AVQ - Axiom Mining

[Tyler Durden]

How come the sp looks as if it lost the case?
Down to .015 from .032.

There are too many shares on issue, from memory it's close to like 4 billion. So after the initial hype of the win, it started to retrace. The downfall was increased due to SMM (the opponent in the trial) applying for the current injunction to continue, which prevents AVQ from starting work on the land. The basis of this application is that SMM will appeal the court decision, hence sending the SP back to what it was before the trial result was known.

 

[Tyler Durden]

News out that AVQ has lost the appeal in Court.

 

[Gringotts Bank]

If it gets above 24.5, will make a good breakout trade imo.

 

[Gringotts Bank]

If it gets above 24.5, will make a good breakout trade imo.

Needs the close above the recent high, but without running away up to 30.

 

[Gringotts Bank]

Looks like it was a Port Philip Publishing tip.

 

[Tyler Durden]

Looks like it was a Port Philip Publishing tip.

View attachment 67412

Port Phillip publishing tip?

 

[Miner]

AVQ raised capital at 38 cents and 28 cents if I am not wrong.
What happens with those investors who put lots of money to see the SP is 23 cents.
Port Phillip compares it with Nova Nickel and probably better than that.
However there is no support on this scrip and it is unclear on the outcome of the court case.
Disclaimer - Do not hold at the momen

 

[greggles]

News announced this morning that Axiom Mining's application for a mining lease over the San Jorge nickel deposit in the Solomon Islands is at the final approval stage has given AVQ's share price a much needed lift after a difficult six months.

It opened at 14c after gapping up from yesterday's close of 11.5c and is currently at 15c.

 

[greggles]

Nice jump in share price today for Axiom Mining after the company announced that the Minister for Mines on behalf of the Solomon Islands Government has formally granted Axiom's subsidiary, Axiom KB Limited, the Mining Lease over the San Jorge nickel deposit, part of the Isabel Nickel Project.

Almost 25 million shares were traded and AVQ finished the day at 14c, up 44.33% on yesterday's close of 9.7c.

The next step is to get the mine up and running, which will cost between $12-$20 million and is likely to be borrowed from a buyer of output from the mine, with the funding linked to an offtake agreement according to the CEO Ryan Mount.

 

[barney]

Last big gap up on Volume fizzled quickly. Be interesting to see how this behaves this time.

If they can swing the deal and don't need to go to the shareholders for cash it would be a bonus as they don't have a lot of cash left at present according to the last Quarterly.

 

[greggles]

Last big gap up on Volume fizzled quickly. Be interesting to see how this behaves this time.

And just like that, it's all suddenly imploded for AVQ. Their application for a prospecting license for the Isabel Nickel Project in the Solomon Islands has been unsuccessful. The announcement said that they have re-applied and also requested a review of the decision, but it isn't looking good.

Particularly curious was this statement at the end of the announcement:

Furthermore, the national Member of Parliament for the constituency that covers Kolosori was arrested on the weekend for misappropriation of Government funds.

The Solomon Islands certainly sounds like a challenging place to do business.

AVQ down 26.97% to 6.5c.

 

[barney]

And just like that, it's all suddenly imploded for AVQ.

Thanks for the update Greg...….. Tough at this end of the Market ...

 

[greggles]

Thanks for the update Greg...….. Tough at this end of the Market ...

Looks like a double bottom for AVQ at 5.2c.

The company recently raised $4.9 million through an Entitlement Offer to implement its plans to bring Axiom's Nickel Project in the Solomon Islands into production.

Today they announced that a terms sheet has been signed with Traxys Europe S.A. for senior debt facilities of up to US$10.5 million and off-take sales arrangements for nickel ore from Axiom's San Jorge project. Traxys is a global commodities trading firm and one of the top nickel traders in the world.

There's some serious resistance up ahead at 9c, so I'll be watching from the sidelines until there is a break above that level. I suspect it's not going to be breached easily.