FLX - Felix Resources

[noirua]

Felix Resources stand at $2.78 today and have risen about 80% from their 12 month low.
Is there more to go for?
Possibly, as much depends on what partnerships are agreed on the all important Moolarben Project, as that will give a valuation for the whole open-cut and underground mine; Then whether further upgrades are made in the next 12 months.
If everything comes to figures in line with the recent Ashton sale, then FLX can expect substantially more for the Moolarben interest than Ashton.

Everything has fallen into place recently for FLX, and we should not forget how things fell apart before and the share price fell from just under $4.00 to just above $1.50.

NB. I hold a lot of shares in FLX.

 

[michael_selway]

Felix Resources stand at $2.78 today and have risen about 80% from their 12 month low.
Is there more to go for?
Possibly, as much depends on what partnerships are agreed on the all important Moolarben Project, as that will give a valuation for the whole project; Then whether further upgrades are made in the next 12 months.
If everything comes to figures in line with the recent Ashton sale, then FLX can expect substantially more for the Moolarben interest than Ashton.

Everything has fallen into place recently for FLX, and we should not forget how things fell apart before and the share price fell from just under $4.00 to just above $1.50.

NB. I hold a lot of shares in FLX.

Hi what do u think of EXL and the other coalers like MCC, CEY, GCL RSP etc?

thx

MS

 

[noirua]

Hi what do u think of EXL and the other coalers like MCC, CEY, GCL RSP etc?

thx

MS

I'll try and post my views, for what they're worth, - probably not a lot - on the correct title thread. - Good Luck

 

[noirua]

A.G.M. and release of Annual Report: http://news.iguana2.com/fatprophets/ASX/FLX/180838

 

[noirua]

Felix Overview and Outlook - Investors Presentation : http://www.asx.com.au/asxpdf/20060926/pdf/3ynphgkr8c3yr.pdf

 

[noirua]

It's very doubtfull that anyone will bid for Felix Resources as a whole. Any friendly bid would require agreement from the top four shareholders and therefore would prove too expensive; any hostile bid would go the same way.

Interest from outside is solely in the arena of the " Moolarben Project " in which Felix have a 100% interest in the proposed open-cut and underground mine.
Felix expressed the two-way alternative in their Annual Report and it seems they will go it alone if necessary. That though increases the risk, with the current expenditure on Minerva and Ashton exceeding $137 million, and the Moolarben ( plus HarryBrandt open-cut ) costs approaching this figure again.

The expected annual production from Moolarben will reach around 9 million tonnes in 2010 with production starting in 2008.

A sale of an interest of around 30% of Moolarben should bring in a figure approaching $100 million, imho, and it is this factor that could push Felix Resources on strongly.
Bringing in this sum could advance the Athena Underground Project.

Measured and indicated resources: Yarabbee ( 100% owned ) 25.2 million tonnes, open-cut; Minerva ( 70% owned ) 59.3 million tonnes, open-cut; Ashton ( 60% ) SE open-cut at 24.6 million tonnes, Ashton Underground at 67.4 million tonnes; Moolarben open-cut 309.3 million tonnes, Moolarben underground 87.5 million tonnes; Harrybrandt opent-cut 42.8 million tonnes " inferred resource "; and Athena underground, 560 million tonnes " inferred resource ".

The total measured and indicated resource, attributable to Felix, is 524.4 million tonnes and total resources at 1,087.2 million tonnes.

 

[noirua]

Felix have moved on to $2.89 this morning as Moolarben financing looks to be the next announcement.

 

[noirua]

Felix have continued their gradual upward march all this week. Having hit $3.00 on Friday and closing at $2.98.

 

[noirua]

So much has been said about Felix Resource's mines and projects at Yarabbe, Minerva, Ashton and Moolarben.

One of Felix's best assets is the Athena Exploration Project, owned 55% by Felix and 45% by Soljitz.

The Athena tenement area covers 27,000 hectares and is a prospective underground development situated near the Minerva Mine. It has similar or better coal and drilling of an 11 metre intersection contained a very high quality washed coal. The inferred resource is 560 million tonnes.

The Minerva Mine infrastructure is available to improve prospects for commercial exploration.

 

[noirua]

Felix Resources, Managing Director, Mr Brian Flannery in an audio interview with the Wallstreet Reporter: http://www.wallstreetreporter.com/interview.php?id=20373&player=wma

Mr Flannery says " Moolarben Deposit, ( 100% owned by Felix Resources ) is the best in Australia and probably in the world " - mine is close to that of majors, Xstrata and Peabody in NSW.

The following link is a transcript of the interview: http://www.wallstreetreporter.com/profile.php?id=20373#transcript

 

[noirua]

Felix continue on up having reached $3.10 this morning. The interest over Moolarben, situated as it is close to Xstrata and Peabody mines, with 309 million tonnes of coal so far is likely to maintain interest.

 

[noirua]

Closed the week at $3.17 and now more than 100% up on the years low. Trading is quite light with buyers willing to take stock at ever higher prices.

 

[michael_selway]

Closed the week at $3.17 and now more than 100% up on the years low. Trading is quite light with buyers willing to take stock at ever higher prices.

Waiting for 2009 forecasts. abut shoudl be around 0.32 per share

Earnings and Dividends Forecast (cents per share)
2006 2007 2008 2008
EPS 14.6 23.8 28.1 28.1
DPS 4.0 7.0 8.1 8.1

thx

MS

 

[noirua]

Felix resources recovered to close at $3.10 on the Ausmelt memorandum of understanding concerning the Whyalla plant being used for Zinc.

Felix have a 21.5% holding in ADC ( through their 90% holding in S.A.S.E.) and Ausmelt hold 78.5% ( Ausmelt have a 5% interest in S.A.S.E. ). The plant referred to is S.A.S.E's former Pig Iron demonstration plant at Whyalla, and S.A.S.E. hold rights to the Ausiron(R) technology in South Australia.

Felix have a 2.5% interest in Ausmelt and certain rights to increase their holding in ADC or shares in Ausmelt if ADC is not floated on the ASX. Ausmelt hold options over shares in Felix Resources.

ADC own a 100% interest in the Whyalla plant.

Ausmelt BRR audio broadcast: http://www.brr.com.au/event/AET/31/16294

 

[noirua]

Felix Resources were quoted at Euro 1.83 up .05 in trading today in Germany.

An interesting 5 year chart: http://www.newratings.com/companies/chart.asp?isin=MKM.BER&ts=60

 

[noirua]

Felix first quarterly report: http://www.asx.com.au/asxpdf/20061018/pdf/3z1psqgjpff5z.pdf

 

[noirua]

Felix Resources ownership of Hawks Nest and Peculiar Knob iron ore tenements are sold. Almost is probably a better word as the buyers " Southern Iron " are in a scrip for scrip merger with " Western Plains Gold ( WPG ) ", and it could yet fall through, though Felix appear certain it's all but cut and dried.

The company acting for Felix is its 90% owned subsiduary ( other holders are Ausmelt and Krakatou Steel, who each own 5% ) S.A.S.E.

The result is that Felix get their hands on more much needed cash, $750,000 upfront and later $450,000, at todays price, in shares in Southern Iron.

There are undefined royalties to be held by Felix on productions levels, levels that is, in production from Peculiar Knob that they expect to reach 1 - 2 million tonnes per annum of high grade iron ore from 2008.

Felix also mention a consortium of 3 mysterious un-related holders in royalties over the Peculiar Knob tenement - thats a new one sprung on us, all very peculiar - and it seems they were made a generous offer for these royalties by Southern Iron and declined.

http://www.asx.com.au/asxpdf/20061019/pdf/3z28d6vn1c0p7.pdf

 

[noirua]

Felix's October Overview " Investor Roadshow Presentation". NOT NEW as it was out about 4 weeks ago. http://www.felixresources.com.au/News_Docs/20060906_Roadshow_Oct.pdf

 

[noirua]

Felix Resources ownership of Hawks Nest and Peculiar Knob iron ore tenements are sold. Almost is probably a better word as the buyers " Southern Iron " are in a scrip for scrip merger with " Western Plains Gold ( WPG ) ", and it could yet fall through, though Felix appear certain it's all but cut and dried.

The company acting for Felix is its 90% owned subsiduary ( other holders are Ausmelt and Krakatou Steel, who each own 5% ) S.A.S.E.

The result is that Felix get their hands on more much needed cash, $750,000 upfront and later $450,000, at todays price, in shares in Southern Iron.

There are undefined royalties to be held by Felix on productions levels, levels that is, in production from Peculiar Knob that they expect to reach 1 - 2 million tonnes per annum of high grade iron ore from 2008.

Felix also mention a consortium of 3 mysterious un-related holders in royalties over the Peculiar Knob tenement - thats a new one sprung on us, all very peculiar - and it seems they were made a generous offer for these royalties by Southern Iron and declined.

http://www.asx.com.au/asxpdf/20061019/pdf/3z28d6vn1c0p7.pdf

Western Plains Gold ( WPG ) shareholders have approved their acquisition of Southern Iron.
This means that WPG's purchase of iron ore tenements at Hawks Nest and Peculiar Knob from Felix Resources have gone through.

http://www.asx.com.au/asxpdf/20061027/pdf/3z7hy6dnzhqg4.pdf

 

[noirua]

Felix Resources closed at a 2006 high of $3.40 on Tuesday. The continued rise in the share price is thought to be associated with the "Moolarben Mine in NSW" and the "Queensland mine, Ashton Longwall ramp up, going to plan for 2007", reference the Minesite report on 19th Sept 2006.

Peabody and Xstrata have interests in the same area of FLX's Moolarben mine.