AUZ - Australian Mines

[frugal.rock]

Please remind me to to buy a week before the big bars...

Geez Barney, you forgot to remind me.
I looked at this one this morning, but as you can see from the daily, the main action started at 3pm ? I was busy pushing up VML... for some reason...

 

[barney]

Geez Barney, you forgot to remind me.

I swear Rock, I was watching this last week thinking a smart guy should take a small position in this. I am obviously not smart!

Good luck with it if you get on.

 

[qldfrog]

I swear Rock, I was watching this last week thinking a smart guy should take a small position in this. I am obviously not smart!

Good luck with it if you get on.

My open buy order was a tad too low..and that is now history.some you win some you loose

 

[greggles]

AUZ breaks its two month downtrend today as the share price moves up 15.8% to 2.2c following around a week of consolidation. No news recently but perhaps there is something on the way?

One to watch for a possible short term trade.

 

[Sean K]

AUZ breaks its two month downtrend today as the share price moves up 15.8% to 2.2c following around a week of consolidation. No news recently but perhaps there is something on the way?

One to watch for a possible short term trade.

Agree, but not on super volume though. Yet. Still 8 mins...

 

[Dona Ferentes]

Binding offtake agreement with LG Energy Solution for supply of mixed nickel- cobalt hydroxide from the Sconi Project, QLD.

The offtake quantities covered by the Offtake Agreement will account for 100% of the projected future production of Sconi creating a sound customer foundation to underpin its development.

The agreement has only one Condition Precedent, which is that Australian Mines secures financing for construction of the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree).

- what is it; about a bill??

up 30% to 2.6c

 

[greggles]

ASIC commences proceedings against Australian Mines and its managing director Benjamin Bell

22-106MR ASIC commences proceedings against Australian Mines and its managing director Benjamin Bell | ASIC

asic.gov.au

A range of allegations being made by ASIC but the core of the litigation is that AUZ allegedly breached its continuous disclosure obligations and managing director Benjamin Bell allegedly breached his directors’ duties.

Expect a substantial sell off tomorrow. This is very bad news and will haunt the company for some time.

 

[greggles]

As I suspected, shareholders have bailed out of AUZ today, sending the share price back to July 2020 levels. This litigation will hang over the company like a black cloud until it is resolved. Based on what is being alleged by ASIC, I doubt that this will be settled prior to trial, so it could take several years for it to work its way through the courts until judgement.

I expect we'll see AUZ back under 10c in the coming months.

 

[barney]

I expect we'll see AUZ back under 10c in the coming months.

Ouch (DNH fortunately)

 

[frugal.rock]

A chart update only.

 

[Dona Ferentes]

A chart update only.

and back for a second go ... put on 30 per cent this morning

.
AUZ has identified a second exploration target prospective for Niobium and Rare Earthsat the Jequie Rare Earth Project located within the state of Bahia (Brazil).

Highlights
The target comprises:
• An airborne radiometric thorium anomaly, contained within the licences, of approximately 12km in length and with a width of up to 2.5km
• Identified soils and clays within close proximity to outcropping Leucogranites, which have the potential to either host primary Rare Earth Elements in hard rock or be the source of secondary REE oxides contained within weathered saprolite, soils and clays.
• Field testing with a portable scintillometer returned positive readings for the presence of potential REE-bearing minerals in outcrop.

 

[barney]

and back for a second go ... put on 30 per cent this morning

Just noted in the Probables thread DF ... I see you and Rock are already on to it

Been a while between drinks for AUZ ...Solid Volume as well. They have about $3.5M in the bank and a $25M market cap

News doesnt seem to justify the sharp rise to me ...... Traders in action so nimbleness required at some point?

 

[Dona Ferentes]

Just noted in the Probables thread DF ... I see you and Rock are already on to it

Been a while between drinks for AUZ?

and now slurping at the Fount of OPM.

.... AUZ requests a trading halt for its securities, pending the release of an
announcement concerning a capital raising.

 

[barney]

and now slurping at the Fount of OPM.

Looks pretty opportunistic given they still have $3.5M cash in the jar ..... Doesnt exactly show a lot of confidence in what they expect to find in the area just announced either. Hope I'm wrong on both counts.

Random guess at the CR price .... Given the ordinary chart prior, and the steepness of the spike, I'm backing 14 cents, but hopefully higher for anyone who just bought in.

 

[Dona Ferentes]

Looks pretty opportunistic given they still have $3.5M cash in the jar .....
....Random guess at the CR price .... Given the ordinary chart prior, and the steepness of the spike, I'm backing 14 cents, but

for that amount, you can have 10 shares !!

Adds Chart:

 

[barney]

for that amount, you can have 10 shares !!

Lol ... oops ......Who stole my decimal point and associated zero Been a tough day!

Thank you DF for the prompt .... Too late to edit ....... .014 cents of course . Doh!

 

[Dona Ferentes]

Turn around for AUZ?....

Might be a good time totbuy

... that was post #1 from 2005

and over three years

.
and today:
Highlights
• The 2025 High-Grade (JORC 2012) Scandium Mineral Resource Estimate (300 ppm scandium cut-off) increased from 3.7mt to 6.3 mt, for similar scandium grades of 458 ppm and 446 ppm respectively.
• The resource modelling indicates the potential for significant additional mineralization at lower cut-offs. At a 100ppm cut-off for scandium the total mineralised inventory stands at 28mt @ 217 ppm scandium (inclusive of laterite and saprolite) whereas in October 2017 the total mineralised inventory reported was 4.5mt with an average grade of 415 ppm scandium.
• 98% of the 2025 MRE is classified as Measured and Indicated..
• 90% of the 2025 MRE is located within 50m of surface.
• In addition to the contained scandium the 2025 MRE has a nickel grade of 1350 ppm and a cobalt grade of 601 ppm (inclusive of Measured, Indicated and Inferred Resources).

.it's 2025 , will market get excited?