# SMM - Summit Resources



## GreatPig (18 July 2005)

A break into blue-sky territory. Currently 54 cents as I write.

Cheers,
GP

[I hold]


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## doctorj (18 July 2005)

*Re: SMM - Summit*

Same day as that big green bar, Laramide closed 20+% higher to CAD$2.00.  Laramide owns the rights to mine the Westmoreland Uranium deposit in North Queenslands about 300km north of SMM's Mt Isa deposits.  Interesting that the break out for SMM coincided with Laramide.

Perhaps there is word of a shift in policy from Qld Labor.  More than likely it's a result of a series of Broker presentations made by SMM's MD, Alan Eggers which, by all reports, has been very well received by American brokers and newsletters.

Either way, volume is definately well up in the past week. On another forum, someone claimed that it looks to be a cup and handle break out with a target of marginally more than 70c, but atleast one brokerage has valued SMM at over $2.50 per share.  Certainly an interesting company, far better fundamentally than many other Uranium jnrs, including DYL.


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## sep (18 July 2005)

*Re: SMM - Summit*

brought smm at 42C still holding been told all good things about company.  more still to come see what happens..


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## GreatPig (25 July 2005)

*Re: SMM - Summit*

72 cents now... 

This has been rocketing up the last few days. Hope there are no loose bits on the fuel booster tanks...

GP


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## tech/a (25 July 2005)

*Re: SMM - Summit*

On this myself at 57c---thats when I spotted it.
WEB is another doing well.Yes have that as well.

AEX
RPT are others not performing as well as the 2 above.


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## GreatPig (25 July 2005)

*Re: SMM - Summit*

Tech/a,

Yes, WEB has come to my attention a few times, but I haven't gotten on to that one.

PDN is the one really doing it for me right now. While SMM has had higher percentage gains just recently, I have about three times as much cash sitting on PDN (I would have bought more SMM at the time too, but I had no more spare cash just then).

Cheers,
GP


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## GreatPig (28 July 2005)

*Re: SMM - Summit*

Small correction today 

GP


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## chicken (29 July 2005)

*Re: SMM - Summit*

Read what they said making a share issue...needing more money from the shareholders....once they produce...or get permission to mine their Uranium Share price will go higher


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## Cash cow (25 August 2005)

*SMM 'another' uranium mining company*

Has anyone out there been buying into SMM lately? Has been performing quite well lately. I have been buying them between 62 and 65 cents and selling them for between 66 and 72 cents, usualy either on the same day, or the following day.


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## farmboy (25 August 2005)

*Re: SMM - Summit*

I bought Summit at 61 cents and intend to stick with it for a while. I think it has a long way to go yet. 
Some people on the Labor side of politics are starting to change their way of thinking re uranium and nuclear power, so that should boost uranium stocks.


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## white_rabit (27 August 2005)

*Re: SMM - Summit*

Yeah I'm jumping on this band wagon, the correction that just happened isn't too much to worry about IMO.


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## doctorj (26 November 2005)

*Re: SMM - Summit*

Beginning to like the look of SMM.  Take a look for my thoughts here.


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## doctorj (26 November 2005)

*Re: SMM - Summit*

Probably poor form not to post it here, so here it is as well.

Technically, SMM is in a major uptrend from September '04. Recently it has pulled back rather strongly and found support of the 50% fibonacci retracement level from the low in April '04. It has traded within a narrow trading band from 12/10/05 to 21/11/05 when it broke out of the upper levels of the band accompanied by strong volume.

Interestingly the 50% retrace from the 17/11/05 low coincides with the top of the band made by the swing high on 18/10/05. The break out temporarily broke the top bollinger band and is pulling back on declining volume. It should find support at the point defined by the previously mentioned 50% retrace at which point we'd be looking for a rebound and a potential entry.

This could be considered a flag pattern which would give a target of 84.5cps (as given by height of the flag + support point) if it plays out as expected.


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## Fab (23 March 2006)

*SMM*

I have been following this stock for a while now (few months) and bought at 0.90 cents around 4 months ago at the time it was a high, it then went several time to 0.55 to 0.60 which seems to have been a strong resistance zone and bounce back to eventually go past the 0.90 cents which it broke yesterday. In the last 2 days this stock gained over 10% each day, I can't see any valid reason . Can anyone explain. I am not complaining as I have got a fair bit of SMM but I am more trying to understand the reason behind this strong rise.


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## Fab (27 April 2006)

SMM is moving up very very nicely but not too fast which makes me things it is unlikely to stop. Has anyone been following this stock ?


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## Fab (3 May 2006)

This stock is moving very nicely up. I am wondering if someone could tell me a bit more about its likelihood to keep going up


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## Fab (24 May 2006)

Wow. Up 20% and counting today.


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## chicken (16 June 2006)

Fab said:
			
		

> Wow. Up 20% and counting today.



No it was 10%...but different dates....Uranium went up $3 overnight...I bought in at 94cents..10K and bought another 10K yesterday at $1.04....so av.99cents....will hold because as soon as Australia lets them mine..look out $3+.....do your own research.....will rise today


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## Fab (16 June 2006)

Chicken,

I have to say I bought this share about 1 year ago based on some advise that I have not really checked so far so good as I bought at 0.90. I would be interested so to get some more opinion about the potential of SMM if you know much about it.
My prefer stock in that sector is by far PDN (I have done very well with it since I bought it about 1 year ago when everybody was saying it was already overpriced a bit like SEK which I still hold as well).


Cheers


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## chicken (17 June 2006)

Fab said:
			
		

> Chicken,
> 
> I have to say I bought this share about 1 year ago based on some advise that I have not really checked so far so good as I bought at 0.90. I would be interested so to get some more opinion about the potential of SMM if you know much about it.
> My prefer stock in that sector is by far PDN (I have done very well with it since I bought it about 1 year ago when everybody was saying it was already overpriced a bit like SEK which I still hold as well).
> ...



Fab, I would suggest to do some research, in fact, as soon as SMM have the green light for mining the SP will be $3.25+....in fact they have a huge find in MT ISA...do your research as this one will be huge..bigger than your PDN believe it......also Copper and Gold.....I just bought more on the down day at 94cents....and put it now away...I DID MY RESEARCH see their latest announcements.......


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## Fab (17 June 2006)

Chicken,

Thanks I normally do my research but I bought this one based on some discussion I had. Where do you get your information from on this stock

Cheers


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## ALFguy (30 June 2006)

Might be on the move with an update of finds at Mt Isa....


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## Fab (4 July 2006)

Looks like you might be right. Up more than 5% today


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## Fab (7 July 2006)

SMM +14% today in good volume can anyone explain why ?


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## chicken (1 August 2006)

Smm...ready to go for a run...what is this worth when they are or have permission to mine....some are saying as high as $28....conservative.....


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## sam76 (1 August 2006)

chicken said:
			
		

> Smm...ready to go for a run...what is this worth when they are or have permission to mine....some are saying as high as $28....conservative.....




Geez chicken, who's saying $28?


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## Sean K (2 August 2006)

'Some' are Sam. Close relations to 'they'. 

I think Chicken has a $28 price target on SBM too!


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## Fab (2 August 2006)

When is there mine due to go to Prod ??


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## chicken (2 August 2006)

sam76 said:
			
		

> Geez chicken, who's saying $28?



Sam,read HC and its all there research and all.....good hunting...also PDN might try and buy SMM....it will costs them....the CEO of SMM is a NZ lawyer...highly respected....company will go places as soon as the labour policy has changed....


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## Fab (2 August 2006)

Chicke,

What do you mean by read HC ? I also think it is unlikely PDN would bid for SMM as they are already bidding for VUL.


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## Sean K (8 August 2006)

Forming a nice penant. One to watch for which way it breaks, but should be up. 

I'm not on this yet, but as discussed through this forum, one of the better U plays in the country except that it's in QLD *%##! 

It will be interesting to listen to debate during question time over the next few weeks and the comments by the fed Labor party and what the consensus may be. I think they're going to change national policy which will mean SMMs significant deposits will be there for the taking.


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## dj_420 (16 August 2006)

the resources that this company owns are huge. and they only have 187 million shares on issue. i think these guys will be bigger than palladin. what are ppls estimates when uranium policy changes, i mean im thinking it will be a 5x increase following policy change. 

do they have production cost esimates yet or is that far off?

i bought in at 1.50 but will be continually adding this stock. buy into the dips


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## Sean K (17 August 2006)

Chart wise it's starting to look shakey. Dropping down out of a pennant but not dramatically yet.

Agree on the fundamentals. The tenaments they have are outstanding with some of the biggest deposits in the country. When and will they be able to mine it though?

I think if Labor changes its policy you'll find a lot of the big boys scooping up these companies, although it's happening already. PDN takes VUL, Mega buys RPT. Wonder when BHP and RIO are going to start buying? 

Surely SMM would be under the microscope?


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## Fab (17 August 2006)

Sounds good but what are exactly the fundamentals of this stock and why SMM should do better than any other speculative mining stock ???


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## dj_420 (17 August 2006)

i dont know how shaky its looking. buyers are beginning to stack up and its only 9:20 am.

what is the result of pdn buying out vah, smm will still earn 50% am i correct. if anything it shows what a world class deposit they have, pdn trying to snap up major deposits for policy turnaround


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## dj_420 (17 August 2006)

buyers disappeared this morning, but showed good support at 1.39 - 1.40 is it still within the pennant kennas??

i found this article on summit 




SUMMIT UNDERVALUED BY UP TO TEN TIMES!

COMPANY COMPARISONS

ORD MINNETT

URANIUM REPORT ERA

Attached is Ord Minnett's Company Review dated 11 July 2006 on Australian Uranium Producer ERA.

Table 4 compares a number of uranium companies market value of A$ per tonne U3O8 based on their uranium reserves and resources.

Summary Table 4

COMPANY Valuation A$/tU3O8

AREVA $75,084

PALADIN $56,520

DENISON $46,558

CAMECO $29,314

SRX URANIUM $10,224

ERA $9,818

SUMMIT $6,932

An analysis of Ord Minnett's table indicates, based on companies uranium reserves and resources, Summit's share price on a comparative basis, should be over 10x its current price when compared to AREVA, over 8x its current price when compared to Paladin, around 7x when compared to Denison and 4x times when compared to Cameco.

Further, the quality of Summit's uranium resources in terms of grade and tonnes and proximity to existing mining infrastructure, translate directly into Summit becoming one of the world's lowest cost uranium producers with high margin profitability.

Alan J Eggers Managing Director
SUMMIT RESOURCES LIMITED


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## Sean K (17 August 2006)

Hmmm, interesting info. Makes it look very attractive. It's in QLD though! 

I think it's lost the pennant for the moment and just wavering, generally down, although todays action was encouraging. Hit $1.39 and bounced significantly. There was some previous support around that level. Need to watch it over the next few days to get a better picture.


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## dj_420 (19 August 2006)

i think that is the only thing holding it back, the fact it is in qld. when uranium policy turns around this will have huge potential. 

i think that with rising pressure eventually we will have to change policy regardless of some political opinion.

its only a matter of time


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## dj_420 (20 August 2006)

It comes down to this policy been reversed. if they change the policy at a federal level then that will efectively overrule whatever beattie wants. 

IMO there is a growing pressure from both US and China to begin a uranium enrichment policy. This policy cannot stand forever and when it does finally get reversed SMM will be able to make the progression to producer.

Interesting to note whilst paladin bought into Mt Isa also then they obviously expect a policy change in the upcoming year. What would be the effects of Paladin and Summit in the JV, anyone care to comment. 

Also the way uranium spot prices have been consistantly increasing every 2-3weeks. it would be good to see u above $50, that will generate panic buying in u stocks and we will see another u driven increase


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## dj_420 (20 August 2006)

I found the valuations that chicken has been talking about.
It is an insitu value only and does not take into account productions costs.
It also is based on the assumption that SMM can increase their deposit size up to 150 million pouns of u. It is also based on the assumption that the current u spot price continues to increase at a rate of $0.5 per week. It is a post that was found on hot copper. I have posted it below for people to read and discuss



Post 2:

Investors have forgotten that the current increase in the U price amounts to US50 cents/week and that this increase confirms my prediction:

Subject re: increases of insitu values 
Stock Code SMM - SUMMIT RESOURCES LIMITED 
Posted 11/05/06 09:42 
Posted by stolwyk 
Post #1054463 - 1418 reads 
In Reply to msg #1043143
Investors have forgotten that the current increase in the U price amounts to US50 cents/week and that this increase confirms my prediction:

Subject re: increases of insitu values 
Stock Code SMM - SUMMIT RESOURCES LIMITED 
Posted 11/05/06 09:42 
Posted by stolwyk 
Post #1054463 - 1418 reads 
In Reply to msg #1043143 

INCREASES OF INSITU VALUES

Assuming they can get 150 mill lbs in a year's time (And they are well on the way),

then the deposit Insitu value will be Aus$8181.8 mill (US$42/lb and A=0.77) or based on their 188 mill shares, $A43.52 /share, a nice value but *not* incorporating Uranium price increases during the year.

+ + + What is forgotten that the Uranium price increases during the year could be good enough to hold the shares for, while waiting for approval.

One could get a 50 cents/week increase in the U price in the next 12 months or say US$26. 

That gives a massive *increase* in value of the Insitu deposit of 150 mill lbs or more or $AU5.064 billion or $AUS26.94/share. Current share price is $A1.51.

+ + + Assume we have an Insitu 150 mill lbs U in 12 months time, and the U price will be the current US$42+26=US$68 or $A88.31/lb, or a sum total of 13246.5 mill or based on 188 mill shares:$A70.47/share.

Of course I am talking about Insitu values, but rest assured there will be enough left after production. Current U price: US$47.25


SMM could be one of the most valuable stocks to have ($1.51/share), assuming uranium is getting more expensive with time.

Subject to audit,

Gerry 
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.


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## Sean K (20 August 2006)

Yeah, that's all assuming that they only ever have 180m shares on issue too. How are they going to fund future exploration and mining? Is the money going to be given to them by a bank for free, or will they have to complete some big placements diluting the stock? Or, maybe PDN will pay for everything, or buy them out? I see placements on the horizon.


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## dj_420 (20 August 2006)

True kennas, but if placements were all to occur over $1 per share then it wont dilute sp much at all. considering 187 million on issue now, another 10 million placement that would put it at 197 million shares on issue. still great value and gives SMM another $15 million in the bank for exp.

thats where i see a large problem for company like EXT, to raise enough capital to continue exploration they will have to issue a large amount of shares. say they wanted to raise another $10 million for exp (at current sp), that works out to be another 125 million shares to be placed. To continue doing that and to even begin developing mine they are going to blow out placement to a very large number, thus with a high amount of dilution.

In SMM case i dont see further placements to be much of a problem, placement funds exp - and exp upgrades current resources


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## dj_420 (21 August 2006)

I think the effects of PDN taking over VUL will be minimal. If PDN succeeds in taking over VUL then there are benefits to SMM such as:

- a large company with good mgt all experienced in uranium
- a better partner for development of deposit 
- SMM still retains mgt, ownership of deposit, it means that PDN can earn only 50%
- SMM still has 100% ownership in 6 tenements and 50% in another 2 (still been 100$ owned and managed)

If PDN are found to be in breach of pre-emptive rights then

- SMM can purchase remaining 50% of deposit for 85% of current market value

Either way SMM wins. Looking forward to a re-rating of SP soon, that will come with upgrades of u deposits. 

Mgt have also stressed the focus of the company, that they intend to fully develop and mine the resources that they are defining. Mgt also retain around 30% of shares on issue which means that a takeover would not be met without a fight.


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## Fab (22 August 2006)

Sounds like it should go up today. Look at the announcement


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## dj_420 (22 August 2006)

If everyone is excited about EXT take a look at SMM. Ann stated that JORC compliant resource estimate has been increased to 57 million pounds of uranium.

That is a significant increase over previous estimates which was 36.5 million pounds of u.

In ground resource value just for valhalla is $2.7 billion US. As soon as other tennaments have JORC compliant resource estimates this company is really going to start moving. This means that SMM can begin studies for a bankable feasibility study.

Resource estimates are now been calculated for andersons, skal and mirrioola u deposits. Should have a huge JORC compliant reserves by end of year.

What are other peoples opinions on the ann today??


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## Sean K (24 August 2006)

Cath, You talking about the 9m share placement at $1.50?

I've been doing some more research on this and I'm starting to be converted, even though it's in QLD. Beattie can't stay in forever, and I think it's a very good change the Nat Labor Party is going to change it's no new mines policy. SMM has the 3rd largest deposit in the country now, JORC, and in a great loc near all the log spt around Mt Isa. They already have plans for a mill and will be pretty much right to go as soon as Labor say 'yes, OK, you can dig up those $billions worth of dirt tomorrow.' 

Seems to be wavering atm, and not sure what effect the $1.50 placement has on it. Perhaps just needs some positive news about further mining in Australia for a kick up.

Support at $1.40 on the down side. Resistance at $1.60.


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## Archinos (24 August 2006)

I agree kennas re SMM +ve chances. They're reasonably advanced now & a forerunner to becoming a monster iff policy is changed. I remember kicking around the old Mary K mine in 90-91 and discussions revolving around "there's still a hell of a lot of it in ground around here... just wait till the price is right and the policy changes etc". Can't wait for their other prospects to be JORCed.


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## dj_420 (24 August 2006)

the only thing holding this company back is policy. BUT if policy changes at a federal level it will effectively overrule state policy. SO if policy is reversed beattie cant do much but go with it, and im beggining to think that his mood is changing anyway, he wanted a study done on the effects of uranium enrichment would have on qld coal industry.

seems to me like there is a lot of pressure for him to change his stance. us and china want us to begin u enrichment also.

what i like about this company is the amount of shares on issue. after last capital raising it is 197 million. tiny compared to what value this company holds. and now co has around 15 million to continue drilling.

not a great deal of interest in this stock at the moment, but im just going to keep buying into dips. this is one that will be next big u miner.

what do you think kennas??

i like the massive increase on valhalla, and the fact they still have another 8 tenements with very good grades of u. cant wait to see these be turned to JORC compliant deposits


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## Archinos (24 August 2006)

Policy is the key, and Beattie is already on record for saying that if Fedral Labor policy changes, he will fall in line (assuming he wins next election...).


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## dj_420 (24 August 2006)

i also forgot to add uranium is still increasing in spot price. up to US $48 per pound now!! good stuff

have a look at this graph.
shows uranium supply and demand from 1970 - 2005






dont know if this image has worked
how do i upload image into my post???


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## Archinos (24 August 2006)

Cathers
since you're interested in following the U price, perhaps you'd like to take a look at an article by Paul van Eeden @ paulvaneeden.com, article dated 2/Sept05 (under Commentary) re inbuilt potential future price influences in the processing of U fuel (Uranium: a tale of tales). Something to keep in mind.


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## Sean K (1 September 2006)

Archinos said:
			
		

> Policy is the key, and Beattie is already on record for saying that if Fedral Labor policy changes, he will fall in line (assuming he wins next election...).




Good article this am in the rear of the Fin saying the Labor no new mines policy is more than likely to change. I've now picked up some SMM at $1.49. 

I'd expect PDN to eventually take this over, or with the legal stouch atm, there's a chance that SMM could acquire VUL, which would be interesting.


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## Fab (1 September 2006)

I thought VUL had just been acquired by PDN. I have PDN and SMM and I think I will keep them for a long long time.


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## Sean K (1 September 2006)

Fab said:
			
		

> I thought VUL had just been acquired by PDN. I have PDN and SMM and I think I will keep them for a long long time.




SMM are saying that VUL provided PDN information regarding their company that should not have been divulged under the JV between SMM and VUL. This action could result in SMM compulsory acquiring VULs half of the project. It's going to be fought over in the courts by the look of it.


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## Archinos (1 September 2006)

Any thoughts on SMM trading strategies in light of impending court action?


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## Sean K (1 September 2006)

Archinos said:
			
		

> Any thoughts on SMM trading strategies in light of impending court action?




Sentiment might go against SMM if it's long and protracted and PDN have the upper hand.

On the other hand, why would PDN not want to buy them out? They're about to be producing at LH, will have good cash flow, have huge market cap. They could easily pick up SMM at another 30% premium without blinking. Then they have another 60mtn ish of uranium to be mined when Labor change their policy, which is odds on. 

I'm backing the second.


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## Archinos (1 September 2006)

thanks Kennas.
I was thinking that as a rule of thumb, nobody likes court action and once it ensues there might be a slight SP retraction. The outcome is anyones guess at this stage...


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## dj_420 (1 September 2006)

i dont see SMM been taken over quite that easily. directors of SMM own over 30% of the shares. i have spoken with director and he assured me that a takeover attempt would be met with a fight. as far as a stock goes SMM is very undervalued and a TO attempt will be rejected.

also SMM have just been entered into ASX300 which will deserve a re-rating. i think that SMM will come out on top in court case and as such will be able to take the remaining 50% of mt isa deposit at 85% premium to market value.

even if PDN can takeover VUL then SMM still wins because they retain mgt of deposit. either way it will mean SMM still remain in control.


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## Sean K (1 September 2006)

cathers_420 said:
			
		

> i dont see SMM been taken over quite that easily. directors of SMM own over 30% of the shares. i have spoken with director and he assured me that a takeover attempt would be met with a fight. as far as a stock goes SMM is very undervalued and a TO attempt will be rejected.
> 
> also SMM have just been entered into ASX300 which will deserve a re-rating. i think that SMM will come out on top in court case and as such will be able to take the remaining 50% of mt isa deposit at 85% premium to market value.
> 
> even if PDN can takeover VUL then SMM still wins because they retain mgt of deposit. either way it will mean SMM still remain in control.




85% premium? Where did you get that from Cathers?

You chatting to the directors? Please don't start calling him 'The Chief'! he, he.

You paint a rosy picture, hope all works out. I haven't bet the Moon on this. Just Pluto. So, looking forward to a positive outcome here.


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## Archinos (1 September 2006)

Kennas
SMM initiation of court proceedings date 28th July

"entitled to exercise an option.....at a price to be agreed, or failing agreement at 85% of the market price determined by an independant expert."


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## Sean K (1 September 2006)

Archinos said:
			
		

> Kennas
> SMM initiation of court proceedings date 28th July
> 
> "entitled to exercise an option.....at a price to be agreed, or failing agreement at 85% of the market price determined by an independant expert."




Hmmm, 'independant expert' worries me. So does 85% premium. Is that a good deal? Sounds like a lot of extra bickies to me.


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## dj_420 (2 September 2006)

sorry kennas i meant 85% market 15% premium.

sorry guys incorrect post. must be u fever gettin to my head.
and i will never refer to one of the directors as chief!! haha. 

the reason i spoke with director was regarding PDN attempt to to VUL, i wanted to know if that changed the company strategy or focus. he said no, as you already know SMM remain as mgr of deposit.

ive been looking over their drill results for other deposits. have a look at andersons, could be another jewel in the crown. cant wait until these deposits are converted into JORC compliant.

the admission of SMM into asx300 is also important. why would a company who have not mined an ounce of uranium be admitted into asx300. the potential must be enormous. pending change in policy we will begin to see fair value for this stock.


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## chicken (4 September 2006)

All they need the green light..and how much is SMM worth...


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## dj_420 (20 September 2006)

i have been looking over summits tennements and in addition to valhalla and skall ones i think are of large interest are:

ANDERSONS
Recent drill results reported for Andersons include:

28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5

Only one of 8 deposits, 6 100% owned


Future Targets:

WARWAI
Drill results previously reported for Warwai include:
9m 5.29lb/t (0.24%) U3O8
8m 3.09lb/t (0.14%) U3O8

DRUM
Rock chip assays reported for Drum include:
Rock chip 13.40lb/t (0.61%) U3O8

These are only 2 of the 15 prospects for exp

Quite a few of their 100% owned tennements will be JORC compliant by the end of the year, looking forward to increases on current tonnage.

i think this one is a sleeping giant and positively identifying resources will help market take notice.


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## dj_420 (22 September 2006)

interesting to see summit refusing offers from sinosteel
they obviously see more value in operating their own resources with their own mgt


http://www.theaustralian.news.com.au/story/0,20867,20407946-5001641,00.html

Minnow's mighty U-turn gives China some critical mass
COMMENT
Matthew Stevens 
September 14, 2006
ON June 10, 2004, Norman Kennedy paid Rio Tinto $204,000 for an exploration lease in the Curnamona Province near Broken Hill.
Yesterday, Kennedy effectively sold a 60 per cent interest in that same lease to China's leading resources trading house, Sinosteel, for $32 million. 

Two years is a long time in the mining game. Especially when your little chunk of the Curnamona contains a couple of uranium deposits which were originally discovered by the South Australian government back in the 1950s, which ran the nearby Radium Hill mine. 

When Rio sold, uranium was still an economic and political no-no. 

In 2004, prices were ordinary and Rio already had enough on its plate in the Northern Territory trying to extend the life of Ranger's diminishing resource, while it negotiated with the Mirarr people on the world-class Jabiluka deposit. 

But with prices now topping $US52 a pound and South Australian Premier Mike Rann leading a charge to overturn the Labor Party's ludicrous "no new uranium mines" policy, Kennedy's punt looks like paying off big time. 

In April, Kennedy and geologist wife Rebecca floated Pepinnini as the public vehicle for a suite of mining prospects they had collected from major miners over three years or so. Named after the French daughter of a family friend, Pepinnini raised $3.5 million in selling 45 per cent of capital on the market. 

Six months later, and tiny Pepinnini has banked a $1.5 million deposit from Sinosteel in what is a downpayment on a $30.5 million proposal which will see the Chinese company emerge in control of the joint venture, with plans to build a $200 million uranium project at Crocker Well. 

Crocker Well is the low-lying fruit in Pepinnini's territory. It is small, but relatively perfectly formed in the sense that the project would be little more than a quarry. The ore does not need to be chemically extracted and it would be treated in China. 

The big question is: why would the likes of Sinosteel (and the three other Chinese suitors who sought partnership with Kennedy) bother with a minnow like Pepinnini? 

There are two answers to that one. First, obviously, uranium. China's investment in nuclear energy has been comparatively modest and one reason is that it has been unable to secure reliable sources of new supply. 

So, following a model established by Japan in the 1970s, China is prepared to provide foundation capital for uranium projects in return for equity and supply agreements. 

And where better to look than Australia, where the uranium industry is still struggling to emerge from a politically enforced 30-year hibernation. 

Which sort of gets us to the second reason, which is that Pepinnini's resource is in South Australia, where Rann has made it clear he is ready to sell more uranium from more mines. 

So, Sinosteel's first footprint on Australian uranium was always going to be in South Australia. The next might well have been in Queensland, but I understand Summit Resources is refusing similar deals being offered to fund the development of its array of deposits outside Queensland. 

Of course, nothing is going to happen in Queensland until the federal Labor Party embraces Rann's push to overturn the "no new mines" stupidity. At that point, you can bet Peter Beattie 

will move quickly to open new mines in his state.

It is worth reflecting that only a year ago, a deal like this would have been politically and diplomatically unapproachable. The times are changing with stunning speed for the uranium industry. 

By the end of the month, we can expect another expression of the uranium industry's perestroika with the launch of the Australian Uranium Association. 

Its foundation members, including Rio Tinto, BHP Billiton and a fleet of explorers, have already appointed former Rio Tinto IR road warrior Mike Angwin as chief executive. 

The AUA's brief is to concentrate exclusively on the search and extraction of uranium. 

It will, for example, play no role in the horse-before-the-cart nuclear debate John Howard and others seem keen to push for. 

Angwin's appointment is significant. He was a central strategist in Rio's industrial relations revolution during the 1990s and subsequently assisted in assembling Peter Reith's IR agenda. 

Angwin is no shrinking violet and is not ready to retire. 

He will become the voice of an industry determined to recover the political and communal legitimacy lost 15 years ago, when Bob Hawke buckled beneath the might of the sickness spirit of Bula and put a stop to BHP's Coronation Hill mine.


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## chicken (26 September 2006)

chicken said:
			
		

> All they need the green light..and how much is SMM worth...



Chinese are opening their purse string.....HOW MUCH WILL SMM BE WORTH


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## Sean K (26 September 2006)

The court action has officially commenced in regard to VUL providing PDN with corporate info, that was not allowed uner the JV with SMM. The result could be that SMM compulsory acquire the other 50% of the Isa JV and only have to pay 85% of the market vaue. A huge win for SMM. I doubt they would not have gone down this path if there was nothing in it. Although I invisage this legal process to drag out, potentially taking the shine of SMMs price, ultimately they will still at least have 50%, and potentially the whole project. Long term, all good. 

SP wavering a little, testing $1.40. Looks like a bit of support around this level.


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## chicken (26 September 2006)

The  CEO of Summit IS A Qualified solicitor...he knows what he is doing...tough man that....he is well versed in LAW....


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## dj_420 (29 September 2006)

hey kennas

SMM showing some movement now. A lot of media coverage on this stock lately. Media stating that SMM and MTN are long-term winners.

Does anyone know when next ann regarding JORC deposits is coming??
Could be re-rating finally and we will see SMM test old highs.

This stock shows very strong support under 1.50, when it drops to around 1.40 it bounces back very quickly. I've been trying to accumulate on these drops as IMO they wont keep happening for too much longer.


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## Sean K (29 September 2006)

Yeah, there is some support around those levels. Is it ready to go through $1.60? Has mde several attempts all failing. Needs some good news, resource updates, takeover by PDN.....


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## dj_420 (3 October 2006)

you still holding kennas?

up 14 cents to 1.70 now

its made the break now, if it can hold we will see it retest old highs.
maybe a resource upgrade on the way, another sig discovery?

who knows im looking forward to the ride


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## Fab (3 October 2006)

Going very well today against the trend. What is happening ?


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## dj_420 (3 October 2006)

now up 16 cents as i write. i think JORC compliant results are due soon, could be an explanation.

ive been harping on about summit for a while, i thought it was significantly undervalued, they should experience a re-rating soon i think. admission to asx300, huge potential for exploration areas and already big significant discoveries


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## Fab (3 October 2006)

I agree. Is that the next PDN ?


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## dj_420 (3 October 2006)

increase could be due to SMM will be aust next big uranium producer pending a policy turnaround. BUT honeymoon uranium mine was confirmed on friday making it aust fourth uranium mine!

Does this mean the policy has already effectively been ended, could a turnaround be closer than previously thought.

only time will tell but out of aust uranium companies SMM, MTN and AGS are ones sitting on large resources not been mined.


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## dj_420 (3 October 2006)

i think SMM will be bigger than PDN. SMM has two significant deposits and many tennements with medium to high grade results already. all we need is converted into JORC resources and we will begin to see some fair value for SMM. 

take a look at some of my previous posts on SMM tennements. many of them will be JORC by the end of the year, and remember SMM has only 200 million shares on issue.


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## Sean K (3 October 2006)

dj_420 said:
			
		

> you still holding kennas?
> 
> up 14 cents to 1.70 now
> 
> ...




Yep, I'm holding this one for a while. Expecting Labor policy to change next year which will see this jump considerably. I don't think it's factored in much yet. 

Interesting % jump today, not seen for a while. Maybe something brewing. Volume not that spectacular though....


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## Fab (3 October 2006)

I agree the volume is not that high but still nice to see it above 1.70


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## Fab (3 October 2006)

WOW + 13% today 

Does anyone know why this buying frenzy today ?


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## Sean K (3 October 2006)

Perhaps Beazley et al are getting in early before they change their policy? he he.


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## Fab (4 October 2006)

Will it go past the $2 mark today ??


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## Sean K (4 October 2006)

Fab said:
			
		

> Will it go past the $2 mark today ??




There was a sale or two at $1.90. Not bad. Broken out I'd say. A $1.82 as I type.

The major resistance was between $1.60 and $1.70, now going blue sky. 

This litigation with Resolute might go SMMs way and create quite a big company. I received a nice letter from them in the mail yesterday stating that they were pretty confident of a positive outcome with the procedings taking 3-6 mths. Also planning to have 6 of their U tenaments JORCed by the end of the year. Plus, of course, they are also confident Labor will change their 'No Brains' policy.


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## Fab (5 October 2006)

Will it go above the $2 today ? I would say yes specially after the big jump of the DOW overnight


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## Sean K (9 October 2006)

Well, no $2.00 yet, but pushing up to it once again. Hopefully this will establish $1.80 as a base.


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## Fab (11 October 2006)

maybe $2 today


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## Sean K (11 October 2006)

Let's not get too excided Fab. I want this to be a long slow climb to $5.00+

Should find very good support between $1.60 and $1.75 on any near term correction. 

Damn Faulkener looks like he is going to be the next Labor National President which I can't decide is good, or not. He does not support abolishing the 'no new brains' policy which means he will either _try _ and influence the vote next year, or will feel obliged to stay out of it.....

Anyway, for the short term, us SMM holders can enjoy this little ride. Most of the market is doing OK though.......


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## nizar (11 October 2006)

kennas said:
			
		

> Let's not get too excided Fab. I want this to be a long slow climb to $5.00+




Very possible.
These guys have HUGE uranium deposits, infrastructure in place, cheap extraction costs only us$8/lb, all they are waiting for is the word GO.

Im not in this but definately be when it gets closer to april. One of the best uranium stocks to hold IMO...


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## Sean K (12 October 2006)

kennas said:
			
		

> Let's not get too excided Fab. I want this to be a long slow climb to $5.00+



I'm excited!!! $1.99. Come on SMM, you need to make up for that damn nasty hound TLS! 

I DO want some consolidation around $2.00 please.


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## Fab (12 October 2006)

Yep, I am very happy with SMM too. Why is it going so strongly at the moment ? Is it the current court case ?


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## dj_420 (12 October 2006)

it is the fact that there will be an additional six JORC deposits by the end of the year. i think there may be some nice suprises for everyone, andersons i think is going to be a nice high grade deposit.

many other tenements also for exp, many good grades in these tenements, take a look at my earlier posts for some of them.

i think some light has finally been shed on SMM, the sleeping giant is stirring. $2.00 is faiur value IMO, i feel this stock still has a long way to run.

anyone been topping up at these levels???


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## Sean K (12 October 2006)

Fab said:
			
		

> Yep, I am very happy with SMM too. Why is it going so strongly at the moment ? Is it the current court case ?




Fab, the whole market's gone OK the past few days. Turned a bit bullish for the minute. Plenty of 5% + gains, but we don't want this too much. The harder they rise the harder they fall. Slow and steady wins the race. I want to be on this when it's producing in 10 years time at $15 a share.


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## Sean K (13 October 2006)

I'm more excited now fab. $2.00 in the bag......$15.00 here we come.....he he.   

Just up with the rest of the market though. The past 2 weeks have been very good to us punters. 

Sill, would like the good news to be flowing from SMM. They haven't announced much recently and the sp keeps climbing. Imagine when they come out with one of these JORCs around Mt Isa and say they have 5 more to provide.....or maybe it will be buy the rumour sell the fact stuff.....All good as far as I can see.

John Hewson in the Fin today ramping uranium industry in Australia......


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## Sean K (13 October 2006)

Spoke too soon, back down to $1.95.   

Gotta stop watching these things by the minute..............


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## chicken (13 October 2006)

kennas said:
			
		

> Spoke too soon, back down to $1.95.
> 
> Gotta stop watching these things by the minute..............



Yep, someone wants stock at lower price...getting there...but will rise again..what is it worth..when they start mining...some are saying $70....not out of the question..after all they say that SMM resources are high...and only 220million shares....


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## Sean K (13 October 2006)

Ha! Beaten down by a whole bunch of crappy $2K trades. What a laugh. 

Holding up there was just too hard for this little Summit...  

$1.80 should be short term support. I hope.


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## dj_420 (13 October 2006)

no matter, ill be buying more next week on pay day, ill be glad to pay up to 1.80 for this one. my avg is 1.52 so still ahead, maybe ppl thought news was on the way already and dumped on no news. i think the price did drive ahead a little fast.

no matter see what next week brings, big drop today but nothing about his company has changed, it just got better if i can get some more cheaper.


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## nizar (13 October 2006)

chicken said:
			
		

> Yep, someone wants stock at lower price...getting there...but will rise again..what is it worth..when they start mining...some are saying $70....not out of the question..after all they say that SMM resources are high...and only 220million shares....





$70?   
Nice - my initial target is $5 by next year sometime if nuclear policy changes and its all systems go for production.

But if nuclear policy doesnt change come april, and please bear in mind that is STILL POSSIBLE - SMM will go back down to the cents


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## Fab (15 October 2006)

The PM has been quoted today to be in favor of nuclear power in Australia again. Watch 60 minutes there is an interview about it 
No reason why nuclear power could not work in Australia. I used to live in France where most of the electricity is generated via nuclear central and it is great. Never worry about any risk.
Australia is a perfect country for that, no tension, technology savy and has all the uranium reserve in the world. The problem might be to find nuclear scientist trained in this country


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## Fab (24 October 2006)

SMM set for another good day today


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## Sean K (24 October 2006)

Fab said:
			
		

> SMM set for another good day today




Why so Fab?


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## Fab (24 October 2006)

I just noticed the pre-opening price and uranium stocks are going to be hot hot hot until at least April and the decision on the 3 mines policy. Then they will even hotter


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## Sean K (24 October 2006)

Well picked Fab. Gapped up 5%.


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## Fab (24 October 2006)

Just sold mine at $2 . Too tempting. I will buy back when it get lower. If it get lower


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## Sean K (24 October 2006)

Well done Fab. I'm holding till it hits $70.00   

In the upper reaches of the 1 yr trend. Might be a chance to get it when it comes back to the lower band, but breaking through $2.00 is significant. Still, hasn't held above the line for any time yeat really. Let's see what tomorrow brings...


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## Fab (24 October 2006)

I agree it might be a mistake but then I made over 100% in 1 year.Tempting to log in the gain. I hope I will have a chance to buy back so


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## chicken (25 October 2006)

kennas said:
			
		

> I'm more excited now fab. $2.00 in the bag......$15.00 here we come.....he he.
> 
> Just up with the rest of the market though. The past 2 weeks have been very good to us punters.
> 
> ...



Kennas...I do agree with you here Shareprice...will go A LOT HIGHER....and yes if allowed to mine in 2007....this will go like a rocket....and its best now to position oneself in this stock...have a good holding now my average is 59cents...so do not sell or trade till at least $25.....my cream in retirement..


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## Sean K (26 October 2006)

Going a bit balystic now. As much as I love to see a stock run, I always think whooa there! It's just unhealthy for long term stocks to go virtical.

I'd prefer a nice easy pleasant rise to $100 thanks.


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## chicken (28 October 2006)

Now hear it from CHICKEN....this could very well be our Poseiden....as soon as SMM have the green light...this could become the $200 share once in a lifetime this happends...so make your research...I hold....and watch SMM when it goes balistic...YOU HAVE BEEN TOLD....London Brokers are now telling their clients to buy.....so it looks to me its all going to happen here...


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## nizar (28 October 2006)

chicken said:
			
		

> Now hear it from CHICKEN....this could very well be our Poseiden....as soon as SMM have the green light...this could become the $200 share once in a lifetime this happends...so make your research...I hold....and watch SMM when it goes balistic...YOU HAVE BEEN TOLD....London Brokers are now telling their clients to buy.....so it looks to me its all going to happen here...





yeh if u reckon nuclear policy will change then no doubt this is THE STOCK to be holding...


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## Fab (28 October 2006)

Does anyone know a broker that offers SMM on margin loan ??


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## Sean K (28 October 2006)

Fab, you should be able to buy it through anyone. If they don't 'accept for margin lending' this should only mean that the security can not be used as collateral for future lending. ie, the equity of SMM stock can not be used to borrow against for other purchases.


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## nizar (28 October 2006)

kennas said:
			
		

> Fab, you should be able to buy it through anyone. If they don't 'accept for margin lending' this should only mean that the security can not be used as collateral for future lending. ie, the equity of SMM stock can not be used to borrow against for other purchases.




kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?

how long do you reckon after the green light in april can these guys realistically start production?


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## Sean K (28 October 2006)

nizar said:
			
		

> kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?
> 
> how long do you reckon after the green light in april can these guys realistically start production?




Summit has the most advanced projects in Australia all within 70km of Mt Isa and should be the first to mine if they get the go ahead. I can't find any information on a start up date after green light. 

Reading though their web site will give you a great understanding of where they are at. 

It really is a compelling story and if Labor do change their policy, this stock will be worth buckets. 

It's market cap has increased considerablein the past year reflecting the value of the in ground resourses, and many of them are still open at depth and along strike. Still potential for further upgrades to the 75m lbs they already have JORCed. 

www.summitresources.com.au

I don't hold enough of this atm. Waiting for another pullback to buy more.

I would be extremely surprised if PDN do not buy them out. Or even BHP or RIO.


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## Sean K (28 October 2006)

Their web site also has several independant valuations from the likes of Carmichael, Far East Capital and Martin Place, all raving about them. Carmichael have a $3.65 valuation on them when the price of uranium was about $40 lb. It's now approacing $60, destined for $100 next year, due to supply/demand.


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## Halba (28 October 2006)

How does this all help Summit which won't be mining till at least 2010/11? And thats a BIG IF


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## Sean K (28 October 2006)

Halba said:
			
		

> How does this all help Summit which won't be mining till at least 2010/11? And thats a BIG IF




Yep, it's a big if. Life is a gamble. We take a risk every time we walk out the door. But we do it because we make calculated judgements of how safe it is and the potential rewards. I am risking that the Labor Gov are going to change their national policy by analysing who has been saying what and the feeling I get from even the national green groups is that we must change our mindset in regard to uranium mining and power. We will change imo.


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## Halba (28 October 2006)

when this baby retraces (and they all do) due to somebody saying something about no uranium in QLD, i will buy a small amount in this stock

The trend is your friend as they say. unbelievable trend at that


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## Fab (28 October 2006)

Halba,

That is what I am waiting for I hope it retrace to $1.80 maybe $1.50 but probably no less.


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## chicken (28 October 2006)

Fab said:
			
		

> Halba,
> 
> That is what I am waiting for I hope it retrace to $1.80 maybe $1.50 but probably no le
> ss.



 $1.80...PERFHAPS ,MAYBE ,but, I would not bet on it as the cat has been let out of the bag.....LOLOLOLOLOLOLO....Brokers are telling their clients in LONDON to BUY


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## chicken (28 October 2006)

nizar said:
			
		

> kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?
> 
> how long do you reckon after the green light in april can these guys realistically start production?



Yeah looking pricey..LOLOLOLOLO....with an inground value of Uranium worth $7 to $8 Billion $$$$$$....keep dreaming...and do your figures..PDN will know..


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## nizar (28 October 2006)

kennas said:
			
		

> Yep, it's a big if. Life is a gamble. We take a risk every time we walk out the door. But we do it because we make calculated judgements of how safe it is and the potential rewards. I am risking that the Labor Gov are going to change their national policy by analysing who has been saying what and the feeling I get from even the national green groups is that we must change our mindset in regard to uranium mining and power. We will change imo.




kennas
Even if national nuclear policy changes i understand Queensland state government are against U-mining..

where does this leave SMM ?


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## dj_420 (28 October 2006)

hey nizar

if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.


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## nizar (28 October 2006)

dj_420 said:
			
		

> hey nizar
> 
> if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.




Oh thanks, this stock has alot of potential...
If only the stocks i held werent already so good... LOL


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## Sean K (29 October 2006)

nizar said:
			
		

> kennas
> Even if national nuclear policy changes i understand Queensland state government are against U-mining..
> 
> where does this leave SMM ?




nizar, I've read somewhere that Beattie stated he would follow whatever the party decided at the national level. Carpenter said he would never however, but my understanding of this 'policy' is that it's binding at the state level as it's one of the parties core policies.


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## dj_420 (30 October 2006)

did anyone see the ann from SMM today?? some very nice grades at andersons, mirrioola and watta. lower grades for bikini and tjilpa. 

but the first three are shaping up to be something pretty good IMO. i thought andersons would be a nice deposit and from those grades its looking excellent.

shouldnt be to long till JORC now. the qtrly provided a nice boost for the sp today.


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## dj_420 (30 October 2006)

i dont know if anyone saw ann today but highlights were:

andersons drill results
ANDERSONS 28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
ANDERSONS 8m 2.36lb/t (0.11%) U3O8 & 6.67lb/t (0.30%) V2O5
ANDERSONS 27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
ANDERSONS 20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
ANDERSONS 40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
ANDERSONS 33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5
ANDERSONS 4m 2.62lb/t (0.12%) U3O8 & 4.92lb/t (0.22%) V2O5
ANDERSONS 7m 2.08lb/t (0.09%) U3O8 & 3.07lb/t (0.14%) V2O5

mirrioola drill results
MIRRIOOLA 18m 2.43lb/t (0.11%) U3O8 & 1.48lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.59lb/t (0.25%) U3O8 & 1.68lb/t (0.08%) V2O5
MIRRIOOLA 18m 2.11lb/t (0.10%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 5m 4.08lb/t (0.19%) U3O8 & 1.54lb/t (0.07%) V2O5
MIRRIOOLA 14m 1.16lb/t (0.05%) U3O8 & 1.46lb/t (0.07%) V2O5
MIRRIOOLA 7m 1.68lb/t (0.08%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.35lb/t (0.11%) U3O8 & 1.47lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.54lb/t (0.25%) U3O8 & 1.17lb/t (0.08%) V2O5
MIRRIOOLA 17m 2.12lb/t (0.10%) U3O8 & 1.53lb/t (0.07%) V2O5
MIRRIOOLA 5m 4.16lb/t (0.20%) U3O8 & 1.87lb/t (0.08%) V2O5
MIRRIOOLA 8m 2.38lb/t (0.11%) U3O8 & 1.59lb/t (0.07%) V2O5
MIRRIOOLA 30m 1.77lb/t (0.08%) U3O8 & 1.83lb/t (0.08%) V2O5
MIRRIOOLA 5m 6.41lb/t (0.29%) U3O8 & 1.43lb/t (0.06%) V2O5
MIRRIOOLA 18m 2.03lb/t (0.09%) U3O8 & 1.29lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.63lb/t (0.12%) U3O8 & 1.51lb/t (0.07%) V2O5
MIRRIOOLA 9m 2.44lb/t (0.11%) U3O8 & 1.58lb/t (0.07%) V2O5
MIRRIOOLA 14m 2.86lb/t (0.13%) U3O8 & 1.61lb/t (0.07%) V2O5

watta drill results
WATTA 33m 0.89lb/t (0.04%) U3O8 & 2.14lb/t (0.10%) V2O5
WATTA 47m 1.15lb/t (0.05%) U3O8 & 2.16lb/t (0.10%) V2O5
WATTA 6m 1.70lb/t (0.08%) U3O8 & 4.83lb/t (0.22%) V2O5
WATTA 7m 2.32lb/t (0.11%) U3O8 & 4.76lb/t (0.22%) V2O5
WATTA 8m 1.82lb/t (0.08%) U3O8 & 1.33lb/t (0.06%) V2O5
WATTA 43m 0.83lb/t (0.04%) U3O8 & 1.43lb/t (0.07%) V2O5
WATTA 13m 1.22lb/t (0.06%) U3O8 & 1.42lb/t (0.06%) V2O5
WATTA 4m 2.08lb/t (0.10%) U3O8 & 3.52lb/t (0.16%) V2O5


- confirmation of $5 million georgina basin uranium exp project
- in addition to the georgina basin exp, still another fifteen prospects in mt isa area
- the plans of spin out for constance range iron ore into Pacific Mines to existing shareholders early 2007
- additional exp prospects for spin out Pacific Mines
- appointment of David Berrie as executive director. previously was with BHP in legal roles.
- most resources remain open to continued drilling to expand estimates
- JORC estimates currently been calculated for andersons, mirrioola and watta as sufficiant drilling complete
- excellent grades for andersons, mirrioola and watta (lower grades)

IMO the qtrly just confirmed everything i have stated about company. has excellent prospects, resources and IMO will see significant increase once additional resources are brought to light.


----------



## Fab (31 October 2006)

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ? 
I am interested in SMM,DYL , PDN .. Uranium stuff  

Cheers


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## Sean K (31 October 2006)

Fab said:
			
		

> I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
> I am interested in SMM,DYL , PDN .. Uranium stuff
> 
> Cheers




Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.


----------



## deftfear (31 October 2006)

Fab said:
			
		

> I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
> I am interested in SMM,DYL , PDN .. Uranium stuff
> 
> Cheers




ANZ have SMM on their approved list of securities, as well as a lot of other smaller companies, but it needs to be a diversified margin loan ie you have at least 4 (I think) different companies in the margin loan.


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## Fab (31 October 2006)

kennas said:
			
		

> Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.





Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example


----------



## Sean K (31 October 2006)

Fab said:
			
		

> Kennas,
> 
> I mean you won't be able to buy on your margin loan any SMM or PDN for example




Hmmm. Strange. I was with HSBC and could buy anything. Anything. 

With ANZ/Etrade now but haven't been able to buy anything due to their administration being completely crap.


----------



## Fab (31 October 2006)

SMM down 5%. That makes me very happy as I would like to be able to re-enter but not before it goes below $2


----------



## dj_420 (31 October 2006)

i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.

im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up. 

are you still holding fab or you out completely?


----------



## Sean K (31 October 2006)

There will be opportunites to pick this up lower. Eventually. Should have a consolidation phase. Perhaps that has started. Should be some support at $2.00, if it gets back down there...will depend on general market conditions. Some things are still flying.


----------



## Fab (31 October 2006)

dj_420 said:
			
		

> i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.
> 
> im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up.
> 
> are you still holding fab or you out completely?




I got out at $2 on this one . A bit early but then I picked some ANZ and ZFX warrant which are more than making up for the lost gain of having dropped out a bit early of SMM.

I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation


----------



## nizar (31 October 2006)

Fab said:
			
		

> I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation




Dangerous move, as i have explained to you before.
But every1 has their own style i guess....


----------



## JimBob (31 October 2006)

Fab said:
			
		

> Kennas,
> 
> I mean you won't be able to buy on your margin loan any SMM or PDN for example




You can buy them using funds from your margin loan but as kennas already stated, you cant use the equity in shares in SMM as Comsec have a LVR of 0% for them, as opposed to 60-75% for most other shares.  Ive got a margin loan with Comsec and ive brought some of them with my loan funds, they have done quite nicely lately.


----------



## Sean K (31 October 2006)

nizar said:
			
		

> Dangerous move, as i have explained to you before.
> But every1 has their own style i guess....




We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.  

This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that _if Labor change their policy_, this is going to be worth a bundle. 

So, to contradict what I said earlier slightly, this is a buy at this price atm, *if you have a long term view*. IMO

Unfortunately, not too many people have a long term view on this forum and jump in and out quickly or are in despair when something goes down a % or two. I am like that too with the speccies, but this is not speculative. This is the real deal.


----------



## chicken (31 October 2006)

kennas said:
			
		

> We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.
> 
> This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that _if Labor change their policy_, this is going to be worth a bundle.
> 
> ...



Kennas...I bought a few more today at $2.26....and am very happy to hold...as you said could be worth a bundle...so I placed my bet....as the Uranium policy will change...just the feeling I have....


----------



## dj_420 (31 October 2006)

i would like to see the old resistance line form into the new support, which would be above 2.00 plus. a bit of consolidation around this level would be good for long term trend.


----------



## Sean K (31 October 2006)

dj_420 said:
			
		

> i would like to see the old resistance line form into the new support, which would be above 2.00 plus. a bit of consolidation around this level would be good for long term trend.




Great chart DJ!


----------



## nizar (31 October 2006)

Fab said:
			
		

> SMM down 5%. That makes me very happy as I would like to be able to re-enter but not before it goes below $2




That also makes you very selfish, my friend


----------



## dj_420 (1 November 2006)

lol, thanks kennas


----------



## Fab (1 November 2006)

nizar said:
			
		

> That also makes you very selfish, my friend




It depends how you invest if you look at it as a mid to long term investment then the fact that it mght re-trace to $ 2 or below is a buying opportunity. Otherwise if you are a short term trader you know the risk of a volatile stock.


----------



## Sean K (3 November 2006)

Going gangbusters. Outside the trend line imo, running a bit hard. 

What I would like to see now is it come back towards the top blue resistance line in the long term trend and bounce off it, sending it into a new range of support/resistance. In the mean time, expect a pull back. I don't want to feel like I have to take profits on this. How weird.  :


----------



## nizar (3 November 2006)

Fab said:
			
		

> It depends how you invest if you look at it as a mid to long term investment then the fact that it mght re-trace to $ 2 or below is a buying opportunity. Otherwise if you are a short term trader you know the risk of a volatile stock.




my point was u just dont say that u are very happy if a stock falls on a public forum, i mean why would u do that??

2.40, 2, 2.20 who cares about the entry that will be irrelevent in 6 months time.


----------



## bigdog (3 November 2006)

What do you make of all the small trades?

12:58:56 2.4800 1,799 4,461.52  
12:56:20 2.4800 60 148.80  
12:55:41 2.4800 5,000 12,400.00  
12:52:14 2.4800 720 1,785.60  
12:47:48 2.4800 31 76.88  
12:47:48 2.4800 75 186.00  
12:47:48 2.4800 75 186.00  
12:47:48 2.4800 15 37.20  
12:47:48 2.4800 75 186.00  
12:47:48 2.4800 2,150 5,332.00  
12:45:23 2.4900 562 1,399.38  
12:45:23 2.4900 3,438 8,560.62  
12:45:13 2.4900 18 44.82  
12:45:13 2.4900 44 109.56  
12:43:48 2.4800 5,000 12,400.00 XT 
12:43:48 2.4800 2,850 7,068.00 XT 
12:42:40 2.4800 150 372.00  
12:42:17 2.4800 3,000 7,440.00  
12:40:12 2.4700 4,500 11,115.00  
12:38:33 2.4700 500 1,235.00  
12:36:27 2.4500 2,289 5,608.05  
12:36:01 2.4500 10 24.50  
12:36:01 2.4500 140 343.00  
12:33:34 2.4500 1,000 2,450.00  
12:31:13 2.4500 1,513 3,706.85  
12:30:20 2.4500 9 22.05  
12:30:20 2.4500 35 85.75  
12:29:32 2.4500 120 294.00


----------



## Fab (3 November 2006)

Nizar,

You are correct I apology if I offended you


----------



## Sean K (3 November 2006)

Great finish, at it's high: $2.50. You are a gem SMM! 

Very temped to cash in some chips now to take some profits off the table, but I just know that with the 6 JORC estimates to come out over the next 2 months, this can still go blue blue blue sky.


----------



## nizar (3 November 2006)

This stock is a beauty.
The only one missing from my portfolio. I would buy it but the stocks i have are already so damn good!


----------



## Sean K (3 November 2006)

nizar said:
			
		

> This stock is a beauty.
> The only one missing from my portfolio. I would buy it but the stocks i have are already so damn good!




It's been a great run hasn't it? Can't own everything though can you? Would be very unlucky to be on a loser atm, or getting in at the wrong time. Ref anyone who bought GDN today.


----------



## JimBob (3 November 2006)

This is the best performing stock in my portfolio by a long shot, hard to decide whether to buy some more or just wait and see what happens.


----------



## dj_420 (3 November 2006)

hey kennas

having a look at SMM on the charts and IMO this recent rise is sustainable i think SMM has just broken through to higher trading channel similar to one seen in previous highs.

we have seen a great increase in sp but not on huge increase in volume historically. based on ann yet to come i think it actually has much more left in the tank and with six JORC deposits SMM should be able to hold this rise and push further.


----------



## Sean K (4 November 2006)

dj_420 said:
			
		

> hey kennas
> 
> having a look at SMM on the charts and IMO this recent rise is sustainable i think SMM has just broken through to higher trading channel similar to one seen in previous highs.
> 
> we have seen a great increase in sp but not on huge increase in volume historically. based on ann yet to come i think it actually has much more left in the tank and with six JORC deposits SMM should be able to hold this rise and push further.



Hi DJ, I was actually going to draw in a line like you have here at the top of the range. This is a very wide trading channel though isn't it? If it's going to trade in this range, then there's massive downside.


----------



## dj_420 (4 November 2006)

yeah i think your right kennas, ive been looking over the books and i think it is to wide to be reliable as a trading channel. there are similarities from the last peak however.

that chart only can really show us some support.


----------



## Fab (4 November 2006)

I am wondering if you have the same analysis on AGS ? It is following the same upward trend than SMM


----------



## Sean K (4 November 2006)

dj_420 said:
			
		

> yeah i think your right kennas, ive been looking over the books and i think it is to wide to be reliable as a trading channel. there are similarities from the last peak however.
> 
> that chart only can really show us some support.



Long term it could turn out to be right though. Like a 1-2 years trend. Just have  to wait a while to confirm it.


----------



## Sean K (4 November 2006)

Fab said:
			
		

> I am wondering if you have the same analysis on AGS ? It is following the same upward trend than SMM



I think AGS is very different Fab. I've posted charts on there. DJ might do his interpretation, but it was a different story really.


----------



## chicken (4 November 2006)

kennas said:
			
		

> Great finish, at it's high: $2.50. You are a gem SMM!
> 
> Very temped to cash in some chips now to take some profits off the table, but I just know that with the 6 JORC estimates to come out over the next 2 months, this can still go blue blue blue sky.



NOW HEAR this....Kennas...I believe that you hit the nail on the head here....this share looks like blue,blue sky ahead with the announcement immenent....Mt Isa mines used to own some of these grounds and it is well known that the Uranium is present in hugh quantities..so I bet my $$$ that it will be hugh and the market is telling us that...with the green lights what will SMM shares be worth..$10,$100,$150,$200....our next Poseiden...I am holding as when it goes off it will fly like a jetplane....so get some now as tomorrow is to late...


----------



## Fab (4 November 2006)

In the short term $2.50 might be a bit of resistance that SMM will bounce on . Just my opinion


----------



## dj_420 (6 November 2006)

very nice increase on SMM today. does anyone know exactly when the next JORC is due?? 

i think the blue sky is just appearing, the stock has seen massive increase in interest.


----------



## Sean K (6 November 2006)

No dates DJ, but they are coming out with 5 or 6 before Santa arrives, so they need to start dishing them out don't you reckon. 

Just have to put the chart up too!


----------



## chicken (6 November 2006)

Kennars..I hear you are selling...LOLOLOLOLOLO....you are one laugh a minute....you would not sell as long as your b is pionting to the ground...what is SMM worth....I say we are sitting on the next Poseiden here


----------



## dj_420 (6 November 2006)

i would like to see two or three or them coming sometime this month.
seems everyone is getting set for the JORC ann.


----------



## moses (6 November 2006)

You mean buying on the rumour, price crashing on the ann?

I hope not!


----------



## Sean K (6 November 2006)

There may be an element of buy the rumour sell the facts here. Might depend on the quality and size of the JORCs.


----------



## dj_420 (6 November 2006)

well judging from qtrly we dont have to be worried about grades, everything they have hit has medium to high grades of u.

so it will come down to tonnage of uranium they have. but also remember every resource is open and could potentially see increases across the board.


----------



## moses (6 November 2006)

dj_420 said:
			
		

> i think the blue sky is just appearing, the stock has seen massive increase in interest.




Indeed. So what does blue sky mean to you re. SMM? $3, $5, $10, $20, more? Chooks may fly but how well do they see the sky?


----------



## Sean K (6 November 2006)

dj_420 said:
			
		

> well judging from qtrly we dont have to be worried about grades, everything they have hit has medium to high grades of u.
> 
> so it will come down to tonnage of uranium they have. but also remember every resource is open and could potentially see increases across the board.




Yep, even Skal and Valhalla are open. They have 75 m lbs JORC atm, so they will easily eclipse 100m lbs after they get these next results out.


----------



## chicken (6 November 2006)

kennas said:
			
		

> There may be an element of buy the rumour sell the facts here. Might depend on the quality and size of the JORCs.



I have been around for a longtime and I remember in the earlie 60 going up to the northern territory Tennant Creek...as we nearly got into Mt Isa...my German mate told me how much Uranium was found by Mt Isa mines..now part of SMM....I am holding as no way I am selling at these prices..the U is there believe it...I know as I have been up there and seen it...


----------



## Sean K (7 November 2006)

$2.90. This is going to topple over soon it's going too verticle. Surely can not sustain this. To take some profits, or not? Hmmm, might just test my luck a little longer.


----------



## dj_420 (7 November 2006)

not sure kennas

its tempting to take some of the table, but i think this company has just seen a significant re-rating. large buy orders are still going through 50 000 units plus. 

i think everyone is just becoming aware of the next big uranium player in australia, even though they cant mine yet.

this is been brought to light with companies trying to snatch up ground around mt isa, where SMM already have huge exp tennements for next couple years of exp.

im holding long term anyways. but i dont know what levels to top up and buy more now.


----------



## dj_420 (8 November 2006)

kennas said:
			
		

> Yep, even Skal and Valhalla are open. They have 75 m lbs JORC atm, so they will easily eclipse 100m lbs after they get these next results out.




hey kennas if there is 100 m lbs in those two deposits its crazy to think of any sort of total they may have once JORC for other 6 come through.

buyers stacking up again this morning. from the looks of it we have 120 000 buy orders at 2.90 plus. and when refreshing i have seen sellers pulling their bids. only around 50 000 or so selling bids.

should be a good day for uranium again.


----------



## Sean K (8 November 2006)

I've taken some profits. Still holding a few.


----------



## nirama (8 November 2006)

Forgive me coz i am blonde and still learning all this.......what is the best way to see who is buying and selling and what orders are in waiting to be filled. I use the St George Directshares website.....Thanks


----------



## Gurgler (13 November 2006)

nirama said:
			
		

> Forgive me coz i am blonde and still learning all this.......what is the best way to see who is buying and selling and what orders are in waiting to be filled. I use the St George Directshares website.....Thanks




Nirama, I'm also still learning all this, but on Westpac Online, we have access to a link on the side menu labelled "Market Depth" under the subsection "Quotes". By entering the asx code for a stock, you can look at the top 10 buy and sell's. Don't know if you have anything similar at St G's? Hope this helps.

OAM, can anyone tell me the significance (if any) of the Change in Directors Interest Notice posted this evening?


----------



## Sean K (13 November 2006)

Gurgler said:
			
		

> OAM, can anyone tell me the significance (if any) of the Change in Directors Interest Notice posted this evening?



Not much. Taking up options as voted on during the last AGM which was also ann for another director on 9 Nov.

You holding Gurgler?


----------



## EvilCoconut (14 November 2006)

Does anyone here think that one day in the near future SMM is going to be ranked agaisnt repectable companies such as PDN and BHP and WPL.?? (in the sense of share prices and dividends)


----------



## Sean K (14 November 2006)

EvilCoconut said:
			
		

> Does anyone here think that one day in the near future SMM is going to be ranked agaisnt repectable companies such as PDN and BHP and WPL.?? (in the sense of share prices and dividends)



If Labor change their national no new mines policy, potentially a PDN, but never a BHP. Different ball game.


----------



## nirama (14 November 2006)

Thanks for that.......St George Direct Shares does have a "Market Depth" option.....all good.....much appreciated....


----------



## Sean K (14 November 2006)

Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there. 

Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....


----------



## nizar (14 November 2006)

kennas said:
			
		

> Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there.
> 
> Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....




Kennas
What size do you expect for these JORC resources?
ABout 5-10million each? more?

Even at 5million each they will have >100million by the end of it...


----------



## Sean K (14 November 2006)

nizar said:
			
		

> Kennas
> What size do you expect for these JORC resources?
> ABout 5-10million each? more?
> 
> Even at 5million each they will have >100million by the end of it...



Give me a bit to try and make a guestimate.


----------



## Sean K (14 November 2006)

Nizar, I don't think I can take a pluck with the information provided by the company but if you look through the drilling results at Andersons, Mirrioola and Bikini they look pretty good. Just depends on the modelling really. I think these 3 projects will be the first to be announced as they seemed to have finished drilling a while ago and the estimate has been worked on for a couple of months.

An unknown for the company and a potential upside not factored in I think, is the Georgina Basin tenamment, which is untested but has similar geology.


----------



## Gurgler (14 November 2006)

kennas said:
			
		

> You holding Gurgler?



Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?


----------



## Sean K (14 November 2006)

Gurgler said:
			
		

> Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?



I sold half after I thought it'd run too hard. In retrospect a good move, IF I get back in before it runs again. If it does....

I am sure the JORC notices comming out are going to give this a big boost with uranium prices continuing to climb and everyone assuming Labor's going to change their policy. 

I just don't want to be out when these reports come in. It could start tonight for all we know. I'm itching to buy more now. Still, down today, and vol not outstanding...


----------



## Fab (14 November 2006)

I am planning to re enter between 1.80 and $2 if it gets there before JORC result released


----------



## Sean K (15 November 2006)

Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too.   

I've probably pick some more up at $2.25ish and $2.00 if it gets there.


----------



## justjohn (15 November 2006)

kennas said:
			
		

> Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too.
> 
> I've probably pick some more up at $2.25ish and $2.00 if it gets there.



Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM


----------



## Sean K (15 November 2006)

justjohn said:
			
		

> Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM



Yeah, I know    but I think I bought this before him, so it's ok.


----------



## Sean K (16 November 2006)

Summit being dumped. Interesting. Down yet another 5% already. Under $2.30. 

Dropped about 20% in a week or so.   

I'm going to have to rethink my re entry price at this rate. It must stop tumbling at some point, but now when. I still think there should be support at $2.25, but at this rate who knows. Perhaps $2.00 is the next buy point.


----------



## dj_420 (16 November 2006)

this is crazy, its been dumped solid for the past week now. all fundamentals are still there and other uranium stocks have now begun to see a turnaround in retracement.

you were right kennas, i should have left half at 2.70 and re-entered later. dont know if its to late to sell down half now.


----------



## dj_420 (16 November 2006)

i think my best bet now is just to top up more on the turnaround.


----------



## Fab (16 November 2006)

It might come back to the 1.80 - 2 range where it was before it started to run


----------



## dj_420 (16 November 2006)

100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.

its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.


----------



## Sean K (16 November 2006)

dj_420 said:
			
		

> 100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.
> 
> its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.



Yep, atm there seems to be some buying at the $2.25 mark, as anticipated. Just how much support though. IMO too late to sell half. Into buy territory again, but I just want to see it stop falling frst. 

I emailed the company yesterday for an update on when they were going to bring out the JORCs.    Needless to say, no reply. Yet.


----------



## nizar (16 November 2006)

kennas said:
			
		

> I emailed the company yesterday for an update on when they were going to bring out the JORCs.    Needless to say, no reply. Yet.




LOL as IF they would disclose that!   
Worth a try i guess...
If you do know, PM me please 

If its any consolation PDN is also getting smashed down 20% from the highs last week. But it looks as though it may be turning around. If not, support around $5.30.


----------



## dj_420 (16 November 2006)

yeah kennas in hindsight i agree, now would be a very silly time to sell down, it looks like its very close to a bounce, and is looking oversold now.

ive come this far, ill just stick it out and ride through the bumps.


----------



## Sean K (16 November 2006)

nizar said:
			
		

> LOL as IF they would disclose that!
> Worth a try i guess...
> If you do know, PM me please




This has actually worked in the past. One company secretary called me to give me a verbal update as didn't want a paper trail.


----------



## chicken (16 November 2006)

justjohn said:
			
		

> Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM



You fellows are to much....I have pointed to good stock and you fellows abuse me.....so dont listen as I am making heaps...as far as Summit resources bought them in NZ when they were not listed in Australia...my average is 12 cents...now beat that.....even know the CEO...from Auckland...he has been working a longtime with SMM...after all he started SMM...in NZ...he has been buying up assets in Uranum since the1980....this company was listed first in NZ....so Kennas you are just a beginner in this game...do you want to know more?????


----------



## Sean K (17 November 2006)

Has SMM bounced off $2.25. Too early to tell, but positive sign.


----------



## vert (17 November 2006)

mmmm yes watching closely, missed getting on @$2 dont want to miss the next run, almost bought yesterday maybe should have but trying to be patient about entries , dont like riding things down after entry. some say this is going to $5


----------



## Sean K (17 November 2006)

Definate short term support at $2.25 - $2.30. This should form an even better support level for when/if it comes back down again. 

Stochastics turned from oversold, moving up. 

I didn't get a reply from the company about my dodgy request about the JORCs to be released shortly.   

A waiting game.....


----------



## Casual_Investor (17 November 2006)

i think its short term support. If it retraces to around $2... it would defintely be a strong buy. Still risky to buy now... but then again it could never come back down and ill be


----------



## Casual_Investor (17 November 2006)

kennas tell us when u get in hehehe. I wanna get in too... but being patient.

Its obvious that everyone will be wanting to get in at around $2 to $2.10 which is why it will probably never get there.


----------



## Sean K (17 November 2006)

Finished up over 8%. Perhaps we have seen the last of $2.20s. 

If general resources haven't crashed over the weekend, then I'll be back in Monday I think.


----------



## Fab (17 November 2006)

I agree with you Kennas. commodities price have to hold today to give some momentum to this resource bounce to give it some momentum


----------



## Sean K (17 November 2006)

I'm in a lucky position for the minute with SMM. I bought in at $1.50 and then sold half at $2.70, so I'm almost riding this for free at the moment. Buying back in under $2.50, if it stabilises, will be a good thing for me. 

Still some significant upside with the JORCs due to be released. If they all have anything between 5 and 10m lbs U3O8 (say worst case 5), then that will take their total resources in the Mt Isa areas to over 100 m lbs inferred U3O8. 

At the moment, if PDN do eventually take over VUL (still subject to court action by SMM) then SMM are going to have a very experienced JV partner in taking the IUJV (Valhalla and Skal) forward. With PDNs staffing, contacts, financing, then this is going to be a great thing for SMM, and SMM know this having stated so in their notices to shareholders regarding the litigation. Alternatively, if SMM win the court action against RSG/VUL, then they could end up having 100% of IUJV at a massive discount to it's current value. Still, all good. 

They are in a win win situation no matter what. The only down side could be Labor leadership not following through on the no new mines policy change. Bombers reputation and credibility is on the line with this one, and with Ferguson's back up, it should get through. Here's hoping. Who knows what SMMs market cap could be if Labor change their policy!


----------



## chicken (18 November 2006)

Kennas...great write up by you...SMM support at $2.26....BOUGHT BACK IN AT $2.29....AND LOOK WHAT THE PRICE IS NOW...must buy more on monday as when the report comes out every man and his dog will look in buying....great swings here...good trading...as I said before..have we got another Poseiden on our hands here.???...I think we have...make your research...


----------



## Sean K (20 November 2006)

SMM back over $2.50 for the moment. I've picked up just a few more.


----------



## Sean K (21 November 2006)

$2.25 did prove to be a good support area. Up 10% atm. Maybe on the way back up. The U news today has obviously supported it. Lookin good.


----------



## bigdog (21 November 2006)

The U news means very little except being wishful.

There is no Government support prior to the next election - John Howard stated this today

The greens have stated their objections today also

This one is far from being over the line; in fact the news is years away!

IMHO


----------



## dj_420 (21 November 2006)

i only ever invested in this stock based on fundamentals, not on wishful thinking. have you had a look at the deposits that SMM has and the exploration tennements.

fair enough a lot will ride on policy change, but pending policy change not every single uranium co in australia is going to profit. i think you will find that only stocks with sig deposit of 30 000 tonnes or more will be ever making it to mining stage.

this is why this company has run so well, people are starting to realise what this stock is worth. JORC should be coming soon.

in terms of retracement, i agree kennas, found very strong support at the 2.25 level, anyone wanting a 1.80 entry will be hard pressed to find it.

retrace to 2.25 then bounce back to 2.65.


----------



## Sean K (22 November 2006)

bigdog said:
			
		

> The U news means very little except being wishful.
> 
> There is no Government support prior to the next election - John Howard stated this today
> 
> ...



This is all great news. Labor are in a corner now and they will _at least_ change their no new mines policy in April. When the State Gov's put it into legislation, companies like SMM will have all the environmental and other regulatory application ready to go. In a reasonable time for those applications to be considered, the State authorities will give the green light which will allow BFSs to be completed, submitted, and mine dev to begin. Due to the advanced nature of the understanding of the deposits here (esp the IUJV with PDN), and their size, SMM should be able to race through this stage, and will more than likely have some very big players knocking down their door to assist them, or take them over. PDN, RIO, BHP, Mega, China! take your pick. No one has ever said that SMM is going to start mining immediately after the laws are changed. You would not have any understanding of the industry or this company if you did.


----------



## chicken (24 November 2006)

Seller from the UK should just about sold all his shares should start to climb soon..maybe even today...


----------



## Rafa (27 November 2006)

pushing towards 2.80 now...


----------



## Sean K (29 November 2006)

Now trading at $2.87. 

Quite an element of luck picking that $2.25 bottom, but I suppose the probabilities were there and perhaps it was a self fulfilling prophecy. I like it!   

Heading on to all time highs perhaps. Seems to be breaking through some resistance at $2.80. Will be fantastic if it can hold above for the rest of the day. Will become a good springboard on to $3.00 ++. 

And still none of the 6 x JORCs out yet. Awesome time for SMM punters.


----------



## Sean K (30 November 2006)

Failed to break through and hold above $2.85.    Even more resistance there now. 

Hopefully support at $2.75 ish holds.


----------



## Sean K (5 December 2006)

5 days later - good support forming around $2.75. Holding above this great for a jump from this area.


----------



## constable (5 December 2006)

I've been looking at this for the last week but i'd just like to see it make a move b4 i'd jump on. Although i came very close tonight but held back just waiting for the "second coming".


----------



## Sean K (5 December 2006)

constable said:
			
		

> I've been looking at this for the last week but i'd just like to see it make a move b4 i'd jump on. Although i came very close tonight but held back just waiting for he "second coming".



If it breaks under $2.75, then I think $2.60 might be a good buy point. I agree, though, would want to see a positive candle or two before getting in for some more.


----------



## Sean K (7 December 2006)

Breaking up ,which is noice! Noice I say. Maybe an all time high close today, if it can maintain the rage. Rage SMM! Rage!!   

People must be wondering if it's too late to jump on this baby. Maybe you are right. Maybe PDN will pay $5.00 for them too.. he he.


----------



## CanOz (7 December 2006)

Allot of decent miners have charts that look much the some atm, have you noticed a few too?

Cheers,


----------



## Sean K (7 December 2006)

CanOz said:
			
		

> Allot of decent miners have charts that look much the some atm, have you noticed a few too?
> 
> Cheers,



Yep, check my comments on the MTN thread.


----------



## dj_420 (11 December 2006)

has found support in last week or so at 2.72 or thereabouts. seems to be trending sideways now, IMO this pattern will continue until we get the long awaited JORC results. should be here very soon for a nice christmas present.


----------



## Sean K (13 December 2006)

I think this went out in sympathy with PDN yesterday.   

Hopefully a little bit of support here, hitting trend line also. Hopefully. Perhaps there'll be a larger pullback. 

Where are those six JORCs? Are they going to do us over I wonder?


----------



## Sean K (13 December 2006)

kennas said:
			
		

> If it breaks under $2.75, then I think $2.60 might be a good buy point.



Post 221.

Am I going to take my own advice?


----------



## dj_420 (13 December 2006)

i would have to agree with you here kennas.

from market depth a lot of buying support is building from 2.50 plus. with JORC results looming i am very tempted to buy some more at these levels. apparantly the US is selling some of its uranium stockpiles and market got a little scared yesterday pushing price down.

i however dont see this as affecting the uranium shortfall anytime soon. does anyone know when the ann is due? im might call SMM today and see if they will give me an indication of when these results are coming.

so i have to agree with post 221 at these price levels it is entering buy territory for me.


----------



## bigt (14 December 2006)

dj...did you manage to call Summit?

I (like a couple others here) cheekily emailed them to ask rough dates for the jorc's...no reply. 

Maybe a call will get better results.


----------



## dj_420 (14 December 2006)

yeah i called and they said director wasnt available to take my call. left my name and number and what it was regarding. i just want to see these results!

damn all this waiting


----------



## Sean K (14 December 2006)

bigt said:
			
		

> dj...did you manage to call Summit?
> 
> I (like a couple others here) cheekily emailed them to ask rough dates for the jorc's...no reply.
> 
> Maybe a call will get better results.



LOL, I did today as well. he he.


----------



## bigt (15 December 2006)

I can't help but have a bit of bubbling in my belly here...6 jorcs before end of year? Big, big ask as we are now midway through the month. I just feel SMM may be concerned if they release an announcement re these JORCS, stating there is some delay etc, it will have a large -ve impact on the SP. So, they just keep us waiting, and keep our vivid imaginations ticking along..thinking of what may be...  I hope they release the fattest turkey first...


----------



## Sean K (15 December 2006)

bigt said:
			
		

> I can't help but have a bit of bubbling in my belly here...6 jorcs before end of year? Big, big ask as we are now midway through the month. I just feel SMM may be concerned if they release an announcement re these JORCS, stating there is some delay etc, it will have a large -ve impact on the SP. So, they just keep us waiting, and keep our vivid imaginations ticking along..thinking of what may be...  I hope they release the fattest turkey first...



Perhaps they'll release the fattest turkey with the little chicken? The company will lose some credibility if they do not release these by the end of the year. Or, at least 3 of them perhaps. In regards to disclosure, bad news does not get better with time. If they were any sort of managers they should understand at least that.


----------



## Sean K (18 December 2006)

Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.


----------



## Sean K (19 December 2006)

Been consolidating for over a month now.....did run very hard initially up to almost $3.00. Looks to have broken out of what I see as a fairly tight trading range up till a few days ago. Nothing too negative, but maybe the start of a new range. Just does NOT like $2.85 ish. If it does break through there then that could be the start of new up leg. I may top up if it does that. Not too happy about the MACD sliding down....


----------



## Sean K (21 December 2006)

kennas said:
			
		

> Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.



Not long to go.

I hope this is not a BMN/EXT result with the 'news' being negative for the sp. Might be yet another buy the rumour sell the fact play.   Anyone want to take bets that the sp gets a whack when the JORCs eventually come out? Or, when they ann that there has been a delay?


----------



## Sean K (28 December 2006)

kennas said:
			
		

> Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.



Well, they have 2 days to get the ann out, or prove to just another company who can't keep their promises. Hope they don't let us holders down.....Will be extremely interesting to see what they end up with. I'm still concerned that the ann needs to be quite bullish, or profit takers will take over. 'buy the rumour sell the fact' situation......

Has been consolidating for some time now and could be moved to the potential breakout alert thread shortly. The MACD has just turned up a little indicating momentum could be shifting to the upside. Volume has come off a bit in the lead up to the ann.....


----------



## lancer (29 December 2006)

Summit up 8.7%, could this be an indication of a Positive JORC?


----------



## JimBob (29 December 2006)

Took a while to crack the $3 mark after hovering around $2.60 to $2.80 the last few weeks, hopefully it stays there now.


----------



## chicken (29 December 2006)

bREAKOUT......up 26cents to $3.04


----------



## lancer (29 December 2006)

chicken said:
			
		

> bREAKOUT......up 26cents to $3.04




May have something to do with this posted by Maltesebull:

Nuclear report due

The final report from the government's nuclear taskforce says Australia should move quickly to export more uranium.

The Prime Minister is expected to make the document public today.

The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.

It also reportedly suggests a nuclear power industry could generate significant environmental benefits.

The Prime Minister is likely use the report in his attempts to persuade state Labor governments to remove restrictions on approving new uranium mines.


----------



## LifeisShort (29 December 2006)

I believe this large movement is due to Federal Liberal Government announcement today supporting uranium industry in Australia and encouragind Labor states to change the 3 mines policy. You'll see most uranium stocks going forward today especially SMM as its one of the biggest ERA has jumoed significantly as well


----------



## mmmmining (29 December 2006)

lancer said:
			
		

> The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.




I believe the earning should be more than double. The long term contract price is US$15 if they get lucky, and the spot price is US$72. Existing producers just need to wait and do nothing more until the contract expired.


----------



## Fab (29 December 2006)

SMM going up but PDN not moving today


----------



## lancer (29 December 2006)

PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...


----------



## Fab (29 December 2006)

lancer said:
			
		

> PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...



I guess you are right Lancer. The fact that it is the first U mine in Production for a long time is a very very good news and it comes at the right time too. I have always believed in U stocks for the last few years. I come from Europe and I have seen nuclear working very well (In France), I think Australia is starting to realize that they are sitting on dynamite with Uranium it has the potential to make this country even richer


----------



## vizrock (31 December 2006)

Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?


----------



## markrmau (31 December 2006)

vizrock said:
			
		

> Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?




My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid. 

You would have to read the asx announcements to get the correct details.


----------



## vizrock (31 December 2006)

Cheers markrmau. 
It's probably been discussed previously on this thread but I am new to this.
It's fairly well summarised on their letter to shareholders on the 25th September. 
They seem confident of an outcome with significant upside if it goes their way.


----------



## Sean K (2 January 2007)

markrmau said:
			
		

> My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid.
> 
> You would have to read the asx announcements to get the correct details.



I actually believe it's in regard to the Isa Uranium Joint Venture (IUJV) between VUL and SMM which covers the Valhalla Uranium Project. As part of the JV agreements neither party is able to disclose information to a third party in regard to the project details. PDN has taken over VUL, but SMM believe that VUL have disclosed information to PDN during the dilligence, which breaks the JV arrangements. Part of the contract states that if VUL break the agreement then SMM have the right to acquire the entire project for 85% of it's market value to VUL. Good for SMM!!! If it doesn't come off, then SMM are in a 50% JV with PDN for the IUJV. Good for SMM!!

Still no news on the 6 x JORCs promised before the end of the year.....

Going great again this am, trading at $3.22 now after breaking through reststance at $2.90 ish last week. MACD turning up again. Blue sky ahead.


----------



## dj_420 (3 January 2007)

looks like SMM will gap up this morning. could the drill results be here??

maybe market has clicked, director has stated that SMM will host uranium deposits among the ten largest in the world. could this have provided extra spark.

im eagerly awaiting these results. kennas any idea when the results are coming?


----------



## Sean K (3 January 2007)

dj_420 said:
			
		

> looks like SMM will gap up this morning. could the drill results be here??
> 
> maybe market has clicked, director has stated that SMM will host uranium deposits among the ten largest in the world. could this have provided extra spark.
> 
> im eagerly awaiting these results. kennas any idea when the results are coming?



No DJ, the info I got from the company before Christmas said they were delayed but they'd have them out 'before the end of the year'. Shouldn't be too long though. Could only guess really.

You're right about the gap up. Lookin good.


----------



## Sean K (8 January 2007)

Like AGS, Summit gaped up a few days ago and has been consolidating rather similarly, perhaps forming a pennant ready to break up. Maybe. Will probably depend on overall market Uphoria holding up and the ann that is overdue. They've let the team down a bit on this one and they can't afford to leave it too much longer. Surprised they didn't ann that the ann was going to be late, like AGS did.....


----------



## exgeo (9 January 2007)

Listening to SMM's recent presentation (via webcast, accessible via www.minesite.com[/url)], it seems l...ly to be a scrapping of the ban on new mines.


----------



## Sean K (11 January 2007)

Announcement is becomming *well * overdue now, yet due! 

This has come off along with a host of other players the past week after the post Christmas excitement. About to hit support around $2.85. Very ugly candle today! MACD looks a bit bearish too.....

U players are still responding to anns pretty well though. WME brought out an ann with very average results (IMO) and they jumped from 18 - 22 cents, then pulled back. Just shows that punters are still out there looking for the next U gravy train.... So I would still expect the ann for SMM to be positive for the sp. 

Got any contacts at Summit to get an update Exgeo? he he. 

(holding)


----------



## lancer (12 January 2007)

Up 12 cents, a good sign especially considering the recent market and the report being slightly overdue...


----------



## 56gsa (23 January 2007)

Finally convinced to buy - is it too high??  $3 support seems to be holding tho...  and I think all good news coming up:

Cameco Cigar Lake announcements - if this is less than good news then U price will increase - great news for PDN (I hold) and people will also more seriously have to start looking at where the future volume is going to come from - SMM has to be considered (I also hold PNN, MTN - sold AGS @$2 cause I thought it looked expensive   )

Perhaps more significant for SMM is the April Labor convention - this will benefit the QLD deposits more than others I think - theres still a fight to be had in WA because of links with Pangea/nuclear waste - but I think Beattie will roll with the convention decision => SMM


----------



## Halba (23 January 2007)

email from MD of SMM indicates that they are finalise JORC's on 3 out of the 15 deposits

he is looking forward to a favourable 2007. this company has more uranium in the ground than paladin

the production rate is forecast to be higher. so its definitely a takeover prospect


----------



## spooly74 (23 January 2007)

Just to add to the list 56gsa ...they are also well overdue 6 JORCS


----------



## Halba (23 January 2007)

reason for overdue

labour shortages of skilled personnel (of the lab ppl)


----------



## lancer (25 January 2007)

We just need a couple more cents to break through this $3.40 mark and make a new high...


----------



## drmb (27 January 2007)

Delayed announcements due to overloaded labs seems to be common theme in many posts, eg UXA, etc. I hold both happily and am prepared to be patient.


----------



## lancer (31 January 2007)

good news for Smm Right? Are these the Jorc's that were due?


----------



## bigt (31 January 2007)

Not the JORCs Lancer, but some impressive drilling results IMO. JORCS being audited on several key areas right now, so expect them soon.


----------



## bigt (31 January 2007)

Comparing summits results with AGS...correct me if I am wrong, but SMM results appear FAR superior...massive widths at similar grades..i.e 28m@0.22%, 40m@0.21%...and the list goes on...the sooner SMM can start digging this up the better, roll on the April Labour "summit".


----------



## LifeisShort (31 January 2007)

SMM has been the best uranium play in Australia for some time. They have by far and away the best resources.

Question....What happens if Labour decide not to overturn their 3 mines policy?

Has anyone planned for this scenario?


----------



## exgeo (31 January 2007)

If they have enough uranium (defined as a JORC resource) somebody will buy them and wait. Utilities have to plan years in advance for fuel supplies. Governments don't last forever. I thought Peter Beattie had already indicated he'd fall into line with whatever is decided by the national labor conference, whether he agrees with the decision or not? That would put SMM in the clear, assuming the ban is overturned in April as everyone seems to expect.


----------



## dj_420 (1 February 2007)

SMM looks great. i am excited by the iron ore resources been spun out into pacific mines. has anyone started to look at pacific and what do they think?

i think iron ore will be a great runner this year and this maybe one of them.

200 mt iron ore at 50% (i think) so far with huge upside potential for exp.


----------



## lancer (2 February 2007)

up 19 cents, finally broke out. No news though? Anyone have any guesses?


----------



## Halba (2 February 2007)

Free shares from float perhaps?


----------



## dj_420 (2 February 2007)

does anyone know when the float is happening?? in think pacific mines looks great. what do others think?

wheres kennas when you need him, off drinking tequila with amigos!!


----------



## Sean K (5 February 2007)

dj_420 said:
			
		

> does anyone know when the float is happening?? in think pacific mines looks great. what do others think?
> 
> wheres kennas when you need him, off drinking tequila with amigos!!



And too much Corona DJ! It ´s about $1.50 here so all the better.

Wish I was there to be watching this. I sold a lot of stuff before I left so I could concentrate on a holiday, but I managed to hold half my SMM. Glad for that after seeing AGS and NCM take hits. Only sold some of them too, but seems to be good timing at the moment. 

I haven ´t looked at the float at the moment. Unusual for a uranium company to be floating anything else off. Usually the other way around...

Will be back on 18 Feb, so a bit of tequila to go yet!


----------



## mmmmining (7 February 2007)

I found SMM is still moving against the gravity, holding well. I sold it because I have seen too much red uranium around, and fear that SMM will be the next one....

Another stock with very rich valuation EME has come down to "earth" falling from $4.7 all time high to earthly $3.42 today.

We have seen BMN falling from $3.05 to $2.25, AGS from $2.35 to $1.55, .....

It looks like that near producers, not producers, not advanced explorers, not greenfield fairytale, are the darling bud of February. Unfortunately, there is only one on ASX...


----------



## Go Nuke (7 February 2007)

Ive noticed that too Mmmmining.
Alot of U stocks (especially) falling

Oh well...does that mean alot of Green to come?? :bounce:


----------



## mmmmining (7 February 2007)

Go Nuke said:
			
		

> Ive noticed that too Mmmmining.
> Alot of U stocks (especially) falling
> 
> Oh well...does that mean alot of Green to come?? :bounce:



Pick a head or tail, and flip a coin......


----------



## Go Nuke (7 February 2007)

As an education guide...what is the next buy in sign at?

Would it be around the $3.28 mark? or $3.30
Im just trying to understand charts using asending triangles etc.

 :microwave


----------



## Fab (7 February 2007)

Go Nuke said:
			
		

> As an education guide...what is the next buy in sign at?
> 
> Would it be around the $3.28 mark? or $3.30
> Im just trying to understand charts using asending triangles etc.
> ...



I actually think SMM is due for a correction if you go by the big rise it had recently


----------



## spooly74 (7 February 2007)

Fab said:
			
		

> I actually think SMM is due for a correction if you go by the big rise it had recently



Could you elaborate a bit more Fab


----------



## Fab (7 February 2007)

I guess what I am trying to say is that SMM has been rising very strongly recently a bit like AGS and has not corrected yet. Like AGS it has a lot of potential but not producing anything at this stage and is betting on a change of policy @ the alp meeting in april so why is AGS going down and not SMM?


----------



## drmb (7 February 2007)

Fab said:
			
		

> I guess what I am trying to say is that SMM has been rising very strongly recently a bit like AGS and has not corrected yet. Like AGS it has a lot of potential but not producing anything at this stage and is betting on a change of policy @ the alp meeting in april so why is AGS going down and not SMM?



It's just about to hit my stop. BMN, AGS, and DYL all exited my portfolio today. Maybe SMM tomorrow. BMN sad because it lurched down momentarily and then picked up slightly, and I have a lot of faith in BMN. May buy back in later. Sad but I must learn not to get too attached to stocks like this. I know a lot of ASF folk don't believe in stops but I do! having learnt a few hard lessons. If SMM hits the stop, I'll keep watching and if it gives buy signals I'll get in again, but I do like to take a profit now and then even if by "unnatural" means. Having said that today’s SMM lurch down has made me think about outing it and take my profit. I think the time to have the hand on the buy button will be when the ALP decide whether yellow is green or red!


----------



## mmmmining (8 February 2007)

Acorn Capital Limited is selling.  According to my experience, the odds are bad if you go against them. They are pretty good at selling..

Don't know the reason, hopefully because SMM is not a micro-cap anymore. Or valuation is too rich? Worth taking some further investigation....


----------



## Halba (8 February 2007)

i have faith in SMM's management. atleast they have a mine plan of production of over 3500t of uranium per annum. the cash flows is enormous on any calculation.

the resource size/expansion takes care of itself, theres enough resources in that area the size of belgium

think ERA but without the hedging


----------



## lancer (14 February 2007)

I am glad SMM is no exception to a lot of u's making new highs!


----------



## Halba (14 February 2007)

hi lancer it is indeed comforting

i have a few losses in this mkt unbelievable


----------



## Go Nuke (14 February 2007)

Could SMM turn into another producer perhaps?
Follow in the footsteps of PDN and ERA??


----------



## Halba (14 February 2007)

have a look at some of SMM's older ann's


----------



## Sean K (16 February 2007)

Go Nuke said:
			
		

> Could SMM turn into another producer perhaps?



  I ´m sure the company is hoping for that, GN. Will take a few years to start processing after QLD gov change the laws, or the Fed Gov take over the decisions to mine from the states. Assuming Libs stay in. I still haven ´t seen the JORCs they promised before New Year.


----------



## dj_420 (16 February 2007)

spoke with director kennas

i think they are planning to release all JORC deposits at once. they are currently having their resource estimates checked by their independant geologist guys and are waiting on some final results from the lab.

i think it will be one cracker of an ann if they release six JORC figures at once.


----------



## Halba (16 February 2007)

i confirm that. 3 of the deposits may be released at once

bear in mind these are all just initial jorcs- they are all open at depth and usually in all directions


----------



## Sean K (17 February 2007)

Halba said:
			
		

> i confirm that. 3 of the deposits may be released at once
> 
> bear in mind these are all just initial jorcs- they are all open at depth and usually in all directions



Hi guys, Any chance this could be a 'buy the rumour and sell the fact' situation, or will the ann will be a real sp rocket. I obviously hope for the rocket, but we've seen a few other solid anns come out and the sellers take over....time will tell. I sold half before I left for Mexico and have watched the sp rise quite nicely.    Looking for another reentry oportunity....


----------



## chicken (17 February 2007)

Halba said:
			
		

> i have faith in SMM's management. atleast they have a mine plan of production of over 3500t of uranium per annum. the cash flows is enormous on any calculation.
> 
> the resource size/expansion takes care of itself, theres enough resources in that area the size of belgium
> 
> think ERA but without the hedging



The CEO of this company is a New Zealander with a law degree...and knows SMM s business backwards as well as forwards...so we got the top man for the job....as soon as SMM gets the green light to produce as I said before that this SP is going like a rocket....and its looking as if the market agrees as there seems to be no way stopping this price rise...bar the change of policy...which we all hope its going to happen...then it will be like a rocket...look at ERA and PDN s price....I shall take a punt and add a few more to my position....intresting times ahead...if it happends...dont know, I shall just take a chance...and it might just make me a heap more $$$$$$.....


----------



## Halba (17 February 2007)

hi kennas. it could be a buy on rumour sell on fact, but i mean these things are so hard to predict. Even if it is sold down it will be temporary IMHO as there is scarcity of quality Australian deposits/producers IMHO.

Scarcity = means price will get pushed up gradually over time


----------



## rederob (17 February 2007)

Halba said:
			
		

> hi kennas. it could be a buy on rumour sell on fact, but i mean these things are so hard to predict. Even if it is sold down it will be temporary IMHO as there is scarcity of quality Australian deposits/producers IMHO.
> 
> Scarcity = means price will get pushed up gradually over time



Summit will go nowhere fast until uranium mining is allowed in Qld, and Beattie probably has another term after the present one (which commenced late last year).  That makes around 5 years of waiting for some price action.
Good results mean diddly squat if you can't use them!


----------



## Halba (17 February 2007)

rederob are you up to date?

"Queensland Premier Peter Beattie has indicated he will change his stance if federal Labor drops its ban in April."

http://moneymanager.com.au/articles/2007/02/10/1170524337368.html

April isn't 5 yrs bud

Also Assuming SMM reaches its exploration target of 150 million pounds in 12 months, *its EV/lb will be $5/LB*,  which is 1/2 of a normal explorer, and much less than canadian peers/paladin


----------



## rederob (17 February 2007)

> Queensland Premier Peter Beattie says he is yet to be convinced of the benefits of allowing more uranium mines.
> 
> Federal Labor leader Kim Beazley has announced that the party's three mines policy will be open for debate at its national conference next year.
> 
> ...



Subsequently Beattie has stated he will abide by Labor policy, if that changes.
Hard to see Labor changing policy so quickly, but maybe it will.


----------



## rederob (17 February 2007)

I forgot to add, Beattie will be in no hurry to "approve" an actual mining operation should policy change.
Environmental and indigenous issues alone could take many years to resolve before a sod is turned.
I am personally ambivalent about uranium mining.
I hold a good number of PDN, and believe that any investor wanting to ride a profitable trade needs to ensure they choose a uranium equity that *CAN * mine what they find, unencumbered.


----------



## Halba (17 February 2007)

rederob i can understand but no point slagging SMM about this issue

it has been debated to death lets just talk about its actual resources


----------



## lancer (17 February 2007)

rederob said:
			
		

> Summit will go nowhere fast until uranium mining is allowed in Qld, and Beattie probably has another term after the present one (which commenced late last year).  That makes around 5 years of waiting for some price action.
> Good results mean diddly squat if you can't use them!




You forgot your signature that says "I have no idea what I am talking about!" 
How on earth has the price gottyen where it is if it cant go anywhere without mining...


----------



## coyotte (17 February 2007)

SMM :

bottom regression channel would appear to be around 3.30 on mon 19/2 ---top regression around 3.88 -- so whilst within the channel it is at the higher levels , should be due for a correction to at least 3.57 come Mon/Tues


Disclosure : hold long position  


Cheers


----------



## rederob (17 February 2007)

halba
My point is that a lot will need to take place before SMM gets any cash flow from its excellent finds to date.
SMM has already run up well in price, and I don't doubt that it can go higher.
But there will be a fair bit of money to raise, share dilution, and a reasoble number of years waiting: The latter was not an issue for PDN, nor will it be for its next few projects which are significantly more advanced than anything SMM has.

lancer
I am sure you have a point.
Exactly what is it?


----------



## Halba (17 February 2007)

Summit's production is about 7mil pounds in 2010/11. Its a large production profile in one hit, this is what is good. 

I think paladin is producing 2.2mil from LH with expansion to about 3.5mil pounds, and another 2.2 from Malawi. Total about 6-7ish by 2010. So similar production profile going forward imho. Also SMM's deposit higher grade. I am assuming SMM will get 100% ownership of their deposits from PDN.

Not fair to compare to PDN imho. Last i checked paladin market cap $5200M fully diluted. SMM is about $780M fully diluted. Thats 15% of PDN's market cap, for a similar sized resource. 


Re: Share issues. Not a valid reason to keep away from an investment IMHO. There are many other ways to keep dilution miminal anyhow(refer Fortescue metals)


----------



## Go Nuke (19 February 2007)

:microwave   Hi guys

Look..the 1 main reason i got into U stocks..........

*Even if Australia wont go nuclear......other countries will or already have.....and if there is 1 thing i know about governments......the dollar signs to sell somthing like U to other countries and make a mint...will be too hard to refuse.

Im looking long turn....becasue it WILL happen...(change) 

However......some of the better points of PDN might make me think of investing in the short term of covering my U stocks.
(Seen as ERA has those fixed prices)

 :shoot: I too have no idea what im talking about...lol


----------



## Sean K (21 February 2007)

Looks like it might crack $4.00 on the set up this morning. I'd expect a psychological barrier to appear here and it might pause for a bit. Probably run too hard now. Market cap looks a bit on the high side for an explorer. Well, I suppose we could say the same for all the U explorers atm....worrying, imo.

(holding)


----------



## Sean K (23 February 2007)

kennas said:
			
		

> Looks like it might crack $4.00 on the set up this morning. I'd expect a psychological barrier to appear here and it might pause for a bit.



Unfortunately, I was right here and it retraced again from just under $4.00. 

Still consolidating, making a bit of a pennant in an uptrend. 4 JORCs are currently being audited and when released will surely put the light on SMM. 

I've considered that the ann could result in a 'buy the rumour and sell the fact' situation, but with potentially up to 100m lbs in the ground and Beattie saying he will change the QLD policy if Nat Labour do (and they will IMO) then perhaps it's ready to jump on the news. 

I still think valuations are stretched across the board in the U sector, but it seems the wave is still solid. Just gotta know how far to ride it....


----------



## lancer (23 February 2007)

finally 4.04!


----------



## Sean K (23 February 2007)

lancer said:
			
		

> finally 4.04!



For the moment. Up 7%, but early in the day. Cracking the psychological $4 might be good, or more profit takers might slide in...


----------



## Go Nuke (23 February 2007)

I just dont know if I should buy more shares now...or if it is a bit overheated for an "Exploration" company

I bought into AGS too late....and Im paying for that now!


----------



## Sean K (23 February 2007)

Go Nuke said:
			
		

> I just dont know if I should buy more shares now...or if it is a bit overheated for an "Exploration" company
> 
> I bought into AGS too late....and Im paying for that now!



Like quite a few U explorers, it's market cap doesn't seem to fit the potential value right now. But, I said that when this was at $2.00. Risky sector to be just getting into at the moment IMO. I just can't see how these can keep going verticle....If you do get in, make sure you are prepared for a correction, or to bail quick. I could be wrong and this heads to $5.00+ without a break, but that seems unlikely IMO.


----------



## dj_420 (23 February 2007)

this one might be demanding a higher market cap due to iron ore interests also. take a look at the pacific mines spin off. i think its going to be a cracker. current SMM holders will recieve 1 for 4 SMM shares in pacific mines.

however i would have also liked it if we recieved priority for the float but that is not the case!


----------



## Halba (23 February 2007)

this is not an 'explorer'. an 'explorer' suggests it aint got a resource. SMM does.


----------



## Sean K (24 February 2007)

Halba said:
			
		

> this is not an 'explorer'. an 'explorer' suggests it aint got a resource. SMM does.



It hasn't done a BFS on any known deposit, to see if mining is viable so I think that puts it more in the 'explorer' catagory than 'producer'. There's a chance it still might not mine anything, although very remote of course.


----------



## nizar (24 February 2007)

Halba said:
			
		

> this is not an 'explorer'. an 'explorer' suggests it aint got a resource. SMM does.




Paladin was an explorer until a few months ago.
Anything in the metals/mining/materials sector that is not a producer, is an explorer.


----------



## Halba (24 February 2007)

disagree again. SMM @ $800m the market clearly does not think its an explorer. Its a midcap mining development stock to be precise!


----------



## nizar (24 February 2007)

Kennas, where do you reckon is the nearest support for SMM?
Around $3.75ish?

Still heaps of upside for this stock.


----------



## Halba (24 February 2007)

spot on kennas

refer georgina basin radiometrics = lots of u exploration upside.


----------



## Sean K (25 February 2007)

nizar said:
			
		

> Kennas, where do you reckon is the nearest support for SMM?
> Around $3.75ish?
> 
> Still heaps of upside for this stock.



$3.60 ish I'd say. Shame it didn't clearly break this short term consolidation/resistance at $4.00 on Friday. Looked promising early, but as I suspected, profit takers flew in. I think a few people are sitting on some good gains in this and might be thinking the market cap is getting unrealistic. If the next JORCs come in taking the total resourse to over 100m lbs, then it might have more upside.


----------



## 56gsa (25 February 2007)

interview with Eggers from Summit at
http://www.minesite.com/webcasts/co...radio.html#c412

He mentions they will commence BFS when Labor announce change in policy in April -  which seems likely given Gillard's comments today...  3 to 3.5 years he then predicts to production all being well....


----------



## Halba (25 February 2007)

i think smm has quite al ot of resources, a lot of the deposits open at depth. Remember SMM is a developer, so $10/lb is the standard valuation to apply. so with 100m pounds, they should crack the $1bn barrier easy, straight thru!


----------



## Sean K (25 February 2007)

One great positive that SMM have in regard to their tenaments is that they're all relatively close to Mt Isa. The plant, logistics and workforce will all be relatively easy to get into place to support mining operations across the board.


----------



## Halba (25 February 2007)

yep i hold a fair few of these, a lot of my fund is in this stock as well. Who knows they may be able to improve the output rate in the BFS this year. A lot of exploration upside as well. Iron ore spinoffs(free 1 for 4 shares).


----------



## champ2003 (25 February 2007)

Halba said:
			
		

> i think smm has quite al ot of resources, a lot of the deposits open at depth. Remember SMM is a developer, so $10/lb is the standard valuation to apply. so with 100m pounds, they should crack the $1bn barrier easy, straight thru!




Hi Halba,

Where do you get $10/lb standard valuation from?

Best regards

Champ


----------



## Halba (25 February 2007)

$10/lb is the benchmark valuation for a 'developer', just common knowledge now
of course its probably not accurate as every producer has different costs/locations/grade which impact

56gsa- couldn't get the link to work, said error page not found?


----------



## Sean K (25 February 2007)

Halba said:
			
		

> Summit's production is about 7mil pounds in 2010/11. Its a large production profile in one hit, this is what is good.



Halba, do you know something we don't? Where did you get this from? Is it off their web site? In one of their anns? Would love to know more, because this sort of info would normally be included in a PFS/BFS which would mean they are well on the way to production. Cheers.


----------



## Halba (25 February 2007)

yep heres the link kennas

http://clients.westminster-digital....ite/events/37/video/index.aspx?companyID=37_5

this is a december presentation. says clearly 7.5million pounds of production. And yes they have done a PFS


----------



## Sean K (25 February 2007)

Halba said:
			
		

> yep heres the link kennas
> 
> http://clients.westminster-digital....ite/events/37/video/index.aspx?companyID=37_5
> 
> this is a december presentation. says clearly 7.5million pounds of production. And yes they have done a PFS



Thanks for the link. Not a bad presentation. Makes me a little more bullish on this actually. 

Is the PFS he refers to just on the IUJV - Valhalla and Skal deposits? Or, is it the PFS for mining anything they have ready? I think he says that Andersons would be the first deposit to be mined because it's near surface and will be open cut? Yes? Confirming that these deposits are all open at depth and along strike makes this look pretty good.


----------



## Jackob (26 February 2007)

Halba said:
			
		

> Summit's production is about 7mil pounds in 2010/11. Its a large production profile in one hit, this is what is good.
> 
> I think paladin is producing 2.2mil from LH with expansion to about 3.5mil pounds, and another 2.2 from Malawi. Total about 6-7ish by 2010. So similar production profile going forward imho. Also SMM's deposit higher grade. I am assuming SMM will get 100% ownership of their deposits from PDN.
> 
> ...




Halba, 

How much capital would SMM likely raise before going to production?  Thanks.


----------



## nizar (27 February 2007)

Jackob said:
			
		

> Halba,
> 
> How much capital would SMM likely raise before going to production?  Thanks.





HHEEEEAAAPSS!!!!


----------



## Halba (27 February 2007)

jackob

I don't think capital raised is going to limit the share price gains..have you studied pdn's share price after its raisings?

To answer your question, about $550m is the CAPEX, and i assume some will be borne by JV partner PDN. Additionally, I think about $150m equity placement which will almost certainly be massively oversubscribed.


----------



## Sean K (27 February 2007)

In preopen. Must be half year report or those JORCs overdue....


----------



## bigdog (27 February 2007)

ASX ANN
PDN 10:24 AM  Announces Takeover Offer for Summit Resources Limited 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00697318


----------



## Sean K (27 February 2007)

$5.12


----------



## bigdog (27 February 2007)

Kennas,

When do you expect trading to begin?


----------



## Sean K (27 February 2007)

bigdog said:
			
		

> Kennas,
> 
> When do you expect trading to begin?



I'm not sure of exactly how long these last. 30 mins???


----------



## Halba (27 February 2007)

Its a scrip bid fellas. 1 pdn share for every 2 smm by the looks.


----------



## nizar (27 February 2007)

Halba said:
			
		

> Its a scrip bid fellas. 1 pdn share for every 2 smm by the looks.




Yeah.
Smart move.
PDN knew SMM would be closer to $10 if they waited till April.


----------



## Sean K (27 February 2007)

This is going to turn PDN into a company with potentially 200m lbs plus in the ground. SMM valued at $1.1 b?   Is that pricey for something that doesn't make any money and won't for about 4 years??


----------



## Halba (27 February 2007)

i can't believe my luck. i had 1/6 of my free float fund money in SMM!!


----------



## chicken (27 February 2007)

nizar said:
			
		

> Yeah.
> Smart move.
> PDN knew SMM would be closer to $10 if they waited till April.



Looks like PDN wants to buy us on the CHEAP....I value SMM more like $10 a share...going to hold out for more $$$ as $5.12 is CHEAP....just my opinions...but PDN shares with SMM could run through to XXX....so I shall wait and see what the SMM CEO will say....told you this one is good.....


----------



## exgeo (27 February 2007)

I imagine if there's any good news due out of SMM then this will flush it out. Normally a takeover instills a newfound desire to "create shareholder value" in directors, when faced with a takeover. Don't discount the possibility of a bidding war too. There are not that many companies around with advanced projects or JORC resources waiting to be taken over. EME, NEL, CTS, MTN are companies that I own who have JORC resources. I don't know of any other Australian-listed companies with decent projects - meaning proven resources - (otherwise I would have bought them).

I guess PDN wanted to make their move before the SP increase that could be expected once labor remove the uranium-mining ban in QLD, assuming that they do this.


----------



## Halba (27 February 2007)

either way us smm holders win. i get pdn stock and that'll run anyway


----------



## dj_420 (27 February 2007)

could this takeover attempt force SMM to hurry up and release these JORC ann? PDN have timed this perfectly IMO, the takeover is before the uranium conference, SMM have JORC ann due and sp could have lagged because of this.

it is a nice premium although as chicken said around $10 would be nice.


----------



## borat (27 February 2007)

sold out 2 days ago... Doh! feel like punching myself...


----------



## bigdog (27 February 2007)

My Broking is reporting that SMM Company Trading Status: Pre-Open 

Last trade was SMM   $5.02    +$1.02  +25.50% 4,184,045 shares   $20,778,685  @ 27-Feb 13:24:19  

PDN status is Company Trading Status: Normal 

ASX ann just issued
SMM 1:27 PM  Paladin T/O Offer - Response to Shareholders 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00697506


----------



## JimBob (27 February 2007)

This was a nice little boost to the share price, its a good start, but the share price is set to increase further once the JORC's are released and hopefully more around April if Labor joins the party.

I <3 Summit!


----------



## bigdog (27 February 2007)

SMM trading again at same level of about $5.02

Any predictions on where SP will go now following latest ANN?


----------



## Jackob (27 February 2007)

The PDN bid is way too low.  It will be rejected any way.


----------



## Go Nuke (27 February 2007)

borat said:
			
		

> sold out 2 days ago... Doh! feel like punching myself...




Gee thanks...Now i dont feel as bad for only buying a few shares at $3.18
At least i still have them.

But because im new to investing and SMM was one of the first i invested in...I chose to spread my money around abit..namely in AGS (Doh!)
Guess Im paying for not putting more dollars into SMM.

Mind you....i think it was probably better of me to play it safe seen as i have no real clue about share markets  
$5 a share is getting outs my price range now.
Im just a poor blue collar worker...not no point in buying like 25 shares..lol


 :microwave


----------



## siempre33 (27 February 2007)

Paladin Bids A$997 Million for Summit to Get Uranium (Update5)

By Angela Macdonald-Smith

Feb. 27 (Bloomberg) -- Paladin Resources Ltd., whose stock is the world's best performer the past five years, offered to buy rival uranium explorer Summit Resource Ltd. for A$997 million ($791 million) to increase its Australian reserves.

Summit shareholders would receive one Paladin share for every 2.04 Summit shares they hold, the Perth-based company said today in a statement. That implies a price of A$5.05 per Summit share based on yesterday's closing prices, a 26 percent premium. Summit shares rose as high as A$5.11.

Companies including Areva SA, the world's biggest maker of nuclear power plants, are seeking supplies of uranium in Australia, a country with 40 percent of the world's reserves, as demand from power generators increases. Prime Minister John Howard in December urged Australia's state governments to end a ban on developing more mines, which has hampered companies such as BHP Billiton Ltd.

``Summit has a very large uranium resource base, one of the biggest undeveloped resource bases in Australia, so from that point of view it's attractive,'' said Gavin Wendt, senior resources analyst at Fat Prophets Funds Management. ``Paladin is looking five to 10 years down the track and is quite prepared to play a waiting game and hope that the situation will change and mining approvals will be granted.''

`Hostile' Offer

Summit, which is being advised by Gresham Advisory Partners, described Paladin's offer as ``hostile'' and advised shareholders to take no action while the board considers the bid.

``This offer is not unexpected and, in my opinion, is designed to capture value that will otherwise flow to Summit's shareholders,'' Summit Managing Director Alan Eggers said in the statement. ``We will be communicating more fully about this with our shareholders shortly.''

Summit, based in Perth, controls a uranium resource of more than 75 million pounds at Mt. Isa in Queensland, the largest of any company in Australia other than Rio Tinto Group and BHP Billiton., the company says on its Web site. Its most advanced project is the Valhalla uranium deposit near Mt. Isa in Queensland, which is operated and 50 percent-owned by Summit, while Paladin owns the rest.

Paladin's bid follows SXR Uranium One Inc.'s accord to buy UrAsia Energy Ltd. or $3.1 billion, while last year Canada's Mega Uranium Ltd. bought Redport Ltd. Uranium prices more than doubled in the past 12 months amid rising demand for the fuel for power generation, helping to almost triple Paladin's share price over the same period.

Paladin Shares

Shares in Paladin, the best performer in the Morgan Stanley Capital International World Index over the past five years, today fell as much as 62 cents, or 6 percent, to A$9.68. They were at A$10.04 at 2:29 p.m. Sydney time. Paladin is being advised by Azure Capital Partners.

Paladin stock has made a return of 34,085 percent in the past five years, according to data compiled by Bloomberg.

Shares in Perth-based Summit, which have surged more than sixfold in the past 12 months, rose as much as A$1.11 on the exchange. They were at A$5.06 at 2:30 p.m. in Sydney.

Paladin last week approved development of a $185 million uranium mine in Malawi, and earlier this year started its first uranium production at the Langer Heinrich mine in Namibia. It secured the stake in the Valhalla/Skal project through a A$174 million stock-based purchase of Valhalla completed in November.

``Summit has an attractive portfolio of Australian uranium deposits that will complement Paladin's extensive asset base,'' Paladin Managing Director John Borshoff said in the statement, which was lodged with the Australian Stock Exchange.

Production may start up at the Valhalla/Skal deposits in 2012, assuming the Queensland government reverses its policy stance and permits uranium mining in the state, Borshoff said.

Spot Prices

Uranium spot prices reached $85 a pound as of Feb. 19, up from $38.50 a year ago, according to the Ux Consulting Co. The price rise was partly prompted by delays to Cameco Corp.'s Cigar Lake project in Saskatchewan, Canada, due to flooding.

Prices may reach $95 a pound by 2008, up from an earlier forecast of $65, ABN Amro Holdings NV said in a Feb. 23 report.

``The significant number of new entrants in the uranium exploration space, the ongoing strength in uranium prices, and the five-year-plus lead time in taking a project from exploration to production are likely to lead to ongoing rationalization, and we expect some ongoing excitement in the sector,'' ABN analysts led by Warren Edney said in the report.

Bid `Makes Sense'

Paladin's bid for Summit ``makes sense and adds value,'' Edney said today. The offer looks ``cheap'' in terms of dollars per pound of uranium resource, compared with SXR's agreed bid for UrAsia, which is about twice as much on that measure, he said.

Australia's eight state and territory governments are controlled by the Labor Party, which is in opposition at a federal level. New federal leader Kevin Rudd favors scrapping the party's policy prohibiting any more than the existing three uranium mines, while other leaders, such as Western Australia Premier Alan Carpenter, remain firmly opposed to ending the ban.

Labor is due to hold a conference in April, where a position on uranium will be decided. That will come before the state and territory leaders will meet Howard during a twice-yearly Council of Australian Governments meeting in Canberra.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net .

Last Updated: February 26, 2007 22:52 EST

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGOz4kxja8zQ&refer=home


----------



## siempre33 (27 February 2007)

Summit CEO advises shareholders against accepting the PDN bid, calls takeover attempt "hostile"....

under ASX announcements....

http://www.summitresources.com.au/


----------



## bliimp (27 February 2007)

Good move from PDN to close its offer on 16 April .... just 2 weeks prior to the national ALP conference (27-29 April).

I am sure PDN know very well that if the ALP modify their “three mines”policy to allow more uranium mining, that the price of many Australian companies such as MTN, PPN, AGS etc will increase quite considerably.

Their timing is is impeccable ... a hostile bid to buy cheap


----------



## kromey (27 February 2007)

Hey Guys were there any trades between $4.10 and $5 today cheers in advance.


----------



## LittleFish (27 February 2007)

Yeah, there were, but the gap was $4.10 to $4.80. Once the news was read it just went nuts.


----------



## nizar (27 February 2007)

Yeh that actually suprised me how it opened at only $4.80 and not closer to the takeover bid price.

Great opportunity to make 5% in about half an hour.


----------



## bigdog (27 February 2007)

SP commenced at $4.80 after the announcement and continued upwards

11:20:00 4.8000 666 3,196.80  
11:20:00 4.8000 17,909 85,963.20  
11:20:00 4.8000 2,000 9,600.00  
11:20:00 4.8000 91 436.80  -- trading commenced
10:13:45 4.1000 1,000 4,100.00  Pre-Open following ANN 10:24
10:13:36 4.0800 3,000 12,240.00  
10:12:51 4.0800 2,000 8,160.00 XT 
10:12:31 4.1000 2,440 10,004.00  
10:10:49 4.1000 6,400 26,240.00 

1. PDN 10:24 AM Announces Takeover Offer for Summit Resources Limited 
http://www.asx.com.au/asx/statistic...?idsID=00697318


2. SMM 1:27 PM Paladin T/O Offer - Response to Shareholders 
http://www.asx.com.au/asx/statistic...?idsID=00697506

13:37:00 5.0200 10,000 50,200.00  
13:37:00 5.0200 1,200 6,024.00  
13:37:00 5.0200 800 4,016.00  
13:24:19 5.0200 1,300 6,526.00  Pre-Open following 1:27 ANN
13:23:59 5.0200 2,250 11,295.00  
13:23:54 5.0100 200 1,002.00  
13:23:54 5.0100 2,300 11,523.00 


Finished the day
16:13:00 5.1200 546 2,795.52 LTXT 
16:10:11 5.1200 3,000 15,360.00  
16:10:11 5.1200 4,000 20,480.00  
16:10:11 5.1200 1,000 5,120.00


----------



## spooly74 (2 March 2007)

Summit rejects Paladin.

Ann out


----------



## Sean K (2 March 2007)

Hhhhmm, not sure how I feel. The offer looked pretty good to me. Market cap of over a bill, for something not making money for another XX years....


----------



## dj_420 (2 March 2007)

i think PDN really are worried about the upcoming court case. in addition to this the PDN sp has dropped significantly and come off their highs.

the offer should now be 1.5 PDN shares for 2 SMM shares IMO.

if PDN lose court case they will lose a huge foothold in australian uranium deposits!


----------



## Sean K (2 March 2007)

Maybe forced to up the bid.....Or, they could walk away....


----------



## Rafa (2 March 2007)

I thought PDN valued summit on a 2.XX to 1, so there was no set buy out price...


----------



## Prospector (2 March 2007)

Rafa, I think they offered 1 for 2, which then gave a valuation of SMM based on PDN's current SP.  Now that PDN has fallen, it also devalues SMM value based on the ratio.


----------



## dj_420 (2 March 2007)

exactly! make a cash bid or a particular value for scrip that can be adjusted.

i want to see $7 - 9 per share for SMM. IMO, PDN have snuck this hostile takeover right before JORC upgrade, court case, and predicted drop on 3 mines policy!

very very opportunistic IMO.


and may i add that this is when PDN shares were fully priced. their offer looks ridiculous now!


----------



## nizar (2 March 2007)

PDN and SMM are both winners longer term - with or without each other.

PDN tried to get SMM on the cheap, which i dont blame them, i would do the same thing if i had a spare billion stashed somewhere.

SMM sp will be closer to $10 as we approach April.

The only worrying thing is the delayed. JORCs for the other deposits still not released from last year. Dont management realise its better to underpromise and overdeliver and not the other way around??!


----------



## Halba (2 March 2007)

agreed nizar re: mngmt. the delay was not the company's fault= lab delay.

Also agree that SMM and PDN will still track each other post the rejection. SMM can multibag more as mkt cap is less than 1 billion, whereas pdn at 5.5billion is from a higher base. 

SMM will be similar to the FMG of uranium - a massive Aussie project(the biggest u mine after Ranger/Olympic dam) and mkt will value it properly.


----------



## borat (2 March 2007)

when is the court case for PDN? and what specifically is it about? any links would be appreciated... thanks guys.

B.


----------



## Gurgler (2 March 2007)

nizar said:
			
		

> JORCs for the other deposits still not released from last year.




Who is handling the processing of lab results? 

With the significantly increased demand in lab processing, anyone considering investing in their shares?


----------



## Sean K (2 March 2007)

Gurgler said:
			
		

> Who is handling the processing of lab results?
> 
> With the significantly increased demand in lab processing, anyone considering investing in their shares?



I think the hold up is at ANSTO. AGS/Quasar are having the same problems. I don't think you can invest in them.


----------



## Sean K (2 March 2007)

nizar said:
			
		

> In my opinion, theres massive upside for SMM if this policy change comes through and im not talking a % im thinking more like double digits++.
> You still holding your SMM?
> 
> (excuse the off-topic)



 Yep, still got a few. Free carried now.

This has been a great pick, and it's one of the very few I had 100% conviction with when it was back at around $1.00. I NEVER give out 'hot tips' to friends, but was pressured to last September and the only one I could come up with was this. (it was $1.50 then) The potential around Mt Isa with the tenaments and the drilling results they had were just fantastic. Plus a great JORC already in the bag. Once it seemed clear that Labor were going to change their policy, that was when it started to really run. 

Speaking of JORCs......I reckon SMM will get these out shortly and may have ample ammunition to force PDN to up their bid. But I am actually hoping now that SMM stays the company it is, wins the litigation to take 100% of the IUJV, and then pushes on to production. There maybe more upside to SMM staying independant. 

Having said that. I wouldn't mind owning PDN shares with LH, Mt Isa, Kayelekera,  Bigrlyi, and possibly the rest of DYLs tenaments when they take them over..... Will have a mighty portfolio with uranium over $100 lb....

Perhaps holding both is a good option?


----------



## Gurgler (3 March 2007)

kennas said:
			
		

> Perhaps holding both is a good option?




As you know, that's where I sit now. My dilemma is whether to increase the number of PDN, while the price is at current levels?

What is the technical perspective atm?


----------



## nizar (3 March 2007)

kennas said:
			
		

> Yep, still got a few. Free carried now.
> 
> This has been a great pick, and it's one of the very few I had 100% conviction with when it was back at around $1.00. I NEVER give out 'hot tips' to friends, but was pressured to last September and the only one I could come up with was this. (it was $1.50 then) The potential around Mt Isa with the tenaments and the drilling results they had were just fantastic. Plus a great JORC already in the bag. Once it seemed clear that Labor were going to change their policy, that was when it started to really run.
> 
> ...




Yeh im thinking the same thing. Only holding PDN at the moment. Im keen to take a punt on DYL. IMO not much downside risk at these sub-40c levels.


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## Halba (3 March 2007)

Holy sheeeet pdn down 7% on canada after being down nearly 9% at one point. Wheres the bottom on dis?

I haven't bought in yet.


----------



## lancer (6 March 2007)

James Dines posted a sell on SMM, which is why today was down almost 30% at one point....


----------



## exgeo (6 March 2007)

At what price did Mr Dines recommend punters take their profits? That's a pretty relevant piece of information. I've just subscribed to his newsletter actually, but haven't received the first one yet.


----------



## lancer (6 March 2007)

You will love him! Have done great for the past year thanks to him. He put a sell when it was at 4.52 AU. But the newsletter came out last fri. which when it was released the correction had started so nobody really had a chance to sell at that price.


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## mmmmining (7 March 2007)

After a few madness days, I have time to read the reports. I believe SMM's statement is full of anger, and ego, not acting rationally. I believe PDN's offer is not a bad one. The directors might put their interest ahead of shareholders.

If PDN drops the offer....


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## spooly74 (7 March 2007)

mmmmining said:
			
		

> After a few madness days, I have time to read the reports. I believe SMM's statement is full of anger, and ego, not acting rationally. I believe PDN's offer is not a bad one. The directors might put their interest ahead of shareholders.
> 
> If PDN drops the offer....




I agree about the anger!  Eggers clearly has the bit between his teeth, the previous ann stated that they gave the offer careful consideration and then decided to wipe their ar$e with it.

As a holder, $5.12 is very tempting but I do think it was opportunistic.
Timed just 2 weeks before the ALP confrence is suss and there is a real chance PDN could lose the courtcase over Valhalla and Skal.....and if Summit lose they still get 50%.

Summit are also due (by all accounts) a big resource upgrade with 4 jorcs released within the next month including Andersons. Two more due shortly after that.... all 100% SMM

They also have potential for new discoveries in the Georgina Basin (12,000km² with $5 mill funding)
I also like the Pacific Mines spin off.

There is enough in that for me to keep holding long term or until a better offer comes in.

Mr Borshoff , you have the floor


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## Halba (7 March 2007)

The offer was not 5.15. It was volatile PDN scrip. No thanks.


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## spooly74 (7 March 2007)

Halba said:
			
		

> The offer was not 5.15. It was volatile PDN scrip. No thanks.



Yep, oops 2.04 for 1.
again .. no thankyou


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## Old monkey (7 March 2007)

Pardon my ignorance but how can I subscribe to Mr. Dines


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## Fab (7 March 2007)

spooly74 said:
			
		

> I agree about the anger!  Eggers clearly has the bit between his teeth, the previous ann stated that they gave the offer careful consideration and then decided to wipe their ar$e with it.
> 
> As a holder, $5.12 is very tempting but I do think it was opportunistic.
> Timed just 2 weeks before the ALP confrence is suss and there is a real chance PDN could lose the courtcase over Valhalla and Skal.....and if Summit lose they still get 50%.
> ...




Out of interest when is the ALP meeting? and would you know when Cameco is due to give an update on their flooded mine?


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## spooly74 (7 March 2007)

Fab said:
			
		

> Out of interest when is the ALP meeting? and would you know when Cameco is due to give an update on their flooded mine?




27th to 29th April is the ALP conference and I think Cameco will have a more detailed report at the end of this month.


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## cquadrat (7 March 2007)

spooly74 said:
			
		

> Yep, oops 2.04 for 1.
> again .. no thankyou




PDN offer

 I have no interest in settling in for the PDN offer either. 2.04 for 1 offer is an attempt of PDN to cash in the profit that is most likely to flow into the SMM share holders. 

No thank you for me! I will stick with SMM as I see that there is a lot more upside potential to SMM as opposed to the offer made by PDN and by sticking with SMM.


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## spooly74 (12 March 2007)

ann out

More results from Andersons
highlight 51m @ .16% u3o8  from 17m


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## bigdog (12 March 2007)

spooly74 said:
			
		

> ann out
> 
> More results from Andersons
> highlight 51m @ .16% u3o8  from 17m




SMM 1:40 PM  High Grade Andersons Drill Results 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00701858
http://www.asx.com.au/asxpdf/20070312/pdf/311f0t0kv7pklx.pdf

SUMMIT’S 100% MOUNT ISA URANIUM PROJECT
HIGH GRADE ANDERSONS DRILL RESULTS

51m at 3.83lb/t (0.16%) U3O8 and 7.59lb/t (0.34%) V2O5 

Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre intervals 

Summit Resources Limited’s (“Summit”) Mount Isa Uranium Project expands with further drill results reported from the 100% owned Andersons deposit near Mount Isa.  

Wide zones of high grade uranium mineralisation encountered in drill holes at Andersons include 51 metres at 3.83lb/t (0.16%) uranium oxide (“U3O8”) and 7.59lb/t (0.34%) vanadium pentoxide (“V2O5”).

Grades up to 9.18lb/t (0.42%) U3O8 and 15.47lb/t (0.70%) V2O5 over metre intervals are reported in Summit’s latest drill holes.

High grade uranium vanadium mineralisation outcrops at Andersons and now consistent widths and high grades down to 300 metres depth have been encountered in Summit’s drill holes into the mineralised system. The deposit remains open along strike and at depth.

Drill hole details and mineralised intersections in this report are as follows:

ANDERSONS Uranium Target
Andersons uranium deposit is located 15 kilometres east of Mount Isa city on EPM14047.
Summit has now drilled forty four diamond and eight RCP holes at Andersons totalling 9,270 metres of drilling. Assay results are reported for nine holes (ANDDH15 to ANDDH24).

These reported drilling results are consistent with previous drilling of the deposit. All holes intersected uranium mineralised sediments and conglomerate with mineralised sections ranging from 2 to 51 metres down hole.

SUMMARY
Drilling is ongoing with two drill rigs operating around the clock for Summit in the Mount Isa area.

Summit’s drilling at Andersons has confirmed previous drilling on the deposit and a resource estimate is now being modelled, calculated and independently audited for the deposit. This JORC compliant resource estimate for Andersons will be calculated and released on receipt of the assays for holes ANDDH1 to ANDDH30. We have today been advised the assays for the remaining 6 holes will be reported in the next 10 days.

Further holes are being drilled, or are planned for, Summit’s Valhalla, Andersons, Skal, Bikini, Mirrioola and Watta uranium deposits and prospects at Mount Isa. The objective is to have sufficient density of drilling in each deposit to enable resource estimates to be calculated.

The Western, Mixabe, Tjilpa, Red Alpha, Warwai, Rich John and Drum uranium targets will also be drilled when rigs become available.

The uranium vanadium mineralisation in Summit’s Mount Isa uranium deposits and targets drilled to date is hosted in iron oxide copper gold (“IOCG”) hematite altered sediments and felspar breccias. A common metallurgical treatment process to recover the uranium, vanadium and copper metals present in all Summit’s Mount Isa uranium deposits is being developed. Metallurgical testwork is now underway to establish a standard metal recovery process for all deposits.

Deposit and prospect locations and details of the holes drilled and reported for Andersons are shown on the attached map and table.

Uranium oxide spot price is now US$90 a pound.


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## Halba (12 March 2007)

Analysis: these are some world class drilling results and reinforce the SMM story. However they are factored into the stock price.


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## bigdog (19 March 2007)

ABC news March 19

http://www.abc.net.au/news/newsitems/200703/s1875867.htm

Summit rejects Paladin's $1b takeover bid
Summit Resources has rejected $1 billion takeover bid by Paladin Resources, describing the share offer as inadequate.

The company controls about 25 uranium deposits around north-west Queensland worth an estimated $400 million.

The managing director Allan Eggers has advised shareholders to turn down the bid because of the timing of the Paladin offer.

He says investors should be patient because the company's value may soon improve.

"There's litigation in train that we have in the Supreme Court and should Summit win that litigation, and we believe we will, then we will have the opportunity to consolidate the ownership of the Valhalla and Skal deposits in Mount Isa and then Summit will control 100 per cent of the projects," he said.


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## Halba (20 March 2007)

Thinking of liquidating my stake in SMM. I feel there is no upside on this stock in the future. Mngmt seem inept and after promising resources(4-5) by end of last year, have not delivered the upside as promised. PDN has exposed the ineptitude of SMM mngmt in their 14 page statement yesterday.


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## chicken (20 March 2007)

Halba said:
			
		

> Thinking of liquidating my stake in SMM. I feel there is no upside on this stock in the future. Mngmt seem inept and after promising resources(4-5) by end of last year, have not delivered the upside as promised. PDN has exposed the ineptitude of SMM mngmt in their 14 page statement yesterday.



Mate....You got NO idea...sell your stake..as PDN want people like you to do exactly that.....SMM...CEO has run this company since the 80 and its taken 26years to be at where we are...now that SMM will have the right to produce if the labour policy changes you want to jump ship...well, GO as the company is worth A LOT MORE...but you allways post negative stuff...so sell your shares as there are a lot of people wanting them....


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## spooly74 (20 March 2007)

Halba said:
			
		

> Thinking of liquidating my stake in SMM. I feel there is no upside on this stock in the future. Mngmt seem inept and after promising resources(4-5) by end of last year, have not delivered the upside as promised. PDN has exposed the ineptitude of SMM mngmt in their 14 page statement yesterday.




Hi Halba,
I see immediate upside for this stock in a matter of weeks when the resource upgrade for Andersons, Bikini, Mirrioola and Watta are released, or do you think it`s already factored into the share price?


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## Halba (20 March 2007)

SMM mkt cap already nearly a billion dollars? There are heaps of companies at that mkt cap but make $$ cash flow. Plz there is a need to have some balancing posts.


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## chicken (20 March 2007)

Halba said:
			
		

> SMM mkt cap already nearly a billion dollars? There are heaps of companies at that mkt cap but make $$ cash flow. Plz there is a need to have some balancing posts.



You talk about balancing posts.....I thought this is about SMM and Value....as far as posts...come up with figures not just words....as your research we are intrested in not..I am selling my SMM...give us one reason to follow you...there is none just...PDNs wisdom...and you know for the reason there...SMM is a very valuable Australian assets...as I said before..the CEO has been running this show since the early 80s...and has assembled these assets over 26years..not a fly by night but an emerging Uranium producer when the Labour policy changes..that is if it does...SMM will be worth a lot more than PDNs offer...so why take it, before the labour meeting...very opportunistic I thought...as I will not action their share offer but wait....


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## Halba (20 March 2007)

Why are the jorc's taking this long? You haven't addressed the point about the delay.


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## spooly74 (20 March 2007)

Does the delay really matter?
It hasn't hurt their share price (yet) and from the ann on the 2nd of this month, the resource estimates are currently being modelled, calculated, independently audited and are due "within the next month" (April) . . . . I take this to mean the results are not in the hands of the labs anymore.

If managment can't get the results out before the date the Paladin offer expires, that would concern me . . but I`m prepared to wait the couple of weeks.


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## Halba (20 March 2007)

I also note "they were being modelled, calculated, blah blah" in sept/october last yr? Where are the results? This mngmt ineptness is concerning.


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## Sean K (20 March 2007)

Halba said:
			
		

> I also note "they were being modelled, calculated, blah blah" in sept/october last yr? Where are the results? This mngmt ineptness is concerning.



The hold up was at ANTSO from what I recall. Not managements fault. They should however, be keeping the market informed of their progress regularly. Which they don't seem to be. You'd think they'd be making sure they were on top of information flow at this point.


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## Halba (20 March 2007)

Yep company disclosure is poor.


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## chicken (20 March 2007)

Halba said:
			
		

> Yep company disclosure is poor.



You find 26years of company disclosures...how much do you need...ITS ALL THERE for you to read....I have bought from 5cents to $4.45.....and this is only the start...the CEO knows what he has got as its his lifes work over the last 25years....read it and read their last report.....its all there....why repeat these announcements....its been listed for over 25 years in New ....Zealand...the CEO had the vision...more than PDN...as SMM peged all the ground in MT ISA.....and that is what I call vision


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## Go Nuke (20 March 2007)

Oooh what a pretty booklet I recieved from Paladin today!

I thought the whole offer for my SMM shares was over and done with.
Should I even look at this booklet?

Seems like a waste of money to me. Or is it designed to present the facts for the shareholders to make their own decisions on if to sell or not?


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## Sean K (20 March 2007)

Go Nuke said:
			
		

> Seems like a waste of money to me.



Funny, I thought exactly the same thing. Is it biodegradeable? Must have cost a pretty penny for a company that doesn't make any money yet. Hhhmmmm.

Seems a few people are expecting another bid. Wouldn't be surprised. If they thought it was worth 1.1b before, and now it's trading at 800m ish, there's a bit of room to move...


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## mmmmining (20 March 2007)

I believe SMM should not too greedy. An advanced uranium explorer is enjoying super rich valuation, and still want more. 

According to PDN's presentation (on Feb 26,07 price), SMM is valued at *higher* EV/lbs resources than PDN, and 3 times as much as SXR, 5 times as much as MTN. 

At EV$22/lb valuation, what more SMM can ask for? Want to have DotCom style valuation, and ask PDN to pay the in ground value? 

 Not a producer, not financially strong, not technical sound, just a bunch of Kiwis made a fortune by luck. Give us Aussie a break. PDN might offer you a director, or vice MD, or so.

SMM's SP has been hyped by the PDN's takeover possibility before. Without it, it might only worth  $2 or $3 dollars on standard EV/lb value.

Greedy Kills!


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## Gurgler (20 March 2007)

Let's look at a hypothetical:

If I were to own 10000 SMM shares, their current  value would be $45,700.

If I were to accept PDN's offer, I would get 10000/2.04 = 4901 shares (actually 10000/2.04 = 4901.96, but they won't give me 0.96 of a share, I guess).

So, again at today's price, this is worth $45,089.20 Hmm, $610.8. Not much of a shortfall, but it is a shortfall!

I could buy 133.65 more SMM shares with that!


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## mmmmining (21 March 2007)

Gurgler said:
			
		

> Let's look at a hypothetical:
> 
> If I were to own 10000 SMM shares, their current  value would be $45,700.
> 
> ...



Sell SMM and buy PDN on market will solve your problem. If everyone can spot this unique "fortune-making" opportunity, guess what, it's gone! This is the power of the market.


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## chicken (21 March 2007)

mmmmining said:
			
		

> Sell SMM and buy PDN on market will solve your problem. If everyone can spot this unique "fortune-making" opportunity, guess what, it's gone! This is the power of the market.



now why would you sell SMM...which will produce in a safe country...to buy in a company PDN wich produces in Africa of all places which is a unsafe place....look at what is happening in Rhodesia..Mugabe...can happen in all Africa...no I keep my SMM and wait for a MUCH better offer from someone else....see what our CEO said....far TOO LOW for this world class uranium ground....and Opportunistic before the labour meeting....I can wait


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## Go Nuke (21 March 2007)

Gurgler said:
			
		

> Let's look at a hypothetical:
> 
> If I were to own 10000 SMM shares, their current  value would be $45,700.
> 
> ...




LOL...greedy bastards!
You would think they would round up that .96 to 1 for you hey!


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## mmmmining (21 March 2007)

mmmmining said:
			
		

> According to PDN's presentation (on Feb 26,07 price), SMM is valued at *higher* EV/lbs resources than PDN, and 3 times as much as SXR (near producer, owner of Honeymoon), 5 times as much as MTN.




Why everyone is quiet about this fact? I would love to hear some objections.


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## Halba (21 March 2007)

Resources expected to exceed 100million pounds+ according to Summit cEO. Then its more like <$8/lb. Not to mention Valhalla is not closed off and is open at depth, "Valhalla Extended"

I don't think its fair to compare with SXR- lets face it SXR is not cheap and a lot of the assets are in kazakh/ and has complicated ore/mine issues with their dominion mine so commands a discount

Not fair to compare with MTN either as its social,environmental, risks have been repeated over and over again - to the point where the market is not prepared to pay more than $2.50/lb.


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## mmmmining (21 March 2007)

Halba said:
			
		

> Resources expected to exceed 100million pounds+ according to Summit cEO. Then its more like <$8/lb. Not to mention Valhalla is not closed off and is open at depth, "Valhalla Extended"
> 
> I don't think its fair to compare with SXR- lets face it SXR is not cheap and a lot of the assets are in kazakh/ and has complicated ore/mine issues with their dominion mine so commands a discount
> 
> Not fair to compare with MTN either as its social,environmental, risks have been repeated over and over again - to the point where the market is not prepared to pay more than $2.50/lb.




1. 100mlb Summit CEO's whisper? I cannot hear it.

2. We have to compare apple to apple.  With JORC vs JORC. You can see the blue sky for SMM's existing deposits in all directions, same you can apply it to PDN. The have nice grounds in Namibia, Malawi, WA, NT, QLD. Can we say PDN has the blue sky as well?

3. I don't need to comment on your opinion on MTN. Yours on MTN worth zero because you often slap your own face many time on both sides  

4. SXR is at least 5 years ahead of SMM in developing uranium mine with projects across the world, including the Honeymoon in SA, guilt of  cheap valuation? or too greedy of SMM board?

5. As shareholder for both SMM and PDN. I guess a lot of ASFers are in the same boat, I just feel the board and MD of SMM are getting too personal, and use some very dirty tricks in the process. 

6. Of course, SMM has a lot of potential, it has been factored into the share price before and after the bid. Be in bed with an Aussie is better than a Canadian, right? At least you can easily trade your shares on ASX.


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## purple (21 March 2007)

chicken said:
			
		

> now why would you sell SMM...which will produce in a safe country...to buy in a company PDN wich produces in Africa of all places which is a unsafe place....




i think you're generalizing...Africa is a large continent and the leaders are not the same. admittedly, there are risks doing business in 3rd world countries, but producing in Australia has its own set of risks :

Greens might up and kick up a storm about U tailings.
Labor might (just might) not change their policy at all.
Operational costs and overheads might reduce profits.


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## Fab (21 March 2007)

purple said:
			
		

> i think you're generalizing...Africa is a large continent and the leaders are not the same. admittedly, there are risks doing business in 3rd world countries, but producing in Australia has its own set of risks :
> 
> Greens might up and kick up a storm about U tailings.
> Labor might (just might) not change their policy at all.
> Operational costs and overheads might reduce profits.




Very true Africa is certainly not one big continent ruled by 1 person like Australia and where PDN mines the gvt is pretty willing to help them and get the royalty payment. Sounds to me a much better option than mining U in Aus so that might change a bit end of April


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## siempre33 (23 March 2007)

Qld. likely to lift uranium mining ban....Beattie recommends....IT'S A GO!!!

http://www.theaustralian.news.com.au/story/0,20867,21431211-5006786,00.html

Beattie changes mind on uranium
Sean Parnell 
March 23, 2007 

A STAUNCH critic of the Labor Party's move to lift a ban on new uranium mines, Queensland Premier Peter Beattie has sensationally backed down, allowing for the development of up to $3.2billion in uranium deposits in the state.
Ahead of the nuclear policy debate at Labor's national conference next month, Mr Beattie told The Australian he had reluctantly accepted independent advice that increased uranium mining would not threaten Queensland's coal industry. 
"I've got to be honest, I'm not going to be excited by it because I do have reservations about uranium, but the report is clear," Mr Beattie said. 

Mr Beattie has long argued against any move away from Labor's three-mines policy, fearful it would cost Queensland millions in coal royalties, thousands of jobs, and lead overseas power generators to opt for uranium instead of coal. 

His position put him at odds with key union leaders, such as AWU president and Queensland Labor power broker Bill Ludwig, and threatened to disrupt federal Labor leader Kevin Rudd's move to clarify the party's nuclear policy. 

But a report commissioned by the Government from the University of Queensland's Sustainable Minerals Institute has found uranium mining, and nuclear power, pale in comparison to the global demand for coal-fired electricity generation. 

The report found the Beattie Government was not presented with an either/or question; and known uranium reserves are likely to be exhausted within 50 years, while coal will continue to be mined for centuries, despite the global debate over greenhouse gas emissions and likely environmental controls. 

Queensland is in the fortunate position of having the potential to supply what are likely to be two of the most important fuels of the first half of the 21st century, the yet-to-be-released report states. 

Mr Beattie, who has been asked about coal and uranium mining during a trade mission in South Africa, said he would support policy change at the federal conference but wanted a caveat attached. 

"I'd want to make certain that with any sale of uranium, the non-proliferation treaty is in place," he said. "Now I know we have one with China, but we don't with India and I think it's important that if the conference carries a resolution in relation to increased uranium mining, then we've got to make certain that sale is to countries that have signed the non-proliferation treaty." 

The report noted Queensland had several uranium reserves with an in-ground value of $3.2billion. The largest, Valhalla and other deposits near Mt Isa, hold 37,000 tonnes of uranium, while the scattered Westmoreland deposits near the Northern Territory border hold 22,040 tonnes. 

The Northern Territory and Western Australia have the largest and best quality uranium reserves. 

The report concluded Queensland would never be a major uranium exporter.


----------



## Halba (24 March 2007)

Summit due to release Andersons JORC resource on tuesday. Anyone care to have a guess as to how much uranium is there? Historical estimates said around 12milion pounds but it could be higher?

Cheers.


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## Go Nuke (26 March 2007)

Pushing towards that magical $5 mark again! 

Tell you what though..Im sick of all these flash junk mail that PDN and SMM are sending me about the takeover offer.

Spend my money on drilling or something! 
Im holding.


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## Halba (26 March 2007)

Actually they are Go Nuke but they are rather slow at reporting/due to lab delays. :kebab


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## siempre33 (28 March 2007)

I 1st bought Summit @ .33, but sold when it looked like it had peaked @ 1.32.....a 4X isn't bad, but....well, I bought back @ 3.83 and now look at it....
I think Summit has a long climb to the, uhhh...top...


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## siempre33 (28 March 2007)

Summit has made huge gains....nice article on Aussie U miners....
is there value left in the uranium sector?...investors need to choose carefully and choose well...

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=8D0A3A21-17A4-1130-F5A1EBA8B69E67D4


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## siempre33 (31 March 2007)

SMM reports JORC compliant U resource of 3.8 million lbs. at one of their 8 Mt. Isa properties....

http://www.asx.com.au/asx/research/...lts.jsp?searchBy=asxCode&allinfo=&asxCode=smm


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## Gurgler (31 March 2007)

siempre33 said:


> SMM reports JORC compliant U resource of 3.8 million lbs. at one of their 8 Mt. Isa properties....
> 
> http://www.asx.com.au/asx/research/...lts.jsp?searchBy=asxCode&allinfo=&asxCode=smm




There's 4.7 million lbs at Andersons AS WELL AS the 3.8 mill at Watta.

Can someone comment on their quality relevant to other JORCs? My experience of such matters is mighty thin!


----------



## Halba (31 March 2007)

Hi Gurgler. I have sent you a PM on this topic.


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## Go Nuke (2 April 2007)

So..what do people think of those ann released to day about the amout of Uranium is in the ground?

Watta U
http://imagesignal.comsec.com.au/asxdata/20070330/pdf/00707763.pdf

Andersons U
http://imagesignal.comsec.com.au/asxdata/20070330/pdf/00707762.pdf

Of course PDN pounced on it!
Great..more bits of paper in the mail.


----------



## Halba (2 April 2007)

Go Nuke said:


> So..what do people think of those ann released to day about the amout of Uranium is in the ground?
> 
> Watta U
> http://imagesignal.comsec.com.au/asxdata/20070330/pdf/00707763.pdf
> ...




It got nuked...by PDN, by the market, and the market nuked PDN shares too...no pun intended.


----------



## Go Nuke (2 April 2007)

Halba said:


> It got nuked...by PDN, by the market, and the market nuked PDN shares too...no pun intended.




LOL no offence taken mate 

I see your point though.
I hadn't even looked at PDN's share price.


----------



## sandra (2 April 2007)

The thing is PDN is already producing. 1st mine at 70% 2nd mine maybe next year, can take advantage of current prices $$. SMM is still in the ground and will be till 2010-2012?? Who has a cystal ball to say what price u308 in 5yrs? time. (bird in hand worth 2 in bush)


----------



## Gurgler (2 April 2007)

Guys, PDN's shares down .19 (1.95%), SMM's down 0.11 (2.22%). Isn't "nuked" a bit of an overstatement?

On this same day, ERA went down $1.55 (5.54%) and more relevantly the market 70.6 points. I would have thought a drop of closer to 10% might warrant that tag. Or am I just being naive?


----------



## Halba (2 April 2007)

Gurgler said:
			
		

> On this same day, ERA went down $1.55




Read ERA's ann re up to 35% production downgrades next year. Thats company specific 



			
				Gurgler said:
			
		

> Or am I just being naive?




It's all in ERA's ann gurgler. Make sure you read ANNs

This is good for SMM, as more production cut, the higher u price will go(as ERA supplies the u market currently), and the more demand(more premium) for SMM's 50% owned valhalla. Market needs additional deposits to be brought online in Australia.


----------



## sandra (2 April 2007)

Mestena Auction finishes tues 3rd, u308 could go to $110lb check this out: http://www.stockinterview.com/News/04012007/April-Spot-Uranium-Price-Outlook.html  (Thanks bytes)


----------



## Halba (2 April 2007)

sandra said:


> Mestena Auction finishes tues 3rd, u308 could go to $110lb check this out: http://www.stockinterview.com/News/04012007/April-Spot-Uranium-Price-Outlook.html  (Thanks bytes)




Has minor impact on SMM, as it is six years away from production.


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## spooly74 (2 April 2007)

Halba said:


> Has minor impact on SMM, as it is six years away from production.




How do you get 6 years?

Eggers thinks it`s going to be tough but they are aiming for 2010.
cheers


----------



## Halba (2 April 2007)

:disgust: 







spooly74 said:


> How do you get 6 years?
> 
> Eggers thinks it`s going to be tough but they are aiming for 2010.
> cheers




I don't know how you get 2010. Thing doesn't get built overnight. It has to do BFS, Enviromental approvals etc atleast 2011 first yellowcake. At the slow rates we saw SMM deliver their underwhelming resource estimates(4 months late - and still no word on the other 4 prospects) looks like they will err on the delayed side of things  esok:


----------



## Gurgler (2 April 2007)

Halba said:


> Read ERA's ann re up to 35% production downgrades next year. Thats company specific
> 
> It's all in ERA's ann gurgler. Make sure you read ANNs




Halba
Thanks for pointing this out. I don't seem to be able to keep up with ann's  .

But can't afford to give up my day job!


----------



## spooly74 (2 April 2007)

Halba said:


> :disgust:
> 
> I don't know how you get 2010. Thing doesn't get built overnight. It has to do BFS, Enviromental approvals etc atleast 2011 first yellowcake. At the slow rates we saw SMM deliver their underwhelming resource estimates(4 months late - and still no word on the other 4 prospects) looks like they will err on the delayed side of things  esok:





Got 2010 from Eggers..... it will be tough, but not 6 years.

http://clients.westminster-digital....ite/events/37/video/index.aspx?companyID=37_5


----------



## sandra (2 April 2007)

Surely 1 must wounder why it has taken a possible T/O to make smm get there A into G in regards to what they have, as pointed out 4 months behind, is there more to it?? How's the cash flow, smm has taken to fighting dirty, pdn no saint either, just seems to be more than meets the eye. Anyway marathon has better ground.


----------



## Halba (2 April 2007)

sandra said:


> Surely 1 must wounder why it has taken a possible T/O to make smm get there A into G in regards to what they have, as pointed out 4 months behind, is there more to it?? How's the cash flow, smm has taken to fighting dirty, pdn no saint either, just seems to be more than meets the eye. Anyway marathon has better ground.




Sorry I'm venting a lot of frustration on SMM's management team. In short they could have done a lot better. The result is I have liquidated nearly 1/2 my SMM stake today. Lets see how it goes later this month. Better opps elsewhere if they continue to disappoint. This boom won't last forever so we need good management! Lesson no.1!


----------



## sandra (2 April 2007)

So has bmn come to think of it,cheaper as well.Also a company that is not resting on it's laurels,bmn is going forward,very calculated.with possibly one of arguably the best address in the u308 street


----------



## spooly74 (2 April 2007)

sandra said:


> So has bmn come to think of it,cheaper as well.Also a company that is not resting on it's laurels,bmn is going forward,very calculated.with possibly one of arguably the best address in the u308 street




Thats great ...you can also post it here too

https://www.aussiestockforums.com/forums/showthread.php?t=3255&page=60&highlight=bmn


----------



## timelord (4 April 2007)

Does anyone think there will be another takeover of SMM??  Are they waiting for the ALP decision?


----------



## jammin (10 April 2007)

Timelord, you can indeed travel forward in time. 
I refer to the announcement on the asx this morning by SMM regarding a 3rd party (not Paladin) in talks.


----------



## UraniumLover (10 April 2007)

jammin said:


> Timelord, you can indeed travel forward in time.
> I refer to the announcement on the asx this morning by SMM regarding a 3rd party (not Paladin) in talks.




Who is it?


----------



## Go Nuke (10 April 2007)

Who is it indeed....

Maybe Rio Tinto or BHP want to get into the act here in QLD? 

If they did...you can bet your life that there would be something they know which we dont about whats install at the upcomming conference.

Thats would put SMM SP through the roof...lol 

I guess there is always the chance that this will squeeze more money out of PDN's offer too.


----------



## timelord (10 April 2007)

Roll on Thursday.  Got some more stuff in the post today about the PDN offer.  I wonder what this new offer will be?  

I wish I still held PNN.


----------



## mmmmining (10 April 2007)

There is absolutely no chance that BHP or RIO will make an offer. Because they just don't see the value and needs.

The only company in the world can make an extreme offer is Mega Uranium Ltd, MGA.TO, the one who has taken RPT and HMR. All MGA.TO's resources are in QLD and WA. They have not found anything in SA yet.

There is sign for this. MGA.TO's share price was up 20%+ late yesterday afternoon, (partly because of stock tip sheet), a typical manipulation by deal broker;

Using the hyped MGA.TO share to lunch scrap deal for SMM.

MGA.TO can offer anything between $6 to $9 value of stock without dilute its the EV/lb. Amazing valuation

Then market will cheer for the deal, send MGA.TO higher, and SMM even higher.

Sounds like a Dot.com story...


----------



## siempre33 (10 April 2007)

mmmmining said:
"..MGA.TO's share price was up 20%+ late yesterday afternoon, (partly because of stock tip sheet).."

that was Sir James [TDL] who re-issued a buy on Mega.....he certainly knows something is up with MGA/SMM...


----------



## kromey (10 April 2007)

siempre33 said:


> mmmmining said:
> "..MGA.TO's share price was up 20%+ late yesterday afternoon, (partly because of stock tip sheet).."
> 
> that was Sir James [TDL] who re-issued a buy on Mega.....he certainly knows something is up with MGA/SMM...




marketwire.com   Mega Uranium to spend $20 million on Australian projects.


----------



## mmmmining (11 April 2007)

kromey said:


> marketwire.com   Mega Uranium to spend $20 million on Australian projects.




I noticed it too. It shows that Mega Uranium is lack of political knowledge locally. WA is dead money at this moment. QLD and back and forward, don't what the position is. 

Well, Mega Uranium is $1.3b gorilla, with about 45mlb resources, and some of them are just historic data, valued at EV $25/lb. By taking SMM, it will consolidate its position in QLD, and still EV/lb positive. What a great idea! Let see what happened on Thursday.

If it is not Mega, it must be another Canadians. They love Aussies selling assets cheaply.


----------



## kromey (11 April 2007)

mmmmining said:


> I noticed it too. It shows that Mega Uranium is lack of political knowledge locally. WA is dead money at this moment. QLD and back and forward, don't what the position is.
> 
> Well, Mega Uranium is $1.3b gorilla, with about 45mlb resources, and some of them are just historic data, valued at EV $25/lb. By taking SMM, it will consolidate its position in QLD, and still EV/lb positive. What a great idea! Let see what happened on Thursday.
> 
> If it is not Mega, it must be another Canadians. They love Aussies selling assets cheaply.



Would Mega bother about GGY?


----------



## Wysiwyg (11 April 2007)

Mega ...Most drilling planned for Queensland hmmmmm.............price coming off high in Can. too.



- A 10,000 metre drilling programme in the Georgetown Project, Queensland, to investigate targets highlighted by the recent airborne magnetics-radiometrics survey, in the vicinity of Mega's Maureen resource and elsewhere in the project area. 

- Some 5,000 metres of drill testing on a north-south trending uraniferous shear zone in the Oasis Project, Queensland, in which drill intersections in 2006 included 10 metres @ 0.12% U3O8 and 7 metres @ 0.17% U3O8. 

- 4,000 metres of drilling in the Kintyre Rocks Project, Western Australia, to test targets located some 6 kilometres west-southwest of Rio Tinto Ltd's 79 million pounds U3O8 Kintyre resource. 

- 7,000 metres of drilling to test various targets in South Australia and Northern Territory.


----------



## lancer (11 April 2007)

James Dines also put a sell on smm a little while ago, which would make no sense if mga were to buy smm (as far as him knowing something is up between mga and smm). Mega has their own resources they are going to focus on in Australia


----------



## sleeper88 (11 April 2007)

announcement out...not mega..its a Strategic Alliance with Areva


----------



## nizar (11 April 2007)

500k+ sellers at $5.10 this is not going anywhere in a hurry.


----------



## drmb (11 April 2007)

sleeper88 said:


> announcement out...not mega..its a Strategic Alliance with Areva




Areva buys in at 6.20, with options for more - good news for SMM holders like me, seems out of reach for PDN now (which I also hold!)


----------



## mmmmining (11 April 2007)

Well, I am totally wrong. But Areva is insane. Anyway, it is a good news to shareholders.


----------



## UraniumLover (11 April 2007)

mmmmining said:


> Well, I am totally wrong. But Areva is insane. Anyway, it is a good news to shareholders.




This makes up for my miss on URA this morning after toying with options.
But agree - insane. So was the person who bought at 6.50.


----------



## dj_420 (11 April 2007)

nizar said:


> 500k+ sellers at $5.10 this is not going anywhere in a hurry.




got rid of them at $6 nizar!

wow what a massive ann, i sold half my SMM holdings about a week ago, DOH!

oh well still hold half my original investment at $1.53 avg


----------



## Brujo (11 April 2007)

I have the utmost respect for most of the contributors to this forum, but I doubt Areva would be "insane".  I 'm sure more than a passing analysis was conducted before they committed nearly $300 million dollars to this play!

I think the difference here is the time perspective.  They are obviously in this for a long-term benefit (as in several years/decades) whereas I wouldn't mind betting that the majority of punters in SMM at the moment are thinking in terms of months, with the amount of action happening all over the market at present.


----------



## mmmmining (11 April 2007)

Brujo said:


> I have the utmost respect for most of the contributors to this forum, but I doubt Areva would be "insane".  I 'm sure more than a passing analysis was conducted before they committed nearly $300 million dollars to this play!
> 
> I think the difference here is the time perspective.  They are obviously in this for a long-term benefit (as in several years/decades) whereas I wouldn't mind betting that the majority of punters in SMM at the moment are thinking in terms of months, with the amount of action happening all over the market at present.




Sir, Please don't tell me $113/lb uranium will last forever. Long-term uranium could be worth like $10/lb.  It happened before, could happened in a decade time. It is a commodity, has its boom and bust cycle. 

Remember a lot of companies pay handsomely for some high flyers in dot.com period, it ends up with writing off billions of dollars from their book.

It make PDN look dirty cheap.


----------



## Brujo (11 April 2007)

I take your point absolutely Mmmmining. I'm just making the point that no company would just plonk $300mill down without having done far more research, analysis and informed hypothesising than any of us individuals could every envisage performing or having access to.  

Mistakes certainly do get made when companies get their assessments of the future wrong, (eg. Acclaim selling Langer Heinrich to Paladin for $15,000!!!) but I certainly wouldn't assume they are "insane" to make this investment. 

I think I'd trust their assessment of the potential of SMM rather than my own!

Having said all that though, I'm reviewing whether this is an appropriate exit point for myself.  Again, boils down to time horizon.  Quickie profit, out now (or soon), long-term high risk-highish reward investment, hang in there!


----------



## nizar (11 April 2007)

They have an option to buy another 9% at a$7,20 in 2 to 6 months!
Have you read a more bullish announcement?


----------



## sleeper88 (11 April 2007)

it boils down to one key point, the fate of their 300m investment lies in the hands of the QLD govt, and politics is unpredictable!!


----------



## the barry (11 April 2007)

Just did my worst trade, bought 5000 on the way up for a quick day trade at 6.20, sold a minute later at 5.70. Its a deep burn.


----------



## Brujo (11 April 2007)

Hi Sleeper 88.

And this too is the long-term perspective coming in.  The ALP may...._may...._not change their policy this year...or the next year....or the one after that.

But one day.......when the populace is ready for the idea or when there is a change in government.

As said, a number of us here have probably taken a fair punt on the policy changing.  I'm sure these people would have weighed up the probability.


----------



## mmmmining (11 April 2007)

Brujo said:


> I think I'd trust their assessment of the potential of SMM rather than my own!




Brujo, I am glad we are not insane, and agree on certain points. 

To address your trust, I have to ask you a question, where is Areva 12 months ago when a lot of average Joe were investing their saving on this little beauty?

With that sort of money, Areva can buy the whole SMM, plus 10% in PDN.

Obviously, they made huge mistake before, they made mistakes up to today. How can you trust them not making another mistake?

I am a SMM shareholder, I have to figure this out before I take any action.


----------



## Brujo (11 April 2007)

Hi Mmmmining.  I could only assume it is the big company mentality.  12-18 months ago SMM may just have been too small and prospective to even be on their radar.

I detect from your posts (I have not been on forum for very long) that you are from a WA resources background, as am I.  You would well know the old story of numerous BHP and former WMC projects getting turned into company-makers for smaller players.  The old BHP "we won't look at it unless a resource of 250,000 oz" kind of mentality, which has resulted in the smaller players picking up significant projects very cheaply.

In reply to your very valid point, this may just simply be a reverse case of SMM previously having been too small and still too prospective to warrant a significant investment.  Now, the potential returns for them are certainly much much smaller than if they had invested 18 months ago, but so too are the risks.  Political risk is still there, but the price is much stronger than 12 months ago, and the project itself is much further developed.

I too am debating which way to play this one now though.


----------



## mmmmining (11 April 2007)

Brujo said:


> I too am debating which way to play this one now though.




Glad to debate with you with a lot reasoning. It has far more implication then just SMM only. 

We has entered into a new era for uranium investing. We have to update with some new methods to value a company, sounds familiar? 

The crazy period is well on its way....


----------



## Brujo (11 April 2007)

Mmmmining, absolutely.  

I am a survivor of the Tech Bubble, albeit trading much, much smaller back then.

So my general optimism for the commodity bubble is tempered somewhat by the knowledge of what happens when a bubble bursts!  Not to mention what my future life would be like at the hands of my beloved other half if I were to hand back the gains I've made in this cycle!

The same heady signs are there, where a 50ppm assay in a costean somewhere leads to a rush on the stock.  The major difference this time around is that with commodities generally, the action is driven by a fundamental supply/demand imbalance, rather than a guesstimate of how many users are going to access a particular internet portal.  

I'm certainly proceeding with more caution as we go forward.  

I'd be happy to retain an investment in SMM, but with the gains generated to date, the chance of a general market pull-back, and the bubble-like hysteria surrounding uranium plays, I'm happy to crystalise some of those gains, and risk a part of the profits to run further.


----------



## timelord (11 April 2007)

Being new to this, I am enjoying the debate.  I am torn between wanting to take profits now or wait another few weeks?


----------



## Sean K (11 April 2007)

timelord said:


> Being new to this, I am enjoying the debate.  I am torn between wanting to take profits now or wait another few weeks?



Take profits as in sell all? Other options are to sell half, a third, or buy more.  Doesn't have to be all or nothing. Food for thought. 

(not a recommendation to do anything)


----------



## timelord (11 April 2007)

kennas said:


> Take profits as in sell all? Other options are to sell half, a third, or buy more.  Doesn't have to be all or nothing. Food for thought.
> 
> (not a recommendation to do anything)





Any of the above I guess.  I wondered about selling and investing in other stock.


----------



## spooly74 (12 April 2007)

Paladin raises its offer!

1 for 1.67 final offer.


----------



## dj_420 (12 April 2007)

hmmmm i think shareholders should hold out, it will increase again, PDN really want SMM, maybe they believe they _could_ lose this court case, which means they lose their valuable foothold in australian uranium.

keep holding out guys we will almost get 1 for 1 IMO!


----------



## sleeper88 (12 April 2007)

PDN should just walk away..SMM not worth that much


----------



## exgeo (12 April 2007)

If you think that the already-defined uranium resources are only the tip of the iceberg of what's actually there, then SMM might be worth a lot more. Especially as it could probably be put into production relatively quickly given enough money, expertise and the political will. The mining infrastructure around Mount Isa is pretty good.


----------



## Fab (12 April 2007)

exgeo said:


> If you think that the already-defined uranium resources are only the tip of the iceberg of what's actually there, then SMM might be worth a lot more. Especially as it could probably be put into production relatively quickly given enough money, expertise and the political will. The mining infrastructure around Mount Isa is pretty good.




In the meantime it looks like PDN and SMM are not trading . 0 volume


----------



## BIG BWACULL (12 April 2007)

Fab said:


> In the meantime it looks like PDN and SMM are not trading . 0 volume



Better check again Its full steam ahead


----------



## nizar (12 April 2007)

Fab said:


> In the meantime it looks like PDN and SMM are not trading . 0 volume




SMM last 6.06
PDN last 10.10

Both trading.


----------



## motion (12 April 2007)

PDN has really dropped this morning.


----------



## Prospector (12 April 2007)

Its a bit hard to tell when the market is dropping alongside it.  Except for SMM of course! 
 Last time that PDN announced its bid there was a general fall in the market and to some extent may have contributed to the very low uptake of PDN's offer.  Maybe its happening again?


----------



## Go Nuke (12 April 2007)

Should I be getting concerned that SMM share price at $6ish, is closing in on PDN share price {which looks to be closing at around the $9.97 mark}??

I mean Paladin IS producing U..and SMM has what...Some Uranium in the ground in a state that COULD even reject uranium mining??

Im starting to consider my position too...for the first time ever


----------



## motion (12 April 2007)

Go Nuke said:


> Should I be getting concerned that SMM share price at $6ish, is closing in on PDN share price {which looks to be closing at around the $9.97 mark}??
> 
> I mean Paladin IS producing U..and SMM has what...Some Uranium in the ground in a state that COULD even reject uranium mining??
> 
> Im starting to consider my position too...for the first time ever




Yep "Go Nuke" not sure whats going on here but very interesting to watch.. Lets hope the swing is not to big.


----------



## Gurgler (12 April 2007)

Reaching For The Summit
FN Arena News - April 12 2007 

By Greg Peel

There are two interesting points to note about the deal announced yesterday between French company Areva and local uranium resource owner Summit Resources (SMM): *(1) Areva is not a uranium miner; (2) the price paid for a 9% stake implies a resource valuation for Summit's Valhalla/Skal project in excess of US$30/lb.*

Yesterday Summit announced that Areva had agreed to subscribe for 9% of Summit at $6.20 per share, with an option to subscribe for a further 9% at $7.20 per share within 2-6 months. This averages to 18% at $6.75 or a 31% premium over Summit's closing price of April 5. This is a typical takeover premium.

Such a premium was also implicit in the earlier hostile takeover offer made for Summit by Paladin Resources (PDN). Implicit, as Paladin's bid offer was for a scrip exchange of one Paladin share for every 2.04 Summit shares. At yesterday's prices,* this implies a value of $5.19 per share*.

There seem to be two important observations for me from this: 
(1) here is an energy company going to the source and 'buying' a share of its required resource. Is this a precursor for similar moves from other energy providors?
(2) it seems to view poorly the value of PDN's hostile takeover. The article went on to say that only 1% of Summit's shareholders have gone for the offer, to date.

PDN closed at $10.00 (down 3.5%) and SMM $6.00 (up 3.5%)


----------



## Go Nuke (12 April 2007)

Gurgler said:


> Reaching For The Summit
> FN Arena News - April 12 2007
> 
> By Greg Peel
> ...




I think in the paperwork I received yesterday..it wasn't EVEN 1%


----------



## UraniumLover (13 April 2007)

The other share Areva is involved in Aus is NTU - Northern Uranium. (NT/WA)That went through the roof as soon as Areva got associated with them around Feb, Mar.


----------



## nizar (13 April 2007)

Go Nuke said:


> *Should I be getting concerned that SMM share price at $6ish, is closing in on PDN share price *{which looks to be closing at around the $9.97 mark}??
> 
> I mean Paladin IS producing U..and SMM has what...Some Uranium in the ground in a state that COULD even reject uranium mining??
> 
> Im starting to consider my position too...for the first time ever




As well as considering your position, i suggest you also consider market caps when comparing two companies.

Even if SMM and PDN share prices achieve parity in nominal terms, PDN market cap will still be more than double of SMMs.


----------



## greatscott (13 April 2007)

Bloomberg's comments make for an interesting read :

http://www.bloomberg.com/apps/news?pid=20601081&sid=aDr1FA4iRa2A&refer=australia

 Summit controls the largest uranium resource in Australia of any company other than BHP Billiton Ltd. and Rio Tinto Group. Uranium prices have more than doubled in the past 12 months, spurred by rising demand from utilities for use in power plants that emit lower carbon emissions than coal-fired generators.

``Strategically it is a very important deposit,'' said Stephen Bartrop, a resources analyst at Stock Resource in Sydney. ``You've got a lot of uranium hopefuls across Australia but you have very few material deposits.'' 

 ``The bid from Paladin was a necessary response if they were going to have any chance of getting there,'' said Warwick Grigor, managing director of Far East Capital Ltd. in Sydney. ``*The most important thing to consider for a Summit shareholder is that this bull market in uranium stocks is only just beginning, and Paladin is not wanting to make a takeover bid for Summit because it's expensive, they want to buy it because it's cheap*.''

Paladin stock is the world's best performer in the Morgan Stanley Capital International World Index over the past five years. The stock has made a return of 35,829 percent in that period, 10 times the next best performer, Lundin Petroleum AB.

``The question then is which stock is going to perform better, Paladin or Summit?'' Grigor said. ``You might be tempted to say there's greater leverage with Summit.''


----------



## Prospector (16 April 2007)

So now both Summit and Paladdin are in a trading halt.  Surely there must be some kind of award for the most number of trading halts that are called in a month!


----------



## PureCoco (16 April 2007)

As of 3.26pm today 

"The Summit board has resolved to unanimously recommend that all Summit shareholders accept Paladin’s increased offer."


----------



## Go Nuke (16 April 2007)

Wow...ok.

So Im guessing I will now accept PDN's offer 

I always wanted to buy into PDN.. but it was too expensive for me
So, being new to shares...what happens to Summit now in reguards to the ASX?
Does it stop trading as Summit when the takeover is complete?
I suppose Im not going to complain about all this.
SMM was the second share ive ever bought into and its virtually tripled in value in 3-4 months.

Not a bad introduction into the share market and Im quite proud of my efforts

Will this likely make SMM shares fall or rise in price?
{Not that it matters i suppose if you get 1.67 PDN shares for ever SMM share.}


----------



## Gurgler (22 April 2007)

Go Nuke said:


> Does it stop trading as Summit when the takeover is complete?
> 
> Will this likely make SMM shares fall or rise in price?




Go Nuke

Did you get any answers to this via PM?
Otherwise, can anyone else share their past experience in such takeover situations?

*I ask not in regard to this offer (I have already made my decision), but just to build my understanding of the takeover process - and it's impact upon SP.*


----------



## Go Nuke (22 April 2007)

Gurgler said:


> Go Nuke
> 
> Did you get any answers to this via PM?
> Otherwise, can anyone else share their past experience in such takeover situations?
> ...




No mate i got no replies to my question in reguards to SMM takeover.

Im still in the dark over it.
Though perhaps I should have sold when it hit that high of $7.
Looks like people are dumping SMM. I assume they dont want to be a part of PDN with its now diluted shares


----------



## siempre33 (23 April 2007)

Go Nuke,

the pr plainly sez that you will own 1 new PDN share for each 1.67 shares of SMM....so if you own 1670 shares of SMM now, you will own 1000 shares of PDN post merger....

this is clearly a good deal longer-term, as Paladin will soon become profitable from their production....there are very few producers, needless to say, so they join an elite group AND are growing quite rapidly through acquisition...


----------



## dj_420 (23 April 2007)

there was always going to be some level of sp weakness following the takeover due to dilution etc.

however on friday the sp seems to find a bottom around 5.30 mark and bounced quite significantly.

from here once takeover is complete IMO PDN will be a great company to gain exposure to uranium as they are already producing and are getting a second mine under way.

i also think regarding 3 mines policy that if it is not overruled then PDN will gain as they are already producing and people will want exposure to uranium.

if they do overrule policy then PDN will gain as they have numerous deposits in australia that they will begin to be able to develop.


----------



## Halba (23 April 2007)

Basically if 3 mine policy is done for, and QLD allows new uranium mines by ALP conference, PDN will rocket and that is obviously beneficial for ex SMM holders. If QLD do not allow it PDN will fall.


----------



## dj_420 (23 April 2007)

Halba said:


> Basically if 3 mine policy is done for, and QLD allows new uranium mines by ALP conference, PDN will rocket and that is obviously beneficial for ex SMM holders. If QLD do not allow it PDN will fall.




halba i think if they did fall it would only be very short term, as they are producing out of one mine already second on the way.

they have already stated that QLD will probably not open up and hence i think some of this is already priced into sp drop.


----------



## Prospector (23 April 2007)

OK, so I accepted the offer and my SMM shares have gone from my portfolio; when do I get the PDN shares?


----------



## spooly74 (23 April 2007)

Prospector said:


> OK, so I accepted the offer and my SMM shares have gone from my portfolio; when do I get the PDN shares?




Hi Prospector

From the ann on the 16/4, Paladin have accelerated payment terms so you should recieve your PDN shares within 3 business days from acceptance.
cheers


----------



## Go Nuke (23 April 2007)

HA...I havent even recieved my paperwork yet.
Probably tomorrow.

I have no problems at all with becoming a Paladin share holder


----------



## Driver (23 April 2007)

Could I ask a dumb noob question?

I've received all the propaganda from both PDN & SMM, but I haven't received anything regarding accepting the PDN offer?

Should I be calling them to fax me a form to accept?

What happens to my SMM shares if I do nothing?


----------



## dj_420 (23 April 2007)

go to PDN website and from there you can get your acceptance form, print it off fill it in and send it back.

how long have you been shareholder? the only other reason i can think is if you only bought shares in last week or so, would have taken 3 days for funds to clear and only after those three days will you be on register.


----------



## Driver (23 April 2007)

Shareholder for about 8months (I have my boss to thanks for the tip)... I think it's just my luck about these kinda things  

Ta!


----------



## Prospector (23 April 2007)

Further to my earlier post, the PDN shares are now in my portfolio.  PDN is one of my most traded shares, having started the journey when they were just 11c (around 3 years ago)  I never thought that by buying SMM I would still end up with PDN shares...


----------



## purple (23 April 2007)

Go Nuke said:


> SMM was the second share ive ever bought into and its virtually tripled in value in 3-4 months.
> 
> Not a bad introduction into the share market and Im quite proud of my efforts
> 
> ...




 i'm jealous. i bought PDN and it has been drowning.

here's a sour grapes remark :  Hey Go nuke, go see Prospector for human body avatars (i can't make yours out).

LOL. sorry nuke. congratulations on your choice.


----------



## dj_420 (23 April 2007)

Driver said:


> Shareholder for about 8months (I have my boss to thanks for the tip)... I think it's just my luck about these kinda things
> 
> Ta!




well you have held around as long as i have. great company SMM was. oh well looking forward to holding PDN now.


----------



## Gundini (16 May 2007)

Can somebody give me some insight to this question please?

I am thinking of buying some SMM stock with CFD's, as it is close to what I figure will be good support around $5.06... 

My concern is whether they will remain on the ASX as a seperate entity to PDN.

With CFD's, I am not sure whether I would get PDN stock (CFD's) if SMM is delisted, and trades as PDN...

Anyone have any idea on how this may play out, or should I just leave SMM alone?  

Thanks


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## dj_420 (16 May 2007)

Gundini said:


> Can somebody give me some insight to this question please?
> 
> I am thinking of buying some SMM stock with CFD's, as it is close to what I figure will be good support around $5.06...
> 
> ...




if you do buy SMM shares im sure all the holders would appreciate if you accepted the PDN offer help PDN get to 80% and stop this dragging out

cheers


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## Gundini (16 May 2007)

dj_420 said:


> if you do buy SMM shares im sure all the holders would appreciate if you accepted the PDN offer help PDN get to 80% and stop this dragging out
> 
> cheers




I would be happy to accept dj, but a CFD holder doesn't have a say in the matter as they only own a contract for the difference in the price movement.

I do know in a case of a company having a share split, CFD holders receive the 2 for 1 stock contract, but not sure what happens if SMM is delisted and trades as PDN.


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## dj_420 (16 May 2007)

Gundini said:


> I would be happy to accept dj, but a CFD holder doesn't have a say in the matter as they only own a contract for the difference in the price movement.
> 
> I do know in a case of a company having a share split, CFD holders receive the 2 for 1 stock contract, but not sure what happens if SMM is delisted and trades as PDN.




hmm not sure what would happen. thats hard as the shares wuold obviously be held on your behalf by your broker. maybe your broker would know.


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## Gundini (16 May 2007)

dj_420 said:


> hmm not sure what would happen. thats hard as the shares wuold obviously be held on your behalf by your broker. maybe your broker would know.




Yes a risky one for sure, and it seems nobody else knows the answer either.

Will update if I find out the deal.. Thanks for your reply


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## ands (26 May 2007)

Is anyone out there still holding onto their SMM shares? I noticed they just extended the offer period again. It will be interesting to see what Areva does with their blocking stake. What do you all think the outcome of the takeover will be?


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## Gundini (30 May 2007)

ands said:


> Is anyone out there still holding onto their SMM shares? I noticed they just extended the offer period again. It will be interesting to see what Areva does with their blocking stake. What do you all think the outcome of the takeover will be?




Just picked up a parcel at $5.00... Recon there should be a bit of support at this level, but she sure is one sick puppy! Will be watching like a hawk with a tight stop...


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## Gundini (1 June 2007)

Gundini said:


> I would be happy to accept dj, but a CFD holder doesn't have a say in the matter as they only own a contract for the difference in the price movement.
> 
> I do know in a case of a company having a share split, CFD holders receive the 2 for 1 stock contract, but not sure what happens if SMM is delisted and trades as PDN.




Just to update you all on this situation re holding CFD's in a takeover, or a de-listing occurance.

What ever happens to the underlying share price is what you end up with as a CFD holder. So basically, if SMM is fully taken over by PDN, and delisted, you receive whatever the deal is as a full share holder, PDN stock and cash, etc... 

Anyway, that's good to know for future reference...


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## Sean K (18 June 2007)

Anyone got an update on the future of SMM?

I hope ASF members got out of it after breaking down through $5.00. 

Looks like it has found a little support at $3.50, but it's still tenuous. 200 d ma may have given it a hand too.


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## exgeo (9 August 2007)

I have an update on SMM. It will reach the $3.00 mark and then rebound strongly.

But seriously, I reckon nothing much will happen to it from now on until someone makes a move on Paladin, or PDN decides to tidy up the last little bit of SMM. Summit is held 10.4% by Areva and 81% by PDN, leaving less than 10% free-float. I imagine Areva would want substantially more than the $6.00 or so that they paid for their SMM stake. I filled my boots around the $3.00 mark awaiting someone deciding to tidy things up anyway. Might be a long wait, but at perhaps 100% return, it's worth waiting even 2 years or more IMHO.


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## Sean K (9 August 2007)

exgeo said:


> Summit is held 10.4% by Areva and 81% by PDN, leaving less than 10% free-float.



I can't see why it would move at all with only 10% available to trade. I'm sure neither PDN or Areva are selling! Sorry state for Summit to be in really. I agree with your thoughts. PDN to make a sweet offer to Areva (doubtful IMO - Areva want the offtake don't they and what did they pay!) Or PDN t/o. Hmmm, both unlikely, but perhaps more likely a PDN takeover, although if it keeps jumping like today......


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## exgeo (10 August 2007)

I guess the only reason it might move is because of bottom-fishers such as myself, with lots of patience. As Warren Buffett once said: "the stock market is a mechanism for tranferring wealth from the impatient, to the patient".


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## vishalt (20 September 2007)

Paladin to lead Summit & other Uranium hopefuls?

PDN consolidated around 6 & 6.50 for a while and then stormed out of the gates, Uranium prices have fallen to $85US, but they're still high, Uranium demand is still going strong with US wanting to triple its Uranium mining activities and India wanting our Uranium. 

I think Summit is about to do the same, I'm gonna tilt on some speculative play and go on SMM.


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## GreatPig (16 November 2007)

This one continuing to struggle. It's been consolidating along the 61.8% Fib level for a while now in what I have as a bullish triangle, although not a very pronounced one. It looked to break out in early November but has now fallen back below again.

I continue to hold this one, despite it looking like a false breakout with possibly more downside to come. The market depth often shows quite a wide spread around the $3 mark now, like neither buyers nor sellers want to budge. It doesn't take much to make it jump up to $3.10 or more or down to $2.95, but so far every time it's pushed up it's been driven back down. Hopefully the sellers will dry up and it will take off, but I'm keeping a very close eye on it.

GP


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## System (26 October 2018)

On October 24th, 2018, Summit Resources Limited (SMM) was removed from the ASX's Official List following compulsory acquisition of the Company's securities by Paladin Energy Limited (PDN).


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