# A1M - AIC Mines



## exgeo (4 April 2007)

Nustar Mining Corp NMC, following the merger with Intrepid Minerals Corporation on July 4 2006 became Intrepid Mines. Issued capital of 164m shares gives market cap of AU$68m at 42c.

*Current Production*
Grade variability has negatively impacted reconciliation and production (reconciliation is the amount of gold actually coming out of the mill, when compared with what you thought you fed into it, based on your ore-reserve model). Previously reconciled to +4.3% (good) but last qtr ending Dec06 was minus -24.0% (not good). A team was formed to fix this by more drilling and better supervision of development activities (to reduce dilution).  Planned production is about 70KOz/yr. Based on the Dec06 qtr, production will be about 68KOz.

*Debt & Hedging*
Westpac short term loans are in breach of covenants, but thus far waivers have been granted. This debt will need to be restructured or refinanced via equity.

2007: 50.5KOz hedged @ AU$627/Oz
2008: 44.5KOz hedged @ AU$627/Oz

*Cash generation*
Realised gold price for Dec06 half was US$495/Oz. Cash costs for the half were US$418/Oz. Annualising this gives 68KOz * (495 - 418) = US$5.2m *(AU$6.5m or AU 4c/share)*. Cash costs for 12 months ending Dec06 were US$349/Oz, so assuming the company can fix the reconciliation problems and improve the mined grade (therefore reducing the cash costs toward the previous lower level) the company might look good value at a share price of AU 42c. Reported EPS for the Dec06 year was US 1.13c (AU 1.4c).

*22/3/07*
Production grade improved. Expect 17KOz for the qtr (68KOz annualised) which is a 16% improved on the previous qtr. Reserved funds for the next scheduled debt payment. Currently half way through both the hedging programme and debt repayment.


*OTHER PROJECTS*

*Development– Casposo Feasibility Study (Argentina)*

· Mineral resources (Indicated only): 2.2 million tonnes of ore containing 313,278 ounces gold and 8.2 million ounces silver, grading 4.46g/t gold and 116g/t silver
· Mineral reserves: 1.8 million tonnes of ore containing 270,089 ounces of gold at 4.69g/t and 6.5 million ounces of silver grading 114g/t silver (predominantly open cut)
· Average annual production of 50,478 ounces of gold and 1.1 million ounces of silver or 68,500 ounces of gold equivalent annually using base case gold and silver pricing
· Average annual operating cost: $248 per ounce of gold equivalent, or $168 per ounce of gold after silver credits (of $8.50 per ounce)
· Capital costs, including 12 percent contingency, $45.5 million
· Average annual surplus operating cash flow (at $500/Oz and $8.50 silver) after sustaining capital: $13.8 million
· Internal rate of return 15% at a base gold price of $500 per ounce and $8.50 per ounce silver, rising to 40% at $650/Oz gold and $12.85/Oz of silver
· Construction period: 15 months


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## exgeo (30 April 2007)

*March 07 Qtly.*

Qtly gold production of 17,494 Oz, bang on target for 70 KOz/yr as planned.
Site cash costs of US $361/Oz.
Weighted average gold price received US $534 (A$680 at 0.7848 US cents).
164m shares.


70 KOz * (534 - 361) = US $12.1m (AU $15.4m or AU 9.3c/share). This is not EPS because it takes no account of administration costs, tax, D&A, etc.

The operational review described in December 2006 quarterly report following the poor mine to mill reconciliation for that period (minus 27 percent) has made good progress on a number of fronts. These improvements, coupled with the natural variability seen in the high-grade Paulsens orebody have seen the March quarter factor at 104 percent or plus 4 percent. Project to date the mine to mill reconciliation is 99 percent, or minus one percent.

The issued capital is 164,279,243 shares comprising 140,697,989 ordinary shares of Intrepid Mines Limited and 23,581,254 exchangeable shares of Intrepid NuStar Exchange Corporation. The exchangeable shares are held by Canadian former shareholders of Intrepid Minerals Corporation who elected to defer capital gains tax consequences of the July 2006 merger. All remaining exchangeable shares will compulsorily convert into ordinary shares no later than July 2009.


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## greenfs (19 May 2007)

I am told that Shaw Stockbroking has recently issued a buy recommendation based upon their Valuation of share price at AUD1.60. Has anyone seen this report?


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## exgeo (29 June 2007)

Reaches agreement with Westpac bank on terms for restructuring debt payment. Debt and gold hedging should both be completed by December 2008.


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## Bush Trader (25 September 2007)

Any thoughts or comments in regards to the merger with emperor mines? Obvoiusly going to be a big improvement in the balance sheet with EMP's 54 million in cash reserves. DRDGOLD selling it's share in emperor looks to be the only snag in the deal?

Cheers


BT

I currently hold EMP


*INTREPID AND EMPEROR TO CREATE A DYNAMIC AND WELL FUNDED GOLDPRODUCER, DEVELOPER AND EXPLORER*18 SEPTEMBER 2007

Intrepid Mines Limited (TSX: IAU, IXN & ASX: IAU) and Emperor Mines Limited (ASX:EMP) are pleased to announce that their respective Boards have signed an agreement to merge the two companies.

*The Merged Company*

The new company, to be named Intrepid Mines Limited, will be a dynamic and well funded international gold producer, developer and explorer listed on both the TSX and ASX.

The combination of Emperor’s balance sheet strength, Intrepid’s producing Paulsens Gold Mine and its Casposo development project, and both companies’ exploration assets, together with the combined skills of the two management teams, will create a well balanced company capable of adding significant value for its shareholders.
I
n particular, the merged Intrepid’s strengthened balance sheet and the ability to secure project finance, will allow the company to immediately move forward with corporate objectives, including:
• accelerated underground exploration at the Paulsens Gold Mine;
• imminent development of the Casposo gold/silver Project in Argentina on an
unhedged basis and continued examination of early expansion options;
• immediate exploration at Taviche (Mexico) and Tujuh Bukit Project (Indonesia) and an expanded exploration budget of up to approximately A$8.0 million per annum;
and
• improved capacity to target project and corporate acquisition opportunities.
The proposed merger, if it proceeds, will take place by way of a scheme of arrangement.

Emperor’s 78.7% shareholder, DRDGOLD, has informed Emperor that it intends to refocus its attention on opportunities in South Africa and so intends to seek to realise its investment in an orderly manner prior to the scheme meeting convened by the Court to approve the proposed scheme. Emperor has agreed to work with DRDGOLD to seek to facilitate such an exit. The proposed merger with Intrepid is therefore subject to DRDGOLD being able to successfully realise its investment in Emperor prior to this time.
The boards of directors of Emperor and Intrepid have resolved to support the proposed merger.

*Overview*

The merger will take place by way of a scheme of arrangement, with Emperor
shareholders receiving 1 Intrepid share for every 4.25 Emperor shares held. Existing unlisted Emperor employee options are to be either cancelled for cash or new Intrepid options issued on equivalent terms and conditions.

*Board and Management Structure*

The merged company will benefit from the skills and international experience of the combined management teams, with personnel who have held senior positions with major resource companies such as Placer Dome, BHP Billiton, and Western Mining Corporation. Management of the merged company will be led by Mr Brad Gordon as Chief Executive Officer and Mr Laurence Curtis as President. The merged company’s head office will be located in Brisbane, Australia and the capital markets and the Americas exploration office will be located in Toronto, Canada.

The Board of the merged company will comprise at least three representatives from each of Intrepid and Emperor. Mr Colin G Jackson will continue as Chairman of the merged company.

*Synergy and Benefits of the Merged Company*

The principal assets of the merged company will be:
• Paulsens operating gold mine in Western Australia (100% interest);
• Casposo gold/silver development project in Argentina (100% interest); and
• advanced exploration projects at Taviche (Mexico – earning a 35% interest,
gold/silver) and Tujuh Bukit Project (Java, Indonesia – earning up to 70% interest,gold/silver/copper).

The merger is expected to deliver an expanded production profile and near term increased gold inventory potential, leveraging exposure to the gold price.
Transaction Implementation Emperor and Intrepid have entered into a Merger Implementation Deed under which they have agreed to certain undertakings and arrangements to facilitate the merger. The complete document may be found on the companies’ websites or on www.sedar.com, the official site that provides access to most public securities’ documents and information
filed by public companies and investment funds with the Canadian Securities
Administrators in the SEDAR filing system. Key terms of the Merger 

*Implementation*
Deed are summarised in Appendix A.
The proposed merger is conditional on, amongst other things:
i) Emperor shareholder approval;
ii) Intrepid shareholder approval;
iii) DRDGOLD selling its shareholding in Emperor;
iv) The acquisition or cancellation of all Emperor options;
v) Each of Emperor and Intrepid being satisfied with the results of their respective due
diligence enquiries;
vi) Emperor having surplus net cash of at least A$54 million immediately prior to the second Court hearing to approve the scheme (taking into account any amounts provided by Emperor to Intrepid, any sum expended in respect of the Tujuh Bukit

Joint Venture and any other expenditure approved by Intrepid);
vii) Any other regulatory approvals, no regulatory action, no material adverse change, no prescribed occurrences, TSX consent; and
viii) Court approval. Both companies have entered into no solicitation - no talk provisions customary for this type of transaction. In addition Emperor has provided financial accommodation to Intrepid Minerals Corporation, a wholly owned subsidiary of Intrepid, amounting to A$5.0 million and holds an option to convert this loan into Intrepid shares.


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## greenfs (2 October 2007)

You will see that we seem to have a price break out of sorts on this share yesterday with a subsequent announcement today. It will be interesting to see what happens in the market today. MACD and DMI indicators are good and the US rise last night can only help.


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## exgeo (3 October 2007)

Emperor and Intrepid merger would seem to be a match made in heaven. Emperor has cash but no assets IAU has assets but is cash poor. Should be a case of "the whole is more than the sum of the two halves".


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## Go Nuke (22 October 2007)

IAU held up pretty well I thought considering how bad today was?

I'm still hopeing that once this merger is done, then we might see the share price begin to go in the right direction.

I assume the news today was good?
It didn't really mean much to me.


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## So_Cynical (8 November 2007)

Just spent the last hour looking at intrepid and emperor.

1. Lots of money. 
2. 100% un-hedged.
3. Debt free.
4. 1 (med) producing mine and 1 open cut (cheap) in the last stages of dev.
5. Lots of leases etc with good potential.
6. value share price/s


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## Go Nuke (23 December 2007)

So whats with the big volume of late?

Any ideas
Guess it could be based on soom good news regarding the merger ?


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## Go Nuke (3 January 2008)

According to the IAU website there are some updates on both the exploration in Mexico and drill results from Argentina due out this month!

Lets hope its the turn around for Intrepid.

Sellers are drying up, though I'd like to see more buyers coming in. Though who could blame them for NOT comming in yet with the way the sp has been over the last few months.

At least its good news for gold today with the yellow stuff reaching an intra day all time high i do believe

Here's the website if anyone is interested.
The Dec 11th update is where you will find the info on whats coming up.

http://www.intrepidmines.com/html/news_releases.html


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## So_Cynical (3 January 2008)

Intrepid closed at 34 cents today, so a great day for people like me who got in at 24 just a few weeks ago..

Intrepid has so much going for it as i posted previously.

IAU go u good thing.:bananasmi


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## travwj (12 January 2008)

*IAU- Intrepid mines*

Hello people

I was wondering what you opinion was on Intrepid mines...they are currently trading around the .30 mark. The have a gold mine in WA and are in the process of opening another in Argentina...the Argentina mine has just been upgraded and they are expecting an extra 23% more gold from it.

Any advice or opinions would be great.

Thanks

Trav


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## So_Cynical (12 January 2008)

I hold IAU- Intrepid mines and recon they have a great future, in fact
i just cant see any negatives other than the risk of underground mining at 
Paulsen's and the fact that they only have 1 mine...1 revenue stream.

After the merger is all done the new Intrepid will be cashed up
debt free and revenue positive with good ground positions in 
Australia, Argentina, Mexico, and Indonesia.

Intrepids SP has never moved with the Price of gold, however im expecting that to change 
after the merger is complete as they will be unheged and a pure gold play.


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## Go Nuke (14 January 2008)

That merger isn't due to be completed till about mid year is it?

I liked the announcement. Yeah the U/G bit is a bit of a bugger but at least they are using conservative figures with their gold prices ($650/oz)

Been alot more volume of late around IAU, but I think things might pick up when the merger is complete too.


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## KKC27 (22 January 2008)

Currently, IAU has mark to market hedging loss of 

(55214 OZs) * ($1000 - $627) = ~ AUD $20 millions.

What do you guys think?

Remember CRS and Sons of Gwalia??


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## bvbfan (23 January 2008)

Only an issue if they have production issues.

Newcrest had billions of hedging losses.

If you can work out the total amount of hedging in ounces to annual production anything over 25% would be a concern. Over 50% I personally would stay clear of, but then I've been anti hedging for 6 years


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## So_Cynical (24 January 2008)

3 month Activities report out today...some questions answered.

*Operation*
Gold production was 21,426 fine ounces, up 28% (prior quarter 16,690 ounces), representing the second
highest quarterly gold production on record.

Record spot price achieved post quarter end A$1,018 per ounce.

Record mined contained gold at 23,583 ounces.

Site cash costs reduced to $357 per ounce, down 16% (prior quarter $426 per ounce) offsetting a 5%
depreciation in the US dollar reporting currency

*Finance*
Gold revenue was $12.5 million up 29% (prior quarter $9.7 million)

Cash of $2.5 million at period end up 67% (prior quarter $1.5 million)

Hedge position rapidly declining (below 44,000 ounces at quarter end)

*Exploration*
Taviche (Mexico) drilling program 70% complete, awaiting final assays.

Paulsens underground resource extension planning has defined drill targets that will be tested in early 2008

Read the whole thing http://www.intrepidmines.com/pdf/financial_reports/QuarterlyActivitiesReport.pdf


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## Go Nuke (14 March 2008)

Anyone game enough to say that IAU might be breaking out?
A close over 28c would be very good!

Volume has been increasing over the last few months and the sp has been making higher lows with a heap more buyers than sellers lined up.

I guess its building up and getting closer to the finalisation of the merger.
With gold at record highs, the rise in the sp may continue


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## So_Cynical (20 March 2008)

Merger complete...nice new web site to reflect that..and full steam ahead
with the Casposo gold/silver Project in Argentina...and resourse expansion 
at the "producing" Paulsens mine. 

Intrepid is a *debt free* and Cashed up Gold producer.


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## Go Nuke (10 April 2008)

Some nice news regarding Paulson's Mine.

http://imagesignal.comsec.com.au/asxdata/20080410/pdf/00831312.pdf

Gee if only we could see rise in the sp to reflect how good things are going for this company!!!

Currently up 13.95%. Hopefully it can keep above that resistance at 24c and push up through 26c....though I wont hold my breath


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## So_Cynical (10 April 2008)

Go Nuke said:


> Some nice news regarding Paulson's Mine.
> 
> http://imagesignal.comsec.com.au/asxdata/20080410/pdf/00831312.pdf
> 
> ...




Hole PDU384, 7.7 meters @ 117.3 g/t Gold...is this Bonanza grade?
Hole PDU382, 10.4 meters @ 10.2 g/t Gold
Hole PDU385, 4.5 meters @ 16.3 g/t Gold

Nice hits...be even nicer the see the SP back around 30 cents.


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## Bruza (11 April 2008)

117.3 g/t gold is fantastic, but from where I sit what is even better are the facts that:

1. The exploration for these deposits were achieved at minimal cost. There must be some clever guys in the mine team, as they predicted the mineralisation.

2. The new zone is only 40m down from current infrastructure allowing easy integration into the existing mine, this is an extraordinary cost saving.

3. These results, so soon after the merger, proves what a "merger made in heaven" it was.

Just hold on Nuke and Cynical the SP will go way over 30 cents.

IMHO


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## travwj (22 May 2008)

Intrepid have paid off their Paulsens Mine Debt 6 months early...not a bad effort, now lets hope they can get a bit more mine life, and the share price can rise. And Caposo coming along the future looks a lot better.

Trav


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## Go Nuke (23 May 2008)

there were some seriously big trades today. One in the moring worth $188.8K!

Ok probably not big in some regards, but big for IAU I would have though.

Good to see it staying above 30c too Though at 38c I'll break even.

Given the past sp and now combined with Intrepid, i dont see why we cant see the sp of old return.

What are the biggest downsides to this company now?
Other than the POG falling.


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## So_Cynical (23 May 2008)

Go Nuke said:


> Hopefully it can keep above that resistance at 24c and push up through 26c....though I wont hold my breath




Well lookie...IAU holding above 30c...there is a god.



Go Nuke said:


> What are the biggest downsides to this company now?
> Other than the POG falling.




Caposo dev costs and a disaster at paulsens.


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## So_Cynical (27 May 2008)

2 Anns out today, all good news...and i think its clear to see that IAU has broken out.

Intra day high of 40c today on news of the good drill results (Gold & Copper) from Indonesia.


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## Go Nuke (30 June 2008)

Some pretty big orders went through today. Could someone be buying up?
3 trades of 81,145 shares went through within seconds of each other. Also a cross trade of 250,000 shares @ .35c and another 2 trades of 100,000 shares

Ive thought about selling this stock, but figured i should probably hold considering it looks to be trending up from a long trend down.

And gold could possibly have further to go with this ecomomic uncertainty


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## michael_selway (30 June 2008)

Go Nuke said:


> Some pretty big orders went through today. Could someone be buying up?
> 3 trades of 81,145 shares went through within seconds of each other. Also a cross trade of 250,000 shares @ .35c and another 2 trades of 100,000 shares
> 
> Ive thought about selling this stock, but figured i should probably hold considering it looks to be trending up from a long trend down.
> ...




Hm do you know what the expected mine life is at full production?

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS -12.0 0.4 3.4 12.5 
DPS 0.0 0.0 0.0 0.0 *

thx

MS



> Date: 4/6/2008
> Author: Jo Clarke
> Source: The Australian Financial Review --- Page: 59
> Exploration prospects for gold in Indonesia may confirm Brad Gordon'scomeback. Analysts believe that Gordon is carefully rebuilding Emperor Minesafter a disastrous experience in Fiji during the military coup of December 2006.In mid-2007, after some necessary but painful asset sales, Gordon invested in amerger with Intrepid Mines. Since late 2007, his management and cash resourceshave provided some "blue sky" with the Tujuh Bukit gold project inIndonesia. In mid-2006, Intrepid's share price was $A1.38. It dropped to$A0.20 before closing recently at around $A0.35


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## Go Nuke (8 September 2008)

Hmm, I'm a bit lost here.

Merryl Lynch becomes a substantial holder....and the share price hits rock bottom??

I thought things would have picked up once the merger deal was done and dusted?
I mean gold has come off a bit...but does that warrent this gold producing company valued at 18.5c??

Maybe its only me and Merryl that see some kind of value in this stock


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## Trader Paul (13 September 2008)

Hi folks,

IAU ... huge volume on Friday last, with a morning star as well !~!

Looking like a v-bottom in place, just after a few positive cycles,
last week .....  let's see if any traders jump on board, this week ..... 

Updated IAU chart, below.

have a great weekend

   paul



=====


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## sowhat61 (15 September 2008)

Gone up 10.53% by luch time today - hopefully we'll see a good result for the end of the day...

Any1 wanna talk about the positives and negatives of this company.

At current share prices it could be seen as undervalued???
Considering after the merger iau is now a chashed up gold producing company and meryl becomes a sunstantial holder.

Maybe this is the turning point


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## Go Nuke (15 September 2008)

Well we have yet another substanial holding today from Acorn Capital.

That would have been the second lot of shares that were crosstraded recently.

Thats an interesting way of looking at a chart Paul. Makes it look.....more positive

Like all gold stocks..getting smashed at the moment.


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## bankit (16 December 2008)

Hi All,

The link below is good news for Intrepid especially at this point in time when gold appears to be making a strong move up. The market likes it anyway as the stock is up 14% today on good increased volume.

http://cnrp.marketwire.com/cnrp_files/20081215-iau1215.pdf

Bankit


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## sinner (16 December 2008)

Yea I was just examining these guys today as well bankit 

Looks good to me! 

The long term chart is simply too technically impaired to be of any use unfortunately.

Also, exploration results seem pretty poor for their Indonesia site so far?

They define these as significant

From surface to 487.8metres (End of Hole)

GTD 49 and 41:



> 487.8 metres @ 1.34 g/t gold, 28.26 g/t silver, or 1.77 g/t gold equivalent
> including
> 212 metres @ 2.26 g/t gold, 44.08 g/t silver, (2.94 g/t gold equivalent)
> from 166 metres down hole
> ...




Worth it, as long as AUD POG holds up?


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## exgeo (17 December 2008)

> 487.8 metres @ 1.34 g/t gold, 28.26 g/t silver, or 1.77 g/t gold equivalent




This result at least is not far off bonanza material (depending on metallurgy etc). Nearly half a kilometre of continuous ore-grade? Not super-high-grade obviously but over this fantastic width, it becomes very interesting. Blow it up, shove it through the mill as a bulk earth-moving operation. Not much grade-control required if the mineralised section is so thick and continuous.


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## Sean K (18 December 2008)

Beautiful rounded bottom.

Scarlettesque in fact!

Nice results out.

Seems like it might survive.


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## muzzza (18 December 2008)

kennas said:


> Beautiful rounded bottom.
> 
> Scarlettesque in fact!
> 
> ...




Hey Kennas.. Seems to me like its good value at 20 cents if these results keep coming out... Will keep an eye on this one...


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## So_Cynical (19 December 2008)

kennas said:


> Beautiful rounded bottom.




Hey just like the ex wife 

---------

Its all good news for IAU, RE: Paulsens extension and the Indo 
and Argentine developments.

No debt, no hedging and producing 70000+ ounces per year.


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## Go Nuke (23 December 2008)

For what its worth a heard that Simon (Robinson I think it is from Wilson HTM..but dont quote me on that) the guy who's regularly on the Business channel "your money your call", give this stock a rap the other night.

And why not. Gold at great prices and no hedge book.
Bout time really. Been holding since 38c so I hope to see some money in the near future


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## exgeo (30 January 2009)

• Gold revenue for the quarter was $10.3 million from the sale of 18,437 ounces realising an average price for the quarter of *A$835* per ounce ($561). Revenues Included the final 11,444 ounces of the hedge commitment at A$627 per ounce.
• The Company is now unhedged with total exposure to the spot gold price – *A$1370* per ounce at the date of this report.


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## Go Nuke (2 February 2009)

How awesome is that!!
The full spot price.

Man I wish i had more money to put into this stock.
They will be able to cash up at this rate!

Is 25c way undervalued for this stock? I would have thought so as not too many that are unhedged at the moment.


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## exgeo (5 February 2009)

From "Around the traps with the Ferret" (can be found on the news service of NAB/Bankwest online trading, and Belldirect):



> INTREPID MINES (ASX:IAU): The other remaining sexy sector (apart from CSG) is gold. Intrepid has good, unhedged cashflow from its Paulsens Mine in WA, as well as growth through what is shaping up as a multi-million ounce gold deposit, Tujuh Bukit in Indonesia.
> 
> ABN AMRO thinks the share price should be 60c. It fell 1c to 22c yesterday.


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## sinner (23 February 2009)

Feb 19 announcement supporting the share price today even as other goldies tumbled with the market.

Intrepid Mines Limited: Tujuh Bukit Indonesia    FEB 19, 2009 - 01:54 ET

COPPER GOLD PORPHYRY POTENTIAL ENHANCED

- 226 metres at 0.72g/t gold and 0.44% copper (includes 100m at 0.95g/t Au and 0.67% Cu) confirms continuity of porphyry system

- result supports the theory of an extensive system to complement the current 2.57Moz(i) gold equivalent Inferred Resource estimate (JORC compliant) in the oxide zone

BRISBANE, AUSTRALIA--(Marketwire - Feb. 19, 2009) - Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU) (the "Company") is pleased to report that diamond drill hole GTD 56 at the Tumpangpitu Prospect, Tujuh Bukit Project has intersected two significant intersections - high sulphidation gold-copper-silver mineralisation and porphyry related copper-gold mineralisation.

GTD 56 was drilled between the previously reported porphyry and high sulphidation mineralisation intersected in holes GTD 29 and 35 (see diagrams below).

The result from Hole 56 has delivered improved interpretation of possible geometries for the high sulphidation system which overlies and overprints the deeper and more typical porphyry mineralisation.

Results from Hole 56 are:-

 High sulphidation mineralization
 --------------------------------
  76 - 274 metres                  198 metres at 0.26 grams per tonne
                                      gold, 12 grams per tonne silver
                                                     and 0.25% copper
 Including

  76 - 122 metres:                  46 metres at 0.27 grams per tonne
                                        gold and 0.26% copper, and 10
                                               grams per tonne silver
  156 - 178 metres:                 22 metres at 0.36 grams per tonne
                                         gold and 0.43% copper and 16
                                               grams per tonne silver
  228 - 274 metres:                 46 metres at 0.56 grams per tonne
                                         gold and 0.47% copper and 33
                                               grams per tonne silver.

 Porphyry copper-gold mineralization
 -----------------------------------
  450 - 676 metres                       226 metres at 0.72 grams per
                                          tonne gold and 0.44% copper
Including

  484 - 584 metres:                      100 metres at 0.95 grams per
                                          tonne gold and 0.67% copper
  550 - 584 metres                     34 metres at 2 grams per tonne
                                                   gold and 1% copper.

The diagrams below show drill intercepts and mineralisation types on a composite cross section across zones A and C, and in greater detail across Zone C and the deep intercepts of holes 29, 56 and 35.

Three zones of mineralisation have been defined -

  1. the near surface oxide gold-silver mineralisation which is interpreted
     to be an oxidized derivative of the underlying high sulphidation
     sulphide zones. Zones A and C - current combined Inferred Resource
     estimate stands at 2.57 million ounces gold equivalent (gold and
     silver) at a 0.5 gram per tonne gold-equivalent cut-off.
  2. a high sulphidation copper-gold-silver zone with associated intense
     clay- silica alteration of lithic tuffs and some lesser hydrothermal
     breccias.
  3. porphyry copper-gold zone associated with quartz-magnetite veining.

The geometry of the high sulphidation zones presented on the sections is a current working model and may change as additional drill holes are completed.

Hole 46 was drilled in late 2008 on the eastern side of the prospect to assist in defining the geometry of the zone beneath the Zone A oxide mineralisation. The hole 46 intersected widespread propylitic and clay alteration that most likely defines a marginal zone to the high sulphidation mineralisation. At the base of the hole, assays returned 33 metres at 0.23 grams per tonne gold and 0.2% copper in clay and hematite altered material which is interpreted to be a high sulphidation overprint on a quartz-magnetite veined porphyry zone that appears open at depth below the end of hole.

The zone of high sulphidation and porphyry mineralisation across holes 29, 56 and 35 on section covers a width of 500 metres.

An extensive soil geochemistry program is currently underway at Tujuh Bukit and additional detailed geophysics are being planned for the second quarter of 2009. These data will allow for further definition of sulphide drill targets.

(i)2.57 Million ounce gold equivalent Inferred Resources based on -

  - Zone C: 1.1 Million ounce gold equivalent Inferred Resource at a 0.5
    gram per tonne gold equivalent cut-off based on 39.3 Million tonne at
    0.55 grams per tonne gold, 26 grams per tonne silver
  - Zone A: 1.47 Million ounce gold equivalent Inferred Resource at a 0.5
    grams per tonne gold equivalent cut-off based on 43.6 Million tonne at
    0.62 grams per tonne gold, 28 grams per tonne silver.


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## sinner (6 March 2009)

Am I talking to myself in here? : Is Intrepid invincible? Didn't even flinch when gold dropped a whole 100USD from 1000 to 900. 

Now up again (I dare not mention the price lest I jinx it) on decent volume + small rebound in POG + optimistic ann on the 3rd again:

3 March 2009: Intrepid Mines Limited (ASX: IAU; TSX:IAU, IXN) (the “Company”) is pleased to report that 
diamond drill hole GTD 58 at the Tumpangpitu Prospect, Tujuh Bukit Project has intersected near surface 
high grade gold-silver mineralisation.  

... (check website for this bit) ...

Results from hole GTD 58 are - 

Oxide mineralisation 
24 – 88 metres:  64 metres at 2.65 grams per tonne gold, 17.2 grams per tonne 
silver, 2.91 grams per tonne gold equivalent 
*Including 36 – 58 metres: 22 metres at 6.43 grams per 
tonne gold, 15.9 grams per tonne silver, 6.67 grams per 
tonne gold equivalent. *


High Sulphidation mineralisation 
248 – 292 metres: 44 metres at 0.11 grams per tonne gold, 0.31% copper, and 
13.3 grams per tonne silver 
310 – 338 metres:  28 metres at 0.22% copper, 1.5 grams per tonne silver. 



The high grade oxide gold-silver results from hole GTD 58 are consistent with intercepts from the 
historical hole GTD 5 – 

GTD 5 - Oxide mineralisation 
25.1 – 82.1 metres:  57 metres at 0.71 grams per tonne gold, 6.5 grams per tonne 
silver, 0.81 grams per tonne gold equivalent 
106.1 – 193.1 metres:  87 metres at 1.8 grams per tonne gold, 13 grams per tonne 
silver, 2.0 grams per tonne gold equivalent 
*Including 163.1 – 178.1 metres: 15 metres at 6.14 grams 
per tonne gold, 9.4 grams per tonne silver, 6.29 grams per tonne gold equivalent*


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## Uncle Festivus (6 March 2009)

No Sinner, walking beside you too - some things are just too good to pass up. Compelling fundamentals but have to watch the sovereign risk with the Indonesian play. A cash generating machine?


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## Go Nuke (6 March 2009)

Great to see IAU break 29c today and hold 30c!!

I'm almost breaking even after 12 months  (38c)


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## J.B.Nimble (8 March 2009)

Cash generation looks impressive but it is all coming from Paulsens. How long will this continue? I note the MD&A announcement on 25 Feb refers to a key initiative for 2008 being to extend mine life to 2011. What do we think of the propsects for Paulsens extending to 2011 and/or beyond?


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## So_Cynical (8 March 2009)

J.B.Nimble said:


> What do we think of the propsects for Paulsens extending to 2011 and/or beyond?




Looks to be a no brainer...from memory there were some very impressive drill results from last year.

I sold out of IAU 2 weeks ago...Paulsens is a great operation, its Casposo and Tujuh Bukit
that are the worries...the Dev costs.


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## Ghetto23 (26 March 2009)

Intrepid Mines has sold Casposo to Troy Resources for US$22 million.

Construction costs are too high I imagine.


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## Go Nuke (26 March 2009)

I think this is a good result!

Unhedged gold company and now cash to put into Paulsens and the Indonesia mine.

Looks like the market liked it too.


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## CapnBirdseye (13 May 2009)

There has been a bottleneck of volume sitting at .27 for a few days now.  Looks like it's been broken up nicely - hoping for equality of TSX listed shares today at .28

This one has been going sideways for far too long...


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## banska bystrica (13 May 2009)

I took out 300K at 27.5/28c today. If a major resource company is not eyeing off Tujut Bukit I would be very surprised. Fundamentally, Paulsens + cash is worth more than 28c. Buying IAU at these prices you are getting Tujut Bukit for free.


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## Amor_Fati (19 May 2009)

banska bystrica said:


> I took out 300K at 27.5/28c today. If a major resource company is not eyeing off Tujut Bukit I would be very surprised. Fundamentally, Paulsens + cash is worth more than 28c. Buying IAU at these prices you are getting Tujut Bukit for free.




I agree.. I did the numbers from the March financial statements substituting 22m cash for the 13m property for sale that they had Capsoso held as at that time, with other cash of 16m, total liabilities of 10m which are largely covered by receivables, equipment etc. Paulsens is making quarterly profits of 10m and this is all described in USD. I didn't include the properties in this because they are much harder to value/realise so I wouldnt want to be relying on them. Still, not bad for a market cap of roughly 130m AUD (based on 420m shares) 

BUT Paulsens will not last long, have a look at the technical report their new estimate is actually less than the old one, so there is not much extending that can be done. After that Tujuh is potentially a massive resource but its so potential potential potential that if we got a decent spike I'd be happy to play elsewhere with one eye on the news from IAU. 

In short, slightly bullish in the medium term, no clue after that.

Just my thoughts...


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## exgeo (26 May 2009)

May 21, 2009 (minesite.com)

*Intrepid Wins Best Of Breed, But It Certainly Isn’t A Dog*

“Best of breed” is a description normally heard in horse, cat or dog competitions. It can, however, also be applied in the mining sector, especially if the exploration results are in the eye-popping category such as the 627.2 metres of copper and gold mineralisation encountered by Intrepid Mines at its Tujuh Bukit project in Indonesia. It was that drill hit, plus follow up results, which prompted the stockbroking firm, ABN-AMRO Morgans to describe Intrepid in a March 30 research note as a “best of breed” stock with the potential for a “10-fold” share price re-rating. It hasn’t happened, of course. In fact, Intrepid has slipped back a few cents since Morgans got a little excited. But, rather than accuse anyone of premature exuberance Minesite’s Man in Oz decided to find out what it was that caused so much excitement.
The answer does not lie in a single, albeit spectacular, drill hole. It is found in the overall structure of Intrepid, a company emerging from years of wandering in the wilderness under different names and different management. In a previous life Intrepid was known as Taipan and its primary asset was the small, unloved, and misplaced Paulsens goldmine. Located in the heart of Australia’s Pilbara iron ore country Paulsens is a dead-set winner of a competition for forgotten Australian mines – though that is perhaps the first mistake when looking at Intrepid. A second would be looking too much at its history and overlooking the future. 

There are three key assets driving Intrepid. Paulsens, Tujuh Bukit and a fresh management team. Paulsens is providing immediate cash flow. It is not a big mine, but it is very profitable, turning out around 80,000 ounces of gold a year at less than US $400 an ounce. Concern about a short life has been eased somewhat by recent drilling which has added to resource estimates and could help add a few more years to the operation. Tujuh Bukit is the big prize. It is a classic Indonesian-style discovery complete with a shallow, surface “cap”, of material containing at least 2.57 million ounces of gold, sitting atop a potential monster porphyry structure from which the 627.2 metre drill core was recovered. 

Maximising value from the two in-ground assets is a management team with deep goldmining knowledge. Six key executives all have Placer Dome, Emperor Mines or Newmont experience under their belts. It’s those years of experience chalked up by people such as the chief executive, Brad Gordon (Placer, Delta, Emperor) and new business manager, Malcolm Norris (Emperor, WMC), and chief financial officer, Steve Smith (Placer, Peabody) which is behind at least one hard-nosed asset-sale decision, and the formulation of a clear business plan. 

“We’re very focused on Tujuh Bukit,” is how Gordon described Intrepid’s future when Minesite caught up with him for a chat on the sidelines of a gold conference recently. “It is shaping as a world-class discovery with the hallmarks of Batu Hijau.” For anyone unfamiliar with mining names Batu Hijau is one of the biggest open pit copper and gold mines operated by Newmont. Located at the eastern end of the island of Java, not far from Tujuh Bukit, it contains more than a billion tonnes of ore assaying 0.4 % copper and 0.4 g/t gold. It is, to use a non JORC-code description, a bloody big lump of very valuable rock. 

At Tujuh Bukit, where exploration is still in its early stages, the grades and geological structure bear a strong similarity. That monster drill hole, which has caused seasoned observers to sit up and take notice, returned assays of 0.5 % copper and 0.5 grams a tonne of gold, almost identical to Batu Hijau. Getting to that potential bloody big lump of rock will be a challenge for Intrepid. Bulk mining of the type being undertaken at Batu Hijau is big company stuff and Gordon openly talks about the need to “find a partner” for the bulk mining phase of Tujuh Bukit – though the early stages might be a different matter because the gold “cap” which might be relatively easy to treat, and sustain a mine producing 200,000 ounces of gold for at least 10 years. 

Intrepid’s plan is to clear the decks of surplus assets, keep Paulsens going for as long as possible and tackle Tujuh Bukit. That process started in March when Intrepid sold its Casposo gold and silver project in Argentina to Troy Resources for US$22 million, with closure of the deal achieved in early May. “We’re emerging in a very strong position after the Casposo sale,” said Gordon. “We’re debt free, with Paulsens contributing around US$3 million a month, and with a sizeable amount of cash in the bank.” 

Just how far Intrepid has come under its new management is demonstrated by a check list of achievements over the past 16 months. Back in January last year the company was carrying debt of US$18.5 million. It is now debt free. A hedge book covering almost 44,000 ounces of gold has been closed. Revenue has risen strongly. Costs cut and resource ounces, thanks to the inclusion of the Tujuh Bukit gold cap have risen from 416,100 to 2.8 million. 

Australian stockbrokers, if not yet their British cousins, have become increasingly interested in Intrepid. Of the seven brokers covering the stock all have a buy rating, or speculative buy rating. There is no dominant shareholder with Taurus Funds Management sitting on a 9.5 per cent stake, followed by Acorn Capital with 7.8 per cent, Sprott Asset Management with 3.4 per cent. Taurus, for non-followers of Australian funds features former Australian rugby captain, Nick Farr-Jones, as a director, plus seasoned mining industry executive, Gordon Galt. 

“It’s really about Tujuh Bukit,” was Morgans snappy description of Intrepid’s future which included a comparison with another Indonesian gold project, Martabe, sold recently by the troubled OZ Minerals for US$211 million. Intrepid has a much more work to do at Tujuh Bukit before it can claim to have its foot on a Martabe or a Batu Hijau. That’s one reason why the stock is trading around A30 cents, less than half the latest value estimate from Morgans and at a market capitalisation of A$124 million, which is less than half the sale price of Martabe. But, with Paulsens ticking over, and an estimated A$50 million in free cash after the Casposo sale, and with Tujuh Bukit to come it’s little wonder that Intrepid has won a best-in-class rating.


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## banska bystrica (1 June 2009)

IAU has broken resistance at 30c, pushed through 32c resistance on Thursday and today has smashed through to 37c/38c on good volume.
Debt free, unhedged, Paulsens looks like it will be extended and Tujut Bukit has an oxide cap which IAU can fund on their own (200,000 ounces per annum for 10 years) and then the massive upside comes from the copper/gold porphyry system underneath the oxide cap which will require a farm in from a major.


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## Sean K (2 June 2009)

banska bystrica said:


> IAU has broken resistance at 30c, pushed through 32c resistance on Thursday and today has smashed through to 37c/38c on good volume.
> Debt free, unhedged, Paulsens looks like it will be extended and Tujut Bukit has an oxide cap which IAU can fund on their own (200,000 ounces per annum for 10 years) and then the massive upside comes from the copper/gold porphyry system underneath the oxide cap which will require a farm in from a major.



Outstanding run over the past few months and an outstanding breakout. Just running with POG perhaps?


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## banska bystrica (12 June 2009)

Wilson HTM have bought over 5M shares since the start of June. They are very close to IAU. Does that tell us something is brewing on the Tujut Bukit front or as kennas said, is it just gold price related?


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## Amor_Fati (10 July 2009)

Good news today with Vale signing a Heads of Agreement (non-binding) to give them an option for 60% of the deeper copper-gold ore body at Tujuh Bukit, leaving the smaller gold-silver "cap" to IAU. Intrepid management expect to finalise the agreement by Sept 09. I see it as a good deal for both parties, Vale would be paying 40m and funding the feasability study completely giving Intrepid a big boost in capital, which they can use to exploit those two gold-silver deposits (I think this alone is 2.5m oz au equivalent but don't quote me on that). Vale on the other hand are setting themselves up for what could be a major copper source for a very reasonable price.

I hold, and even better I doubled my holding yesterday at 27c


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## banska bystrica (14 July 2009)

From ABN Amro: 
"Intrepid’s deal with Vale on Tujuh Bukit is a major strategic milestone for the company. It
strengthens IAU’s financial position, provides a means for ongoing evaluation of the (potential)
world class copper-gold project, and implies a value on IAU well above that being recognised by
the market. The deal has similarities with that struck by Indophil with Xstrata over Tampakan, and
should at least force Australian investors to sit up and take more notice of Tujuh Bukit which is
going largely unrecognised in IAU’s current market cap. Intrepid will retain 100% of its share of
the overlying oxide gold-silver project - a much more manageable project for a company of IAU’s
size, with scope for developing a 100-150kozpa gold-silver operation. Importantly, Vale will sole
fund both the pre-feasibility and Bankable feasibility studies on the sulphide project - worth
upwards of US$60-70m in drilling, assaying and testwork alone.
IAU remains our key small-cap gold pick, with the growing potential to evolve into a much larger
copper-gold play in the longer term. And remember that copper is by far the most favourable
commodity exposure, given that China is structurally short of the metal. This deal will take time to
be recognised by the market for IAU, however it highlights the potential of the project, as seen by
the second largest global miner, Vale."


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## CapnBirdseye (14 October 2009)

Looks like IAU has woken up again.  Nice little run last night on the TSX - up just under 20%.  

Up 20% on the ASX.

Both on decent volume.

There may something afoot, this one has been lagging a while...

But nothing to report other than price action today.


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## dandyjac (16 November 2009)

This goldy seems to be struggling at the moment, gold heads up IAU goes down 
hard to work this one out


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## Crom (2 April 2010)

As a long term holder and trader of IAU, it was with great interest that I see it is an entrant in the tipping comp (Rick62).

I believe this stock does have the fundamentals to appreciate substantially, however it needs one announcement - forestry approval for it's Tujuh Bukit project.

Until then, given that it appears to be very unresponsive to increases in Gold prices, it appears to be stuck!

I would be very interested in others thoughts re IAU, especially yours Rick62.


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## awg (22 April 2010)

Something has put a rocket under IAU over the last 2 days, presently 44c, up 12% today. Rick62 will be happy, as am I.

I see no news, other than the recent annoucements. RBS research, now 1 month old, has a target of 60c


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## travwj (17 August 2010)

Has been a while since anything has been written about intrepid. From the last post here it was at 44cents and today it is at 70cents. Paulsens has also been sold and they have permission to keep drilling in indonesia. With all this happening and the price consistantly going up, there has been no talk of it on here.

Now an exploration only and no gold production, and tuju bukit getting some good drill results it will be interesting to see where this goes.

Trav


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## bazollie (17 August 2010)

I've been in IAU for quite some months now and very happy where it is now. I have also topped up as the price has increased so riding this one well at the moment. 

It would appear that there is very strong interest in IAU. They are working on proving up a World Class Deposit with drilling intensifying. 

What I am hopeful for is some corporate attention similar to what Indophil experienced over the last 6 months or so. 

Still holding and will do until we get some more drilling results.

Regards
Bazollie


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## bazollie (9 October 2010)

I am totally amazed that this thread has been so quiet!
Mid August IAU was in the 70cent region , and as of close yesterday this Darling is now $1.62. I am a holder and have been so since they were in the mid 20's. I have topped up along the way and very impressed that the results keep coming. 

Given the amount of volume lately, the interest in IAU is compelling. Where will this price be in 6 months? Broker Research has increased in line with the support of this stock. 

All looking good with IAU and hopefully more drilling results before year end!

Regards

Bazollie


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## Buckfont (9 October 2010)

bazollie said:


> I am totally amazed that this thread has been so quiet!
> Mid August IAU was in the 70cent region , and as of close yesterday this Darling is now $1.62. I am a holder and have been so since they were in the mid 20's. I have topped up along the way and very impressed that the results keep coming.
> 
> Given the amount of volume lately, the interest in IAU is compelling. Where will this price be in 6 months? Broker Research has increased in line with the support of this stock.
> ...




I`m with you bazollie, although I bought in the low dollar bracket and took profits on the 5th oct. as have other goldies with larger holdings IGR and RRL.

Nonetheless It can be a bit of a coin flip sometimes but with vols with these companies between 5-7mil per day its a healthy outcome. Made nice gain and will bide time to perhaps get back in when production timelines are clearer. Its been a dream run tho.


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## Logique (10 October 2010)

bazollie said:


> I am totally amazed that this thread has been so quiet!......All looking good with IAU and hopefully more drilling results before year end! Regards Bazollie



Yes talk about a quiet achiever. Have done well with this one since sub a dollar, and still holding. Part of the attraction for me is that it's not just gold. It's gold-silver-copper.


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## Boggo (10 October 2010)

My best performer so far this year, still holding, stop is the red line.
I am seeing some similiar behaviour on NXS at the moment that IAU had through April and May. (I do hold NXS as of last week, hoping for a similiar run)

(click to expand)


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## banska bystrica (10 October 2010)

Boggo,

Interesting chart. I entered IAU in the depths of the GFC at circa 10c and bought on the way up through to 40c. I exited my last parcel at 99c.
Would you mind posting a similar chart for KGL? I am heavily weighted in KGL (in at < 9c) and it appears to have broken to the upside.


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## Ashsaege (14 October 2010)

I've been loving this stock. I'm only paper trading but i eyeballed this stock at the start of september and thought the trend was good, and it looked like another breakout was about to happen. I even mentioned it to my bro-inlaw at the time... but he seems to only be interested in sideways stocks!

Pretty simple charting methods. Got in at $0.86, with stop loss at $0.73.
Currently using a 6 day trailing stop. So my current stop is at $1.48. Lets see how this baby goes!

If i had been following this stock earlier, i would have got on in early august around $0.65


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## awg (15 October 2010)

Ashsaege said:


> I've been loving this stock. I'm only paper trading but i eyeballed this stock at the start of september and thought the trend was good, and it looked like another breakout was about to happen. I even mentioned it to my bro-inlaw at the time... but he seems to only be interested in sideways stocks!
> 
> Pretty simple charting methods. Got in at $0.86, with stop loss at $0.73.
> Currently using a 6 day trailing stop. So my current stop is at $1.48. Lets see how this baby goes!
> ...




You can imagine how much I am loving it, having got in at 37c, then again recently at 1.08, both times with proper folding green paper, and despite the enormous gains, there is still a lot of potential upside, as the asset is huge, undeveloped, and it seems ( to me) the environmental obstacles are likely to be overcome.

They have an Indonesian partner

This stock has recently begun to get some notice in the financial press.

Finally, the price fell a lot and the management copped a hammering for selling a producing goldmine at the time they did in order to further Tujuh Bukit.

They must have seen a very compelling opportunity to do that.

Potential downside include POG, failure to achieve upgrades, permit setbacks/refusal, fall away in sentiment, price getting ahead of itself.

G'day BB... I also hold KGL


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## toocool (15 October 2010)

I put this stock on my watch list in December last year @ .27 after watching a UBS analyst say that copper will be fly next year and he liked IAU and DML the best small caps.

Nevr did buy it though thinking each run it had that id missed the boat LOL


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## pedalofogus (19 October 2010)

I did the same thing 'toocool', and i too am 

However, i have a friend who purchased IAU at 33c, then did a 'stoploss' at 25c within a month or so.  So they are definately  more than we are!

Even at his buy in price of 33c, i still reckon he was a chance at getting a 10bagger from this stock based on the way it is going


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## Gunlom (19 October 2010)

Such is life in Investing..

I bought in at .27, then sold out at .43 thinking it had run enough, and will by more when it pulls back..

still a nice profit..


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## roland (26 October 2010)

The sellers really are stepping up to the plate everytime IAU hits $1.76. Could take off if it can overcome the resistance here.


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## awg (25 November 2010)

hitting new highs of $2.13 atm

and this is following the annoucement of upcoming SPP and succesful placement at $1.78

up 10% today

IAU is now eligible for inclusion in the ASX200.

recent anns are very well worth reading imo, especially the geo stuff

there is a lot of precious metals up there, I must be missing something when I see others sell ?


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## Logique (25 November 2010)

I was amazed to see it hit 2.13 today. Felt sure it would drift around in the mid to high 1.80s until the SPP goes through. Back down to 2.03 atm, but very bullish signs. Buyers stepping up on any weakness.


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## bazollie (1 December 2010)

Sensational close for IAU yesterday with some big crosses on close at $2.28!
Overseas investors are loving this stock! 
IAU has certainly exceeded where I thought it would be ( based on research I have read )
The volumes are consistently up there and interest still extremely strong.
Not sure where the exit point is for me from here , I have taken a few dollars off now , but holding for now to see where we end up!!

Bazollie


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## Logique (1 December 2010)

Stepping up for the SPP are we all?  

At AUD $1.78 it looks a no brainer. Only available in $5k, $10k, $15k lots though. Normally you'd worry about stags, but there is so much sp momentum, even though it's well past the record date for eligibility.


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## Logique (18 December 2010)

From: http://www.kitco.com/reports/KitcoNews20101217AS_outlook.html
*Tight Supply/Demand Picture Leaves Analysts, Investors Bullish On Copper
17 December 2010*
By Allen Sykora
Of Kitco News 
http://www.kitco.com/

(Kitco News) - Copper’s supply/demand picture may become so tight that many analysts and institutional investors say it is *one of the commodities on which they are the most bullish for 2011.*
Copper has already staged an impressive rally from the commodity-wide sell-off that occurred when the global financial crisis hit in 2008. While Western economies were weak, copper demand remained strong in emerging economies such as China, the world’s largest consumer of the metal. Whenever recovery picks up in the West, demand should rise further.

Meanwhile, analysts say, mining companies will not be able to ramp up output fast enough to keep up with demand, leaving a global supply/demand deficit for 2011.

“*It’s our top commodity pick for next year,” *said Bart Melek, global commodity strategist with BMO Capital Markets.

The same was true for many institutional investors surveyed by Barclays Capital during an investor conference in December. More than 300 participants were asked to rate which commodity or sector will perform best in 2011, and *copper got the highest rating with 26%*, followed by grains at 23% and crude oil at 19%.

Analysts have been releasing commodity forecasts for 2011 this month, and Goldman Sachs, Morgan Stanley and Barclays Capital are among those listing copper as one of the markets they expect to fare best.

“We expect to see pretty tight market conditions for copper next year,” Melek said. “The crux of the story is that we are expecting supply to be outstripped by demand growth.”
..............
..............
“I think the real tightness in the market is going to come in 2012,” Westgate said. “While I’m bullish next year, I’m super bullish for 2012.”
...............
..............
Analysts with Goldman Sachs, in a research report, said base metals such as copper are even closer to a “structural bull market” than oil because of supply issues. In the case of crude, declining inventories and rising prices may be followed by OPEC producing from spare capacity. But for many base metals, producers are already at full capacity and existing inventories are the only “spare,” Goldman said.

In fact, Goldman said, nearly all exchange inventories may be exhausted over the course of 2011, forcing the market into demand rationing.

“We are expecting [physical] copper stocks to fall to the lowest tha they’ve ever been,” Norrish said.


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## Logique (14 January 2011)

To the company Director who since Christmas has progressively sold down more than 3 million directly held shares to now just 235 thousand, and they look shakey, you're wearing out your welcome mate.

To Intrepid company management, some explanation is required. Holders deserve more than this endless series of Change of Directors Interest notices on the ASX.


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## Logique (13 February 2011)

There is continued strength in the price of copper, and demand is expected to remain strong. Also there is the near term stabilization in the price of gold and silver, with signs of ongoing strength. 

With the SPP now bedded in, IAU seems to be building a base now, signs are good.


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## J P (28 February 2011)

Mkt taken some backwards steps over the last week, yet IAU held firm and up 7c so far today - positive news expected re extending drilling area and resource inferred


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## Logique (11 January 2012)

Swept down with the rest of the market, but showing signs of life again. Watching it and re-entered in a small way. 

The price of gold didn't enjoy the recent USD Index rises, but may be consolidating to trend, might have to go over to the gold thread and see what Explod and the crew are thinking.

Sorry poor chart reproduction. 2 Year weekly, use view zoom.


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## chakvetadze (22 January 2012)

Astute money from Canada has been buying recently. Expecting news from ownership discussions. Not before time. Looking for $1.80 then a $3.00 buyout.
Have been on board since 9c late 2008, sold 50% at $2.15. Been a stellar stock.


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## Buckfont (22 January 2012)

chakvetadze said:


> Astute money from Canada has been buying recently. Expecting news from ownership discussions. Not before time. Looking for $1.80 then a $3.00 buyout.
> Have been on board since 9c late 2008, sold 50% at $2.15. Been a stellar stock.




chakvetadze, a link from where you got this info would be helpful.


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## Sean K (22 January 2012)

Buckfont said:


> chakvetadze, a link from where you got this info would be helpful.



I also heard this from a taxi driver this afternoon. He told me his brother-in-law got it first hand from the Chairman's wife's tennis coach.

Absolutely outstanding work by Chak buying in at 9c in late 2008. The 10 year low down there for just a day or so. Incredible timing. Miraculous you would have to say.

Tujuh Bukit is looking like a substantial deposit. I wonder if they'll ever declare some Reserves and go to BFS? 

8 Dec:

TUMPANGPITU PORPHYRY COPPER-GOLD RESOURCEI NCREASES OVER 70 PERCENT TO 1.7 BILLION TONNES AT 0.41% COPPER, 0.46G/T GOLD.

•	TUMPANGPITUNOW CONTAINS 15BILLION POUNDS OFCOPPER AND 25MILLIONOUNCESOF GOLD (AT0.2% COPPER CUT-OFF)
•	MINERALISATION REMAINS OPEN ATDEPTH AND LATERALLY 
•	GEOLOGICALPOTENTIAL AT TUMPANGPITU STANDS AT AN ADDITIONAL40% TO60% OF THE
CURRENT RESOURCE TONNAGE AT ASLIGHTLYREDUCEDGRADE 
•	NEW ESTIMATEDOESNOT INCLUDE FIVE COMPLETEDHOLES AWAITING LOGGING AND ASSAYING 
•	INITIAL DRILL PROGRAM AT SALAKAN PORPHYRY TO COMMENCE Q1 2012


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## Garpal Gumnut (22 January 2012)

kennas said:


> I also heard this from a taxi driver this afternoon. He told me his brother-in-law got it first hand from the Chairman's wife's tennis coach.
> 
> Absolutely outstanding work by Chak buying in at 9c in late 2008. The 10 year low down there for just a day or so. Incredible timing. Miraculous you would have to say.




LOL

He may be on to something kennas,

Ordinarily I'd say something was cooking with the increase in vol over the last few trading sessions but I note this stock tends to tank after a few up days in similar circumstances over the past six months.

A chart with an RSI for the brave.

gg


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## skyQuake (22 January 2012)

chakvetadze said:


> Astute money from Canada has been buying recently. Expecting news from ownership discussions. Not before time. Looking for $1.80 then a $3.00 buyout.
> Have been on board since 9c late 2008, sold 50% at $2.15. Been a stellar stock.




Nope. Canada was heavy selling thurs night. Fri nite low vol


----------



## chakvetadze (22 January 2012)

skyQuake said:


> Nope. Canada was heavy selling thurs night. Fri nite low vol




I'm talking about Canadian buying on the ASX not Toronto.
kennas,
Would you like me to acees my contract note from late 2008 and scan it on to here?  Just because you missed the opportunity in the GFC, doesn't mean we all did?  You probably hadn't even heard of Intrepid back then. Late to the party pal?


----------



## chakvetadze (22 January 2012)

Buckfont said:


> chakvetadze, a link from where you got this info would be helpful.




You want me to record my broker's conversations and post them on the intenet? LOL


----------



## skyQuake (22 January 2012)

chakvetadze said:


> I'm talking about Canadian buying on the ASX not Toronto.
> kennas,
> Would you like me to acees my contract note from late 2008 and scan it on to here?  Just because you missed the opportunity in the GFC, doesn't mean we all did?  You probably hadn't even heard of Intrepid back then. Late to the party pal?




Would think it odd Canadian buying would occur in the Au session rather than in the Toronto session?
Having said that, it was well supported in AU so there must have been someone buying.


----------



## Logique (23 January 2012)

kennas said:


> 8 Dec:
> TUMPANGPITU PORPHYRY COPPER-GOLD RESOURCEI NCREASES OVER 70 PERCENT TO 1.7 BILLION TONNES AT 0.41% COPPER, 0.46G/T GOLD.
> 
> •	TUMPANGPITUNOW CONTAINS 15BILLION POUNDS OFCOPPER AND 25MILLIONOUNCESOF GOLD (AT0.2% COPPER CUT-OFF)
> ...



I'll try to give both sides of the story here.

Additionally to the above, there is the separate oxide project in the same location, for which the company announced in Dec 2010 an updated resource estimate of 130Mt at 0.55 g/t gold and 18 g/t silver, for 2.4 Moz of contained gold, and 80 Moz ounces of contained silver. All in the Inferred category. (ASX Ann 14 Dec 2010).

The oxide deposit lies above the deeper and significantly larger main copper-gold porphyry resource referred to by Kennas above. So it's a world class deposit. In fact two deposits, one sitting on top of the other.

However Intrepid needs to work through a couple of key issues. Firstly, getting the JV agreement squared away, which process seems to drag on frustratingly longer than anyone expected. 

Secondly, is the need to secure 'Forestry approval', that is, being on forestry land, a permit will be required from the Indonesian Govt to conduct open pit mining.  Lynas holders will nod their heads knowingly at this point, given the protracted  LAMP approval process in Malaysia.


----------



## chakvetadze (23 January 2012)

Logique said:


> However Intrepid needs to work through a couple of key issues. Firstly, getting the JV agreement squared away, which process seems to drag on frustratingly longer than anyone expected.
> 
> Secondly, is the need to secure 'Forestry approval', that is, being on forestry land, a permit will be required from the Indonesian Govt to conduct open pit mining.




Yep. Spot on. 
That's why the stock is $1.28 and not $2.28.
The first issue will be gathering momentum now that they have appointed a specialist negotiator fluent in English and Indonesian.
I am not concerned with the second issue (Forestry re-classification). It's really just a matter of IAU purchasing the equivalent amount of non-forestry classified land and getting it re-classified "forestry" to counter balance the Tujut Bukit area.


----------



## Logique (24 January 2012)

Yes it occurred to me that given the high stakes, it's no surprise that a JV partner would want to go through the agreement line by line. With the forestry approval, given the value of the project to Indonesia, I'm sure a way will be found, as you say.


----------



## chakvetadze (24 January 2012)

Bought another 40,000 at $1.26. I am confident a relatively quick resolution to the ownership issue will be forthcoming.


----------



## chakvetadze (11 March 2012)

Complete over-reation. In for another 60,000 at 98c average.


----------



## Logique (12 March 2012)

Way to shake out the share register! Turns out Acorn Capital sold 5m of the 8m shares traded last Thursday. But Acorn have 35m left. Ping, ping go the stop loss orders. Are Acorn selling down or just re-balancing, we don't know.

On last week's Indonesia announcement, after 10 years from production commencement, companies must reduce to 49% ownership, on fair $$ terms, if the Govt has the $$ and the inclination. Intrepid are 80% owners, thus would hypothetically sell 31% of their current 80% ownership, receiving cash or equity in return. 

49% of the Tujuh Bukit deposit (even 10 years after commencement) is still a ship load of value. This might all help Intrepid get the govt licence approvals up.

I didn't think the Indonesia announcement was such a big deal, but we don't know what Acorn Capital are going to do.

I might also note that Australia now also has an increased sovereign risk, with 500 companies on a list to pay a MRRT or super profits tax, with foreign investment capital already being diverted to other countries.


----------



## skyQuake (12 March 2012)

Logique said:


> Way to shake out the share register! Turns out Acorn Capital sold 5m of the 8m shares traded last Thursday. But Acorn have 35m left. Ping, ping go the stop loss orders. Are Acorn selling down or just re-balancing, we don't know.
> 
> On last week's Indonesia announcement, after 10 years from production commencement, companies must reduce to 49% ownership, on fair $$ terms, if the Govt has the $$ and the inclination. Intrepid are 80% owners, thus would hypothetically sell 31% of their current 80% ownership, receiving cash or equity in return.
> 
> ...




Think they are mandated to dump when a soverign risk event like that happens. What percentage they need to sell no idea. Probably given to a broker to sell at best...
Nice bounce today, didnt even reach 82 lows. Probably will be some fast money chasing it today and most of tomorrow.


----------



## Logique (18 March 2012)

Tremendously disappointing to be blind sided by the Indo Govt announcement, and we're stopped out.  Everyone wants to be on the short side while the dust settles. The slight glimmer of hope is that the Buy/Sell volumes differential had narrowed by the end of the week, as it flirts with 82c (hoped for) support.

Let's not forget the repeated reassurance from Indonesia that divestitures after 10 years will be at fair value.

But the chart shows a change in momentum, so (imho) it will take a series of good announcements (are you listening Acorn Capital) and the price of gold to stop falling before we'll see much covering. Taking a longer term view, at some point some brave buyers are going to pick up shares for a steal, in a world class silver-copper-gold deposit.


----------



## Buckfont (18 March 2012)

Glad I got out March last year at $1.99.

Yes, very dissapointing to see it smashed so severely.


----------



## Garpal Gumnut (18 March 2012)

chakvetadze said:


> Astute money from Canada has been buying recently. Expecting news from ownership discussions. Not before time. Looking for $1.80 then a $3.00 buyout.
> Have been on board since 9c late 2008, sold 50% at $2.15. Been a stellar stock.






chakvetadze said:


> Bought another 40,000 at $1.26. I am confident a relatively quick resolution to the ownership issue will be forthcoming.






chakvetadze said:


> Complete over-reation. In for another 60,000 at 98c average.




chakvetadze,

You have balls mate.



gg


----------



## chakvetadze (24 March 2012)

Sold the lot for 91.5c as posted on another forum on the day in question. Nice haircut.


----------



## Gringotts Bank (17 July 2012)

Inverted head and shoulders.  Neckline at 62.  Bought at 59.  Gold index up 2.2%.

59 breaks a longer term down slope trend line from 27/2 - 6/7.


----------



## Gringotts Bank (17 July 2012)

averaging down to 58.2.


----------



## skyQuake (21 July 2012)

Trading halt doesnt look good. Worse on a stock that keeps getting sold down daily and has its rallies cut hard.
imo averaging into something like that is suicide


----------



## So_Cynical (21 July 2012)

skyQuake said:


> Trading halt doesnt look good. Worse on a stock that keeps getting sold down daily and has its rallies cut hard.
> imo averaging into something like that is suicide




Yep

There's a time to average and there's a time to hold and a time to take the loss....i cant believe IAU got as high as it did, the ASX300 is littered with 0 revenue producing, over priced mining wannabe stocks.


----------



## Sean K (21 July 2012)

> Dear Jill
> 
> TRADING HALT REQUEST
> 
> ...




5 x Directors bought a handful of shares on 16 Jul. Did the same in May and June. Odd. 

From the 16 Jul update:



> Brad Gordon, Intrepid’s CEO, said, “As we have promised our loyal shareholders all along, we remain extremely active in advancing this world class project and we have been rewarded by very positive results on several fronts. These latest drill results on the main Tumpangpitu porphyry have enabled us to define a new high grade zone on the eastern edges of the target area. However, the depth potential of this resource is still to be thoroughly tested.




So, all good then eh? No surprises. Capital raising? They're loaded aren't they? I thought they had $140m in the bank or something.

Hmmm 

Or, could it be the dreaded forestry issues?



> *Forestry Activities*
> The Indonesian Forestry Law restricts non forestry activities within protected forests and prohibits mining using an open pit method in protected forest areas. *The area of the Porphyry copper-gold resource estimate, and the Zone A, Zone B and Zone C oxide resource estimate areas fall within a protected forest area.* Intrepid’s Alliance partner, PT IMN, is working with relevant Indonesian authorities regarding a potential review of forest land status. There is no assurance that the forestry reclassification will take place in this instance. PT IMN received an extension of the Forestry Exploration Permit dated 7 July 2014, which allows for exploration activities within forestry areas.


----------



## chakvetadze (21 July 2012)

Geez you guys are slow. The news was out in Canada last night. Get with the program guys. Stock closed at 39c last night in Canada after gapping down to 33.5c when the news broke.

"*Intrepid frustrated by Indonesian shadow interests at Tujuh Bukit*

2012-07-20 VANCOUVER ”” Toronto-listed explorer Intrepid Mines (IAU-T, IAU-A) is the latest victim in an ongoing nationalization saga in the South Pacific. On June 28 an unknown entity seized control of its Indonesian joint-venture partner, Indo Multi Niaga (IMN), and subsequently shut-down exploration efforts at the company's Tujuh Bukit copper-gold project ”” on the island of Java ”” three weeks later.

Intrepid first acquired an interest in Tujuh Bukit in late 2007 when the company merged with Australian gold-miner Emperor Mines. The initial alliance agreement was signed in April 2008 between INM and Emperor with a portability clause that outlined the eventual merger into Intrepid.

Foreign ownership of mining tenements was not allowed in Indonesia until 2009 so Intrepid does not actually own any of Tujuh Bukit's mineral concessions, but instead holds an 80% economic interest in the project via a series of contractual arrangements with INM.

Intrepid has been in negotiations with its Indonesian partner to restructure its joint-venture agreement in order to convert IMN into a foreign capital investment company. The companies had reached a preliminary agreement in June 2011 involving the commercial terms upon which share issuance and conversion would be dictated ”” where Intrepid would eventually acquire an 80% direct-equity stake in IMN ”” though Intrepid reported in late April that negotiations had become "slow and protracted."

The situation was further complicated on June 28, when Intrepid announced that new shareholders had not only "joined the register of PT IMN", but acquired a full 80% interest in the Indonesian mining company. Intrepid indicated it would reach out to the new parties, but no information was released on the identity of the shareholders or how new ownership of INM might impact ongoing negotiations.

On July 20, the new controlling interests in IMN ”” which remain anonymous ”” blindsided Intrepid by shutting down exploration efforts at Tujuh Bukit. The Indonesian company booted several members of Intrepid's senior management team off the site, and locked down operations. The timing could not be worse for Intrepid, which has eight diamond drill rigs running, spent US$11 million on exploration expenditures during the first quarter, and was in the process of a resource definition program.

Though Indonesia recently introduced updated mining legislation that calls for 51% domestic ownership in foreign mining operations by the tenth year of production, the policy revision should not have impacted exploration outfits like Intrepid until later in the company's life.

What is taking place at Tujuh Bukit is a question of contract law and the outstanding agreements Intrepid maintains with IMN.

The original alliance agreement dated April 2008 was signed by IMN president and director Maya Miranda Ambarsai and director of operations Andreas Reza Nazaruddin. Ambarsai is listed as an "entrepeneur of gold, tin and coal" and carries a Masters of International Business from the Swinburne University of Technology in Melbourne, Australia. There is limited public information available regarding Nazaruddin, but his name appears on numerous Indonesian press statements from the company and he remains listed as IMN's "principal" on the Indonesian Mining Association website.

Intrepid reports it is in compliance with all of its obligations under the joint-venture agreement, and the company is attempting to kick-start discussions with both the new and original IMN shareholders, though to date the identity and intentions of the new interests remain unclear.

"It makes no sense," Intrepid spokesman Greg Taylor told reporters from Stockhouse. "Effectively we have an Indonesian partner who has a 20% interest in the project, and approximately a month ago we announced, that we had found, that they had sold 80% of their 20% ownership in the project to another Indonesian entity."

According to company reports, Intrepid has spent US$95 million on the project to date ”” conditions indicate required expenditures of US$52 million ”” and was on track to bring the project to feasibility as stipulated in its agreement with IMN.

Based on the original consultancy agreement between Intrepid and IMN, the Indonesian company may already be in a breach of contract. In accordance with section 4.3(f) of the consultancy conditions IMN is obligated to "allow [Intrepid] employees access to office facilities at IMN's premises and Tujuh Bukit KP."

Section 15.3 of the contract supplies conditions for potential arbitration between the joint-venture partners. Failing an amicable settlement, the dispute will be "referred to arbitration in English under rules of Singapore International Arbitration Centre." An arbitration decision would be final and binding on both parties, and would be conducted under Singaporean laws.

There is certainly a lot at stake for Intrepid. The company holds an oxide gold-silver resource totalling 130 million inferred tonnes at 0.6 grams gold per tonne and 18 grams silver per tonne for 2.4 million oz. contained gold and 80 million oz. contained silver.

Intrepid completed a preliminary economic assessment on the oxide deposit in 2011 that modelled a US$204 million operation with a US$446 million after-tax net present value and 54% internal rate of return at a 10% discount rate and US$1,450 per oz. gold price.

In addition, the company is planning 54,000 metres worth of drilling on a series of copper-gold porphyries ”” its Tumpangpitu porphyry holds 1.7 billion inferred tonnes at 0.5 grams gold and 0.4% copper for 15 billion lbs. contained copper and 25 million oz. contained gold.

Swirling uncertainty has taken a toll on Intrepid's share price. The company has dropped 71% or 95 ¢ in value since Indonesia's new nationalization laws were announced at the beginning of March. News of IMN's suspension of activities predictably depressed share valuations further, as Intrepid dropped 36% or 22 ¢ following the announcement, nearing 52-week lows at 39 ¢ per share.

Intrepid remains in an enviable liquidity position having reported US$139 million in cash and term deposits at the end of the first quarter. The company has 524 million shares outstanding for a $212 million presstime market capitalization."


----------



## Sean K (21 July 2012)

chakvetadze said:


> Geez you guys are slow."



 Oh dear me. We are slow. I didn't even look at the second page of previous announcements when having a revisit of this stock. Oh deary me! 

This company is cactus.


----------



## chakvetadze (21 July 2012)

kennas said:


> This company is cactus.




Please explain. 

520M shares, no debt and $138M in cash. To me, that looks like 26.5c in cash backing per share.


----------



## Sean K (21 July 2012)

chakvetadze said:


> Please explain.
> 
> 520M shares, no debt and $138M in cash. To me, that looks like 26.5c in cash backing per share.



Yep, they look like they will be left with cash.

Buy a bank.


----------



## Vader (21 July 2012)

Here's a press release they apparently released yesterday (I'm guessing this will be copied as an ASX announcement before the market opens on Monday):

http://www.marketwire.com/press-rel...tion-activities-suspended-tsx-iau-1682248.htm

Intrepid Mines-Exploration Activities Suspended

BRISBANE, AUSTRALIA--(Marketwire - July 20, 2012) - Intrepid Mines Limited ("Intrepid", the "Company") (TSX:IAU)(ASX:IAU) advises that its Indonesian joint venture partner, PT Indo Multi Niaga ("PT IMN"), without prior reference to Intrepid, has suspended operations at the Tujuh Bukit Project in East Java Indonesia beginning immediately. PT IMN has requested several members of senior management, including all expatriate employees seconded to PT IMN from Intrepid, to leave site and this has occurred.

Intrepid is in compliance with, and has always been in compliance with, all of its obligations under the joint venture agreements in place and applicable law. This interruption will impact the Company's timetable for delivery of an updated porphyry resource estimate and, further, may impact work on the updated oxide resource.

Project expenditure, solely funded by Intrepid to date, in compliance with the joint venture agreement, is US$95 million. This includes financing to the original shareholders of PT IMN to allow them to meet their 20% contribution commitments in excess of the initial full carry of A$50 million.

Intrepid is attempting to establish discussions with both the new and original PT IMN shareholders (see Intrepid news release of 28 June 2012) regarding arrangements which would allow the resumption of drilling activity at the earliest opportunity.

Intrepid's immediate objective is completion of technical studies which will demonstrate the financial viability to develop a world class mine for the benefit of shareholders and stakeholders - community, and local, provincial and central government, alike.


----------



## Sean K (21 July 2012)

Vader said:


> Here's a press release they apparently released yesterday (I'm guessing this will be copied as an ASX announcement before the market opens on Monday):
> 
> http://www.marketwire.com/press-rel...tion-activities-suspended-tsx-iau-1682248.htm
> 
> ...



WHAT A FARSE!!

A couple of days ago they released an AOK review.

I'm obviously not a holder but feel for anyone who was trusting management.

Why were they buying those pitiful amounts of shares the last couple of months??


----------



## chakvetadze (22 July 2012)

A farce but not IAU's doing. This latest development is a result of PT IMN's doing. IAU got blindsided. Not sure that qualifies as "untrustworthy management". Before you make comments you probably need to do a bit of basic research. Mouthing off without knowing the facts can be dangerous. I'll be copying your posts and filing just in case IAU want to pursue something later on.


----------



## skc (22 July 2012)

Is there any information on who's the majority owner of PT IMN? 

I wonder what is the legal recourse by IAU and how long that would take... If they trade down to below cash back you'd think there's a case to buy with a free "option" on this being resolved. 



chakvetadze said:


> A farce but not IAU's doing. This latest development is a result of PT IMN's doing. IAU got blindsided. Not sure that qualifies as "untrustworthy management". Before you make comments you probably need to do a bit of basic research. Mouthing off without knowing the facts can be dangerous. *I'll be copying your posts and filing just in case IAU want to pursue something later on.*




Do you mean IAU wants to pursue Kennas for "feeling sorry for trusting management"? It could mean that he's sorry for those who trusted the management's ability to handle the JV without it blowing up in their face.


----------



## namrog (23 July 2012)

I don't get this, or am I missing something..?

IAU's people have been ordered off site by someone with a less than 20% holding ( IMN sold 80% of it's 20% share)

Worse case scenario is that under Indonesian proposals regarding soverign control, then IAU should at least after 10 years production retain 49 % of the opperation..assuming it's going to go ahead at all now..?

I smell some typical Indonesian grabing and corruption going on here, and dare say a few hands will have to be well greased before this is resolved...

There is a lesson for us all to be learned here, soverign risk is real and on the rise...


----------



## Steve C (23 July 2012)

Down 56% today... ouch, would have been a perfect candidate to short.


----------



## So_Cynical (23 July 2012)

Steve C said:


> Down 56% today... ouch, would have been a perfect candidate to short.




LOL they opened at 19c - with all that cash, crazy stuff...IAU now trading at 2008 prices.



So_Cynical said:


> (*3rd-January-2008*) Intrepid closed at 34 cents today, so a great day for people like me who got in at 24 just a few weeks ago..
> 
> Intrepid has so much going for it as i posted previously.
> 
> IAU go u good thing.:bananasmi


----------



## Sean K (23 July 2012)

Wouldn't be surprised if there was a decent dead cat bounce that could have been traded.

Having said that, this is a really bazaar situation. How could this company be blind sided like this from a JV partner that you would think actually wants to take the project forward. There's got to be an ulterior motive here.

Considering these events, I don't know how much work the JV partner could be doing on the forestry issues that prevent them from mining the bulk this deposit anyway.



> Intrepid’s Alliance partner, PT IMN, is working with relevant Indonesian authorities regarding a potential review of forest land status. There is no assurance that the forestry reclassification will take place in this instance. PT IMN received an extension of the Forestry Exploration Permit dated 7 July 2014, which allows for exploration activities within forestry areas.




And:


chakvetadze said:


> Not sure that qualifies as "untrustworthy management". Before you make comments you probably need to do a bit of basic research. Mouthing off without knowing the facts can be dangerous. I'll be copying your posts and filing just in case IAU want to pursue something later on.



I've consulted my legal team from Get a Grip and Sons and they have advised that I should be quote 'quaking in my boots'. They are working on a detailed defence against this very dangerous comment.


----------



## skc (23 July 2012)

kennas said:


> Wouldn't be surprised if there was a decent dead cat bounce that could have been traded.




There's 50% just today from 19c open to 30c high. I managed to get in at 20.5c and closed at 24c. Could have trailled the second part a lot better than I did. Oh well.

My guess is that the motive is either higher % ownership, or something nationalistic / protectionism agenda. Interesting to watch it unfold as long as you are not a holder.


----------



## Steve C (23 July 2012)

skc said:


> There's 50% just today from 19c open to 30c high. I managed to get in at 20.5c and closed at 24c. Could have trailled the second part a lot better than I did. Oh well.
> 
> My guess is that the motive is either higher % ownership, or something nationalistic / protectionism agenda. Interesting to watch it unfold as long as you are not a holder.




Can I ask a noob question - what would cause that dead cat bounce? the news is very uncertain so why would people start buying again today? 

Thanks


----------



## Sean K (23 July 2012)

Steve C said:


> Can I ask a noob question - what would cause that dead cat bounce? the news is very uncertain so why would people start buying again today?
> 
> Thanks



Just cash backing is 25c or something.

Plus, it has about 200m ounces of gold equiv in the ground or so and still owns 80% or something.

So, dead cat = oversold knee jerk. 

Potentially.


----------



## So_Cynical (23 July 2012)

skc said:


> My guess is that the motive is either higher % ownership, or something nationalistic / protectionism agenda. Interesting to watch it unfold as long as you are not a holder.




As happens in the developing world, id say the new majority owners of the JV partner want to "renegotiate" their participation...why because its their country and they can.



Steve C said:


> Can I ask a noob question - what would cause that dead cat bounce? the news is very uncertain so why would people start buying again today?
> 
> Thanks




The sellers are either very uncertain or certain they they are uncomfortable holding so they sell.

The Buyers are comfortable buying in the hope of a short term fast trade or just comfortable with the level of uncertainty at that price.

From memory 19c was support back in the dark days of late 2007 - but IAU is a totally different (much better) proposition now.


----------



## Sean K (23 July 2012)

Anyone else sus about why they have so specifically refer to being in compliance?



> *Indo Multi Niaga halts work at Tujuh Bukit site, Intrepid says
> *
> 
> BY: ROBB M. STEWART From: Dow Jones Newswires July 23, 2012 11:25AM
> ...


----------



## So_Cynical (23 July 2012)

kennas said:


> Anyone else sus about why they have so specifically refer to being in compliance?




Because its going to end up in the courts...under Singapore law i believe, lol assuming that's legal in Indonesia...i have a feeling that the Law in Indonesia wont give a flying F*%k about the Law in Singapore or any decision a Singaporean court makes that wont be binding in Indonesia.

What has been factored into the share price today is that the Tujuh Bukit project is gone.


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## skyQuake (24 July 2012)

Just from the March quarterlies

IAU cash on balance sheet: 139

Expected Quarterly Outflow:  15.6

Cash = 123/
526m shares
=$0.235 cash backing as of 31st June

Slightly less now for working capital costs


----------



## Steve C (24 July 2012)

skyQuake said:


> Just from the March quarterlies
> 
> IAU cash on balance sheet: 139
> 
> ...




As a beginner, can anyone explain the significance of this cash backing calculation?


----------



## prawn_86 (24 July 2012)

Steve C said:


> As a beginner, can anyone explain the significance of this cash backing calculation?




Basically if themarket cap for a company is trading below cash backing it means that the market thinks that the only thing this company will do is continue to spend money and never get any projects off the ground.

If you were to buy the stock below cash value it means that you are getting every other project they are working on 'for free'. 

So it just depends as to if you think their projects have potential to generate income or be re-rated once again by the market


----------



## skc (24 July 2012)

skyQuake said:


> Just from the March quarterlies
> 
> IAU cash on balance sheet: 139
> 
> ...




Earmark $10-20m or so for legal costs...



Steve C said:


> As a beginner, can anyone explain the significance of this cash backing calculation?




Sometimes the share price reaches a "floor" at the cash backing... as you can imagine a scenario where the company simply abandon the project, dissolve the company and give the money out to the shareholders. Although in reality it rarely happens so the cash backing is further discounted as shareholders don't really have a say in accessing it.


----------



## oldblue (24 July 2012)

> Although in reality it rarely happens so the cash backing is further discounted as shareholders don't really have a say in accessing it.




Yes. Much more likely is that the company will cut their losses and move on to some other prospect/project. Everyone keeps their jobs that way!


----------



## Sean K (25 July 2012)

So, it took them this event to actually look a little deeper to find out who they were co owners of this deposit with. 

Surely they could have made this search the day after they found out the ownership had changed? 



> Tujuh Bukit, Indonesia PT IMN shareholders and board members named
> 
> Intrepid Mines Limited (“Intrepid”, the “Company”) (ASX & TSX – “IAU”) provides an update following on the advice to the market on 28 June 2012 regarding the change in shareholding of its Indonesian joint venture partner, PT Indo Multi Niaga (“IMN”).
> 
> ...




It's taken a month.


----------



## Sean K (2 August 2012)

Anyone understand this deal with the Indonesian investor? Have they just given him 5% of the company for NIL consideration? In the hope that his influence in government et al will drive the sp up to where he automatically gets handed a bunch of shares? Like 25m of them or something. They are his once the company gets to $1.00 by the look, so $25m. I'm confused.


----------



## namrog (3 August 2012)

kennas said:


> Anyone understand this deal with the Indonesian investor? Have they just given him 5% of the company for NIL consideration? In the hope that his influence in government et al will drive the sp up to where he automatically gets handed a bunch of shares? Like 25m of them or something. They are his once the company gets to $1.00 by the look, so $25m. I'm confused.




Seems that's the price of doing business in Indonesia..!


----------



## shag (4 August 2012)

namrog said:


> Seems that's the price of doing business in Indonesia..!




yes sink the place or impose a quarantine around it. nothing good has come from it in recent memory. remember east timor....30yrs of terror.
b better when we have a few more yank millitary bases as long as australasia doesnt get screwed out of its antartic territories.

its just a transit route to rort australia, ie drugs, guns and economic 'refugees'.

i assume its greed that pushes risky ventures there like iau. hopefully west africa doesnt go down the same route.


----------



## Sean K (4 August 2012)

kennas said:


> Wouldn't be surprised if there was a decent dead cat bounce that could have been traded..



Perhaps not so much a Dead Cat, but some certainty coming back to it's prospects. 20c back to 35c in 9 days.

Amazing that you have to hand over 5% of your company like this just to stay in the game.


----------



## namrog (4 August 2012)

shag said:


> yes sink the place or impose a quarantine around it. nothing good has come from it in recent memory. remember east timor....30yrs of terror.
> b better when we have a few more yank millitary bases as long as australasia doesnt get screwed out of its antartic territories.
> 
> its just a transit route to rort australia, ie drugs, guns and economic 'refugees'.
> ...




Your rant could include almost any south east asian , south american, african, eastern european, former soviet, or a plethora of pacific islands, Oh and arab countries as well, remember the wheat for oil deal ..
That's just the way it is in these countries, so when investing in these places, it's worthwhile remembering that you can loose the lot, but if you know the game, it's possible to survive and thrive in these places, as a few of the biggest gold mining companies in the world today have proven in places like, let me see, oh yeah Indonesia..!!!
Everyone knows it's corrupt, at some stage you have to pay a price...!!


----------



## So_Cynical (4 August 2012)

kennas said:


> Perhaps not so much a Dead Cat, but some certainty coming back to it's prospects. 20c back to 35c in 9 days.
> 
> Amazing that you have to hand over 5% of your company like this just to stay in the game.




I'm Surprised your amazed Kennas...you have worked in Central Africa and travelled extensively, you have seen crazy up close and you should know that crazy doesn't stop at street level it just continues on up the money chain, corruption greed and power perverts these people, in these wild west (anything goes) country's.

Indonesia is what less than 1 decade out of one of the greatest (worst) dictatorships in world history.


----------



## Sean K (5 August 2012)

So_Cynical said:


> I'm Surprised your amazed Kennas...you have worked in Central Africa and travelled extensively, you have seen crazy up close and you should know that crazy doesn't stop at street level it just continues on up the money chain, corruption greed and power perverts these people, in these wild west (anything goes) country's.
> 
> Indonesia is what less than 1 decade out of one of the greatest (worst) dictatorships in world history.



Well, I'm more amazed at what Intrepid have actually done in the background with this one all along now. 

Along with the forestry laws that don't allow them to mine most of this deposit anyway, there's still questions on whether they actually have any right to this resource anyway.

Michael West has been investigating:



> Sovereign risk is rampant in Indonesia, it would appear. It would also appear that Intrepid has left itself susceptible to severe shareholder angst and even legal action.
> 
> Its desperate deal this week to buy influence through an Indonesian businessmen, to get its hands back on what it has always purported to be its own resource, is a signal that all was not well from the beginning.
> 
> ...


----------



## Sean K (8 August 2012)

They've tried to provide some 'clarity' over the above news article that they seem to be claiming is 'unsubstantiated'. 

What they have actually done is confirm his 'unsubstantiated' claims by my reading of it. 

They key seems to be the Alliance Agreement and the proposal to apply for the required approvals for Intrepid to actually own their 80% of the project.



> The Alliance Agreement was signed by all parties in 2009 and 2010 and was amended on 24 November 2010 and 3 June 2011. The document affirmed that IMN would be converted into a foreign investment company and that 80% of the expanded equity in IMN would be issued to Intrepid.
> 
> The amended agreements *envisage that IMN will apply for all necessary approvals* to implement the new structure. This includes approvals from Indonesia’s Investment Coordinating Board and Ministry of Law and Human Rights (including necessary recommendations from the Banyuwangi Bupati and the Ministry for Energy and Mineral Resources).
> 
> *To date, IMN has not advised the Company that it has applied for the required approvals / recommendations to implement the agreed shareholding structure.*



Intrepid 'envisaged' that IMN would apply for approvals for a new structure, but they just didn't! 

How binding the agreements are I suppose is the issue. If there's some contract that they would do it then fine.

Having said that, it's just an application. It still seems to have to pass Indon red tape to be approved before they have their 80%.

So, effectively, Intrepid seem to have been claiming that they own 80% of the deposit, when they actually DO NOT. They just might, one day.

Does anyone read that differently?


----------



## sammy84 (9 August 2012)

I work in Jakarta and have seen a lot of this. There are many companies who would be in a similar position.

During 2009 the mining law didn't allow foreign ownership the way it does now. Many strange agreements were entered into. Also many large payments were made by foreign companies without receipt or certainty of contract because they believed 'that was the way of doing business in Indonesia'.

After working here I would not invest in a company with substantial interests in Indonesia.


----------



## Sean K (10 August 2012)

I'm more concerned with IAUs communication here. They have claimed all along they owned 80% of the deposit yet after the Indon mining laws they seem to now own nothing. Of their own admittance. Perhaps they will get the relevant agreements signed etc, but only a few days ago they were claiming they held an 80% interest when they DID NOT. 

Unless someone can explain those company statements better to me.


----------



## indoaust (3 September 2012)

kennas said:


> I'm more concerned with IAUs communication here. They have claimed all along they owned 80% of the deposit yet after the Indon mining laws they seem to now own nothing. Of their own admittance. Perhaps they will get the relevant agreements signed etc, but only a few days ago they were claiming they held an 80% interest when they DID NOT.
> 
> Unless someone can explain those company statements better to me.




IAU entered Indonesia in 2007 and did a deal with IndoAust Mining (a private Australian company) to gain access to the Tujuh Bukit Project.

In 2008, IndoAust Mining departed from the TB Project in strange circumstances.

The contract agreements between IAU and the Indonesian company, PT Indo Multi Niaga, are most likely unenforceable and illegal under Indonesian law at the time of signing.

Prior to 2009, the only legal way for foreign companies to access mining projects in Indonesia was via the Contract of Work System (COW).

IAU chose to circumvent Indonesian laws and do a deal based on contracts and this will bring them unstuck most likely.

How can a Board authorise all the spending on a project in which their true legal entitlement is very weak to say the least.

The whole story is about lack of disclosure, deals that were against the spirit of the Indonesian laws, and now trying to blame the Indonesians for their actions.

Shame on the IAU Board and management, maybe if they had followed the prevailing laws and processes this mess would not be happening.


----------



## Anmar (22 September 2012)

indoaust said:


> IAU entered Indonesia in 2007 and did a deal with IndoAust Mining (a private Australian company) to gain access to the Tujuh Bukit Project.
> 
> In 2008, IndoAust Mining departed from the TB Project in strange circumstances.
> 
> ...





21st September,  close of ASX

Shares closed at $0.515, a gain of 71% for the day, so what does this prove!


----------



## Sean K (23 September 2012)

Anmar said:


> 21st September,  close of ASX
> 
> Shares closed at $0.515, a gain of 71% for the day, so what does this prove!



71% 

Even so, stock price movements prove nothing in relation to this particular deal. It was at 2.25 not too long ago as well. I would be more interested in getting to the bottom of their rights over the deposit and the ability to actually get a mining lease in the end over the forestry land.


----------



## Sean K (19 December 2012)

Intrepid don't seem to really know what's going on with ownership of their key asset. 

Ann 2 days ago:



> Campaign Against Intrepid Continues Unabated
> 
> BrisBane, 18 DeCeMBer 2012: intrepid Mines Limited (asX, TsX: iaU) (the “Company”) comments on the reported transfer of Tujuh Bukit iUPs held by joint venture partner PT iMn to a third party.
> 
> ...



"as far as Intrepid can tell".


----------



## skc (19 December 2012)

kennas said:


> Intrepid don't seem to really know what's going on with ownership of their key asset.
> 
> Ann 2 days ago:
> 
> "as far as Intrepid can tell".




Market cap of IAU is ~$140m which is basically cash + a small lottery ticket in case things come around to their benefit.

Coincidentally, IAU sold Paulsens to NST for something like $20m in 2010.

There's been a few development in between now and then, but NST is worth ~$550m.

Looks like they kept the wrong asset!


----------



## AllAussie (26 February 2013)

Statement by Intrepid on 31 Jan 12.  The first point is interesting

http://www.google.com.au/url?sa=t&r...tICACA&usg=AFQjCNF3RhRdKb2bMX01O2cLdRJZKZeEMw

Title and Ownership Status
• The Indonesian Ministry of Energy and Mineral Resources has confirmed that the
two IUPs held by PT IMN in respect of the Tujuh Bukit project have been reviewed
and are considered “clean and clear”.
• Intrepid has an 80% economic interest in the Tujuh Bukit IUPs, derived through
contractual arrangements with PT IMN.
• The Company is working with PT IMN to finalise a shareholders’ agreement to
allow Intrepid to acquire an 80% direct equity interest in PT IMN.
• The Commercial terms upon which Intrepid will acquire its Direct Equity stake
have been agreed.


----------



## Logique (23 October 2014)

Wow has this thread gone dormant!

Still holding a residual parcel since the heady days. Must admit I have no clue about whether to participate in the off market buyback as part of the merger with BTR.  

Usual promises of the great new prospect, copper demand, trying to get back the 80% of Tujuh Bukit.. blah blah. 

And the share prices are back near cash backing anyway, it might be the bottom, could wait and see I suppose.

But a bird in the hand as they say. I'll have to study the booklet they sent out.


----------



## greggles (13 December 2017)

Intrepid Mines are selling their Zambian copper assets (Mumbwa and Kitumba projects) for $4.75 million to Weatherly International plc.

The sale will leave the company with nothing but cash in the bank.


----------



## greggles (19 September 2018)

Intrepid Mines to takeover AIC Resources in a reverse takeover that will see the combined entity with around $20 million cash in the bank and a ~3,200km² contiguous land position in the underexplored Plutonic and Marymia region of Western Australia.

More details of the deal here: https://www.aussiestockforums.com/threads/a1c-aic-resources.33590/#post-996328


----------



## barney (21 September 2018)

The thing in their favour is they both have tiny share registers so the major players might simply keep the SP propped up …… 

However, if the price of IAU shares remains high you'd think the A1C shareholders would have to be tempted to cash in some of their chips when they get 1:3 exchange ….. I certainly would


----------



## greggles (24 September 2018)

barney said:


> However, if the price of IAU shares remains high you'd think the A1C shareholders would have to be tempted to cash in some of their chips when they get 1:3 exchange ….. I certainly would




IAU will be returning 75c cash per share to shareholders before the reverse takeover is completed. That explains why IAU is $1.08 at the moment instead of around 57c (3x18c).


----------



## System (13 June 2019)

On June 13th, 2019, Intrepid Mines Limited (IAU) changed its name and ASX code to AIC Mines Limited (A1M).


----------



## greggles (26 June 2019)

Some movement finally for AIC Mines after encouraging exploration results from its 100% owned 4G Hill Prospect at the Marymia Exploration Project located in central Western Australia.







Some very high grade results there which the company has said that it will be using to plan an RC drilling program.

The Marymia Project is prospective for both gold and copper mineralisation and is strategically located within trucking distance of the Plutonic gold mine and the Degrussa copper mine. The tenement area held by AIC Mines has seen limited previous exploration.

The company has a very tight register, Josef El-Raghy as Chairman and a modest $20 million market cap ($10 million in cash and liquid investments and US$4 million coming in soon from the sale of Kitumba). With a bullish gold price and plenty of exploration coming up, this is one to watch.


----------



## greggles (24 April 2020)

This is my small cap mining pick for the next 12 months. I would have entered it in the yearly competition but it didn't have enough volume at the time.

The Lamil Project in WA's Patterson Province (JV with Rumble Resources) has the most potential in my opinion and could easily be a monster on the scale of Newcrest's Telfer Mine, which isn't far away.








Director Josef El-Raghy has been buying recently and has purchased more than 700,000 shares in the last couple of weeks.

For a more detailed look at what A1M are currently up to, check out the Quarterly Activities Report released on 7 April and the announcement the day before regarding drilling targets at the Lamil project. Interesting reading.

Watch this space.


----------



## greggles (26 May 2020)

A geochemical survey at the Lamil Project has identified multiple geochemical anomalies with key components indicative of Intrusive Related Gold-Copper Systems.





From the announcement:


> The survey was undertaken as a trial and orientation exercise in combination with a more extensive ground geophysical program completed in December 2019. A total of 295 samples were collected over a selected trial area of approximately 80 square kilometres centred on the Lamil Main Dome with a sample spacing of 600m x 600m (off-set grid).
> 
> Despite being located just 20 kilometres from the world class Telfer Gold-Copper Deposit no previous surface sampling or drilling has been completed at the Lamil Project due to the perception of ubiquitous deep cover (>400m). Recent work by AIC has confirmed the depth of cover to be less than 100m and in part ranging from just 30m – 70m.




A drilling program consisting of a combination of Reverse Circulation and Diamond Core drilling is planned for as soon as COVID-19 access restrictions are lifted and all necessary approvals are received.


----------



## greggles (22 June 2020)

Just a quick update.

Exploration Licence Application ELA45/5270, representing the northern half of the Lamil Project, has now been granted.

Regarding the next steps, this from the announcement dated 18 June:


> *Next Steps*
> 
> Planning for the inaugural drilling campaign at Lamil is now well advanced. The focus will be the Priority 1 and Priority 2 target areas which will require a combination of Reverse Circulation and Diamond Core drilling. This phase of work will be ready to commence as soon as all regulatory approvals have been received. Heritage Surveys to support commencement of this work are scheduled for late July - early August 2020 with drilling anticipated to commence in September 2020.




The Lamil Project appears to be progressing well with drilling plans firming up.


----------



## greggles (2 September 2020)

There is movement at the station...







Volume isn't too far above average but the supply is drying up. A1M is tightly held.

Inaugral drilling program at the Lamil Project commences this quarter. The DeGrussa/Monty style multi-element surface geochemical anomaly at the Curara Well Joint Venture at the Marymia Project is scheduled to be drill tested in the December quarter.

Positions are being quietly taken in A1M IMO. DYOR.


----------



## greggles (26 October 2020)

greggles said:


> This is my small cap mining pick for the next 12 months.
> 
> Watch this space.




She's about to pop. Drilling currently going on at the Lamil Project. A1M has been flying under the radar for a long time. First round of drilling results due soon.


----------



## greggles (10 November 2020)

Some slides from yesterday's Investor Presentation for those that missed it.

















































Market cap of $32 million with $7.7 million in cash and $2.2 million in listed investments. The Directors own 24.6% of the company. Josef El-Raghy is the Chairman.

All it is going to take is one good assay result and we're off.

I'd be interested in what others think of this one.


----------



## greggles (30 November 2020)

I was expecting drilling results from the Lamil Project to be announced before the end of November, but they are yet to be released. 

This was from the Quarterly Activities Report announced on 22 October:


> The  first  round  of  assays  from  the  aircore  and  RC  drilling  are  not  expected  to  be  received  until  late  November 2020.




They can't be far away now, unless there has been a delay at the lab.


----------



## greggles (31 December 2020)

Phase 1 wide-spaced reconnaissance drilling at the Lamil Project was completed in mid-December.






Hoping for some results to start coming through in January. It all still feels very positive and I remain optimistic.


----------



## Trav. (2 January 2021)

greggles said:


> Phase 1 wide-spaced reconnaissance drilling at the Lamil Project was completed in mid-December.



@greggles unfortunately there wasn't much interest shown in the announcement, SP up 2.6% on the day.

Final results due March so are you expecting some sideways movement until then, or is there some other activity elsewhere? I think the Marymia project has a similar timeline so march might be the month.


----------



## greggles (26 March 2021)

Trav. said:


> @greggles unfortunately there wasn't much interest shown in the announcement, SP up 2.6% on the day.
> 
> Final results due March so are you expecting some sideways movement until then, or is there some other activity elsewhere? I think the Marymia project has a similar timeline so march might be the month.




I think A1M is going to trade between 30c and 40c until they have some kind of drilling success. What impresses me about this company is how prospective its projects are and the experience of its management team.

Drilling has now commenced (see today's announcement) at the Curara Well Joint Venture to test a surface geochemical anomaly which displays striking similarities to the nearby DeGrussa and Monty copper-gold VMS deposits.

There is also follow up drilling at the Lamil Project coming up soon.

2021 is going to be a very interesting year for A1M. Whether they hit a major deposit remains to be seen, but the projects they are drilling are highly prospective and the management team very experienced, and in my view that's a good recipe for drilling success.


----------



## greggles (26 August 2021)

A1M requested a voluntary suspension yesterday pending an announcement to the market regarding a "proposed transaction, being an acquisition". This has come out of nowhere, but I admit to being very curious as to what it is all about. Presumably we will know soon.


----------



## bux2000 (26 August 2021)

Yes well that just proves the effectiveness of my now tried and tested system with what I am guessing a 98% success rate. It is a shame others could not benefit in some way from my obvious success.  
After holding on to A1M for seemed like decades....... well 17/04/2020........  sold them last Tuesday for a small loss , kicking myself for my obvious stupidity for not selling earlier close to the high.

There you go then....you can only say Bugger and carry on 

bux


----------



## greggles (26 August 2021)

bux2000 said:


> Yes well that just proves the effectiveness of my now tried and tested system with what I am guessing a 98% success rate. It is a shame others could not benefit in some way from my obvious success.
> After holding on to A1M for seemed like decades....... well 17/04/2020........  sold them last Tuesday for a small loss , kicking myself for my obvious stupidity for not selling earlier close to the high.
> 
> There you go then....you can only say Bugger and carry on
> ...




Well, nobody knows what the proposed acquisition is, or whether it will end up being good for A1M, so you may have sold at the right time. It's too early to tell. I felt like this company had a lot of potential, but then it kind of went to sleep and in the absence of news it was sold down.

In any case, we will find out very soon what this acquisition is all about, so stay tuned...


----------



## bux2000 (26 August 2021)

greggles said:


> Well, nobody knows what the proposed acquisition is, or whether it will end up being good for A1M, so you may have sold at the right time. It's too early to tell. I felt like this company had a lot of potential, but then it kind of went to sleep and in the absence of news it was sold down.
> 
> In any case, we will find out very soon what this acquisition is all about, so stay tuned...




 Hi Greg,

Yes I guess  buying shares is a bit like buying a bag of potential, at least that is what my wife tells me after 40+ years of searching for mine.  

bux


----------



## greggles (1 September 2021)

AIC Mines acquires the Eloise Copper Mine in North Queensland from FMR Investments Pty Ltd for $27 million dollars, transforming the company from an early stage explorer to a producer. Details of the acquisition are below.

It will be interesting to see how the market reacts when A1M starts trading again, but this acquisition could be a game changer for the company. They will own a profitable mine that will not only generate profit for the company from day 1, but will fund exploration to extend the mine life and also exploration and development of their other projects. This should mean no further cap raises to fund exploration.

A1M will remain suspended from trading until a $30-$35 million capital raising, to fund the acquisition and provide working capital, is completed in October.

Exciting times for A1M.


----------



## greggles (2 September 2021)

Article from the AFR about the Eloise Copper Mine acquisition

The most interesting paragraph in the article:



> But the built infrastructure at Eloise makes AIC Mines a potential consolidator of the famous base metal region around Cloncurry, where a host of nearby copper assets lack their own processing infrastructure.




With AIC owning the processing infrastructure, I imagine it would be easy to pick up stranded copper deposits in the Cloncurry district for dirt cheap prices and then mine and process them at Eloise. Someone at another forum suggested that the paragraph above was a clear reference to MEP's Jericho JV with OZL and the very extensive tenements MEP controls around the Eloise mine.

I imagine there are many others that would also fit the bill.


----------



## greggles (6 September 2021)

The drill rig is back at the Lamil Gold-Copper Project for a 10,000 metre RC drilling program which will cover four high priority target areas. They are reducing the drilling spacing in the hope of hitting some mineralisation after further refining targets based on results from the maiden program, which was drilled later last year..

I still think this is a very promising area and think they are in with a good shot this time around, but the proof will need to be in the pudding. The pudding in this case is the assay results.

Drilling has already commenced so I suspect we will start seeing some results next month.


----------



## Dona Ferentes (9 September 2021)

greggles said:


> Article from the AFR about the Eloise Copper Mine acquisition
> 
> With AIC owning the processing infrastructure, I imagine it would be easy to pick up stranded copper deposits in the Cloncurry district for dirt cheap prices and then mine and process them at Eloise. Someone .. suggested that the paragraph  was a clear reference to MEP's Jericho JV with OZL and the very extensive tenements MEP controls around the Eloise mine.
> 
> I imagine there are many others that would also fit the bill.



there's another AFR article today, and A1M gets a mention for the same reason

Soul Patts (SOL) are talking to investors about a potential spin out of Round Oak Minerals (formerly known as Copper Chem on the SOL books)


> _Round Oak has as its flagship asset the Jaguar zinc, copper, silver and gold mine in WA , previously owned by IGO Limited, and it also has two old mines located in the copper district between the Queensland towns  of Mt Isa and Cloncurry.
> 
> Round Oak also has a sizeable package of exploration acreage south of Cloncurry, meaning it will likely be a close neighbour of *AIC Mines (A1M).*
> 
> A longer term growth option is the Stockman deposit in the Victorian high country near Omeo. Soul  Patts paid IGO Ltd $32.2 million for Stockman in June 2017 on the  promise it would pay IGO up to a further $15 million based on production   royalties._












						Soul Patts mulls copper spin-out
					

Another established copper miner could be headed for initial public offering on the ASX, thanks to Washington H. Soul Pattinson.




					www.afr.com


----------



## greggles (29 September 2021)

A1M raising up to $40,000,000 through the issue of 160,000,000 FPO shares at 25c per share. The funds will be used to fund the Eloise Copper Mine acquisition, provide working capital and fund further exploration at the Lamil and Marymia Projects.

To get this capital raise away at 25c is impressive given that A1M is currently trading at 24.5c. Being currently suspended from trading helps I guess.

I think the acquisition of the Eloise mine is a smart move for A1M and will provide them with additional revenue to make further acquisitions and to continue exploration efforts. If management is smart, and I think they are, they can easily grow the company from here with what they will have after this capital raise.


----------



## greggles (5 November 2021)

A1M has been re-instated to official quotation today after the Eloise Copper Mine acquisition and $40 million capital raising and the share price has hit a high of 41c and is currently trading at 37c. The company has been transformed from an explorer to a copper producer with cash generating processing infrastructure in the Cloncurry district.

This is really a new beginning for A1M and I expect to see management capitalise on the company's new assets by snapping up tennements and making acqusitions in the Cloncurry district and surrounding areas.


----------



## greggles (18 November 2021)

A1M has hit 45c today and the sell side is looking particularly barren. The next major catalyst will be assay results from drilling at the Lamil project and the Marymia project. Both drilling programs were completed last month so we should see results before the end of 2021.


----------



## greggles (26 November 2021)

Sunsuper becomes a substantial shareholder in A1M with 3,768,093 shares held (5.48%).

Recent definition drilling of the Eloise Deeps has revealed wide, high grade intersections.






Chart looking very bullish. Watch this space.


----------



## bux2000 (4 January 2022)

I have entered A1M as one of my choices for the CY 2022 competition.
As you can see above @greggles has spent some time researching *A1M. *I would like to thank him for his research and pass on again how much I appreciate his sharing. 
I held A1M for some time only to sell it shortly before a trading halt and the announcement of the Eloise Copper Mine acquisition, buying back in recently.

bux


----------



## greggles (4 January 2022)

bux2000 said:


> I have entered A1M as one of my choices for the CY 2022 competition.
> As you can see above @greggles has spent some time researching *A1M. *I would like to thank him for his research and pass on again how much I appreciate his sharing.
> I held A1M for some time only to sell it shortly before a trading halt and the announcement of the Eloise Copper Mine acquisition, buying back in recently.
> 
> bux




Not a bad start to the year @bux2000, A1M up 11.43% to 58.5c today and there are almost no sellers with less than 50,000 shares on offer on the sell side of the market depth.

Drilling results from both the Lamil project and the Marymia project are due this month. Fingers crossed they are good. If they are, expect A1M to fly.


----------



## greggles (18 January 2022)

A1M applies for two large exploration licences in western New South Wales that are prospective for both base and precious metals.







Management is now clearly looking to grow the company's pipeline of projects now that they are cashed up. These applications represent a very large landholding that has obviously been chosen very carefully. Lots of ground to explore and lots of potential.



> Commenting on the applications, Managing Director Aaron Colleran said:
> 
> “_This new project is a valuable addition as we move to expand our exploration portfolio. It is an early-mover opportunity where government investment into unlocking exploration potential is underway. This will allow AIC to leverage off new regional datasets and mineral system knowledge.
> 
> We continue to look for new high-quality copper and gold exploration projects, from greenfields through to advanced stage, with the aim of building a balanced project pipeline._”


----------



## greggles (24 January 2022)

More drilling results from Eloise released today. Resource extension drilling at the Levuka Lens has intersected high-grade
mineralisation 100m outside of the current resource limits.

Looks like there's a lot more gold and copper mineralisation at Eloise. Drilling is ongoing and hopefully there is more good news to come.


----------



## Country Lad (24 January 2022)

@greggles it is very confusing the way ASX allocates the codes.  The report is for A1M - AIC Mines. This thread is for A1C - AIC Resources which no longer exists.


----------



## Joe Blow (24 January 2022)

Country Lad said:


> @greggles it is very confusing the way ASX allocates the codes.  The report is for A1M - AIC Mines. This thread is for A1C - AIC Resources which no longer exists.




A1C is an older incarnation of A1M. I have gone ahead and moved the post across to the correct thread,


----------



## greggles (7 February 2022)

A1M finished the day up 9.1% to 60c. Decent volume too. Looks to me like people are starting to get set for what will be a busy three months of activity and news flow for the company.


----------



## greggles (9 February 2022)

Some assay results are back from the Lamil Project and there are signs that they may be onto something. Keep in mind that they are dealing with a huge project area and drilling has been carried out with very wide spacing.

Of four holes drilled at the Goodenia target, two have returned intervals of elevated zinc and lead.








> Wide spaced RC drilling has now defined base metal anomalism over a 4km2 halo centred on the deeper gravity-magnetic response which is yet to be intersected by drilling (Figure 4). Encouraged by these results, diamond drilling is planned to reach beyond the depth of RC drilling capabilities to intersect the gravity anomaly in the 2022 field season.










Still very early days and more drilling needs to be done, particularly diamond drilling to explore deeper, but things are looking promising.


----------



## greggles (18 February 2022)

Slow and steady wins the race. Volume has been increasing this month against a backround of a rising copper price. Very astute, very experienced management behind A1M. Tightly held.


----------



## greggles (1 March 2022)

A1M is now cash flow positive with an almost $2.5 million profit for the 2021 year.





That profit was only from November and December revenue from the Eloise Copper mine. Can we expect Eloise to produce a profit of $15 million in 2022?

With over $29 million in cash at the end of 2021, A1M have a war chest of cash. Expect further acquisitions this year. No point not putting some of that cash to work.


----------



## greggles (7 March 2022)

Just a reminder for those interested in copper miners given the soaring copper price. A1M's Eloise copper mine is currently producing copper at an AISC of A$3.05/lb. Spot price is currently A$6.69/lb. That's A$3.64 of profit per pound of copper produced.


----------



## peter2 (7 March 2022)

Market depth is a bit thin on *A1M* so you may see price shifting +/- 10% quite easily. This applies to shorter term traders only.


----------



## greggles (24 March 2022)

Good witdths and grades from resource definition drilling at the Eloise Deeps. Lots more copper under the ground to keep the revenue rolling in. Drilling is ongoing.


----------



## greggles (12 April 2022)

A1M up 11% today. Quarterly due soon and if everything has gone to plan - and there is no reason to think it hasn't - we should be seeing some pretty impressive financial results with a high copper price and the Eloise mine producing at a low AISC.

Some good exploration results would be the cherry on top, but let's not get too excited.


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## greggles (27 April 2022)

Slightly disappointing Quarterly announced after the close yesterday. Copper production is up (not as much as anticipated) but so are costs. AISC up from A$3.05/lb last quarter to A$4.42/lb this quarter. This is the explanation from management:



> Blasting issues with slot firings hampered progress in the Levuka 200 block and restarting the Deeps sublevel cave, restricting ore supply. A subsequent change to the long-hole slot pattern appears to have rectified the issue with the Chloe 620 L2 slot fired successfully at the beginning of April 2022.
> 
> Unit costs were negatively impacted by lower throughput and higher diesel costs during the Quarter. Reduced concentrate transport costs, negotiated during the Quarter, are expected to offset the higher diesel costs in coming quarters.




 Still, the company remains cash flow positive with a closing cash balance at the end of the quarter of $33.9 million, up from $29.3 million at the end of the last quarter. Hopefully a better quarter ahead. Share price down around 10% today.


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## greggles (23 June 2022)

Drilling commences at the Lamil Gold-Copper Project with 3,000m of diamond drilling to test three high priority targets -
Lamil Dome, Goodenia and Firebush.

I still believe there is a lot of potential at Lamil. Whether A1M (& RTR) have something there remains to be seen.


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## greggles (24 June 2022)

Some impressive Eloise Deeps extension drilling results released today. 29.7m at 4.01% Cu is exceptional. Looks like there is enough copper at Eloise for many years beyond the currently expected mine life.

A1M finished the day at 56c up 10.9%.







A recent tweet from the CEO after an Eloise site visit.


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## greggles (6 July 2022)

A1M smashed today because of the collapsing copper price. Share price down 15%. A1M will bounce back when copper does, but at the moment it is definitely out of favour. Small cap miners generally copped a bit of a hiding today. Not much appetite for risk right now with rising interest rates and talk of a recession.


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## peter2 (6 July 2022)

Very thinly traded stock and this makes it vulnerable to price spikes (up and down). *AIC* has been holding up much better than most copper producers. I'm holding (at a loss) but the parcel is small and I'll look to add once POC starts to rise. 

Currently Dr Copper has Covid.


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## greggles (6 July 2022)

peter2 said:


> Very thinly traded stock and this makes it vulnerable to price spikes (up and down). *AIC* has been holding up much better than most copper producers. I'm holding (at a loss) but the parcel is small and I'll look to add once POC starts to rise.
> 
> Currently Dr Copper has Covid.




Yes, it's tightly held and goes up and down fast. But I have confidence in A1M's management to grow this company over time. They have done extremely well so far. The Eloise copper mine acquisition was a brilliant move and I have no doubt they will continue to produce value for shareholders.  That ~$30 million in cash should come in handy too. Another acquisition in the current economic climate would not surprise me at all.


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## greggles (3 August 2022)

Great results returned from resource definition drilling at the Macy Deposit at the Eloise Copper Mine. Wide intersections and high grades.

Management are determined to extend the mine life well beyond 2030 and my personal view is that they will also eventually acquire further tenements in the Cloncurry region and process any ore mined at those tenements at Eloise. All the infrastructure is in place at Eloise and there is plenty of copper under the ground in the Cloncurry area.


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## greggles (8 August 2022)

5,000m of RC drilling has recently commenced at the Lamil Project to test four previously undrilled targets (Sundew, Flame Pea North, Flame Pea South and Foxtail). This program follows on from the almost complete four hole 1,584m diamond drilling program that commenced in June.

A1M now move to a 50% interest in the Lamil Project after spending the required $6 million over four years. They can move to a 65% interest by spending an additional $4 million in the next 12 months. The assay results from the current diamond and RC drilling programs will obviously be the determining factor in whether A1M continue investing capital into the Lamil Project.


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## greggles (12 August 2022)

A1M bouncing back nicely this week on a recovering copper price and improving sentiment. Cost cutting measures at the Eloise Mine will hopefully improve profitability and ongoing drilling at the Lamil Project will hopefully yield some positive results.


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## greggles (29 August 2022)

On Friday A1M gave notice that it will not be taking up its option to enter into a 50/50 JV with Rumble Resources in the Lamil Project. The question is, will A1M elect to earn an additional 15% in the Project by funding a further $4 million over the next 12 months?

With one month to decide and assay results from the Lamil Project currently pending, September is likely to be an interesting month for the company.


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## greggles (15 September 2022)

A1M commences a 4,800m RC drilling program at the Marymia Gold and Copper Project. This is a follow up to the 2021 drilling program and hopefully they will have better luck this time.


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## greggles (19 September 2022)

A1M launch all scrip takeover bid for Demetallica Limited at an implied price of 33.7c a share, 68% more than the closing price of Demetallica Shares of 20c on 16 September 2022. DRM only listed in May this year.

Demetallica's Jericho copper deposit is only 4km from A1M's Eloise copper mine. The synergies are obvious and I predicted earlier in this thread that A1M would likely seek to acquire copper deposits in the vicinity of the Eloise mine to take advantage of the infrastructure they already have there.

A very clever move by A1M management, even taking into account the premium they are paying.  The transaction values DRM at around $30 million which is a pittance for the copper they have in the ground and the potential of their other projects, especially considering DRM had over $10 million in cash at the end of June.

No word yet on what DRM management think of the bid.


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## greggles (30 September 2022)

New high grade copper-gold lens discovered 150m NE from the current Eloise Deeps mining level. Grades and widths are impressive. Management understand how important it is to continue to increase reserves around Eloise. I think they will continue to focus on this as a priority.

Still waiting on DRM's target's statement. Should be here soon.


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## greggles (12 October 2022)

DRM has advised shareholders to reject A1M's takeover offer, for the reasons outlined below. I expected that they would, but I also expect that some shareholders will take this opportunity to exit given the current global economic and geopolitical uncertainty. A change in substantial holding notice also released today indicates that A1M has so far acquired 1.6% of DRM as a result of takeover offer acceptances.

It will be interesting to see how all this plays out. I still think DRM holders are better off with A1M given its better financial position and position as a copper producer. It will be hard going for DRM as just an explorer with many capital raisings to come.


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## greggles (14 October 2022)

Aaron Colleran sets out the case for DRM shareholders to accept the A1M offer and does a pretty good job. Unfortunately the DRM shareholders at another venue have taken offence at the below letter, believing it to be aggressive and arrogant.

They apparently believe DRM is worth more than the A1M offer, even though DRM has no path to production for the Jericho Deposit. A1M, on the other hand, has a path to production for Jericho and it will happen a lot quicker under their management.


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## greggles (31 October 2022)

8 months old, but an interesting and informative watch nonetheless.


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## greggles (7 November 2022)

Deal is done. Varied offer is 1.3 DRM shares for 1 A1M share, representing an implied offer price of 39c per DRM share. The DRM board has recommended that shareholders accept the offer and has said that it has received letters from seven shareholders, representing no less than than 24.4% of DRM, stating that they plan to accept the revised offer.

The takeover values DRM assets at $37.4 million dollars, including around $7.5 million in cash given that DRM had $8 million at the end of September.

I think it's a win-win situation for both sets of holders but some DRM shareholders are still unhappy thinking that the deal should have been sweeter. I think they should be grateful that they will receive the equivalent of 39c for shares that were trading at 20c six weeks ago.


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## greggles (9 November 2022)

I commented in the DRM thread regarding the takeover by A1M, and now I will comment here.

This takeover is a great deal for A1M. Not only have they successfully expanded the copper resource with which to feed the mill at Eloise, but they have also just scored themselves a cool $7.5 million cash. This takeover has effectively served as a clever capital raising for A1M. They also now have a new suite of exploration projects that should keep them busy for the forseeable future.

There should be no further capital raisings for A1M. Shares may be issues for the purposes of acquisitions but they should not need to raise cash from here on. They have enough copper in the ground for many years and I expect that they will snap up more deposits in the Cloncurry region to keep the Eloise mill busy. The cash generated from this copper production will fund A1M's corporate expansion in the coming years, specifically the development of other mineral exploration projects.

I see very little downside for A1M from here, other than possible macro factors that could impact the copper price, or the price of other metals that may affect A1M. The foundation for success has been formed with this takeover and now it is the job of management to grow the company through exploration and acquisition. Given what they have managed to do in the last couple of years, I have confidence that A1M is in very capable hands.


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## greggles (14 November 2022)

As of this morning A1M now owns 40.07% of DRM. This week should see acceptances flood in as those still holding DRM see the writing on the wall.


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## greggles (17 November 2022)

A1M now own 58.82% of DRM. The deal is done. Also interesting to note today is that a boutique investment management company by the name of Firetrail Investments has taken a 5.06% stake in A1M through a series of on market purchases during October and November.


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