I thought some people might have been getting out given they are eligible.


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## prawn_86 (16 June 2008)

I still like the story, however management shafted holders big time with this placement.

I would have preffered a small isue to get them over the line, then develop Mt Cannindah etc from the profits.

To me, raising such a large amount indicates they dont plan to be profitable for a while, even with first shipping next month


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## JTLP (16 June 2008)

Maybe you have an agressive company director who plans on acquistions and more exploration/bigger production to make you profitable quicker?

Or maybe just likes to have lots of $$$ so the company looks good to investors who want to avoid debt in these hectic times?

Don't write them off too soon! I don't hold but QOL interest me


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## Synergy (16 June 2008)

I'm still holding and plan to take up any shares offered to me if the placement goes ahead. The key for me was the speed they got Wolfram into production, and their attitude towards keeping the market informed the whole way. 

I have a feeling that Cannindah is probably going to be fast tracked, so they will want the funds for that. To me they just don't seem like the type of company to sit around and wait for things to happen and i'd rather they kick things into gear asap rather than wait for the cash to start flowing from wolfram, which could be several months.

Also, the 1st shipment from wolfram is a good short term milestone to look forward to.

Not entirely happy with the size of the placement, but I trust that the money will be well spent.


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## Bushman (19 June 2008)

Chairman's address today is compelling reading for anyone who holds or wants to hold QOL. 
http://www.asx.com.au/asx/research/...panyName=&principalActivity=&industryGroup=NO

It is also an excellent case study of what it is like for junior explorers who are attempting to 'go it alone' in terms of getting a mine into production. Hard work. 

But on the plus is investors are about to get the benefit of one of the few operating moly mines in Australia. So there should finally be cash inflow. 

Chairman has been very honest about the solvency issues QOL still place until the placement is approved. 

I cannot believe no-one has opened up another laboratory in Queensland to do the assays. It would be one hot business. 

Good time to get on board might be post placement, pre first cash inflow from CITIC?


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## jman2007 (23 June 2008)

Not really too much of an issue for investors if the SPP was oversubsribed, as QOL currently trading at 12c, somewhat of a surprise to see this fall through 13c and no sign of the selling pressure easing as yet. Beginning to hurt on this one a bit now...

jman


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## prawn_86 (23 June 2008)

I agree Jman, not good.

im wondering if someone knows something we dont.

From a personal opinion do you see that the ore will be easy to process etc?? Could they be having problems with the commisioning or something?

I know mine life is an issue but im confident it will get upgraded


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## nioka (23 June 2008)

The main problem will come if the SP falls below the new offer price but the issue is underwritten to a certain extent. Production will commence and even if it is a little late it will still commence. Patience is always needed with new ventures like this one. I'm happy to hold. I'll take up the offer if I can't buy cheaper on the market. I'm happy to increase my holding.


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## jman2007 (23 June 2008)

prawn_86 said:


> I agree Jman, not good.
> 
> im wondering if someone knows something we dont.
> 
> ...




Hi Prawn,

As far as I'm concerned, (and the Market is concerned?), Wolfram is more or less on track. The 11.5% drop today does seem a little over the top, but as Nioka notes, they have got the ball rolling at least, despite a certain amount of pain we may have to go through.

I wonder if there'll be a stream of QOL investors hurrying down to the bank to cancel their SPP cheques that they've recently posted off..

I suppose the DOW being hammered by 220 points Friday was always going to lead to some bleeding today, at this stage we just have to trust and believe what management are telling us, in general they have been doing a good job of keeping us informed of developments.

Sorry mate, but the beatdown has me a little beat too...

jman


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## nioka (24 June 2008)

nioka said:


> The main problem will come if the SP falls below the new offer price but the issue is underwritten to a certain extent. Production will commence and even if it is a little late it will still commence. Patience is always needed with new ventures like this one. I'm happy to hold. I'll take up the offer if I can't buy cheaper on the market. I'm happy to increase my holding.



 Correction. The current offer is not underwritten as far as the general shareholder offer is concerned. The first placement has been made and the new shares are being issued today. If too many investors want to get in through purchasing the price could stay below the 12c and may not go past the 12c that are offered through the placement. The placement incurs no brokerage, purchasing does but unless the quantity is small that matters little.


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## AnDy62 (24 June 2008)

I'm just being patient with QOL. Good prospects.
Tax selling and this cap raising are hurting atm, but in they will both be out of the way soon. The co will have cashflow and hopefully money to expand the minelife of Wolfram and further develop the Mt Cannindah project. Moly/tungsten plays are still sneaking under the radar but IMHO this will change in the next 12 months due to supply/demand factors.


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## prawn_86 (26 June 2008)

LOL, dopnt you just love how the CEO gets 1mill options at less then the current options strike price with a year longer to get to that price. 

His options are at 30c in dec 09, QOLOA is 35c in Dec 08.

Management have lost my respect thats for sure. Its a shame because they were doing so well until they virtually gave a chunk of the co away at these low prices.


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## doogie_goes_off (27 June 2008)

Great news for QOL holders, first molybdenum concentrate produced at wolfram camp - that's going to = cash flow very soon!


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## ands (10 July 2008)

A recovery for this one anytime soon? I keep thinking of topping up as this stock looks great going into the future, but I am wary of putting any more money in after topping up at 15.5c and watching it slowly fall 0.5c at a time. Not to mention the fact that there are loads of sellers. Will the tides turn when the share purchase plan ends or has management just stuffed everything up? Lost the faith of investors? After saying all this looks like the perfect long termer!


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## Synergy (10 July 2008)

Hmm I decided to hold tight and ride this out.

I wasn't too worried with the SP sitting at around 12c, but it's starting to look a little ugly now. I'm not sure how soon the recovery will come, but i'm pretty confident that it will. A long term buy for sure. 

If I owned a few less I'd be topping up too.


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## juw177 (10 July 2008)

ands said:


> After saying all this looks like the perfect long termer!




Why is that? Do you think Wolfram will make the company? Or you just have an emotional attachment to the stock?


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## ands (11 July 2008)

juw177 said:


> Why is that? Do you think Wolfram will make the company? Or you just have an emotional attachment to the stock?




I don't know about make, but it will certainly help build it, cashflow from the mine can only be a good think for QOL on their way to bringing the Mount Cannindah project into a producing mine.


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## ands (25 July 2008)

Got home early from work and noticed that some massive orders when through at 10.5c today. Must be some good news coming...? 

*12:14:33 PM	0.105	118,635*
*12:14:33 PM	0.105	119,365*
12:11:44 PM	0.105	20,000
11:43:49 AM	0.100	2,567
11:43:49 AM	0.100	2,433
10:45:26 AM	0.105	19,000
10:06:46 AM	0.105	4,760
*10:06:46 AM	0.105	181,240*
*10:06:46 AM	0.105	155,000*
*10:06:46 AM	0.105	159,000*


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## nioka (25 July 2008)

ands said:


> Got home early from work and noticed that some massive orders when through at 10.5c today. Must be some good news coming...?
> 
> *12:14:33 PM	0.105	118,635*
> *12:14:33 PM	0.105	119,365*
> ...




 Don't get too excited. I doubt if they are MASSIVE orders. The company is in production which should generate some interest, that was good news a day or two ago. Just relax and wait for a slow improvement and if anything else comes along it will be a bonus.


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## tlc069 (27 July 2008)

*Queensland Ores -wolframite and Molly*

Very interesting can not understand the share price 0.105c 
for a mine to be up and running and producing within 8 months is absolutly amazing! so whats going on?

visited this site a week or so ago and the progress was quite incredable, after spending the past few years in the West dealing with BHP iron ores RGP 2/3 even the though the scale of those projects was incredable, for a small minor such as QOL in north quensland to be commishioning, mining and with around 28,000t of prossess matirial at hand, below buget and ahead of production and mining with processed ore on the ground seems to be incredable, so what are we all doing? have we all simply over looked some of these smaller explorer / producers with the chinese jumping at there heals to buy there product..... very impressive to say the least

someone fill me in


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## Bushman (28 July 2008)

*Re: Queensland Ores -wolframite and Molly*



tlc069 said:


> Very interesting can not understand the share price 0.105c
> for a mine to be up and running and producing within 8 months is absolutly amazing! so whats going on?
> 
> visited this site a week or so ago and the progress was quite incredable, after spending the past few years in the West dealing with BHP iron ores RGP 2/3 even the though the scale of those projects was incredable, for a small minor such as QOL in north quensland to be commishioning, mining and with around 28,000t of prossess matirial at hand, below buget and ahead of production and mining with processed ore on the ground seems to be incredable, so what are we all doing? have we all simply over looked some of these smaller explorer / producers with the chinese jumping at there heals to buy there product..... very impressive to say the least
> ...




Who knows? I think the market is waiting for clarity on the solvency of the enterprise. 

If you valued this oeration at replacement cost, it would be worth plenty IMO. Imagine trying to build this plant in today's market with spiralling engineering adn credit costs? 

Once solvency is clarified, this obne will be re-rated IMO.


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## nioka (28 July 2008)

*Re: Queensland Ores -wolframite and Molly*



Bushman said:


> Who knows? I think the market is waiting for clarity on the solvency of the enterprise.
> 
> Once solvency is clarified, this obne will be re-rated IMO.




I can't see a solvency issue. While there is not a good case for taking up the new issue at above the market price, isn't the issue underwritten?. The company seems to have commenced production OK.


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## ands (30 July 2008)

Geez... plunging to new lows today on a good day overall for the market. It ended up only taking 2 days of pretty high volume to eat its way through that 10c level of buyers which was up to 3 million...


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## AnDy62 (30 July 2008)

Someone dumped 1 million shares on market today which is a lot for QOL, this market isn't nice, we need some good news to come out because things aren't looking too bright technically


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## Family_Guy (30 July 2008)

I hold this at 10.5, but noticed the last 4 or 5 days the volume steadily increase and the last 2 days have been biggies. Could this be an insider thing knowing there maybe some bad news or the market just playing funny buggers?
I can't help but think someone needed some $$$ to throw on somewhere else with a bit more ups and downs than QOL.


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## nioka (31 July 2008)

There could be short term problems for QOL. The new issue was not underwritten as far as I can see. The offer price was more than the SP for days prior to the closing date. Like many others I did not take up the offer. The company has not therefore raised the funds it wished to do. An announcement from the company is necessary for an assessment of the outcome. If the company can tighten it's belt and manage with less funds and get production income then there is a benefit to shareholders as there is less dilution of the share value. Some are chosing to bale out and this can cause a mini lemming rush. Maybe a good time to buy.


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## doogie_goes_off (31 July 2008)

The funamentals of the company look secure, people are shy of committing money to the coffers to prop up exploration at Mt Cannidah IMO. Basically we are likely to see steady production and cash flow from Wolfram Camp and they should focus on nearby W-Mo prospects to keep the mine life up and running. The percieved technical risk is probably a bit high for the insto's but in reality this is a great little operation with a few years under the belt yet. If I was them I'd look at getting a partner in 50/50 on Mt Cannidah to keep it progressing to a viable size and concentrate on creating a return for shareholders from Wolfram Camp.


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## dubiousinfo (31 July 2008)

nioka said:


> There could be short term problems for QOL. The new issue was not underwritten as far as I can see. The offer price was more than the SP for days prior to the closing date. Like many others I did not take up the offer. The company has not therefore raised the funds it wished to do. An announcement from the company is necessary for an assessment of the outcome. If the company can tighten it's belt and manage with less funds and get production income then there is a benefit to shareholders as there is less dilution of the share value. Some are chosing to bale out and this can cause a mini lemming rush. Maybe a good time to buy.




While the SPP was not underwritten, this was only to raise $3mil. The other $9mil was raised by a placement and that has been completed and the money received.

They raised $9.1mil via the placement and around $0.9mil via the SPP so raised a total of $10mil from the original $12mil planned. 

In addition to the $10mil in cash, they are now producing and IF all goes to plan, they are looking at $9.0mil a year free cash from the existing mine. Offtake agreements are in place, just need confirmation that mining and recovery are going to plan.

This is more than enough for exploration on the following:
1. extension of wolfram mine resource
2. Mt Cannindah (copper gold) futher drilling and BFS
3. Bamford Hill exploration.

What they wont have enough for yet is the $80mil + required for the Capex costs for Mt Cannindah. 

Not holding but looking to jump back in very soon.


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## doogie_goes_off (10 September 2008)

I have been a little concerned at the lack of news with regard to exploration for new Moly/Tungsten near mine and at Bamford Hill. This is what the money should have been for so it's back to the calculator for me to see if they can make money for long enough to make a profit over the next 2 years that's worth hanging on for. SP is woeful, QOLOA was a waste of spec money too.


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## nioka (10 September 2008)

doogie_goes_off said:


> I have been a little concerned at the lack of news with regard to exploration for new Moly/Tungsten near mine and at Bamford Hill. This is what the money should have been for so it's back to the calculator for me to see if they can make money for long enough to make a profit over the next 2 years that's worth hanging on for. SP is woeful, QOLOA was a waste of spec money too.





 A little news would be appreciated. The SP certainly isn't showing the improvement expected when a company finally gets into Production. Maybe the old saying that no news is good news applies. We can only hope that it does in this case.


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## shinobi346 (17 September 2008)

You'll be pleased to hear then that the first Tungsten Concentrates have been sen to Brisbane ready for export once they are signed off.


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## StatsMan (23 September 2008)

shinobi346 said:


> You'll be pleased to hear then that the first Tungsten Concentrates have been sen to Brisbane ready for export once they are signed off.




What is going on?  QOL have made their first shipment of Tungsten and the share price has gone down!!!  I bought in at 7 cents because I viewed that as good value, but the stock is now below 6 cents - is this a serious bargain?  We are talking about a company that is mining and processing tungsten for the Chinese with some good contracts in place.  Looks to me as though the market capitalisation is pretty low relative to the earnings from the tungsten being produced - any thoughts anyone?


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## ands (23 September 2008)

Maybe people are waiting for that report that shows they are cashflow positive. You would hate to buy into a company and then find out is an India Resources...


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## Pingu (24 September 2008)

ands said:


> Maybe people are waiting for that report that shows they are cashflow positive.




I would think that they will be cashflow positive.  According to their 29/05/08 presentation they forecast $9.0 million a year surplus cash flow.  Since then I am not aware of any event that would have changed this.  They had some problem with the processing which is why the first shipment was not made in July as they forecast, but I believe they have resolved this.

I actually spoke to one of the directors of QOL the other day.  He said that their primary focus at the moment will be on extending the mine life through exploration.  I also asked when they expect to get paid for their first shipment,  he said that normally it would take up to a couple of months but at the moment they are in negotiations for trade finance so that they can get paid earlier.  I guess that this will allow them to quickly focus on extending the mine life through exploration.

I cannot understand why the current share price is so low.  I thought that there must be something that I did not know which is why I rang the company.  I guess its just people scared about the current financial crises.


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## StatsMan (24 September 2008)

Pingu said:


> I would think that they will be cashflow positive.  According to their 29/05/08 presentation they forecast $9.0 million a year surplus cash flow.  Since then I am not aware of any event that would have changed this.  They had some problem with the processing which is why the first shipment was not made in July as they forecast, but I believe they have resolved this.
> 
> I actually spoke to one of the directors of QOL the other day.  He said that their primary focus at the moment will be on extending the mine life through exploration.  I also asked when they expect to get paid for their first shipment,  he said that normally it would take up to a couple of months but at the moment they are in negotiations for trade finance so that they can get paid earlier.  I guess that this will allow them to quickly focus on extending the mine life through exploration.
> 
> I cannot understand why the current share price is so low.  I thought that there must be something that I did not know which is why I rang the company.  I guess its just people scared about the current financial crises.




Hi Pingu,

What you are saying makes perfect sense to me - the company looks set to be making a good profit over the next few years from this mine and further their exploration and other ventures.  Hopefully this will lead to further company growth. Good to know that somebody else things the current share price isn't a true reflection of the company.


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## doogie_goes_off (25 September 2008)

Supply of shares is drying up, looks like the dumpers have finally got out and a couple of rises in a row for QOL holders


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## Pingu (25 September 2008)

Upon rereading their last announcement about the first shipment, I think the shipment is sitting at the dock waiting for the quality to be confirmed by an independent party.  Maybe when this is confirmed and the shipment actually 'ships' we will see some reaction in the price.


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## Pingu (25 September 2008)

Heres a brief summary of their financials as at the end of the last quarter.
Cash in bank ~$8 mill, current market cap ~$12 mill, no debt, forecast surplus cash flow $9 mill.  Plus they have only just made their first shipment (sitting at the dock) with a cost of production for the year of ~$20 mill.


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## doogie_goes_off (25 September 2008)

Those figures don't make QOL profitable over the longer term though, they need to get on with some near mine exploration and find some more resources or very quickly 2-3 yrs of mine life will turn into a processing plant fire sale.


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## Pingu (25 September 2008)

True they need to extend the mine life, although I believe they are reasonably confident of doing this and the free cashflow should allow them to carry out this exploration.  In the medium term they also have the Mount Cavendish (spelling?) tenement.


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## jman2007 (25 September 2008)

Pingu said:


> True they need to extend the mine life, although I believe they are reasonably confident of doing this and the free cashflow should allow them to carry out this exploration.  In the medium term they also have the Mount Cavendish (spelling?) tenement.




It isn't good enough for a company to be "reasonably confident" Pingu, we need hard numbers, and they need the extra tonnes in the ground. Solution: get in there with a grade control rig, and make a frickin' pin-cushion out of it.



doogie_goes_off said:


> Those figures don't make QOL profitable over the longer term though, they need to get on with some near mine exploration and find some more resources or very quickly 2-3 yrs of mine life will turn into a processing plant fire sale.




That's true doogie,

$8M in the bank isn't really anything to write home about by any means. It's also difficult to say which way operating costs will go in the over the next few years, but it would be a brave man who would predict that they would decrease (industry wide that is). We've heard very little of Mt Cannindah recently, with Wolfram being the prime focus for the company... some suggestion that there were some teething problems with the first round of ore processing (?).. I thought the first shipment was scheduled to be sent some weeks ago. It certainly didn't look like much material in those little bulka bags, I guess it's still a bit of a milestone though...

jman


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## CityMiner (9 October 2008)

Anyone know why all Molybdenum stocks have taken a massive hit in recent times ?

Anyone know if the Chinese contract QOL has is in AUD$ ?


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## doogie_goes_off (22 October 2008)

No answer, moly seems to be holding it's value pretty well and I am now inclined to think this one is going too cheaply. Where to now? I'm guessing this one will creep back to 5c plus. How may times can I be wrong?


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## AnDy62 (29 October 2008)

I'm out of QOL, and all spec holdings, too risky in this environment.
Will be back to buy if they can make it through to being cash flow positive with adequate financing, they will be a worthy punt then IMO. I read about a possible oil and gas pipeline between Russia and China - mmm a lot of moly! 
Best of luck to those holding.


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## jman2007 (14 November 2008)

I'm very concerned about the well-being of QOL

In my opinion, it has become clear to me that the commissioning problems experienced since the handover have been more serious than we have been led to believe. The other bone of contention is that QOL have made repeated reference to the fact that their cash supplies will be exhausted by Jan 2009, but management "remain confident" that they will be able to source addtional funds. Well the market appears to be somewhat sceptical of this, and this looks to have been factored into the current sp. I'm also wondering if they have the right kind of people on site with the skills to fix these kind of process issues.

If they can't get the cash then it will be game over (obviously). The way in which the trial ore shipment was first exported to China to determine it's suitability for the Chinese market also struck me as a little odd. That was almost one month ago now. Where does that leave QOL in the meantime, pottering around the minesite and doing maintenance while they wait to hear back to see if their product is up to spec? Very strange if you ask me.

Sorry guys, but my prognosis here is a bit bleak.

jman


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## nick2fish (18 November 2008)

Well Done Jman .... write on the money and I hope that your post may have stopped someone from dipping thier toe in the water..... well done Cheers


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## Family_Guy (18 November 2008)

Well....there goes the neighbourhood. I got out early at a small loss. 

Sydney - Tuesday - November 18: (RWE Aust Business News) - Queensland Ores (QOL) has suspended operations at Wolfram Camp, north Queensland, to conserve cash while some mining and metallurgical issues are addressed.

This decision has been reinforced in the light of weakness in the molybdenum price and global market conditions.

The mine has not yet been able to achieve target head-feed grade and low recoveries in the treatment plant have been experienced.

To safeguard the future of the company the board has deemed it necessary to reduce the cash expenditure associated with current operations.

The company continues to puruse a number of options, including additional funding and will make a statement regarding these in the near future.


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## prawn_86 (18 November 2008)

yep, another small miner bites the dust.

I guess there is a reason these guys were micro caps...

VRE, TMR, MON, QOL lots of boom market high flyers going bust.


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## doogie_goes_off (18 November 2008)

Well this graph tells the story: a 'recent performance' evaluation seems like there is stuff all margin in the moly world again. This will put some pressure on low grade Cu (+Mo) producers that are already dealing with a turn around in Cu demand. It's a very nasty decline and I have to say I'm sad for a well set up operation to have valuable assets sitting idle. Maybe there will be a day when they start again. Beating the cycle is a hard thing and maybe they will get the jump on the competition when the time is right.


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## Sean K (18 November 2008)

doogie_goes_off said:


> Well this graph tells the story: a 'recent performance' evaluation seems like there is stuff all margin in the moly world again. This will put some pressure on low grade Cu (+Mo) producers that are already dealing with a turn around in Cu demand. It's a very nasty decline and I have to say I'm sad for a well set up operation to have valuable assets sitting idle. Maybe there will be a day when they start again. Beating the cycle is a hard thing and maybe they will get the jump on the competition when the time is right.



 

No wonder these and other players like KMN have been slaughtered.

Nothing is safe.


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## jman2007 (18 November 2008)

nick2fish said:


> Well Done Jman .... write on the money and I hope that your post may have stopped someone from dipping thier toe in the water..... well done Cheers




Unfortunately todays announcement no surprise I guess nick 

Yes well... hopefully might have saved someone from a bit of pain I guess. I never invested a huge amount in the company, about 3K from memory - definitely worse off punters out there than me, and the 30-40 staff from Wolfram Camp will obviously have got their summary executions with 2-3 hours to pack up their dongers and get the hell out of dodge... the usual story. So in that respect I can't be too bitter.

Ultimately it was the moly price crash that killed the project, but I think there were a number of other factors that contributed to their downfall:

-  Inability to demonstrate to the market quickly enough that they had a saleable and marketable product - see my previous post.

-  Clearly not the right skill sets across their workforce to deal with the pocessing issues that arose.

-  Perhaps headed into production prematurely?.. perhaps they didn't understand the metallurgy of the ore properly? May explain low head grade. We still don't know if their product is even saleable at this stage - that's very poor.

I noticed that QOL were very positive prior to and just after the handover from Lycopodium and the specialist met's, but that the positve news dried up very quickly once they took control of the plant themselves. Again, this says to me that they were a pretty green crew.

I do think QOL have taken the right steps to shut the mine down and try and conserve their cash, remains to be seen whether the company has the ability to pick themselves up, re-group and sort their s$$t out.

At least they have a mine, even if it didn't make any money 

jman


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## prawn_86 (20 November 2008)

Pretty honest letter out by the MD today stating what went wrong and why.

Shame they didnt announce these things to the market as they were happening...


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## It's Snake Pliskin (10 December 2008)

So what is the liong term future of QOL and moly stocks fundamentally? Has the boom really finished until the next one?


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## jman2007 (14 February 2009)

It's Snake Pliskin said:


> So what is the liong term future of QOL and moly stocks fundamentally? Has the boom really finished until the next one?




I wonder how long this suspension from trading will last?

Regardless I don't think QOL holders are going to get much back from their investment. Outback Metals may have put in a bid for their assets perhaps?... QOL look to be painted into a corner atm.

I still can't believe these turkeys spent $40M on a plant and infrastructure to produce only $90K worth of concentrate.

jman


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## ands (19 February 2009)

The market didn't like it, but isn't this some kind of a life saver. Being taken over by a company that has funds and is hoping to have there own projects moving into production by 2010. 1 Outback metals share for every 4.79 QOL shares isn't the best outcome, but at least it gives shareholders some kind of future with a company that can hopefully move forward.


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## nick2fish (28 February 2009)

What a joke, glad my holding is very small, and I will not be taking up the offer...rather put them in the bin and learn from it.


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## JTLP (2 April 2009)

QOL holders get lucky...MLM holders like me get rubbish.

Today after market MLM proposed a takeover of QOL with a 49% premium on last closing price.

The offer is 1 MLM share for ever 22 QOL shares.

No offence...I don't want this QOL crap. Haven't they mothballed operations and were on the verge of admin???


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## YOUNG_TRADER (2 April 2009)

I actually think this is a steal given how much QOL invested in its Moly Tungsten deposits/mines $25m+ I think

So at $2.3m cost it looks like a steal for MLM JTLP, 1c ain't exactly paying up


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## UPKA (6 April 2009)

Looks like MLM's rival OUM is accumulating QOL stocks on market (see market announcements), OUM currently has 8.5% of QOL anything over 10% will block MLM's takeover and forcing it to better its offer


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## UPKA (9 April 2009)

OUM acquired almost 10% of QOL, in which they can now block MLM's takeover. Another statement issued on the extension of the offer, valuing OUM's offer higher than MLM's, we'll probably see MLM up their offer in the short term! I hold a small amount of QOL as a punt, which less than $800k cash left, the company is running on 1 leg...


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## UPKA (9 April 2009)

Anyone else taking a punt on QOL? recent statement from OUM seems to be quite threatening to QOL holders whos backing MLM... not very happy with that kinda of response!


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## jman2007 (9 April 2009)

UPKA said:


> OUM acquired almost 10% of QOL, in which they can now block MLM's takeover. Another statement issued on the extension of the offer, valuing OUM's offer higher than MLM's, we'll probably see MLM up their offer in the short term! I hold a small amount of QOL as a punt, which less than $800k cash left, the company is running on 1 leg...




More like 1 leg, half an amputated arm with the other arm trying to hold their insides in UPKA... :

These OUM douchebags sound like they're getting a bit shirty, and I have absolutely zero intention of accepting the crumbs they're offering us.

QOL is the meat in the sandwich atm, this was probably always going to happen once Wolfam Camp turned out to be a dud;... the vultures came sniffing around looking to pick up a virtually new plant for next to nothing. 

Now we just have to wait while they scrap it out amongst themselves. I have to say though, that MLM's portfolio looks to be superio to OUM's, who have nothing to offer but blue-sky potential, which I want nothing to do with at this stage.

jman


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## JTLP (10 April 2009)

jman2007 said:


> More like 1 leg, half an amputated arm with the other arm trying to hold their insides in UPKA... :
> 
> These OUM douchebags sound like they're getting a bit shirty, and I have absolutely zero intention of accepting the crumbs they're offering us.
> 
> ...




Just had a read of the statements and agree wholeheartedly jman. OUM sound very shirty and don't want to agree on any terms whatsoever from MLM. I feel sorry for QOL holders at this stage...looks like it could turn into a dog fight unless MLM withdraws or changes terms considerably. Does OUM really have the best interests of its and QOL's holders at present?


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## jman2007 (10 April 2009)

JTLP said:


> Just had a read of the statements and agree wholeheartedly jman. OUM sound very shirty and don't want to agree on any terms whatsoever from MLM. I feel sorry for QOL holders at this stage...looks like it could turn into a dog fight unless MLM withdraws or changes terms considerably. Does OUM really have the best interests of its and QOL's holders at present?




JTLP, something really smells with the entire OUM and QOL relationship imo. I notice that Christopher Jodinson who is the CEO of OUM is also a former company secretary for QOL, so potentially there is some collusion going on here.  QOL's management are an absolute disgrace to say the least, to potentially sell of a $40M brand new plant which is owned by the shareholders for next to nothing leaves me lost for words. I also note that QOL have made next to no effort to try and secure a better outcome for shareholders since Wolfam fell over.

So no, I don't believe either OUM or QOL give a rats about their shareholders, and just how OUM intend to fund the new entity remains to be seen. The eventual outcome may provide slightly better terms fo QOL holders, but unless you bought @<5c the effect will probably be negligible. 

jman


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## JTLP (11 April 2009)

jman2007 said:


> JTLP, something really smells with the entire OUM and QOL relationship imo. I notice that Christopher Jodinson who is the CEO of OUM is also a former company secretary for QOL, so potentially there is some collusion going on here.  QOL's management are an absolute disgrace to say the least, to potentially sell of a $40M brand new plant which is owned by the shareholders for next to nothing leaves me lost for words. I also note that QOL have made next to no effort to try and secure a better outcome for shareholders since Wolfam fell over.
> 
> So no, I don't believe either OUM or QOL give a rats about their shareholders, and just how OUM intend to fund the new entity remains to be seen. The eventual outcome may provide slightly better terms fo QOL holders, but unless you bought @<5c the effect will probably be negligible.
> 
> jman




Wow...didn't know that about the secretary. That does seem like some dirty collusion. And you're right...for the board to potentially let themselves be taken over for 90% less than the price of the plant is a joke...holders should really be firing off!

I am actually surprised (but it's probably not in anyone's best interest so this is why they haven't done it) that the QOL board have NOT said that holders should intermittently take the MLM offer if nothing better is offered. You stated it before J-Man; MLM have cash, projects etc and will survive. I can only base what you have written about OUM and their set up...and a blue sky prediction in today's market seems like a very bad outcome for holders.

This actually might not be a bad one to have a quick nibble at. I think it is currently below both offer prices and you might see a bidding war (as the price between plant and offers is so great). I would like to see MLM succeed after my earlier disgust (thanks YT and co!)...would be nice to have a plant ready for a commodities upturn...could time it to go online with their other projects.


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## ands (17 April 2009)

http://www.metallicaminerals.com.au/documents/MLM-China_Nickel_major_moves_to_15_percent.pdf

Well, MLM went up over 25% yesterday to finish at 32c after China's second largest nickel producer increased its holding of MLM to over 15%. Also QOL directors accepted the MLM bid. Surely MLM will improve it's bid, 22 for 1 doesn't fairly value QOL at all.


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## UPKA (17 April 2009)

MLM broke thru their 25c resistance with high volume due to the chinese interest. QOL directors have all accepted MLM's offer, so if OUM is in the way, MLM will up their offer?


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## UPKA (21 April 2009)

the OUM and MLM's fight over QOL has been taken to the Takeovers Panel:



> Metallica seeks final orders to the effect that:
> 1. Outback provide corrective disclosure remedying the allegedly misleading
> statements and
> 2. withdrawal rights be granted to Queensland Ores shareholders who have
> accepted the Outback offer in reliance on the allegedly misleading statements.




this will be interesting to see how it'll play out..


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## ands (21 April 2009)

Metallica called me up again today, 2nd time in about 2 weeks. Just told them I haven't taken any action yet, they weren't pushy and just asked me to read their bidders statement.


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## UPKA (21 April 2009)

ands said:


> Metallica called me up again today, 2nd time in about 2 weeks. Just told them I haven't taken any action yet, they weren't pushy and just asked me to read their bidders statement.




That's interesting... do u know who called u? or do u have a fairly significant holding in QOL? It's unusual for a company to call up another firm's shareholder, I wonder where they got the contact details from...


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## ands (23 April 2009)

Here we go. OUM lifts their bid from 4.79 to 4 OUM shares for every QOL share. Hopefully this encourages Metallica to increase their offer. And the bidding war begins...


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## ands (29 April 2009)

Have any holders taken any action in regards to this takeover? I haven't as of yet. 

Metallica just called for the 3rd time, they must be keen... 

Metallica's offer is so weak that it would take me ages to even get to the breakeven point but on the other hand they do have alot of cash (will survive for a while to come). Outback's offer while more reasonable (in the scrip ratio sense) is cancelled out by the fact they have hardly any money (will be forced to do a capital raising in the near future?) and their stock is so illiquid you would be hard pressed to get a sell. 

Does anyone know the rules for CGT rollover relief?

I might just sell on market...


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