CUL - Cullen Resources

[LetsGoBroncos]

I came to the same conclusion with the graphs, weakness around the .076-.079 level. Although strangely theres 2 orders at opening quite high above the lowest sell price. I'm not sure what to make of that.

 

[Pat]

This morning has seem some agressive buying, 1 mil munched at 8.6 cents. The sellers are reluctant to sell down. The depth on the sell side is very strong which has me confused

 

[ALFguy]

Confused too! Expected a few days consolidation but looks like a buying spree.

Maybe someone knows something?

 

[Jockstar73]

The same kind of trend happened in the 2 days leading up to their last Ann. They should have been consolidating today but these is alot of strength there.

 

[ongchuan]

Check out the trend for last two weeks. Monday is always a huge jump then create new high on tuesday but closed almost the same as monday. THen the rest of the week just retrace a bit or consolidate and wait for the next week. Probably can buy on friday when it is lowest then sell on MOnday. Anyone got ideas?

 

[Pat]

The same kind of trend happened in the 2 days leading up to their last Ann. They should have been consolidating today but these is alot of strength there.

Check out the trend for last two weeks. Monday is always a huge jump then create new high on tuesday but closed almost the same as monday. THen the rest of the week just retrace a bit or consolidate and wait for the next week. Probably can buy on friday when it is lowest then sell on MOnday. Anyone got ideas?

Agree guys, but the depth was a lot stronger on the buy side in he last few weeks. It seems today alot of the buys are offscreen... more insider trading?

 

[doctorj]

An interesting theory ongchuan, but twice does a pattern not make.

The sell side always seems quite heavy a couple of ticks away from the action but at the moment its the buy side that's doing the chasing.

 

[Sean K]

The same kind of trend happened in the 2 days leading up to their last Ann. They should have been consolidating today but these is alot of strength there.

Yep, dito what DrJ said. Let's not jump out of our non ramping coats for the moment. I stick by the last chart assessment, but am wary of day traders jumping on volume to throw the psychology in the chart out the window. All 'investors' should be after is an EOD close above last all time high EOD close and you should be VERY happy with that. If you're intraday trading, then announce it as such, but don't con newbies into 'investments' if you're pump and dump.

 

[YOUNG_TRADER]

Regardless of what the chart says and technicals (sorry techies

Here's my fundamental view, so if your in it for the medium term this should unfold

BTW RHI now $3 = $120m Current EV = $7.60/t Fe!

CUL​

Mkt Structure

Shares
475m
Mkt Cap @ 5c = $25m Current
Mkt Cap @ 10c = $50m Target 1
Mkt Cap @ 15c = $75m Target 2
Mkt Cap @ 20c = $100m Upside


Cash
$2m not alot, but nearly all of its projects are funded by JV's so it doesn't need cash



Projects



Catho Well Iron Ore, 30% Carried, West Pilbara
JORC 68Mt@55.4%Fe
Now CUL's main project is joint ventured to Australian Premium Iron which is jointly owned by AQA and Multi Billion dollar steel mills, they are firming up a large porject in the West Pilbara and are currently doing feasibility studies and although CUL's project is smallish it still represents 1/4th of the total project and as such will get into production, importantly CUL's deposit contains lower impurities and thus is required to blend with the other deposits
AQA/API have very very deep pockets and backed by the US steel Mills, funding and offtake will not be a problem,

Valuation
RHI 40m shares @ $2.50 = $100m, its asset 20% of 135Mt@58.5%Fe = Net 15.795Mt Fe, at $100m = EV of $6.33/ Fe t

So if we give CUL the same $6.33/ Fe t = 30% 68Mt@55.4%Fe = 11.3Mt's Fe = $71.5m = 15c CUL

Now the mian points are
1. This was a first pass JORC from 1 of 4 target areas, a look at CUL's ground position suggests some of RHI's Cardo Bore deposit extends into CUL's ground

2. API is backed by AQA and Multi Billion Dollar US Steel Mills who will provide funding and offtake

3. A feasibilty study is underway

4. A comparison to RHI suggest CUl is worth 15c on this asset alone!


Wyloo Dome Iron Ore, 20% Free Carried, West Pilbara
This project is in a JV with FMG, thats right Fortescue Metals Group, they are beginning exploration for Iron ore this qtr! The project is adjacent to Hamersley's 225Mt@62.1%Fe Metawandy Deposit
HUGE SPEC Appeal!


Gun Barrel Nickel, 25% Free Carried, W.A.
BHP is drilling 7 diamond holes in search of Nickel, the mkt will love the BHP link


Iriwn Bore and Mt Tate Nickel, 30%-35% Free Carried, W.A.
IGO one of the most famous mid cap Nickel players is exploring here for Nickel in a JV, again the mkt will love the IGO link


Forrestania Nickel, 20% Free Carried, W.A.
HNR most who like nickel will be familiar with the HNR story, their directors are famous for discoveries and its very good to see their main project is with CUL,


Gunbarrel Gold, 30%-35% Free Carried, W.A.
Newmount is exploring for Gold here


Duchess IOCGU, 30% Free Carried, Mt Isa Qld
MEP Minatatour are exploring for Cu-Au U and IOCGU type structures here although they are mainly working on Tunkilia with HLX



Uranium Projects Uranium, Some 30% JV's most 100% owned, W.A. S.A. and N.T.
Has about 40 liceneces in W.A. S.A. and N.T., could easily spin these off into a new IPO, I'd say they're worth 2c-4c to the company alone.



Summary

- The main Iron Ore porject worth 15c
- FMG JV adds 1c spec appeal
- BHP JV adds 2c spec appeal
- Lots of other JV's working hard to make a discovery, adds another 1c appeal
- The Uranium projects are worth 2c-4c in a spin off form

Total Value I see = 15c - 25c

 

[juw177]

Woah, what is going on today? Are we seeing a repeat of the last spike? ie, buyers in 10's millions come out of nowhere then disappear when the price retraces.

 

[UPKA]

this is one strange stock, possibly been played by too many day traders, pumped up the price, then dumped on the same day, and its not the first time this has happened

 

[doctorj]

this is one strange stock, possibly been played by too many day traders, pumped up the price, then dumped on the same day, and its not the first time this has happened

The lines of stock that are going seem to be too big to be day traders. 4 mill shares at about $380k just went in one lot then. This type of thing has happened a few times today. No doubt there are plenty of people day trading it, including me, but that's not what is driving the movements at the moment.

 

[juw177]

Its just hit 10c and looking to close on all time high. Wow. I agree that it is not just day traders. Yes, some of these people might actually be accumulating and holding for longer than 3 days.

 

[juw177]

OK I got out at 0.10 purely because of the past dumping patterns of this stock where a big sell down follows a failure at breaking resistance (which is likely to be 0.105 at this point).

 

[Duckman#72]

Got a few of these today........

Thanks for nothing Chicken!!

Must you single handedly destroy every successful trade I enter??

Your Bemax forecasts remain VERY fresh in my mind. Let's not get too carried away hey.

Your ornithological nemesis

Duckman

 

[Gurgler]

LOL Duckman! "ornithological nemesis" -still chuckling

But seriously, although I'm sure the majority of the purchasers of the 30 mill shares traded in the first hour are NOT reading this thread, the sp went down to .095 within minutes of the aforementioned poultry remarks.

 

[Pat]

LOL Duckman! "ornithological nemesis" -still chuckling

But seriously, although I'm sure the majority of the purchasers of the 30 mill shares traded in the first hour are NOT reading this thread, the sp went down to .095 within minutes of the aforementioned poultry remarks.

Our feathered friend maybe wrong short term but long term I think he can pickem, I value Chickens input regardless of what the SP will do today.
Thanks chicken, your great value lolololol

 

[sagitar]

Some nice buying happening this morning, hence the charge up to 9.7c.

I presume that an announcement (one of potentially many) isn't too far away either, given the sustained interest (accumulation occurring) in this stock over the last couple weeks.

One to watch!

 

[chicken]

Thanks for nothing Chicken!!

Must you single handedly destroy every successful trade I enter??

Your Bemax forecasts remain VERY fresh in my mind. Let's not get too carried away hey.

Your ornithological nemesis

Duckman

Duckman....must keep my beak shut.....just bought 200000 shares at av. 8.5cents....HC are posting all the time....read what is said...looking good ......by the way BMX for long term buyers are also looking good..I am still holding 100k of BMX as its producing well and longterm will be OK...60year minelife.....:

 

[doctorj]

Duckman....must keep my beak shut.....just bought 200000 shares at av. 8.5cents....HC are posting all the time....read what is said...looking good ......

{sarcasm}I can understand why you're excited - that other place is always the source of reputable, thoughtful analysis.{/sarcasm}