# DML - Discovery Metals



## rafsanjani (2 July 2007)

There isn't any thread about this one yet so I thought I'd start it up. 
Developing copper and nickel projects in Botswana. Just listing on AIM. Already listed in Botswana.

I like that it's Africa and it's not uranium but rather a healthy base metal devlopment story -- and with some change in management recently it seems like they are quite determined to actually go ahead with developing their assets towards production.

A fairly recent analysis that might have helped spur some interest lately
http://www.stateone.com.au/market/pdf/_2007-05 SOS_ DML.pdf

Been in it since the Botswana government took a piece a while back -  and will stay in it for long, hopefully.


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## sampson (5 July 2007)

I'm in it too - I like the names in their top 20 shareholders release. Definitely a relief to get into something that isn't Uranium based. Holding long term.


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## moneymajix (31 August 2007)

Ann. 30 August
Early positive metallurgical results on
Maun Copper Project in Botswana


Ann today.

SHARE PRICE: A$0.365 SHARES: 95.9M Market Cap: A$34.9M

Bio-Ox metallurgical test enters final phase
for Dikoloti Nickel Project in Botswana

Metallurgical tests based on oxidation heap leaching of samples of nickel-copper sulphide
mineralisation from Discovery Metals Limited (ASXML) Dikoloti Nickel Project, in northeast
Botswana, are progressing to their final phase of testing following positive initial tests. Bio oxidation
(Bio-Ox) processing has shown the most promising results to date of a range of processing
techniques being trialled as part of an ongoing scoping study of Dikoloti. The project work aims to
define a cost effective method for processing Dikoloti’s nickel mineralisation.

Metallurgical Test Work Highlights

• Initial tests on the Dikoloti nickel sulphide mineralisation indicated that high nickel extractions
could potentially be achieved using a bacterial leaching process;
• A column test, simulating the heap-leach bacterial process, has achieved 50% nickel
extraction to date with the nickel extraction now accelerating rapidly, suggesting that a final
high nickel extraction value could be obtained at the conclusion of the test.
Discovery Metals’ Managing Director, Mr Jeremy Read, said that due to its fine grained nature, the
Dikoloti nickel mineralisation presented some challenges for conventional processing and as a
consequence, alternative methods of processing the nickel mineralisation are being investigated.
“The first bacterial process test we undertook on the Dikoloti nickel mineralisation was a stirred
reactor test which showed that it should be possible to achieve high nickel extractions using a biooxidation
process, as the reactor test achieved 97% nickel extraction,” Mr Read said.
“Following the successful reactor test, we moved to a 2m column test which simulates the actual
processes in a heap leach environment,” he said.
“The column test has highlighted several issues relating to the release of iron into solution which has
been slowing the nickel extraction. In recent days, however, progress has been made on controlling
the iron and the rate of nickel extraction is now increasing rapidly. We are optimistic of a successful
column test.


Further information on the Company is available on its website: www.discoverymetals.com.au


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## moneymajix (31 August 2007)

Interview on Boardroom Radio today at 2.30pm


http://www.brr.com.au/DML/discovery-metals-limited-


Current price 37c, up half a cent.


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## rafsanjani (19 September 2007)

Not very surprising that Discovery needed to finance developing their assets --- but being able to pull it off at current market shows nice support for DML:s copper project in Botswana. 

Discovery Metals in Landmark AUD$11.4M Capital Raising
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00760008


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## Trader52 (23 March 2008)

Any ideas why this one has dived lately.  It seemed to be firming up and all the signs on its African project were good.  I haven't heard of any problems.


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## crisstoff (23 March 2008)

I think with the lack of liquidity it has fallen on relatively low volumes. I personally like the future prospects for DML, but it is off the radar of most investors. With the upcoming revised JORC for Zeta, plus further drilling of Plutus and the nearby Quinious Prospect, it should start to look even better. Some recents assays at up to 2.3%.

I think allot is dependent on the market at the moment  

Fox Davies have a target of $1.45 - http://www.fox-davies.com/Reports/2008/DiscoveryMetalsFlashNote17January2007.pdf

Would be interested in your comments.


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## crisstoff (5 June 2008)

Todays Presentation looks good. I particlulary like page 13 showing the large amount of historic data which DML has avaliable. 

Also noticed that Healy is still increasing his holding - up to 6.2% from 5.8%.

Regarding Quirinus, it is looking promising - 4m @ 1.7% Cu and this is after only 3 RC holes - it will only get better imo.

At this stage it looks like having a 6k strike, potentially another 14.5Mt - 27.1MT like Plutus or Zeta. Im expecting good news flow over the next couple of months, especially looking forward to the PFS


But the best comment in todays ann. was by the MD -

“We believe that we are exploring in an emerging and significant copper province”, he said.


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## crisstoff (11 June 2008)

Good to see DML getting this article on Kitco. 


*Botswana: Discovery Confirms More Copper Finds*

Mmegi/The Reporter (Gaborone)

10 June 2008
Posted to the web 10 June 2008


Discovery Metals has confirmed the presence of potential economic mineralisation from the first three exploration drill holes into its Quirinus prospect covering over 600 metres of this anomaly that has now been drill tested.

The Quirinus prospect is located 15 kilometres from the current mineral resources at Zeta, Plutus and Petra in northwest Botswana.


The prospect remains open along strike to both the northeast and southwest and at depth.

These three holes were all drilled by the reverse circulation method to a maximum down hole depth of 90 metres.

Previous studies of the nearby Zeta, Plutus and Petra inferred mineral resources have shown that holes drilled by the reverse circulation method can underestimate the copper grade of the liberalisation.

The company, which is listed on the BSE, ASX and AIM, said surface geochemical sampling has previously defined a 3 300-metre long copper anomaly at Quirinus.

Historic geochemical results suggest the anomaly in this portion of the Quirinus prospect could extend to greater than 6 000 metres-along strike. A regional soil geochemical survey is being undertaken in this area to better define the lateral extents of this anomaly.

A diamond-drilling programme similar to those used to define the Zeta, Plutus and Petra Inferred Mineral resources is also underway at Quirinus to define any potential mineral resource.

Said the Managing Director Discovery Metals, Brad Sampson: "To-date we have been drilling in areas which will allow us to fast-track the development of a significant copper mine at Zeta, Plutus and Petra.

"We have now successfully taken the knowledge and experience gained during this work into our regional exploration programme and have already identified another very prospective green field area at Quirinus.

"We believe that these results reinforce the potential for finding further mineralisation within Discovery Metals' entire tenement package in north-west Botswana."

Discovery Metals is focused on developing its copper and nickel projects in northern Botswana.

Its major assets are its Copper Project in the north-west and the Dikoloti Nickel Project in the north-east of the country."We believe that we are exploring in an emerging and significant copper province," Sampson said.

The company commenced a pre-feasibility study on the copper project in August 2007 and aims to complete the pre-feasibility study by mid-2008.

The Dikoloti Nickel Project comprises four prospecting licences covering 610km sq surrounding the three nickel deposits of BCL Mine in Selebi-Phikwe.



http://allafrica.com/stories/200806101157.html


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## crisstoff (13 June 2008)

Good to see DML increasing their land holdings. With the historic information from BHP and the knowledge they already have of the mineralisation in the areas this can only be positive.


DISCOVERY METALS NEARLY DOUBLES TENEMENTS IN BOTSWANA
• Discovery Metals has secured seven (7) additional 100%-owned prospecting licences in
Botswana covering 5,700 square kilometres.
• The new tenements are an extension of the Company’s existing 6,400 square kilometre 100%-
owned tenements in the Kalahari Copper Belt in north-west Botswana.
• These tenements have potential to add to the current resource base of 46.1mt @ 1.3% Copper.
Grant of New Licences
Discovery Metals Limited (ASX/BSE:”DML”, AIM:”DME”) has received formal approval from the Botswana
Department of Geological Survey for an additional seven (7) prospecting licences.
The additional area covers 5,700 square kilometres stretching as a continuation from the western boundary
of the Company’s current copper-silver tenements across to the Namibian border. (Figure 1)
An initial assessment of the seven new tenements indicates they have the potential to contain
approximately 600 strike kilometres of mineralisation of a similar style to that found in the Company’s
current Zeta, Plutus and Petra Inferred Mineral resources.
Managing Director Brad Sampson stated, “Securing these tenements provides Discovery Metals control
over a substantial portion of the Kalahari Copper Belt, which is emerging as a new copper province. We
are excited to be the driving force in this significant regional copper play.”
“Discovery Metals already has an Inferred Mineral Resource of 46.1 million tonnes at 1.3% copper. We
estimate that this mineral resource has been identified from only the first 5% of the favourable geological
horizon tested to date. This testing has only been within the first of our existing seven tenements.
Mineralisation of a similar style has recently been encountered in the first drill holes from our second
tenement to be explored at the Quirinus prospect.”
“Our geological model has provided a “near 100%” success rate for our exploration and resource drilling
program to date and we have great confidence in the exploration potential throughout all Discovery Metals
tenements in the Kalahari Copper Belt.”
“We have secured the right to a further 600 strike kilometres of the favourable geological setting, adding to
the 700 strike kilometres already held,” he said.
Exploration
Historic work in relation to the new licences included a regional 5 to10 kilometre spaced geochemical soil
sampling survey completed by BHP in the 1990’s. Interpretation of this historical information in
conjunction with the regional aeromagnetic dataset, suggests that the copper and silver mineralisation
discovered in the Discovery Metals current tenement area extends much further to the southwest.
The aeromagnetic dataset when coupled with the Discovery Metals geological model indicates that copper
and silver mineralisation may continue for hundreds of strike kilometres, as it is repeated many times by the
tight folding of mineralised structures throughout the region.
Over the next year, Discovery Metals plans to accelerate ground exploration and follow-up drilling
programmes encompassing all of its expanded tenements.

http://www.discoverymetals.com.au/releases/0000000204.pdf


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## crisstoff (7 July 2008)

Fat Prophets put out an Initial BUY around 52.5c on the 18 June on Discovery Metals.  

Should be an interesting few months coming up with an updated JORC and PFS due soon, plus the ongoing drilling.


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## crisstoff (15 July 2008)

*Plutus extended 1000m*

Another good announcement from DML. 

They are certainly progressing and getting consistent results, infact imo some of the results are getting better. Some good grades in the announcements - plenty around 2% Cu and even 0.69 m @ 6.11% Cu & 43.48 g/t Ag.

Good to note they hope to have the pre-feasibility-study out this month. 

They have only tested 3% of prospective areas and have a very good hit rate for striking mineralisation - from memory around 99%.

Its obviously running under the radar which is fine by me as I am slowly accumulating.  All this for a MC of $58M and approx $6M cash.

http://www.discoverymetals.com.au/releases/0000000205.pdf


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## Boggo (22 December 2009)

I am surprised that there hasn't been more discussion on here about this stock.

Seems to be quietly climbing away with increasing interest.

(disc. - I do hold)


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## toastpaint (18 January 2010)

I'm considering buying in. They're sending me out a copy of Reports, etc today. 

I'm a bit of a n00b, but I'm assuming the small price dive is due to the new share issue?

Cheers,

Jack


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## eddyeagle (4 March 2010)

Boggo said:


> I am surprised that there hasn't been more discussion on here about this stock.
> 
> Seems to be quietly climbing away with increasing interest.
> 
> (disc. - I do hold)





I'm surprised too. It's been tipped by a couple of tip sheets recently, and is up around 25% since the start of the year, hitting all time highs today.


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## eddyeagle (7 April 2010)

A 21% jump today and still no interest on this forum!

They announced a massive resource upgrade at Boseto and it looks like Citigroup have bought in too.


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## Apples (7 April 2010)

Fantastic day.
What was the deal with the 21 Million odd shares prior to open this morning? 
I was waiting for the feasability and they mentioned in the announcement that it should be released before the end of month.  The resource upgrade was a pleasant surprise though.


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## eddyeagle (20 August 2010)

This thread very quiet given DML has jumped from 60c to 97.5 in the space of about 6 weeks! Trading at all time highs at the moment... 

BFS just around the corner alledgedly...


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## Grannymoney (26 September 2010)

thought you guys may find this useful 

wish id bought in at .72c 
George Soros sent the price up back in april....
 everything seems to be on track.........still up to 1.50c is acceptable


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## Grannymoney (28 September 2010)

now @ 1.31 the chinese whispers are out on this one........
up 40%for september and still going....


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## mr. jeff (6 October 2010)

I have been searching for the amazing copper stock that soros has been buying and this is it, seems like it....
the daily reckoning has been banging on about it in their newsletter but you have to subscribe to get the company name. ha!
well, with the copper action maybe DML is worth a bit of investigation.
Looks like the heat is really on this...Good solid interest and good volumes; increasing at a glance. 
Basically writing this to bring to anyone's attention who has also been searching for it / might be interested in a small copper play with good interest.
cheers


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## teabagger (7 October 2010)

Ah, the DR huh. I think they do that to certain stocks from time to time. I seem to recall them doing something similar with LNC. They called it the Black leaf project, mentioned it was a QLD company in Chinchilla turning coal into diesel.....set to really take off.
I think they leave enough clues so as  a five minute google search gets you what you are looking for. The DML mention is the same thing. 

I just wonder if they're trying to create a bit of interest, but for whos gain? 

....yes I hold both LNc and DML


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## Ding (19 October 2010)

anybody have any ideas as to why DML are on a nose dive? How far do we think it will go?


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## eddyeagle (20 October 2010)

I just think it's a bit of a correction... it ran hard from July to October and doubled in price so a correction was always on the cards. I would think it should find some support around the $1 mark from looking at the chart.


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## Ding (20 October 2010)

Cheers Eddy,

 I dont know how to read charts and your reply makes me feel a little better.


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## joea (21 October 2010)

Ding said:


> anybody have any ideas as to why DML are on a nose dive? How far do we think it will go?




DML has pulled back 50% of the 26/8 - 28/9 run up.(by Fibonacci)
It is currently in a wave 4 pullback, which may have finished yesterday.
Wave 3 peak can be confirmed by MACD as the cross is high in the indicator area. Should head for $1.46 +. If next cross of MACD is lower it will confirm wave 5 and then be set for another pullback. 

Anybody in copper stock, PNA is doing$110 million expansion in Laos.

Cheers:


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## resbequoi (24 October 2010)

joea said:


> DML has pulled back 50% of the 26/8 - 28/9 run up.(by Fibonacci)
> It is currently in a wave 4 pullback, which may have finished yesterday.
> Wave 3 peak can be confirmed by MACD as the cross is high in the indicator area. Should head for $1.46 +. If next cross of MACD is lower it will confirm wave 5 and then be set for another pullback.
> 
> ...




What do people think of the fact that DML think they've found a 'new' copper province?

Yes I hold - inherited from Gramps (bless him).


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## rafsanjani (29 October 2010)

Trusted these guys since 2007 and haven't been disappointed once.

Quoting managing director Brad Sampson from the latest Zeta resource upgrade:

"We would like all shareholders to understand the value proposition embedded in Discovery metals above and beyond the value that can be seen in the current Development Plan, which we reagard as very much the start of things."

Have no doubt --- this copper is better than gold.


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## MEGALADON (29 October 2010)

I like he potential in DML over and above PNA. Sensitivity on the PNA Business case return from the $100m makes me think the $100m is excessive. Maybe they are absorbing $20m in further exploration drilling within the $100m ?  

Either way Charlie Aitkin loves both PNA and DML .


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## MEGALADON (29 October 2010)

I have decided to lock DML into the Super Fund and close my eyes on it for 24 months. I see it as a mid term growth stock. As a minimum I think it will maintain its value.


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## mr. jeff (4 November 2010)

trading halt today, see announcement (summary) of equity raising, 


> Discovery Metals to raise approximately A$142 million
> • fully underwritten
> • institutional placement ≈ A$51 million (A$1.12 per share)
> • 1‐for‐4 non‐renounceable rights issue ≈ A$91 million (A$1.05 per share)
> ...



BIG ANCHOR!

This will explain the run down lately in the SP. now the action begins ? thats a lot of equity raised.


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## mr. jeff (4 November 2010)

actually see page 11 of the ann. it has a good graph showing production costs vs. tonnes mined. 
actually makes indophil IRN look quite attractive!
Could I postulate that as the rights issue begins trading "Issue shares begin normal trading (T+3) December" 13th dec then I guess anyone thinking about getting in may wait until the last bit of loose stock gets thrown around about this date.... DML is made to sound very attractive and may well be; will be interesting to watch as this development goes forward, sounds like they sure won't be wasting any time!!


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## eddyeagle (4 November 2010)

I was just thinking the other day that these guys were going to have to raise some cash sooner or later... and bingo - institutional placement and rights issue to raise 142 mil announced! 

Should be a good opportunity to get some cheaper stock...


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## Kevtas (21 November 2010)

I have also added these to my  SMSF portfolio - They seem to have good potential over the medium to longer term.  

On the look out for similar small to medium companies over a broad range of sectors.  Small sector requires so much more research and time to find potential buys.


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## SilverRanger (29 November 2010)

Some crazy buying is happening today at huge volume with no apparent news, (seems like a speeding ticket to follow soon) anyone knows what's happening here?


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## glenn_r (29 November 2010)

Interesting I have these in my SMSF and the rights issue which closes this Thursday is @ 1.05


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## skc (29 November 2010)

SilverRanger said:


> Some crazy buying is happening today at huge volume with no apparent news, (seems like a speeding ticket to follow soon) anyone knows what's happening here?




I believe it's called "Jack the price up so the rights issue will close successfully"...very useful strategy.


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## teabagger (30 November 2010)

skc said:


> I believe it's called "Jack the price up so the rights issue will close successfully"...very useful strategy.




Does this then mean that the $1.05 shares will get sold off for what they can above $1.05 causing the sp in general to come down to "sensible" levels?


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## skc (30 November 2010)

teabagger said:


> Does this then mean that the $1.05 shares will get sold off for what they can above $1.05 causing the sp in general to come down to "sensible" levels?





A share price above the issue price will certainly prompt eligible holders to take up their rights, but it doesn't necessarily mean that those same people will sell for quick profits when they get their share.

I hope they don't anyway because that's exactly what I will be doing 

DML has been in a pretty good uptrend. But I suppose it all depends on the copper price and risk on/off situation around the world.


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## SilverRanger (1 December 2010)

skc said:


> A share price above the issue price will certainly prompt eligible holders to take up their rights, but it doesn't necessarily mean that those same people will sell for quick profits when they get their share.
> 
> I hope they don't anyway because that's exactly what I will be doing
> 
> DML has been in a pretty good uptrend. But I suppose it all depends on the copper price and risk on/off situation around the world.




Got lucky last week picking up a small parcel last week at below offer price and offloaded them on Monday. Now just waiting for skc and others to dump their new shares to get in again (hopefully near the offer price)


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## skc (1 December 2010)

SilverRanger said:


> Got lucky last week picking up a small parcel last week at below offer price and offloaded them on Monday. Now just waiting for skc and others to dump their new shares to get in again (hopefully near the offer price)




Lol... not sure I am going to move the market that much with my holding size. But I will join you at the bid if it comes back toward $1.


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## teabagger (1 December 2010)

I think that after the dust settles and the extra rights issue shares are in the market that there is plenty of up side for DML. 
They are sitting on plenty of resource, and things should get moving as they head toward and get into production.

A good one to collect on dips and keep in the cupboard


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## Kevtas (4 December 2010)

I agree - I am starting to get quite a collection of this.  If you look at the world consumption of copper now and the future predictions, this is one area that feel confident to invest in.

I am looking for more quality copper stocks to invest in.  DML is at a great stage though and it is hard to find stocks in companies with such great potential and at such a good point in there development.


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## pigeondog (8 December 2010)

You may be acquiring but in the last week or so, the directors have been dropping this thing like a stone. Chairman Gordon Galt sold 500,000 shares, John Shaw sold 100,000 and MD Brad Sampson sold 1,500,000 shares - all of his shares that were available to sell. 

If they thought it was going up then they wouldn't be dumping stock like this.


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## Miner (8 December 2010)

pigeondog said:


> You may be acquiring but in the last week or so, the directors have been dropping this thing like a stone. Chairman Gordon Galt sold 500,000 shares, John Shaw sold 100,000 and MD Brad Sampson sold 1,500,000 shares - all of his shares that were available to sell.
> 
> If they thought it was going up then they wouldn't be dumping stock like this.




pigeondog

Looks like it was your first post. Congratulations and welcome to this forum
What you discovered is very daunting for DML holders. I just sold my holding to buy the rights. Definitely the sell news missed my attention.

funny enough a reputed newsletter has been recommending DML like any thing. whom can you trust even when you paid good amount of money to get an unbiased report


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## skc (8 December 2010)

pigeondog said:


> You may be acquiring but in the last week or so, the directors have been dropping this thing like a stone. Chairman Gordon Galt sold 500,000 shares, John Shaw sold 100,000 and MD Brad Sampson sold 1,500,000 shares - all of his shares that were available to sell.
> 
> If they thought it was going up then they wouldn't be dumping stock like this.




To clarify Brad Sampson got 1.5m shares by exercising his options at 40c and then promptly sold them on the market. So a cool $1.65m in the bank.


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## pigeondog (9 December 2010)

skc said:


> To clarify Brad Sampson got 1.5m shares by exercising his options at 40c and then promptly sold them on the market. So a cool $1.65m in the bank.




He exercised 1,000,000 options at 44c each and had 500,000 shares vest under the "DML Employee & Director Share Plan" - a share based payment from earlier times. But yes, he made plenty and he appears to have taken the cash and run.

My concern is this: if the directors thought the share price had lots more upside then they would find a way to avoid selling in such numbers. I know they'll come back with excuses about tax bills, school fees and divorces to pay for but these guys have all been in the industry for 25 years plus and should have some cash behind them. Not to mention that Brad Sampson's cash salary was $401,604 in 2010 [2010 annual report].


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## pigeondog (10 December 2010)

Shares are now trading about 12 cents lower than where the directors sold even though the copper price has been up slightly. 

Thanks guys, it's good to know we have the board looking after our interests.


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## pigeondog (11 December 2010)

But wait there's more! Gordon Galt, Chairman sold another 185,000 and Jeremy Read sold 250,000 reported to the ASX on 10 Dec 2010. 

So here's the tally for the first week of December:
Brad Sampson - 1,500,000
Gordon Galt - 685,000
Jeremy Read - 250,000
John Shaw - 100,000
Total - 2,535,000

That's a lot. I am certainly wondering if there is something the directors know that we don't.


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## matthewdean (11 December 2010)

I recently bought into this stock thinking it would be a nice addition to my portfolio for the long-term but reading this sort of information has got me a tad worried about my investment. Clearly the directors have access to information that everyone else doesn't.

I think I'll just cut my losses on this one.


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## pigeondog (14 December 2010)

The big test will be the extent to which the directors have participated in the non-renounceable rights issue.

The thing that annoys me the most about all of this is that they were selling after we had committed our money. If I had known that they were going to dump stock I wouldn't have participated.


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## pigeondog (16 December 2010)

Now Morrice Cordiner has got in on the act and sold all 250,000 vested shares - Morrice's entire holding that was available for sale.


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## glenn_r (16 December 2010)

pigeondog said:


> Now Morrice Cordiner has got in on the act and sold all 250,000 vested shares - Morrice's entire holding that was available for sale.




Acquired 250,000 shares under employee/director share plan and disposed of 250,000, result status quo and $317,500 richer.

The sky is not falling chicken(pigeon) little.


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## Good Vibes (20 December 2010)

SilverRanger said:


> Some crazy buying is happening today at huge volume with no apparent news, (seems like a speeding ticket to follow soon) anyone knows what's happening here?




Good call SilverRanger. The huge volume did not go unnoticed by the ASX either - DML received a price query:

http://www.discoverymetals.com.au/IRM/Company/ShowPage.aspx?CPID=1428&EID=98387354&PageName=Response%20to%20PriceQuery

ASX wanted to an explanation (and so do I) for the increased activity that was evident from 26 Nov ($1.19) to 29 Nov ($1.36).

DML is a mass of contradictions


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## pigeondog (21 December 2010)

glenn_r said:


> Acquired 250,000 shares under employee/director share plan and disposed of 250,000, result status quo and $317,500 richer.
> 
> The sky is not falling chicken(pigeon) little.




Glenn, This is definitely not status quo. The directors have not actually acquired them by handing over cash. There is a share scheme for directors where they have previously been granted share based payments which vest over time. Most (all?) of the directors have just had a batch of shares vest which means they have technically "acquired" the shares from the trustee of the scheme and they can now sell them if they wish. 

The directors have two choices: they can hold on to the shares because they believe in what they can add to the company as directors, and the future capital gains as the company's copper project reaches fruition; or they can ditch the lot because they think all of the upside is priced in. 

It is telling that the directors have sold nearly 3 million shares between them in the first two weeks of December. Many directors sold all of the shares that were acquired through the director share scheme which was all of the shares they own in the company. This is not a vote of confidence from the board.


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## countryboy (21 December 2010)

yep im out of this on the back of most of the directors selling. Africa is still hard place to do mining and the fact that bhp cast their eye over it and opted out suggests their is no company making resource in that neck of the woods

hope Im wrong for those who choose to stay long term


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## vnbm (22 December 2010)

I'm also thinking about ditching them today. Directors haven't given me any confidence at all. Although the they have been going up the last few days. I have a feeling in the back of my mind I'll regret it. 

But better to be safe than sorry i suppose.


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## mr. jeff (22 December 2010)

Have been watching all this with interest and must add a chart for some colour in this part of the world.


First, I would say that they have just today made a new high. 
Second, volume is not overly large.
Third, the MACD has just crossed to positive, with consecutively smaller negative histogram and building larger positive.
IF it wasn't Christmas, I would say this all adds up to a new move.

This directors selling does worry you a bit. What do they know about their company, maybe they just need some Christmas money!
Remember that they can't ever sell or buy when things are about to happen, it is very hard to read too much into director transactions. They would also all be quite aware of this effect and may have timed it in this way for a particular reason. 

I have no idea what that might be, but lets discuss this again in  Feb and see what the deal was...


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## RaymondJ (22 December 2010)

Miner said:


> pigeondog
> 
> Looks like it was your first post. Congratulations and welcome to this forum
> What you discovered is very daunting for DML holders. I just sold my holding to buy the rights. Definitely the sell news missed my attention.
> ...




Hey  I read a supposedly reputable newsletter about DML. Have you seen the presentation about DML?
Its very much like a hard sell, and somebody from the newsletter went over to S.A. to have a look, I wonder who paid for the trip? I thought this stock might have been on the money but after that newsletter and the directors profiting off the stock Im not so sure, I might just watch for a while.


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## Fishbones (23 December 2010)

newslaeter is "diggers and drillers"  by Dr Alex Cowie from Daily Reckoning Australia.

They go on and on for eg. "If you own just one Aussie resource stock this decade, make it THIS one." and "389% in two years is my conservative estimate... " 
the audio goes for about 7 min     and he "teases" by giving some facts about the company and their developoing  Kalahari tenament in Botswana. 
As I can see we all know this, but they want $$ to tell us. My feeling is that majority of these so called experts are out there to exite and take guaranteed $$ from subscribers who need to take real risk.....He also claims that he went to Botswana to see it for himself (yeah right!...even has the picture to prove it )and that Soros bought 8%  blah blah blah.....

Anyway I hope he is right as I am holding few shares in this one (DML) but as most of you , i get bad feelings when directors sell...

Cheers


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## shag (23 December 2010)

fat profits used to spruik this stock, on the way down and would have made massive losses on this one also.
i assume they still do if they have any clients left with monies after the gfc.
they got free trips to africa to push stocks also, pre the worst of the gfc anyway.


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## RaymondJ (24 December 2010)

Hello Investors have you seen the latest news from the DML website. Their latest drilling reports for the Zeta project is better than expected with 

11.7m @ 2.0 % Cu & 42.4 g/t Ag from 274 metres
10.0m @ 2.0 % Cu & 35.9g/t Ag from 223 metres
7.9m***@ 2.0 % Cu & 40.2 g/t Ag from 267 metres
7.0m***@ 2.2 % Cu & 48.1 g/t Ag from 322 metres
6.0m***@ 2.2 % Cu & 45.4 g/t Ag from 276 metres
4.8m***@ 2.2 % Cu & 45.5 g/t Ag from 240 metres

That info is straight from their website. Live long and prosper.


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## RaymondJ (29 December 2010)

DML is moving steadily upwards! Up several cents today!


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## youngone (10 January 2011)

RaymondJ said:


> DML is moving steadily upwards! Up several cents today!




The news about the directors is starting to get to me. Will be selling in March. Current price is 1.4


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## matthewdean (21 January 2011)

taking an absolute beating today... No news?


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## skc (21 January 2011)

matthewdean said:


> taking an absolute beating today... No news?




Lol some idiot fat finger found a hole in the market depth and took it all the way down to $1.08...


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## pigeondog (21 January 2011)

skc said:


> Lol some idiot fat finger found a hole in the market depth and took it all the way down to $1.08...




Are you sure? There are plenty of sellers just above the current price which is still down 6% on yesterday. Or are they just panicked by the big plunge and bailing faster than a DML director? I continue to be a nervous holder of this stock. Waiting for the Chinese to buy them out...


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## RaymondJ (4 February 2011)

pigeondog said:


> Are you sure? There are plenty of sellers just above the current price which is still down 6% on yesterday. Or are they just panicked by the big plunge and bailing faster than a DML director? I continue to be a nervous holder of this stock. Waiting for the Chinese to buy them out...






I discovered this article in the london metal exchange site today
This should brighten your mood. I know this is good for existing producers of copper but the fact that supply is being outstripped by demand is good news for DML if they can get this mine up and running. Iam holding DML

CHEERS 


RUETERS NEWS AGENCY
Lack of big copper projects will keep market tight

Thu, Feb 3 2011
 By Karen Norton

LONDON | Thu Feb 3, 2011 7:50am EST 

LONDON (Reuters) - Global copper supplies will remain tight and help propel prices to $12,000 a tonne and higher as output struggles to keep up with healthy demand into 2012 and perhaps beyond with the lack of new big mines coming through.

Year after year copper output has fallen short of expectations due to natural disasters, such as earthquakes, or falling ore grades, strikes and project delays.

Analysts build production disruption allowances into their forecasts to account for these. But more often than not those figures have to be revised upwards due to unforeseen problems.

"Experience shows that things don't go to plan in copper ... We're looking at an implied supply disruption this year of around 700,000-800,000 tonnes," said Paul Dewison of consultants Bloomsbury Mineral Economics.

Copper prices could spike to at least $12,000 a tonne, possibly around the middle of the year, he added.

Benchmark prices for the metal, used in power and construction reached a new record of $9,878 on Tuesday.

"There's a dearth of big projects this year and next," said David Duckworth at industry consultants CRU Group.

One of the few examples is Vale's Salobo project in Brazil, due on stream in the latter half.

At 100,000 tonnes Salobo is not huge though, especially when put against the likes of Chile's Escondida, the world's biggest copper mine, which in its heyday produced in excess of 1.0 million tonnes of copper annually.

Global copper production will grow, due mainly to smaller new mines, and ramp-ups at a few projects which came on stream last year, most notably Antofagasta's (ANTO.L) Esperanza mine in Chile. It is expected to produce around 195,000 tonnes a year.

Secondary output will make a positive contribution as high prices encourage scrap collection. So too will increases at existing mines, but brownfield expansions often are designed to maintain copper output rather than boost it.

Either way supply will struggle to match demand, which should continue to grow strongly in emerging markets and China, despite high prices.

"Mining companies are operating at full capacity at the moment as supply cannot meet demand," Andres Mac-Lean, head of Chile's state-run copper think tank Cochilco said last week.

"That makes it very difficult for companies to recover output losses due to strike, accidents and fires. We will see a supply deficit in at least the upcoming two years.

A recent Reuters poll of analysts put the median copper market deficit at a substantial 444,000 tonnes this year, followed by a 184,500 tonne shortfall next year


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## mr. jeff (6 February 2011)

matthewdean said:


> taking an absolute beating today... No news?




have a look at the dates for diggers and drillers recommendation releases, that will explain it to you. Shifting positions.


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## RaymondJ (10 February 2011)

Has everyone seen the latest ASX announcement about the funding?
Apparently this means that DML has finalised all external matters bah signing the documentation as is on track for construction to commence on schedule.

CHEERS


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## RaymondJ (23 February 2011)

Has everyone seen the latest Release to the ASX

Caterpiller has joined the group of financers for the Boseto project, and Im thinking that is the final lot of funding and DML will start production in the first half of 2012. THis is good news for this stock as it rocovers from the fall due to the trouble in the middle east.

CHEERS FOLKS


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## resbequoi (9 March 2011)

well, I sold all my shares - the directors got to me.  talk is cheap, and actions speak louder than words....


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## eddyeagle (15 March 2011)

DML has not had a good 2011!

A copper correction was always on the cards though. 

Production scheduled for early 2012, so I'm thinking these levels could be a good time to top up... Dont want to catch the falling knife though!


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## matthewdean (25 March 2011)

eddyeagle said:


> DML has not had a good 2011!
> 
> A copper correction was always on the cards though.
> 
> Production scheduled for early 2012, so I'm thinking these levels could be a good time to top up... Dont want to catch the falling knife though!




A healthy day for DML today nearing the close at $1.23c , I hope some of you got lucky and grabbed it at 0.97c last week, I also decided not to as I felt the share was heading for a bigger drop.


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## matthewdean (19 January 2012)

Hello,

There has been some big announcements recently which keep the company looking strong fundamentally and also some interesting movements technically when observing the current share price.

Over the past few days DML has tested the downward resistance level and pushed through during the day but was unable to close outside the trend. Today has been a similar story though the price has now closed outside of the channel potentially confirming a break-out. 

There has also been a large turn-over of volume today from a substantial holder which has yet to be revealed officially.

_Below is the yearly chart showing daily price movements, I've added on my interpreted short term downward trend with a possible break-out. The last two candles appear to show signs of uncertainty which could also mean a strong move in the opposite direction is coming._







_Below is the same chart showing just the share price close which supports this potential break-out of a downward channel._






I Would love to share analysis if any DML holders are still active on these boards. I'm keeping my eye on new highs >$1.51 before I up my holdings on DML.

Happy Trading...

_The information I've provided above is should not be considered to be financial product advice._


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## matthewdean (23 January 2012)

My previous interpretations seem to have been correct. I'm expecting this aggressive move is on some more takeover rumour. 

Let's see how it plays out!


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## newbie trader (16 May 2012)

Anyone still following DML? Has been thrashed a bit recently. Any ideas as to why (to do with the company itself rather than extraneous market factors)?


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## springhill (2 August 2012)

*Maiden Mineral Resources at NE Mango*

Highlights:
● Maiden NE Mango 1 Inferred Mineral Resources of 4.8 Mt @ 1.2% Cu and 13.0 g/t Ag, including a higher grade zone containing Inferred Mineral Resources of 1.6 Mt @ 2.1% Cu and 24.8 g/t Ag.
● Work continues to assess the full potential of the entire Mango Prospect with three distinct copper-silver prospects discovered to date.
● The development strategy for Mango is under assessment.
● Higher grade zone (500 metres strike length) contains copper grades that create potential for underground mining.
● Mango Prospect prospective strike length extends for approximately 30 kilometres of which 20 kilometres has been tested to date.


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## springhill (3 August 2012)

*Zeta NE - First Mineral Resources*

Highlights:
● Zeta NE - first Inferred Mineral Resources of 12.9 Mt @ 1.3% Cu and 22 g/t Ag.
o Mineral Resources estimated over approximately 5 kilometres strike and to approximately 300 metres depth (remains open at depth).
o Includes a higher grade zone (> 1.5% Cu) with strike length of approximately 1 kilometre which remains open at depth.
● Potential for both open pit and underground mining.
● Follow up drilling to further assess underground potential planned to commence in Q1/13.


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## pixel (7 August 2012)

Yesterday's 56M+ crossing has sparked some renewed interest. 
Recent announcements didn't make a bad read either.
Pity there's still the 1/2c gap, but we can probably ignore that for now.
I'm long with a stop $1.30, target $1.65; if the gap closes, I'll add right away; otherwise I'll wait for $1.40 to break.


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## pixel (8 August 2012)

I ended up selling after all - which was probably just as well, given this morning's announcement of t/h and cap raising: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01321218


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## prawn_86 (4 October 2012)

Takeover offer for $830m from a company called Cathay (not the airline : )


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## skc (4 October 2012)

prawn_86 said:


> Takeover offer for $830m from a company called Cathay (not the airline : )




WTF? It's in a halt yet some trades just went thru!?!

Did someone accidentally lifted the halt?! What are they doing at the ASX these days?


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## barney (5 October 2012)

Don't own any DML, but a friend does so thought I'd have a read on the takeover ...

Pretty interesting that the original Proposal was sent to DML management on Sept 21  ... and specifically requested a reply no later than Sept 28.

Why was there no announcement to the market in that time when ASIC guidelines clearly state there should have been.

I notice with interest that NAB were able to purchase another 5 million shares during the week in question prior to the Trading Halt being announced only yesterday

Not exactly squeaky clean over the last few weeks these guys in my opinion.


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## Gringotts Bank (30 January 2013)

Can a fundamentalist give a view on this as a short term trade?  TIA.  Currently 1.13.


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## skc (30 January 2013)

Gringotts Bank said:


> Can a fundamentalist give a view on this as a short term trade?  TIA.  Currently 1.13.




Operationally they are ramping up production and running into the usual issues, 
but I'd say uou probably need to form a view about the ongoing takeover attempt above all.


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## notting (4 February 2013)

Hmmm.
Cathay Fortune Corporation and China-Africa Development Fund collective *Chinese* bidders walk away after* lying/down ramping* the quality of the resource clearly illustrated in the retort by DML in the third attachment.

Trying to save face and walking? or just enraged that DML did not budge an inch. 
Going to come back agressively at some point?
Not sure.

Well done DML.

Saga -

View attachment a Initial Offer.pdf

View attachment b Update Rejecting 170.pdf

View attachment c Retort to Chinese Lies.pdf


DML share holders should put a class action together and sue Cathay Fortune Corporation and China-Africa Development Fund collective Chinese bidders for damages to the share price inflicted by the Chinese lies regarding the quality of the resource.


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## skc (4 February 2013)

notting said:


> Hmmm.
> Cathay Fortune Corporation and China-Africa Development Fund collective *Chinese* bidders walk away after* lying/down ramping* the quality of the resource clearly illustrated in the retort by DML in the third attachment.




Didn't DML admit, in the 2nd target statement, that they had an error such that the Zeta open pit ore reserve revised down by 5Mt from an original number of 10.5 Mt?

It looks like a pretty material revision to me?

And why does't DML just grant due diligence? If nothing was wrong can't they just let Cathay take a better look and have the deal back on the table?



notting said:


> DML share holders should put a class action together and sue Cathay Fortune Corporation and China-Africa Development Fund collective Chinese bidders for damages to the share price inflicted by the Chinese lies regarding the quality of the resource.




Or may be the bidder should sue DML for mis-represented information?

When the Chinese bids for the company you cry foul. When the Chinese walks away from a bid you cry foul. 

My view is that things did change for the worse in DML and therefore the "no adverse material event" condition is triggered. DML pushed the bidder away by not granting due diligence. Over the next few week or so it would be interesting to see if DML remains below the pre-bid price.


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## notting (4 February 2013)

I appreciate your points, however -



skc said:


> Didn't DML admit, in the 2nd target statement, that they had an error such that the Zeta open pit ore reserve revised down by 5Mt from an original number of 10.5 Mt?
> 
> It looks like a pretty material revision to me?




In the retort by the company they pointed out that it is not material and asked the Chinese clarify why they were saying it was material -  *The Chinese refused to answer that direct question!!*
Further DML did not say, "Yeah, OK your low ball bid is something we'd consider now that we have told you the truth about the resource!!  DML simply reported as usual and told the Chinese to go jump.  If DML were trying to hide something they'd just keep hiding it and telling the Chinese to FO.



skc said:


> And why doesn’t DML just grant due diligence? If nothing was wrong can't they just let Cathay take a better look and have the deal back on the table?




It's called a *bullying *tactic by the Chinese *to try and force due diligence* - spying - at the very least. We will slur your resource quality unless you let us get into your operations and computer systems etc.!!!!  Ala RIO bribery case against Stern Hu!  Bribery is the way of life over there.  You can't do business without it.  But when they want to get into RIOs computers they use it as an excuse.



skc said:


> Or may be the bidder should sue DML for mis-represented information?




There is no damages claimable! 
The low ball highly conditional Chinese bid which was rejected in the first place was nothing to do with DML operations.  If I say to you, I want to buy your house for 250,000 and you say F@#$ off it's worth 900,000 thousand and where fixing the bathroom, I can't then sue you for not telling me about the bathroom as I made my first attempt at taking your house from you!!
I could sue you if I baught your house and you had lied on the section 32.  DML has not been baught and they are clearly not hiding anything nor even disclosing anything of material value as explained in the retorte.




skc said:


> When the Chinese bids for the company you cry foul. When the Chinese walks away from a bid you cry foul.



Pretty much everything they do is foul, shocking and inhumane.  They even admit this and think it's normal! The Chinese thing everyone is like that but they are better at it than everyone so this makes them superior! Decent people pointing it out is just a way to try to bring them down!  It's got nothing to do with humane values!  There is no such thing according to them it's just a western Bourgeoisie propagand tool.

Further the last thing you should* assume* is that it is a walk away!

Take SDL over the Christmas period the Chinese State owned financial media was singing the praises of the new acquisition all about to happen of SDL even the Ausi  media picked up on the boasting from the state about the Chinese states great new ore aquisition and sung the same tune.  The price shot up to from 32c to 39c with Muppet Christmas shopping. 
What happened as the scheme of arrangement meeting was supposed to occur?
*Silence.*
SDL CEO has had to fly to China to ask them what the f@#$ is going on!


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## skc (4 February 2013)

notting said:


> In the retort by the company they pointed out that it is not material and asked the Chinese clarify why they were saying it was material -  *The Chinese refused to answer that direct question!!*




When a 10Mt reserves all of a sudden lost 5Mt due to "accounting error", do I really need to prove that it is material?! 

Force due diligence? Using your bathroom example, the prospective house buyer says "so you are fixing your bathroom, I didn't know that so I want come in and have a look and see what you've done. If you don't let me in then I won't buy your house." 

Sounds like very reasonable negotiation to me. The seller has every right to refuse access, but that doesn't put the buyer at fault!

The rest of your post is just your usual thing against Chinese and is not really based on any real logic.


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## notting (4 February 2013)

skc said:


> When a 10Mt reserves all of a sudden lost 5Mt due to "accounting error", do I really need to prove that it is material?!
> 
> Force due diligence? Using your bathroom example, the prospective house buyer says "so you are fixing your bathroom, I didn't know that so I want come in and have a look and see what you've done."



Not for $250,000 for a 900,000 house with a $25,000 bathroom issue.

The buyer slerred the value of the company without due diligence and without being able to say why when requested. Reasonable?  The value of the 5Mt was explained by the company in terms of material over all value.



skc said:


> The rest of your post is just your usual thing against Chinese and is not really based on any real logic.



It's not a thing against the Chinese it's the truth about the way they behave which people understimate and grossly under report.
It helps me trade for instance I sold SDL at .38,.39 when buying was everywhere and all the propaganda was running in the Chinese state media. 
Another example I bought a bucket load of AGO when the Chinese down ramped the price. It's unbelievable to me that the media and analysts and so on keep crapping on about how it took everyone by surprise when it shot back up and pollution went berserk in China!! (Coal burning to catch up with the smeltering!) reported as a cold winter
It's logical and *profitable*! and an edge which I choose to share!


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## skc (4 February 2013)

notting said:


> It's not a thing against the Chinese it's the truth about the way they behave which people understimate and grossly under report.
> It helps me trade for instance I sold SDL at .38,.39 when buying was everywhere and all the propaganda was running in the Chinese state media.
> Another example I bought a bucket load of AGO when the Chinese down ramped the price. It's unbelievable to me that the media and analysts and so on keep crapping on about how it took everyone by surprise when it shot back up and pollution went berserk in China!! (Coal burning to catch up with the smeltering!) reported as a cold winter
> It's logical and *profitable*! and an edge which I choose to share!




Your logic has always been this:

Premise - The Chinese is bad, manipulative and evil.
Observed fact - Chinese makes a bid, wants due diligence, withdraws an offer etc etc.
Interpretation - All these are bad, maniuplative and evil because they are done by the Chinese.
Conclusion - The Chinese is bad, manipulative and evil.


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## notting (4 February 2013)

What they do is evil because it's  horrifically inhumane and grossly dishonest.
True.
Hence, play it.
Result - make dollars from cents or is that  sense?


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## Gringotts Bank (8 February 2013)

Double bottom = 100% retrace from Sept highs.

Any spike in volume with small upside movement will be a good entry.


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## mr. jeff (8 February 2013)

Gringotts Bank said:


> Double bottom = 100% retrace from Sept highs.
> 
> Any spike in volume with small upside movement will be a good entry.




So it is a great entry right now before 4:00pm ?
Massive sell off by the guys riding the takeover from 1.60 down to 90c.

What is the general direction - buy or steer clear, a very attractive formation on the chart.


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## Gringotts Bank (9 February 2013)

mr. jeff said:


> So it is a great entry right now before 4:00pm ?
> Massive sell off by the guys riding the takeover from 1.60 down to 90c.
> 
> What is the general direction - buy or steer clear, a very attractive formation on the chart.




I'm moderately confident at 91.5.  This my second shot at it.  GRY was better.


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## notting (9 February 2013)

Gringotts Bank said:


> I'm moderately confident at 91.5.  This my second shot at it.  GRY was better.




I'm in!

The Chinese are still on the register and at this point there is standalone potential.
One at 88.8 and one at 92.7 will continue to fill up boots if it gets volatile.


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## notting (28 February 2013)

Important announcement:

Stuart Bradley Sampson, a director, baught 2000 shares on market at .60.:nunchux:
Kick butt Bradley.


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## Gringotts Bank (28 February 2013)

lol, what a douche bag.

I was lucky to get out at break even.


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## notting (1 March 2013)

Did a 17% out of it's support at .60 the other day before settling at about 8% up.
This thing is just eating everything you feed it today! It's up 11% again.


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## qldfrog (2 March 2013)

http://www.couriermail.com.au/busin...taken-for-800000/story-fnefl294-1226587975172
or how to loose nearly a million...
I will not touch that company with a 2m pole...


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## notting (24 April 2013)

You have just witnessed the fake Chinese fake another walk away!



> CHINESE private equity firm Cathay Fortune said it is ready to make a new cash offer for Discovery Metals on condition the Africa-focused copper explorer drops plans to raise equity.
> 
> It comes two months after Cathay walked away from an $870 million bid for the Australia-listed company on concerns about its Boseto copper project in Botswana.




The Chinese find that making high ball bids, torturing the process with endless uncertainty, down ramping, offer reducing and so on, till investors have lost all hope then coming back with aggressive cash offers when the stock price has been subsequently destroyed.


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## rbgmauq (24 April 2013)

DML has found support at 0.325. Technical indicators ( MACD, RSI and Stochastic Oscillator) are increasing.


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## Country Lad (24 April 2013)

rbgmauq said:


> DML has found support at 0.325. Technical indicators ( MACD, RSI and Stochastic Oscillator) are increasing.




I am not sure we are looking at the same company.  I see just about every indicator known to man going in the wrong direction including the ones you mention.  I can not see how you can say that there is support, so you will need to give your reasons for that statement.

Cheers
Country Lad


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## mr. jeff (22 August 2013)

Country Lad said:


> I am not sure we are looking at the same company.  I see just about every indicator known to man going in the wrong direction including the ones you mention.  I can not see how you can say that there is support, so you will need to give your reasons for that statement.
> 
> Cheers
> Country Lad




Something is happening with DML today. Big volume and up 46%. 
There was a please explain after the close, but no answers. 
Someone is doing something - maybe taking a stake, maybe heard of takeover plans, who knows. 
A 46% jump would put most people about 75% behind at best though, so a long way to go. 

It could now become worth monitoring from a technical view - if there is a follow through it could run up to an offer.
Just ringing the bell to let people know - there is no news,  but the charts says otherwise!


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## pavilion103 (31 August 2013)

Watching this one.


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## notting (18 October 2013)

what 34% in 2 days looks like.


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## pixel (18 October 2013)

notting said:


> what 34% in 2 days looks like.




LOL notting - you've really put it into perspective 




But someone may have "discovered" something about them that the rest of us missed: Since August, at least the daily volume has gone up a notch or two. It's not quite the stuff that "Volume Precedes Price" is talking about, but there's definitely some interest there. I'll set an alert for the psychological 10c.


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## notting (18 October 2013)

It's not even overbought yet according to the oscillator!


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## PinguPingu (24 October 2013)

Some big volume last few days to touch past 0.10..just come back to mid 8c..

Is a something a brewing? :cup:


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## Danny370z (8 July 2014)

Is there any more recent news on this?


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## skc (27 February 2015)

RIP DML.

I wonder what actually happened to the supposedly company-saving MOU signed on 9 Feb?

It did provide a very nice opportunity to close some shorts.




One just hope that what we saw in recent trading of MAH and MBN is not the same thing.


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## lockylamont (9 May 2017)

Hi all, was anyone holding shares in this company when the offer from CFC was made in November 2012? I'm interested to talk to anyone who can explain how KPMG valued the company at $1.74??


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