FXR - Fox Resources

[profithunter]

FXR has just gone into a trading halt. I'm sure it wouldnt be a capital raising.

Either they are spinning off their Iron ore assets or Takeover? Thats my guess

 

[viccam]

Just noticed, i've been watching this one for a while. There in the thick of it up there, so i'm hoping its positive.

 

[profithunter]

MMX went into a trading halt at around the same time...could be a takeover on the cards. Any other theories out there??

 

[joeljp]

IMHO, it's gotta to do with Sinosteel taking a substantial stake (10%+) in the company. There is probably a lot of iron ore in the ground that the public knows.

DYOR

 

[doogie_goes_off]

I once knew a place where you could find the reporting dates, but I have a feeling that they are due for full year reporting and believe there will be a better than last half profit for this half based on export numbers for copper and nickel, I did some calcs that came in around 3.5 cents per share plus the 1.5 already announced last half but that was based on nickel price then and 3 good months production with costs 1/2 of metal output and I'm not sure what ther operating costs are so really I'm just crossing my fingers. A takeover would be OK although a little dissapointing because they obviously have the talent to find deposits. If the iron ore gets spun out I would buy in as it looks promising. Do MMX have iron ore projects? - ill look up their thread. I am hoping for a good news day tomorrow because I still hold (with an iron fist). Go Fox!

 

[doogie_goes_off]

I also do not think it can be capital raising as they banked $17M from option exercise the other week so it would defy logic IMO

 

[doctorj]

http://www.asx.com.au/research/pdf/company_reporting_dates_2007.pdf

Fox is most likely to lodge their accounts late on deadline day.

 

[doogie_goes_off]

Thanks Doctor J, Ididn't have this info, so who knows what I was thinking, thanks for the post and lets hope the announcement is something good. I am slowly realising I am an poorly informed investor, but I know some basics and this forum teaches me something new every day.

 

[doogie_goes_off]

Well their announcement is a new discovery south east of the operating Radio Hill Nickel mine. A wide intersection of sulphide bearing rock with a narrow high grade zone. Hard to say what's happening without assays, but atleast it's some action near their current operation and that can only be good news. Another gutsy exploration success. I like the way they operate, this is why I hold and have a long position with fox. I'm very keen to see their financials because I think this will develop some much needed interest if the SP is to clim to it's highs again.

 

[mexican]

Well their announcement is a new discovery south east of the operating Radio Hill Nickel mine. A wide intersection of sulphide bearing rock with a narrow high grade zone. Hard to say what's happening without assays, but atleast it's some action near their current operation and that can only be good news. Another gutsy exploration success. I like the way they operate, this is why I hold and have a long position with fox. I'm very keen to see their financials because I think this will develop some much needed interest if the SP is to clim to it's highs again.

Looking like the mine life will extend with more results like this and more on the way. Working very hard to get results and getting them.
Like to see drill samples from debeers land, when on hand.

 

[Ken]

A lot of good news coming from Fox Resources.

At the moment, I am a little bit bullish on FXR. The run up to $1.25 on volume a month or to a go, could be a sign the breaks are being put on the falling share price.

We need a really big day to turn FXR around, with the amount of positive news coming in at the moment, it is possible.

$10.5 million worth of nickel sent to china.

Does anyone know the mine life or in ground value?

Any estimated PE ratio, or are they still a cash burning company?

 

[doogie_goes_off]

Hi Ken, I have been a little dissapointed with the financials, still burning more than they make, but that gives them the opportunity to grow eg: drilling at bertram could be the next cash cow. Basically the mine is lowish grade, however their production is getting more effiicient all the time. Not sure of reserves/resources, haven't looked for a while but good chance of an extended mine life with more drilling to infill stepped out holes and with operations continuing to go strong, the cost to get at any new resource is small. I've been bullish on their exploration philosophy but the mine is starting to turn a good dollar. Only time will tell.

 

[doogie_goes_off]

Can anyone understand why a nickel miner would go down on a day like today when nickel re-entered the stratosphere? I am sorely tempted to top up again.

 

[Ken]

I would like some leverage with FXR.

BT aren't lending against it.

Which is interesting considering they lend against RAMS homeloans and AGM nickel, and CBH.

 

[doctorj]

Can anyone understand why a nickel miner would go down on a day like today when nickel re-entered the stratosphere? I am sorely tempted to top up again.

I don't think Fox is a Nickel play anymore.

I've been pretty critical of Fox in the past. They had been changing commodity every 2 mins, reconfiguring their production facilities, spending money on things and then not progressing with their development. They've given me plenty to be critical of in the past.

I think this has gone a way to changing now, which brings me back to my first comment. I don't think it's a Nickel play anymore. For me, I think they're going to keep things going selling Cu/Ni/Zn whatever, but as a means of keeping up revenue to keep shareholders happy and FUND EXPLORATION. I believe their main game from here on in will be Mt Oscar and doing enough exploration on it to attract a jv partner or to get it to a point where they can spin it off and extract sufficient value.

They have established relationships with the likes of Sinosteel, which may just be who they're trying to tempt into a JV. Whether or not this is likely to happen will depend on how big the deposit is likely to be. For the first time in a long while, Fox has me raising an eyebrow, but not because of Nickel prices.

 

[doogie_goes_off]

Yep doctorj that's all fair enough, I'd like to see some premium for production when the metal prices go up though. I suppose I'll just have to be more patient and accumulate if funds allow.

 

[barney]

Interesting goings on with Fox this arvo ............. 490,000 shares went through with one buyer just after 3pm (on market trade) ............. pushed the price up about 9% in one hit ............ Next few days could be revealing Cheers.

 

[doogie_goes_off]

Anyone watch the run of trades after this, skyrocketed ~20%. That's more like the action I expect - is something brewing?

 

[It's Snake Pliskin]

Anyone watch the run of trades after this, skyrocketed ~20%. That's more like the action I expect - is something brewing?

I was preparing to buy at around .97 and it took off in the time I did some calcualtions. I missed it.

 

[viccam]

Very impressive move, I'd like to see this keep up........... I wish.
Does anyone know who the big buyer was ? Things have been a bit light on from Fox of late so I hope the information stream starts. With all we know about them, there's to much happening without disclosing.