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MAT - Matsa Resources

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MAT trading up at 24-25c on relatively high volume.

Stand by for some good news ? Possibly some confirmation/update on the milling agreement with Focus.

 

just gotta keep telling myself that 100% was a good return lol we always hate to leave some behind dont we
 
YOUNG_TRADER said:
just gotta keep telling myself that 100% was a good return lol we always hate to leave some behind dont we
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Yeah... I know the feeling YT. I got out of GCR when they broke 3.0... er that is I had a sell order from last Feb that I forgot to cancell and they went. A bit peeved at myself, but haven't bought back in yet.

Holding on to this one for a bit longer yet though. All other things being equal, since it's close to production and it's economics improve exponentionally with the rise in gold, it should keep going up with the POG.

Any further positive developments in terms of resource upgrades should give it an extra kick along.
 
There was a positive update from Focus Minerals (FML) yesterday regarding the progress on refurbishing their Three Mile mill. MAT announced a few weeks ago that they were in negotiations with FML to treat ore from the North Scotia deposit at Three Mile starting early next year.

Let's hope that the good news rubs off on MAT's SP!

 
There's been some strength in the MAT SP recently.

No announcement so I assume it's the PoG plus the fact that FML's Three Mike Hill plant is proceeding to schedule and that MAT expects to start producing in a few months time?
 
I sold about 1/4 of my holding last week... just in case I got it wrong and it back-tracked further.

Frowning a bit at about $400 lost profit... and I'm thinking looking at the charts it's probably got a little bit more to go in this leg up before having another breather.
 
I see that FML is going to make a live webcast tomorrow.

MAT shareholders will be hoping that it will have good news about the commissioning of the Three Mile Hill mill which MAT are relying on to process their ore in the new year.

 
Now this is what I've been waiting for... ASX announcement just out. Summary below.

Some news about that WA gold ore processing agreement in the near future will set up a bright future here.
 

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So how significant is this announcement really?

MAT have secured some more ground in Thailand, only prospects at this stage, a lot of time and expense before anything is proved, let alone mined.

Personally, I'd be happier to see them concentrate on becoming a producing, profitable gold miner in the next year or so. Should be feasible if their W A deposits live up to their billing.
 
It's a bit of a worry that things seem to have gone quiet on the Norseman front.

Nothing from either MAT or FML on the plan to use FML's Three Mile Hill mill to toll treat MAT ore early in the new year. On re-reading the August press release, I see that the option was with FML to conclude an agreement.

An update on this, or an alternative arrangement to get the Norseman deposits into production, would be of more interest than news of some future iron ore prospecting in Thailand.

 
Yes, I think they really need to kick-in some local processing asap, and I think there is a definite emphasis on that in their business plan, as they have expressed, it will give them further exploration capital (hopefully without having to go to the market to raise a lot of capital)... but they also have good contacts in SE Asia and recognise the potential there.

If the reports are correct, in their judgement any Fe deposits there have a cost advantage in that they are relatively short road or rail trips direct to steel mills. Inital reports seem to suggest good potential for high grade DSO and economic resources that may be developed quickly.

Throw in a bit more gold, copper etc by-product potential in the area and the prospects of MAT becoming a significant producer of Au and Fe and a dividend paying company maybe within a few years, escalates.

The bottom line for me is the directors seem pretty conservative in the information they present and are focusing on projects where they can get positive early cash flows before venturing into larger scale developments.
 
I was a bit afraid that this would happen.

MAT announces a SPP at 25c and SP promptly drops 2.5c to 25.5c.

Funds required to progress the Norseman project, including a possible large scale operation some time down the track. Oh, and some cash needed for the Thailand prospects.

Ominously, the small scale Norseman project is now talked of as producing "next year". The previous time frame of "early 2010" seems to have slipped?
 
The resignation of director Michael Atkins removes the last of the KAL era, although the new MAT team has been firmly in control since the merger/reverse takeover.

The jury's still out on them as far as I'm concerned. A more definite time plan to get the Norseman deposits into production would be a good sign.
 
Executive Chairman Paul Poli has indicated his confidence ahead of the SPP, buying 255,000 shares at 27c to add to his holding of several million.

With the SP currently slipping a bit and markets and the PoG under a bit of pressure, the SPP at 25c may struggle to succeed.
 
Yes, the SPP closes on the 18th from memory. Still time for them to trot out some good news to generate some interest.

But I think what's needed now is for the AUD to drop off a bit more sooner rather than later, to offsett the fall in the USD POG and make the economics look better.

Still holding more than half of my original holding, but doubt I will bother with the SPP.
 
And Paul Poli buys another 245k at 26c on market.

Showing confidence in the company or encouragment to support the SPP?

Either way, I think I'll let the SPP pass. A few other more attractive prospects out there at present, IMO.
 
Looks like another bad decision of mine to pass up the SPP!

I'd like to see some announcement regarding finalisation of an agreement with FML for toll treating of MAT's ore. Oh, and an announcement from FML that the Three Mile Mill plant was commissioned on time last month wouldn't go amiss!

 

A nice 13% increase in the MAT SP so far today!

Just the general effect of firmer prices for metals or could it be that an announcement is on its way?

 
Yeah, I passed on the SPP too, but I had already taken some profits in deciding to scale back my holding.

Looking fairly strong up 4.5 cents at 39 cents today on reasonably low volume.
 
FML have announced the first gold pour from the reburbished Three Mile Hill mill. Interview with the MD mentioned plans to toll treat other companies' ore as part of the process of ramping up to full production. Let's hope that MAT are included in these plans!
 
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