# RHM - Richmond Mining



## YOUNG_TRADER (20 October 2009)

Found a cheap spec company thats got grounds near SFR

*30m shares = $4.5m mkt cap at 15c *

with almost $3m cash at bank leaves an EV of $1.5m for grounds near SFR's Copper Discovery? too cheap arguably based on what all the other nearology plays near SFR have been re-rated too


No real fundamentals here but before you shoot me down  take a look at the charts of ALY TLM CYS GTE SRI and PEK to see the massive re-ratings they have had based on  nearology 

here is an idea of the share price if the market cap was to double or triple 


*
$10m mkt cap = 30c+ share price
$15m mkt cap = 45c+ share price*


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## YOUNG_TRADER (20 October 2009)

*Re: RHM - Richmon Mining*

*SFR 110m shares@ $4 = $400m mkt cap* cash $15m
ran from 5c low with mkt cap of $5m
The much hyped about Doolgunna discovery no JORC yet



*ALY 90m diluted@ $1 = $90m mkt cap* cash + options $12m
run from low of 3c where mkt cap was under $2m
Drilling success near Doolgunna



*TLM 130m diluted@ $1.10 = $143m mkt cap* cash + options $20m
has run from 8c mkt cap $7m
extensive Iron Ore and Manganese ground but arguably a large portion of the re-rating came from the fact that Springfield Copper Gold project is next door to SFR's Doolgunna



*ENT 115m diluted@ 45c = $52m mkt cap *cash + options $7m
has run from 7c and $7m mkt cap
Copper Gold project near Doolgunna would drill success




*CYS 75m diluted@ 50c = $37m mkt cap* cash + options $10m
has run from5c and $2m mkt cap
just exploration grounds near SFR's Doolgunna project





*GTE 80m post raising @ 25c= $20m mkt cap* cash $6.5m
has run from1.6c and under $1m mkt cap
extensive exploration grounds south of TLM and SFR





*PEK 116m diluted@ 13c = $15m mkt cap* cash + options $3m
has run 2c and $2m mkt cap
exploration grounds near SFR's Doolgunna project in-between ALY CYS and SFR



*
GLN 245m @ 3.6c = $9m mkt cap* cash = $2.5m
has run from 2c and $5m mkt cap
exploration grounds to the north of SFR's Doolgunna project



*RHM 30m @ 15c = $4.5m mkt cap* cash = $3m
has run from 4c and $1.2m mkt cap
exploration grounds near SFR's Doolgunna project
surveys have shown that "The Narracoota project has the right rock types and presents a significant copper/gold
target along strike from the DeGrussa discovery."





The above shows the different market caps and the different re-ratings stocks have had based on their nearology to SFR's Doolgunna project and also the quality and quantity of work the indivdua companies have done on their projects



To me RHM seems  cheap and one could argue that based on the re-ratings the other stocks have had RHM may get re-rated too


Also see the image below for location of different company leases


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## adds (21 October 2009)

Agree. Starting to turn over some nice volume and looking like its trying to go for a run. I'm in for a punt.


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## YOUNG_TRADER (21 October 2009)

not really interested in what it does short term to be honest

when you look at the massive re-ratings other specs ahve had in the area let alone ALY and TLM who may also be on to something it makes you realise that if RHM do find something they could easily be capped at $30m - $60m very quickly which is $1-$2 a share may seem ridiculous but look at the charts of SFR ALY TLM


and more important that the above map which just highlights RHM's tennements relative to others is the geo physics presented in the below image

Its clear that the "NARRCOOTA VOLCANICS" orange parts host many finds in the area including ALY's Hermes

Also note the multiple Gold and Copper finds maybe 2-5kms to the South of RHM's grounds


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## adds (22 October 2009)

Wow making a nice move today on some decent volume. I dont have access to my charting package but from google charts looks like a breakout!

Agree once again YT, I'm not just trading this I'm in for mid term.


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## swm79 (22 October 2009)

sounds good guys... once again good spotting YT

i first read about these guys in the SMH, but didnt really take any notice... 



> RICHMOND MINING Richmond footy club could have some more funds to throw around in its hunt for a permanent coach should an exploration program by Richmond Mining (RHM) for nickel beneath the Nullarbor Plain come up with the goods.
> 
> Named after the AFL club by non-executive director Jim Malone, a long-suffering fan and the footy club's chief executive between 1994 and 2000, Richmond is about to punch some eagerly awaited holes into its Loongana nickel prospect, 500 kilometres east of Kalgoorlie.
> 
> ...


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## swm79 (22 October 2009)

nice little run up on the chart here. 

nice volume... if some news came out i wonder where she'd go

... its got me interested.


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## skc (22 October 2009)

Speeding ticket out. No, No, N/A, Yes. The usual.

I am surprised they didn't mention YT's post in their reply. Or should ASX just issue the speeding ticket to the man himself?

Another astute find.


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## craigj (22 October 2009)

thank you yt

got in to this on opening

a stock like this is the kind of company the speculator jumps on
he loves small market caps with cash more than 1/2 its market cap

the nearology part is just a great bonus


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## swm79 (23 October 2009)

ok, i've been doing more research into this one

someone work this out

$5mil market cap

then we go to page 12 of the audited fin statements and what does it say under cash and cash equivs???........ $3mil

total liabilites only $79k

with the current SP below the IPO it's ridiculous that this isnt higher... or atleast more popular

DYOR


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## craigj (26 October 2009)

placement of shares at 15c to raise 1.5 mill if approved

takes market cap to 7 mill with cash around 4.5 mill

any thoughts why they would raise at present ?


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## maverick11 (30 October 2009)

I jumped in on this one.  The nearology and project potential to me has some decent upside as this stock currently appears undervalued.  I had a similar experience with MAT a few months ago.


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## foolian (30 October 2009)

i never got out from 19c, hoping to recover. 
still have faith, i see the project potential.


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## JimBob (15 January 2010)

Interest has been building in this stock over the past week with VTEM results from Richmond's Narracoota Copper/Gold project due shortly.  From 11.5c earlier in this week, RHM closed at 17.5c with volume increasing over the week.  

Poor results from the VTEM survey wont leave the company with much after disapointing drill results from their Loongana Nickel project.  However, there should be a lot of upside with a positive VTEM result with other companies in the area looking for similar resources trading at much larger market caps.


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## JimBob (8 February 2010)

Richmond's VTEM survey over their Narracoota project.  It has identified 18 VTEM conductors within the Narracoota Volcanics, the same rocks hosting Sandfire's DeGrussa Copper-Gold discovery.

http://www.asx.com.au/asxpdf/20100208/pdf/31nl7jl7m070t7.pdf

Punters not too responsive, share price down 3.5c to 14.5c.

With 33,378,002 share on issue, Market Cap is just under $5million with about $2.8million cash on hand.


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## Kash Buk (17 February 2010)

Further geophysical modelling and processing of the VTEM data is in progress to refine and prioritise the anomalies. It is anticipated this work will be finalised by *mid-February."*

Luckily I have been holding since the very early days of RHM and steadily accumulating. This is a very exciting time and this Tiger is ready to pounce.


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## Purple XS2 (20 February 2010)

And if further detail on Narracoota (due imminently) wasn't enough, there's the announcement yesterday, bringing Richmond out of trading halt Monday, of an option to purchase an iron-ore mine in Nevada USA.

Bit out of left-field. Sounds like they've got ambitions for the big time.

Discl: I hold.


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## Kash Buk (21 February 2010)

Option to purchase +400 million tonne USA iron ore deposit

HIGHLIGHTS
• Option to purchase 100% of USA based Buena Vista Iron ore deposit for
total consideration of $US8 million over approximately three years.
• JORC Measured resource of 109 million tonnes grading 23% total Fe
within historical pit designs.
• Exploration target of 45-55 million tonnes grading 20-22% total Fe
within historical pit designs.
• Additional exploration targets of 200-250 million tonnes grading 20-
22% total Fe outside historical pit designs.
• Extensive historic metallurgical test work demonstrates ore easily
beneficiates to +66% total Fe.
• Deposit located only 40km from siding on railway line that connects to
three major San Francisco Bay Ports.
• Multi-million dollar data base acquired


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## Bushman (26 February 2010)

JimBob said:


> Richmond's VTEM survey over their Narracoota project.  It has identified 18 VTEM conductors within the Narracoota Volcanics, the same rocks hosting Sandfire's DeGrussa Copper-Gold discovery.
> 
> http://www.asx.com.au/asxpdf/20100208/pdf/31nl7jl7m070t7.pdf
> 
> ...





It is such a good set-up this one JB. Miniscule market cap and a big drilling campaign on the VTEMs in the Narracoota Volcanics. It is interesting to see the old (albeit it small scale) mines on the periphery of the EL. 

If (and it is a big if) they hit some decent copper grades, all bets are off. 

The $2m odd in cash is a bonus. 

I would have thought at the very least the announcment of the drilling campaign could spark some volume here. 

IMO, DYOR.


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## craigj (27 February 2010)

it is a no brainer this co. so underpriced just keep accumulating
saving keeps buying into i/o in us when groundwork is done


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## JimBob (7 March 2010)

Good interview with RHM director Jim Malone on Boardroom Radio:

http://www.brr.com.au/event/64419/r...ena-vista-iron-project-mr-jim-malone-director

He talks about the recently announced option to purchase the Buena Vista Iron Project as well as their Narracoota project.

A bit of a spike in volume on Friday with over 1 million shares trade, perhaps news on the way?


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## kpas (9 March 2010)

Decent volume today and a 10% rise as well.

Definitely looking like something is in the mist.

I agree, good listening to the BRR as well.


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## Purple XS2 (9 March 2010)

kpas said:


> Decent volume today and a 10% rise as well.
> 
> Definitely looking like something is in the mist.
> 
> I agree, good listening to the BRR as well.




Ditto that: I believe we're due for some drilling results for Narracoota sometime soon?
Interestingly, the CEO on Boardroom Radio, it seemed to me, saw the real future for Richmond in the Nevada project, and the Aussie holes-in-ground as potential bonuses.

I thought RHM's chart worthy of my amateurish attempt at a POTENTIAL BREAKOUT Alert


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## JimBob (9 March 2010)

It took a bit to get through the 20-22c resistance, hopefully it can hold tomorrow and keep pushing higher.   Still a very low market cap.


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## kpas (10 March 2010)

JimBob said:


> It took a bit to get through the 20-22c resistance, hopefully it can hold tomorrow and keep pushing higher.   Still a very low market cap.




Has pushed through to 25c. Today's close will be the one to watch which must have triggered some interest yesterday as the volume is back.

They also released a very informal presentation today:

http://www.aspectfinancial.com.au/d...Jyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=true

Drilling at Narracoota in approx 8 weeks!


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## JimBob (10 March 2010)

Close of 23c which is less than the day high of 26c but it has held above the previous high of 22c on good volume.   See attached chart.


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## craigj (14 March 2010)

with a breakout occurring during the week expect this stock to be good trading stock next week 

expect intraday ranges of up to 10%


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## kpas (15 March 2010)

craigj said:


> with a breakout occurring during the week expect this stock to be good trading stock next week
> 
> expect intraday ranges of up to 10%




No volume today - first day it hasn't done a couple of million in volume for a while, so interesting to see if whoever wanted in has to post a 5% notice or it was just day traders last week.

Has held above 20c which is a good sign.

I agree, this could well become a good trading stock if it has good volatility and swings in share price.


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## Synergy (18 March 2010)

Past resistance of 20c is holding fairly firm which is good to see.

Looks like it's had a bit of a breather and the sellers/cappers have pulled their orders. Seems to be gearing up here.

I sometimes wonder if having such a small number of shares disadvantages a company like this. I guess it keeps the low end spec traders away though.


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## kpas (23 March 2010)

Synergy said:


> Past resistance of 20c is holding fairly firm which is good to see.
> 
> Looks like it's had a bit of a breather and the sellers/cappers have pulled their orders. Seems to be gearing up here.
> 
> I sometimes wonder if having such a small number of shares disadvantages a company like this. I guess it keeps the low end spec traders away though.




I do too, but for every trader that avoids it, there must be one that prefers it.
So I do think it equally helps it in that some investors will actively seek stocks with low shares on offer and then stick it out for the long term hoping for a quick run when the stock comes to favour.

Similar happened to BRM (when it was YML) that because it had such a small number of shares available to be traded, when good news appeared, no shares were available and as a result the share price really rocketed.


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## Bigukraine (29 March 2010)

Interesting ann buy SFR that they will drill/explore the Doolgunna copper/gold  

project over the next six months with a $8 mil min budget and using 4-6 rigs 

at the same time. Might explain the mini sell off down today and the question may have to be asked if RHM have secured their rig yet ????


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## kpas (29 March 2010)

Bigukraine said:


> Interesting ann buy SFR that they will drill/explore the Doolgunna copper/gold
> 
> project over the next six months with a $8 mil min budget and using 4-6 rigs
> 
> at the same time. Might explain the mini sell off down today and the question may have to be asked if RHM have secured their rig yet ????




I would be surprised if there was only 4 - 6 rigs available in the entire region if that is what you are suggesting.

More likely an impatient holder from the recent rise in share price who found a better place to stick their coin.


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## Bushman (30 March 2010)

I have taken a small stake today. Seems to be consolidating in the high teens so not a bad entry (time will tell). 

Drilling campaign kicks off in April/May per broker presentation.


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## craigj (30 March 2010)

good buying bushman nice retracement
low volume on weakening share price is a bullish sign
perfect time to acccumulate
the i/o project has already had 20 million spent to research 
the naracoota drilling commences in coming months

now the hype is off from 2 weeks back this retracement is a good buying opp.


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## kpas (1 April 2010)

Chart is looking a lot more positive. Good timing with drilling at Narracoota due to begin in the next 4 - 6 weeks.


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## kpas (18 April 2010)

Approx. 4 weeks until drilling begins.

Potential to see logging results around then, otherwise we're looking at 6-8 weeks before we will definitely see good/bad results for Narracoota.

Should also be anticipating further updates to Beuna Vista over the coming weeks.

Definitely worth keeping an eye on


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## JimBob (18 April 2010)

Sandfire continue to achieve drilling success at DeGrussa while Talisman and Alchemy are both drilling their VTEM targets.  Any drilling success from either of them should add interest to the whole region as it helps confirms the region as a VMS deposit.

Market Cap $7.5million with $2.6million in the bank, still well below the market cap of others in the region.  Share price continuing to hold above 20c, volume and price should build in the lead up to drilling IMO.


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## kpas (19 April 2010)

Interestly enough, RHM closed at a 52 week high today - on some reasonable volume too.

Not on an announcement though, so possibly will see a speeding ticket tomorrow from ASIC at which I will speculate they will respond with "drilling due within 4 weeks".

Good to see the little speccy finding some public interest though. Just need to follow through with good drill results to back the speculation up.


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## JimBob (20 April 2010)

Another big volume day with nearly 1m traded and a new intra-day high of 32c.  Although it closed at 27.5c, most of the volume was around 30c or higher.

Speeding ticket issued by the ASX this afternoon, in response RHM states:

It can be noted that on a peer comparison, the Richmond share market value is
still much less than other Narracoota explorers and iron ore juniors and the
recent share price movement may reflect investors taking advantage of this
apparent disparity.

It still has a long way to go before it catches up to some of its peers in the region.


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## kpas (20 April 2010)

Agree, definitely keeping an eye on RHM as the drilling results are likely to be released within a month.


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## Bushman (21 April 2010)

JimBob said:


> Another big volume day with nearly 1m traded and a new intra-day high of 32c.  Although it closed at 27.5c, most of the volume was around 30c or higher.
> 
> Speeding ticket issued by the ASX this afternoon, in response RHM states:
> 
> ...





The volume yesterday was superb but there was obviously pent-up sell side pressure. Soaked up over 1m shares though. Today could be the lower volume break-out. But you never know with illiquid speccies as they can just as easily gap down and hammer you. Lol. 

I am still tipping a pre-drill campaign re-rating a la other specs drilling in the region. Copper and gold are also two good targets given the coppers leverage to the recovery and gold leverage to the 'crisis' with paper assets. 

All of this IMO, DYOR.


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## kpas (29 April 2010)

Even with the 40% ish gains over the last month, it's still only a $7 million dollar market cap, but with I think 3 weeks to go until we hear some news about their iron ore project and maybe 4 weeks or so until we hear about the copper/gold project near Sandfire Resources.

It is definitely a solid little performer, but still a speculative buy until they prove decent grades and volume at either project.

The next 3 weeks will probably make or break the share price.


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## jonojpsg (29 April 2010)

kpas said:


> Even with the 40% ish gains over the last month, it's still only a $7 million dollar market cap, but with I think 3 weeks to go until we hear some news about their iron ore project and maybe 4 weeks or so until we hear about the copper/gold project near Sandfire Resources.
> 
> It is definitely a solid little performer, but still a speculative buy until they prove decent grades and volume at either project.
> 
> The next 3 weeks will *probably make *or break the share price.




I vote the former 

Although I agree that the MC reflects the fact that they don't actually have anything in the ground yet - well now some low grade IO but we want something exciting like copper/gold!


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## JimBob (29 April 2010)

It has held and consolidated above the old highs of 26c well and has had had a crack today at recent highs of 32c.  The buy depth has filled out and sellers have dried right up, so it is looking good for further gains as drilling at Narracoota approaches.


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## kpas (30 April 2010)

JimBob said:


> It has held and consolidated above the old highs of 26c well and has had had a crack today at recent highs of 32c.  The buy depth has filled out and sellers have dried right up, so it is looking good for further gains as drilling at Narracoota approaches.




It's had a crack of 34c today and appears to be holding up, albeit on very low volume.

Sell depth has filled out so I think we're in for some consolidation at this point which is healthy. 

Will be ~2 weeks until drilling announcements are due come this Monday.


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## craigj (3 May 2010)

with such a small market cap and with the nearology factor any decent finds from the narcoota volcanics should see the share price leap above its current level

good time to get set now


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## kpas (17 May 2010)

So drilling at Narracoota starts sometime this week - should be seeing some increased volume as punters start to take their positions.

Will definitely be a good result for shareholders if they strike a serious copper gold reserve.


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## Bigukraine (19 May 2010)

Bigukraine said:


> Interesting ann buy SFR that they will drill/explore the Doolgunna copper/gold
> 
> project over the next six months with a $8 mil min budget and using 4-6 rigs
> 
> at the same time. Might explain the mini sell off down today and the question may have to be asked if RHM have secured their rig yet ????




Had that feeling that the obtaining of a rig was going to be hard with all the action in W.A. at the min.  .............. it might not be for the reason above but now we have to wait until early June (hopefully) before we start to drill.... this was delay no 2 ........... i feel no 3 in the air


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## kpas (26 May 2010)

Bigukraine said:


> Had that feeling that the obtaining of a rig was going to be hard with all the action in W.A. at the min.  .............. it might not be for the reason above but now we have to wait until early June (hopefully) before we start to drill.... this was delay no 2 ........... i feel no 3 in the air




And you got it today. 1 more week delayed while the drill rig is mobilised.

Hopefully the last one.

Other thing of interest is they stopped the BV drilling early as they had confirmed the US Steel studies were good enough. They are happy that they can pull together 66% post-beneficiated Fe.

I think it may start to get a bit more market exposure on the back of a solid announcement regarding volume of ore & quality @ BV.

Almost starting to lean towards success @ BV being more important then even bothering with Narracoota. Not because I think Narracoota is a dud project, just that BV is almost a no brainer:

1. Well advanced mine
2. Well advanced study
3. Existing transportation

Assuming they got the volume, they'll fast track BV to a producing mine very quickly!


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## Bigukraine (26 May 2010)

kpas said:


> And you got it today. 1 more week delayed while the drill rig is mobilised.
> 
> Hopefully the last one.
> 
> ...




I agree but the problem is that they will have to take up the option and pay up and with the drilling at Narracoota about to start, BV fast tracking will need a cap raise and the way finances are in the world today not really an optimum time to try unless with a heavy discount........ mmmm, will have to wait and see how it unfolds


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## craigj (31 May 2010)

options exp in dec will create cash they need 

at 20c strike price only needs to find anything at naracoota to be well above price


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## kpas (21 June 2010)

Great news out of BV recently with some really good iron grades.

RHM still seems to be flying under the radar with speculators waiting for the early news out of Narracoota drilling.


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## Bigukraine (21 June 2010)

kpas said:


> Great news out of BV recently with some really good iron grades.
> 
> RHM still seems to be flying under the radar with speculators waiting for the early news out of Narracoota drilling.




Yeah, great news on something RHM still have to execise the option on to buy(BV) and early news on Narracoota.... Phffffff ! can't get news re the rig being on site let alone drilling... prob with delays with rig and unfortuately the weather north of Meekathara after the 17th June looked very average.... part of exploration these delays and i think we will have to wait longer... good to see shareholders holding firm though !:sleeping::sleeping:


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## kpas (21 June 2010)

Bigukraine said:


> Yeah, great news on something RHM still have to execise the option on to buy(BV) and early news on Narracoota.... Phffffff ! can't get news re the rig being on site let alone drilling... prob with delays with rig and unfortuately the weather north of Meekathara after the 17th June looked very average.... part of exploration these delays and i think we will have to wait longer... good to see shareholders holding firm though !:sleeping::sleeping:




Sorry bit of a confusing post - do you think its a good or bad thing that they are getting good drilling out of BV?


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## Bigukraine (21 June 2010)

kpas said:


> Sorry bit of a confusing post - do you think its a good or bad thing that they are getting good drilling out of BV?




went into this in depth on that other site hc, US STEEL spent a heap to get their info and last report on" seven rock chips" Hmmmm... RHM in short will have to put 2 out of 3 projects on the back burner and put all energy into one, thats why the drilling and testing of Narra is very important .... waiting like everyone else...

p.s sent you a PM on the subject hope it helps


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## JimBob (23 June 2010)

Drilling has commenced at Narracoota.  

http://www.asx.com.au/asxpdf/20100623/pdf/31qz68fjfj46xk.pdf

Drilling it to test seven high priority VTEM anomaly targers within the Narracoota Volcanis, the same rocks hosting Sandfire Resources DeGrussa copper-gold discovery.  Share price up 10% after the announcement to 26.5c

Current market cap $8.8million with a bit over $2million cash in the bank.


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## craigj (30 June 2010)

if ever there was a time to get into richmond mining this is it. drilling results show anything good and there wont be a holder prepared to sell cheaply


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## kpas (26 July 2010)

craigj said:


> if ever there was a time to get into richmond mining this is it. drilling results show anything good and there wont be a holder prepared to sell cheaply




26 days later & we are still waiting on the news.

Hopefully they have just been waiting to release it with the quarterly announcement. Will be a disapointing wait if we have to go into next month with still no drilling news on narracoota.


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## jonojpsg (26 July 2010)

Yep, I've been watching this too - waiting, waiting...  my thoughts would be that results are @&#! and they are hoping to get something positive out of Buena Vista to counter the disappointment??  

WHo knows though - could be simply waiting for assay results before announcement?


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## Bushman (26 July 2010)

jonojpsg said:


> Yep, I've been watching this too - waiting, waiting...  my thoughts would be that results are @&#! and they are hoping to get something positive out of Buena Vista to counter the disappointment??




That would be in breach of ASX listing rules re continuous disclosure about news material to the share price. 

Weather delayed the drilling campaign so news has simply been pushed back. Nothing more sinister than that IMO.


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## Bigukraine (26 July 2010)

Bushman said:


> That would be in breach of ASX listing rules re continuous disclosure about news material to the share price.
> 
> Weather delayed the drilling campaign so news has simply been pushed back. Nothing more sinister than that IMO.




Your right about the breach of ASX listing rules and the continuous disclosure so the qrtly or results will be known soon and about "nothing more sinister than that" i believe that the shareholders in AIW and LAT would take exception to that comment. It's very sinister what has been done to them by their board members of whom 3 of them are on the RHM board..... upon doing some reserch i have found similar traits re lack of ANN ..... i've got a bit in RHM and hope these guys make a better account of themselves in this company for all our sakes


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## JimBob (31 July 2010)

Results from Narracoota haven't uncovered any significant areas of Copper/Gold mineralisation although one drill hole is being sent back to the lab for further analysis.  They havent stated whether further drilling is planned on the other conductors identified in the VTEM survey.

The companies main focus now appears to be the Buena Vista Iron Ore project in the US.  

There has been strong support for the share price at 18-19c following weeks of little volume leading up to the quarterly report.  A lot of punters would have been looking for the door following disappointing Narracoota results, but Buena Vista looks promising at this stage.  I think hopes of short term gains are well and truly out the window and this has turned into a longer term hold.


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## Bigukraine (1 August 2010)

JimBob said:


> Results from Narracoota haven't uncovered any significant areas of Copper/Gold mineralisation although one drill hole is being sent back to the lab for further analysis.  They havent stated whether further drilling is planned on the other conductors identified in the VTEM survey.
> 
> The companies main focus now appears to be the Buena Vista Iron Ore project in the US.
> 
> There has been strong support for the share price at 18-19c following weeks of little volume leading up to the quarterly report.  A lot of punters would have been looking for the door following disappointing Narracoota results, but Buena Vista looks promising at this stage.  I think hopes of short term gains are well and truly out the window and this has turned into a longer term hold.




Jimbob,

i'm one of the punters that bailed and your right that BV seems to be where they want to head..... only problem with that is dilution re a cap raise or placement is on the cards due to only $2.1m on hand and the likleyhood of the Dec 2010 oppies @ .20c exercise price not getting over the line.....

May 2011 the first payment ,a mix of cash and shares to the owner is due so would like to know where the money is going to come from.....

Narra Ann was the killer for me, a great prospective ground and they go into it like a kid poking a stick down a old ant nest hole !!!!!!

only air drill holes done very shallow and missed two drill areas because of inaccessability.... you think they would know that before they went out there....

Also of concern is like you said no forward statement on a drill plan for Narra.... it is common knowlage that the other plays around and including Sandfires (SFR) grounds you have to go deeper with diamond drilling and that is how they hit there zones of mineralisation......

Add this to what i have said re BV and you can see how my faith in the RHM has in the imortal words like Elvis....... "left the building".....


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## JimBob (2 August 2010)

Richmond Mining up 21.6% to 22.5c on above average volume today.  There are also some big buy orders sitting at 19-20c.  Unexpected action for me, not sure if this is just a nearology price rise due to good results released from THX or for some other reason.


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## noie (2 August 2010)

JimBob said:


> Richmond Mining up 21.6% to 22.5c on above average volume today.  There are also some big buy orders sitting at 19-20c.  Unexpected action for me, not sure if this is just a nearology price rise due to good results released from THX or for some other reason.




It *seems* this is off the back of a company related to the director acquiring another 40,000 (just 7K worth) shares adding to its 2,664,732
and, a reasonable quarterly balance sheet
471834 traded today, right up to close (SP + 21%)


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## JimBob (4 August 2010)

RHM up another 9% today on large turnover of over 1.1 million - there are only 33 million shares on issue.

The next few days will be interesting to see if there is news due, a substantial holder notice is issued or if the price rise and buying continues.


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## JimBob (6 August 2010)

Boardroom Radio Broadcast released recently:

brr.com.au/event/67558

Highlights:
They have a possible gold target at Narracoota around Drill Hole NRC5.  The other holes tested VTEM conductors while this hole was drilled at the intersection of two structural trends.  More detailed assay analysis is being done on this drill hole as well as soil sampling around the drill hole area to confirm a gold resource target.

The focus in the next quarter is on the initial economic analysis of the Buena Vista Iron Ore project in the US.  While most of the deposit is lower grade magnetite (20-40%), they have drilled a few areas of higher grade (50-60%).
CML Metals have begun shipment of 600,000T of Iron Ore to China from their mine which is three times the rail distance to port as is Richmond's deposit.


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## JimBob (17 August 2010)

A detailed report on Richmond's Buena Vista Iron Ore project has been released by Veritas Securities and available on Richmond's website:

http://www.richmondmining.com/wp-content/uploads/Veritas-Securities-Research_29-July-2010.pdf

They give a price target of 60c and a valuation of $2.42 (current share price 26c).  First production is estimated for late 2011/early 2012 with a capital start up cost of $50 million.  Production is estimated at 2Mtpa with earnings of around $1 per share.  

A pre-feasibility study is due out in September with a full feasibility study due out in December.  The start up cost is low compared to similar projects in Australia and it has good access to existing infrastructure.


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## craigj (28 August 2010)

thanks for the link JIM bob

the report on the value of the iron ore is impressive
the amount of research already undertaken before RHM on Buena vista is in dollar value, triple RHMs current market cap

no wonder the share price has been rising lately


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## jonojpsg (31 August 2010)

JimBob said:


> They give a price target of 60c and a valuation of $2.42 (current share price 26c).  First production is estimated for late 2011/early 2012 with a capital start up cost of $50 million.  Production is estimated at 2Mtpa with earnings of around $1 per share.




Interestingly that target price gives an MC very similar to a couple of other IO producers/near producers at the 2MTpa rate (IFE and TTY).  I guess that around $80-$100m MC is a quite reasonable target - if they make $40/tonne that gives them $80m pa which is only a PE of 1 so very conservative.


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## JimBob (7 September 2010)

Richmond has been holding well at the 30c mark, still waiting on the pre-feasibility report which is due out soon.

The Buena Vista has a number of positives - on private land in a mining friendly state means less delays than similar Australian projects.  Native title and state government permitting issues can drag on for years.   The low capital start up costs removes much of the funding risk.  There is also likely to be more uncertainty in Australia over the mining tax in the short term which makes overseas projects look more attractive.


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## lbarks (8 September 2010)

What a day, up 20%!! is this the breakout we have all been waiting for?? its a very thin ask list as i assume alot of people are waiting on the Beuna Vista pre feas results and not letting go of these too easily!


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## craigj (15 September 2010)

the chart is looking very strong lately and following the rising trend line

volume lightened off a bit as we wait for results


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## JimBob (17 September 2010)

After the 20% rise a week or so ago, there has been good consolodation around the 35-36c level, which was the previous high.  The price has touched 37.5c before dropping back a little.  If the 35c level can hold, then we are looking good for further gains.


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## JimBob (27 September 2010)

Richmond Mining has been having a great run lately, touched a new high of 41c today before closing at 38.5c.  

The Pre-feasibility report for Buena Vista is due out shortly which should give a better idea of the economics of the project,  Veritas securities have a short term target of 60c so there is still good upside in the short term and if Richmond can achieve initial production at the end of 2011 or start of 2012, then Veritas value of $2.40 is a good possibility considering the low number of shares on issue.  Current market cap (undiluted) is about $13 million.


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## craigj (30 September 2010)

the consolidation at this level has been great first target is 43.5 cents  with such alow market cap there are few willing to sell lately


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## JimBob (2 October 2010)

In the annual report, they state that they are looking at a range of option for Buena Vista, ranging from a 1.25-1.5MT per annum of magnetite ranging through to 3-4MT per annum.  Given that the Veritas valuation of $2.40 is based on a 2MT operation, there may be quite a bit of upside to this valuation if a higher production rate is achieved.

Share price still doing well, closed on a new high of 42c on friday.


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## craigj (5 October 2010)

positive metallurgy results released today
the iron ore tests show that it is of a high quality
this removes some of the risk

do some research because this is now a very cheap iron ore play in the US
most of the groundwork has already been done by previous owner

RHM market cap 13 mill.     shares on issue 33 mill.

such a play has potential to become a multi bagger

also still has drilling for copper in de grussa area near Sandfire


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## Sean K (5 October 2010)

craigj said:


> positive metallurgy results released today
> the iron ore tests show that it is of a high quality
> this removes some of the risk
> 
> ...



I don't know where to start with asking you questions about this stock that you know so much about, except, can you fill in te details please and I might check it out.


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## jonojpsg (5 October 2010)

kennas said:


> I don't know where to start with asking you questions about this stock that you know so much about, except, can you fill in te details please and I might check it out.




Hey kennas, can help craig out a bit there

RHM have around 100MT of magnetite at BV, which is low for mag but the grades range up to quite high values, around 58% I think?  Metallurgy shows a two stage grind and two stage wet mag sep gives a 68% conc with OK SiO2 and Al2O3 which is pretty good and a lot less hassle than conventional mag ore.

They are looking at starting up with the high grade core section which will give them quicker cash flow, don't know costs to set up plant but it appears to be a goer.  Obviously need more details but definitely at $13m would seem to be cheap.


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## JimBob (5 October 2010)

There was a good report released by Veritas Securities recently which gives a good overview of the Buena Vista project:

http://www.richmondmining.com/wp-content/uploads/Veritas-Securities-Research_29-July-2010.pdf

Note: They have only signed an option agreement to acquire the project and have to pay a total of US$8.2 million to acquire the project.

The PFS from Richmond is due out soon which should give a better indication of the numbers, but the Veritas report gives a good overview.  The benefits over similar Australian projects are a low capital cost - it is only 40km from the main railway line to San Francisco which connects to four different ports.  It is also on private land under patented mining claims allowing a faster track to first production.  

The Veritas Report suggests a minimum 2MTpa of 65% Fe concentrate is achievable and have a valuation of $2.40.  Veritas estimate mining costs of $50/Tonne, so there is a potential for $50-$100/tonne profit in the future depending on Iron ore Price.  With the current market cap around $13 million, the potential for $100-$200million profit per annum gives room for good returns for shareholders imo.

They also have tenements 75km south west of Sandfire's DeGrussa Copper/Gold discovery where they have completed initial drilling which wasnt overly successful, but did demonstrate elevated gold levels in one area which is being revisited next quarter.  Finally, they are drilling for Nickel at their Loonganna project this quarter.  Drilling to date has confirmed the geology but hasnt found any Nickel targets.


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## JimBob (31 October 2010)

Some of the initial economic analysis for the Buena Vista Iron Ore project in Nevada have been released with the quarterly report.

Cost per tonne is estimated at less than $50/t
Capital Start up costs are estimated at less than $50 million.

They are looking at a base operation of around 1.5Mt per year and at this stage they are looking at commencing production around the middle of 2012.  They are still waiting on some updated costings from logistical providers before releasing an updated economic analysis this quarter.

These figures stack up pretty well compared to similar projects in Australia.  The low start up cost and existing rail and port infrastructure means they can get underway a lot quicker.  This quarter they are also looking at providing an updated resource estimate, focusing mainly on the West Pit area, which will be where mining will start.  Veritas have estimated an initial mining reserve of 7.1MT at 55%Fe and 40Mt at 35%Fe so hoping for figures around this.

Current market cap $12.3 million so there is still great upside potential in this company in the next year or two if they can make it to the production stage.


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## JimBob (15 January 2011)

Richmond Mining has had a good run over the past few weeks, the price was being held down due to selling to fund the conversion of options which happened at the end of December.  In the past few weeks, the price has gone from the low 30's to close at 47c on above average volume.

Shares on Issue: 57,846,286
Market Cap: $27 million with approximately $5-6million in cash - estimate based on previous cashflow report and recent funds from option conversion.

Some announcements are pending - the resource estimate for the West Pit where initial mining will take place, as well as some geotechnical reporting and final metallurgy reports.  Their Iron Ore project already has the majority of the infrastructure is place with a choice of 4 ports and about 40km from the main railway to San Francisco.  All going well, mine construction is set to commence in the second half of this year with production in the second half of 2012.


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## JimBob (8 March 2011)

A trading halt over the weekend followed by a fizzle announcement that negotiations were still continuing instead of being finalised as expected.  The announcement was a proposed framework for an investment in Richmond Mining and the development of the Buena Vista Iron ore project.  The feasibility study is due by the end of this month but may be nearly completed judging by the negotiations that are taking place.

An increase in volume in the past few days suggests that perhaps some of the news has leaked.


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## JimBob (14 April 2011)

A great run for RHM over the last month with the share price going from a low of 36c to a high of 49c yesterday (all time high 50c).  The feasibility study for the Buena Vista Iron ore project is due out any day now and looks like the price has risen on the back of that.


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## JimBob (18 April 2011)

The great run for RHM continues with the share price just breaking through 60c.  

News should be imminent regarding the feasibility study and possibly a JV or funding agreement.


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## craigj (20 April 2011)

JimBob said:


> The great run for RHM continues with the share price just breaking through 60c.
> 
> News should be imminent regarding the feasibility study and possibly a JV or funding agreement.




thought i better reply jimbob

this stock is so undervalued and what a breakout from the 50c 

this level should now act as support

been in this stock at 13c over a year ago


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## JimBob (10 May 2011)

Richmond Mining have completed their feasibility work for the Iron Ore project in Nevada, USA and subsequently exercised their option to acquire the project.
http://www.asx.com.au/asxpdf/20110509/pdf/41yjw3v2gc78vn.pdf

The capex and mining costs have blown out a bit from their initial estimates but $161 million is about a factor of ten less than most projects being planned in WA.  Initial production rate of 1.75MT at 66-69%Fe with a mining cost of around $66/t.  Production still penciled in to commence in the 4th quarter of 2012.  Next hurdle is securing funding and an off-take agreement.  No Chinese partner or major shareholders at the moment which is rare for an iron ore company.


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## JimBob (23 May 2011)

Great announcement for RHM today with a JV arrangement with Hebie Iron and Steel Group from China.  HBIS are to help source debt funding of the $161 million project capex with an initial injection of funds to help fund plant equipment.  Subject to securing the project finance, HBIS will be issued shares and options to take them to a 19.9% stake in the company.  80% of the iron ore output will be taken by HBIS and they have priority over the other 20%.

Very positive for RHM just two weeks after completing the DFS, share price up 30% to 51c on the annoucement but still short of the 67c high set a few weeks ago.  Market cap still only $22 million which seems very low for a emerging iron ore company with a completed DFS and funding arrangement in place.


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## JimBob (12 June 2011)

An updated report from Veritas Securities has been released for RHM:
http://www.richmondmining.com/wp-content/uploads/11.06.08-Veritas-Research-Report-on-RHM.pdf

following the completion of the DFS and the funding agreement with Hebei Steel and Iron.  They value the company at $2.81 per share with a short term price target of $1.41 - compared to current price of around 50c.  Definitely worth a read and there looks to be significant upside over the next year as Richmond progresses towards production.


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## mr. jeff (12 June 2011)

thanks for keeping the info coming.
Looking very interesting. Could be stealing a few glances from anyone that was once a fan of the potential of SDL. Will be exciting to watch this unfold.
I wonder how the register looks...


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## JimBob (17 November 2011)

It has been a long time since some positive news for Richmond Mining but some came out today in the form of financing.

Richmond is looking to fund the $161M Capex of their Iron Ore Project in Nevada, USA and have had indicitave finance offers of up to $180M.  They are looking at appoint a prominent international bank as Lead Arranger of finance.  

In response, the share price is up nearly 30% currently with a big spike in volume.  If they can arrange finance, magnetite concentrate is scheduled to be available for shipping within 9-12 months and there should be good upside to the current share price if they can achieve this with under 100 million shares on offer.


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## System (27 March 2012)

Richmond Mining Limited (RHM) is now known as Nevada Iron Ltd. (NVI).

Discussion of this company continues in the NVI thread: https://www.aussiestockforums.com/forums/showthread.php?t=24542


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