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MEE - Metex Resources

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Springhall: Sorry I simply couldn't say without knowing capitalisation, options, management, jv partners etc.

KT/Nuke: Still assessing Cougar: I agree the Ergoexergy venture may prove interesting. I would be interested in any info you might post on it.
 
MEE SP doing OK first up 2.5 cents

MEE $0.24 +$0.025 +11.63% 718,385 shares $161,325 25-Jun 10:11:39

Overall market down 47 points
 
Like the looks of (MEE) from technical and fundamental perspective. Waiting for an entry at 25c. Was hoping for a retracement in POL for an entry, but didnt eventuate so looking closely at MEE instead. Lets see how it trades today as it has broken short term resistance intra day.
 

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Hi BigDog i'd like to sound you out if possible, purely as you started the thread. Do you still hold Metex? If so what are your thoughts? It all seems very quiet at the moment. I think there is alot to like about this company but its painful watching the share price slide south on the back of disinterest and inactivity. Other holders feel free to voice their opinions
 
bigdog said:
Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside.

Above Reported Australian Oct 27 2006
http://www.theaustralian.news.com.au/story/0,20867,20651857-643,00.html

Uranium's glow waning, investors warned
Robin Bromby
27 October 2006

URANIUM investors beware: there aren't many bargains left in the sector.

This is the conclusion reached by Far East Capital's Warwick Grigor after he analysed more than 50 uranium stocks listed on the Australian Stock Exchange. The size of the known resource, the market capitalisation per pound of uranium in the ground and exploration results were all examined.

Stocks where there is still value to be found at present prices are pretty thin on the ground.

Top of the pile is Metex Resources, which has a uranium deposit in Italy, although Mr Grigor believes the resource needs to double in size to make it worth developing. But with Metex shares trading at 6.1c on Tuesday (the day on which all price calculations were based), the shares offered good upside.

"It is a cautiously and competently managed company that would be one of the lower risk ways to play the uranium market," the report says.
Click to expand...

Springhill

I was influenced by this article which was "top of the pile" with emphasis in U in Italy.
-- However, in late 2006 Italy became a problem because of locals objecting and now rarely mentioned.

I still hold and got in at 8 cents; still happy to sit on MEE with hope of SP going higher.

Yes I am disappointed with SP riding the waves!

James99 has now taken on the MEE analyis and I have not seen much from James lately.
 
the company still looks good and i am excited about the clean coal test and think this has enormous potential. i was watching the great global warming swindle last night on the abc and on the panel discussion afterwards the business people said they have already made their decision that global warming needs to be addressed and cleaner versions of current tech are where the money will be flowing.

investing in new tech is all well and good but it is more logical and cost effective to refine what we have, and that is what the clean coal trial is doing. the project study is out at the end of this month and construction starts in september so there will be news soon. more details on the project are available on the metex website.

i am also encouraged by the clean coal trial because it is a joint venture with the csiro and i reckon we have world class boffins. i wish the government would just dump money on the csiro and license all the cool stuff that would pour out but that will never happen.

buyers and sellers are looking even on the chart and its flat again today. i'm out if it falls again but would definately be back when the chart recovers because i think this project is a reasonable risk. with all that mining money and the business community making climate change part of their risk management, there is enormous, global potential for new techs that don't require you to rip up the ground and spew masses of carbon into the air.
 
Bigdog, I am still here and still holding shares. I think that someone observed that the difficultly with small caps is that they fluctuate signficantly with the market and draft in the absence of news. I do not think that the current drift is surprising.

A better test will be to await implementation of the UGC trial - perhaps an announcement in September 2007 would be my pick. The board is quite conservative, compared to some other small public resource companies, and I think that that shows through in them not making the frequent and, frankly in some cases, meaningless, announcements that tend to bolster share price. However, the positive fundamentals are unchanged. I have been viewing the price drift as a buying opportunity.
 
Hi James99 and all MEE holders,

I am out of MEE for good with a nice profit and intend to pursue other good opportunities elsewhere.
I mentioned a company called CXY (cougar energy) last time I posted.It is worth a look and warrants some further analysis.
I do not hold CXY yet and will be considering a position after some further research.
Thank you to all those who posted their thoughts on MEE.

regards,
K.T:)
 
KT: Thanks for that. As it happens I have just (Monday this week) sold Mee off market at AU$.21, with a view to buying back in at a slightly lower price. I think it may drift for a month or two coupled with short term global uncertainty (I could be proven wrong). I shall buy back in because I am quite confident as to the fundamentals, and note a recent positive roadshow.

I am considering MRO, which has reasonably prospective areas, significant geopolitical risk but a competent team and board. The board includes Grigor who has a reasonable shareholding and I suspect is about to push the shares in Europe. Will look at CXY (I did a couple of months ago, but quite superficially) and perhaps we will share thoughts. Cheers.
 
Well KT: As it happens I couldn't resist buying back Mee today given the slump in prices; as well as CXY (which I think is more speculative but relatively cheap and has a good scientific team IMO). No MRO as yet; it has potential but I am finding it difficult to properly assess the geopolitical risk. It may be that the market has further to drop, but I think that there is a reasonably good chance that in 3-4 months it will have forgotten the last few and next few days, just as it forgot the upset about 4 months ago and March-May last year.
 
Quarterly report just released. It appears as though progress is being made with both UGC and uranium. Re UGC it appears as though Metex is now also exploring with Davey Technologies (presumably http://www.davyprotech.com/default.aspx?cid=270) to produce petrochemicals from UGC syngas.

There is a good balance of uranium licences, across both favourable and non-favourable states (SA / WA / QLD / NT); and the gold resource at Burtville appears to be firming up. Anyway, rather than my summar, see link:

http://www.asx.com.au/asxpdf/20070731/pdf/313qm2hmkbs3n0.pdf
 
ASX ANN today and little effect on the SP!

03/08/2007 CARBON ENERGY - RAMPS UP INDIAN UCG PROJECTS
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00745725

Metex Resources Ltd (MEE) is pleased to announce that the joint venture company CARBONENERGY PTY LTD (“CEPL”, a 50/50 J/V company with CSIRO) is increasing its Underground Coal Gasification (UCG) activities in India with the signing of a first stage A$237,500 contract with the Australian Government to identify and develop clean coal UCG projects in India. The potential for UCG will be assessed with a range of Indian collaborators, and a feasibility study for UCG project developed for at least one site. If successful, a second stage development of a UCG pilot will follow in 2008. This is the first implemented contract for the Australian Government in its $100M commitment to the Asia Pacific Partnership on Climate change.

CEPL has an MOU with Singareni Collieries Company Limited to jointly develop UCG projects in Andra Pradesh State. Collaborative work has identified significant coal resources suitable for UCG in the Godavari Valley. Detailed evaluation has commenced on an area in the Manugura coalfield. The prospect is down dip from existing surface and underground mines and drilling at 300m spacing has encountered a coal seam ranging from 5m to 15m in thickness at depths between 300m and 600m over a 20km² area. The deposit is not considered suitable for conventional underground mining but analyses to date indicate it is highly prospective for UCG.
 
Good news. Hopefully will get some exposure in the general press. As expected shareprice was sliding without any news. Hopefully this will generate enough interest to get the shareprice back over 20c.
 
Todays SP finish was encouraging up 16.67%

MEE $0.175 +$0.025 +16.67% high of $0.175 1,190,037 shares $197,650 @ 03-Aug 15:53:14
 
Ahh Dink. 20c? Far too modest. For reasons expressed much earlier in this link, I still view the stock as being in the $1.20 to $1.50 range when its fundamentals including gold (over 800,000 ounces) and uranium licences and market cap are compared to others. Time will tell. Cougar energy for example commands a market cap of 35 mil approx based on its UGC, but Mee has the other two strings and still only has a cap of 45 mil approx.
 
I am easily pleased James. If I make 100% on a stock I am pretty happy... as most would be. Don't get me wrong I am in for the long haul for the same reasons you listed above and 1000% does sound very very good. Happy to see slow and gradual rise though. Dink.
 
Dink: I understand entirely and, aside from occasional sales to buy again on the lows, in fairness my timeframe is 2-3 years, which I suspect is quite a bit longer than many on this forum. I agree price maintenance is beneficial. What Mee is not yet very good at is ensuring that its announcements (eg the most recent uranium licence resources and the subsequent Carbon Energy funding) are placed in the media spotlight. That, I suspect, reflects its staffing who are geologically rather than marketing inclined. An asset in the long term, but not so good for share price in the short term.

In a softening market fundamentals are more important than marketing (Mee's are extremely good but that needs to be considered in the context of a speculative stock; clearly they are not good compared to, say, Oxr), and May to October are generally weaker in the US market, aside from the broader concerns there.
 
Carbon Energy ramps up Indian UCG Projects

UCG Rotary Mud Drilling


Metex Resources Ltd has announced that the joint venture company, Carbon Energy Pty Ltd (a 50:50 joint venture company with CSIRO) is increasing its Underground Coal Gasification (UCG) activities in India with the signing of a first stage A$237,500 contract with the Australian Government to identify and develop clean coal UCG projects in India.

The potential for UCG will be assessed with a range of Indian collaborators, and a feasibility study for UCG project developed for at least one site.

If successful, a second stage development of a UCG pilot will follow in 2008. This is the first implemented contract for the Australian Government in its $100M commitment to the Asia Pacific Partnership on Climate change.

CEPL has an MOU with Singareni Collieries Company Ltd to jointly develop UCG projects in Andra Pradesh State. Collaborative work has identified significant coal resources suitable for UCG in the Godavari Valley. Detailed evaluation has commenced on an area in the Manugura coalfield.

The prospect is down dip from existing surface and underground mines and drilling at 300m spacing has encountered a coal seam ranging from 5m to 15m in thickness at depths between 300m and 600m over a 20sqkm area. The deposit is not considered suitable for conventional underground mining but analyses to date indicate it is highly prospective for UCG.

Carbon Energy Pty Ltd (CEPL) is a Joint Venture between Metex Resources Ltd and the CSIRO to develop and commercialize the gasification of underground coal deposits (Underground Coal Gasification or UCG) by delivering a new generation of large scale energy projects based on the more environmentally responsible and sustainable use of coal.

Metex will acquire a 50% interest in a new Joint Venture Company, Coal Gas Corporation Pty Ltd (CGC), by subscribing $2.5 million in equity capital over a 12 month period. The CSIRO has been granted its 50% equity interest for assigning its rights, title and interests associated with the Underground Coal Gasification (UCG) Technology, as well as various Intellectual Property (IP) to CGC.


Thoughts? Very promising IMO
 
Yes it is promising; see also earlier post by Bigdog. Of course, Mee has a longway to go until the stage of commercialisation, however I am medium and long term bullish for reasons already mentioned. This essentially just builds on those.
 
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