Sean K
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KWR - Kingwest Resources
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Sean K
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No, yeah, no, sort of ..
Maybe they can raise now at 6c rather than 5c
Maybe they can raise now at 6c rather than 5c
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King West has announced a contract mining agreement for the Selkirk open pittable deposit at the Menzies Gold Project - MGP. Not much to it really but its a start and the jv partner sounds good. That's one thing I'm persuaded that KWR does have going for it - a good network of contacts in the Kalgoorlie region.
This is only a small deposit of 11,500 ozs at around 2.2g/t and KWR stands to get 50% of profits but only after BML (the contractor) subtracts its expenses. Might be worth about $2.5m tax free to KWR? But here's the rub, BML has to start mining within 18 months. Obviously this deal is not going to save us from the heavy dilutionary raise coming up.
BML is a privately owned outfit "with a string record of funding, developing and operating mines, with a strong technical focus .. and relationships with local toll treatment operators."
I'm taking a little heart from the CEO's comment that they're negotiating for more deals of this nature over the MGP. It's a start, but which is understandably getting a luke warm reception today.
This is only a small deposit of 11,500 ozs at around 2.2g/t and KWR stands to get 50% of profits but only after BML (the contractor) subtracts its expenses. Might be worth about $2.5m tax free to KWR? But here's the rub, BML has to start mining within 18 months. Obviously this deal is not going to save us from the heavy dilutionary raise coming up.
BML is a privately owned outfit "with a string record of funding, developing and operating mines, with a strong technical focus .. and relationships with local toll treatment operators."
I'm taking a little heart from the CEO's comment that they're negotiating for more deals of this nature over the MGP. It's a start, but which is understandably getting a luke warm reception today.
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Share Purchase Plan (SPP) announced.
Not as bad as I thought although its come hard on the pump of jv of the Selkirk deposit.
I have been braced for a big placement @ say 0.05 plus free options to insider privileged parties like Peloton Capital and Hartleys but Kingwest is doing a modest raise for $1.5m @ through a SPP @ 0.065 with a half free option ex 0.10. Stated purpose is to advance Lake Goongarrie exploration so I am guessing that they are hoping for future exciting DD drill intersections to goose the share price before another raise. That or maybe another Menzies jv deal?
Not as bad as I thought although its come hard on the pump of jv of the Selkirk deposit.
I have been braced for a big placement @ say 0.05 plus free options to insider privileged parties like Peloton Capital and Hartleys but Kingwest is doing a modest raise for $1.5m @ through a SPP @ 0.065 with a half free option ex 0.10. Stated purpose is to advance Lake Goongarrie exploration so I am guessing that they are hoping for future exciting DD drill intersections to goose the share price before another raise. That or maybe another Menzies jv deal?
Thanks for your posts Finicky. I too am a hopeful holder. Based on the subsequent share price reaction it seems people sold the news and then realised that with so few shares offered, only near minimum applications will be successful. And anything could happen in the next two weeks to bolster the price.
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Kingwest announced that the SPP was oversubcribed! The company raised $1m over their target for $2.5m funding. Looks like someone(s) maintained the faith better than me - I subscribed for the second lowest parcel on offer. Volume is modest but buyers are willing to pay more today than the SPP price, not counting the SPP attached half free option.
I call that a nice blip on the daily chart.
Held
I call that a nice blip on the daily chart.
Held
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Like frugal.rock I am buying the dip, although there's been no dip in KWR.
I just bought 19,231 shares of these @ 0.062 to stop my itchy fingers doing worse like blowing more money on S32 or CDA or buying an entry into SIQ all of which I've almost done today.
Besides, this peculiar number of shares rounds up my holding to 550k shares.
A cheap speculative punt on the recently SPP funded new round of diamond and aircore drilling on Lake Googarrie. The SPP was @ 0.065 per share with an attached half option. The SPP was over-subscribed.
KWR is my comp pick for September (if allowed) although I don't really count on drilling results coming through in Sept.
Daily
I just bought 19,231 shares of these @ 0.062 to stop my itchy fingers doing worse like blowing more money on S32 or CDA or buying an entry into SIQ all of which I've almost done today.
Besides, this peculiar number of shares rounds up my holding to 550k shares.
A cheap speculative punt on the recently SPP funded new round of diamond and aircore drilling on Lake Googarrie. The SPP was @ 0.065 per share with an attached half option. The SPP was over-subscribed.
KWR is my comp pick for September (if allowed) although I don't really count on drilling results coming through in Sept.
Daily
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Protecting my September stock picking comp entry. Bid in for 40,000 more @ 0.057, the low of the day so far. Someone put a bid in for 200,000 @ 0.057 ahead of me.
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Lake Goongarrie might be a dud and Ed Turner's not wearing it and falling on his sword (to mix metaphors)
I don't blame him for what might happen, despite being screwed by multiple speccie managements over two decades I think he was playing it straight with shareholders but we never really know. Still holding every share I've bought, I've got to stop doing this, lol. Hope I didn't influence anyone, it looked great to me.
Announcement:
"CORPORATE UPDATE
The Company’s CEO has resigned for personal reasons and this resignation is effective immediately."
I don't blame him for what might happen, despite being screwed by multiple speccie managements over two decades I think he was playing it straight with shareholders but we never really know. Still holding every share I've bought, I've got to stop doing this, lol. Hope I didn't influence anyone, it looked great to me.
Announcement:
"CORPORATE UPDATE
The Company’s CEO has resigned for personal reasons and this resignation is effective immediately."
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Good blip today.
Pericles and Stirling deposits at Menzies.
High grade sections showing 45,000 oz resource, 85% indicated, depth to less than 100m, grade 5.2g/t, recovery anticipated to >90%
Could be attractive for another jv? Already have Selkirk deposit jv in gestation but that's not certain.
Market cap KWR only about $10m
Might just sit on this one till gold stocks really take off in 2024 if you follow Felix Zulauf - he reckons with gold they'll really rip until 2028 or so, in counterpoint to a crashing S&P at that time. And he's expressly not a goldbug!
Held
Pericles and Stirling deposits at Menzies.
High grade sections showing 45,000 oz resource, 85% indicated, depth to less than 100m, grade 5.2g/t, recovery anticipated to >90%
Could be attractive for another jv? Already have Selkirk deposit jv in gestation but that's not certain.
Market cap KWR only about $10m
Might just sit on this one till gold stocks really take off in 2024 if you follow Felix Zulauf - he reckons with gold they'll really rip until 2028 or so, in counterpoint to a crashing S&P at that time. And he's expressly not a goldbug!
Held
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Basically ignoring the KWR thread, but a flicker of optimism has been fanned by the announcement of a toll milling agreement signed by St Barbara (SBM) and KWR's mining contractor joint venturer for the processing of the Selkirk deposit. Chicken feed at 5000t @ 24g/t for 3,700 ozs, but shallow open pit cut-back and there's plenty more around, so other deals possible I guess.
Edit: I just noticed that they are indicating 30kt of ore so their website description, where I took my dimensions from for Selkirk, is out of date. They don't mention the grade at the extra tonnage however, so p'bly diluted?
Edit: I just noticed that they are indicating 30kt of ore so their website description, where I took my dimensions from for Selkirk, is out of date. They don't mention the grade at the extra tonnage however, so p'bly diluted?
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On May 30th, 2023, Kingwest Resources Limited (KWR) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between KWR and its shareholders in connection with the acquisition of all the issued capital in KWR by Brightstar Resources Limited.
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For anyone that participated in this thread:
Sold today most of the BTR shares I held that resulted from the compulsory acquistion of KWR.
Almost 1.2m BTR sold @ 0.011 which is the equivalent of about $0.029 for 450,000 the old KWR shares (0.38 KWR : 1 BTR)
Sold today most of the BTR shares I held that resulted from the compulsory acquistion of KWR.
Almost 1.2m BTR sold @ 0.011 which is the equivalent of about $0.029 for 450,000 the old KWR shares (0.38 KWR : 1 BTR)
