MGT - Magnetite Mines

[Sean K]

Get piece of that action at a price...What puzzles me is what Magnetite whats it used for, sum sort of Iron Ore, I'm guessing. They certainly dig a lot of it? Announced today..

Hematite is better as it's DSO.

It seems MGT is very low level Magnetite.

 

[Stockbailx]

"Cheer's"

 

[over9k]

On the move today, who's in?

 

[Sean K]

On the move today, who's in?

I considered this but been scared off by the low grade and IO going nuts. Has to come off at some stage. By a long way, imo.

Resistance at .078 - .080 but still generally going up by the look.

 

[jancha]

I considered this but been scared off by the low grade and IO going nuts. Has to come off at some stage. By a long way, imo.

Resistance at .078 - .080 but still generally going up by the look.

View attachment 126134

Been in for six months ....back when it was 1.2c. Nice up trend with retrace. PFS due out this week. My stock comp pick.

 

[over9k]

Big run today. Still holding

 

[over9k]

And another!

 

[Sean K]

Been in for six months ....back when it was 1.2c. Nice up trend with retrace. PFS due out this week. My stock comp pick.

Nice work!

Broken up through that .08c resistance. Hope it holds for you, would be significant.

 

[Sean K]

I hope this announcement is OK for holders.

These numbers seem very low, but that's what you get with magnetite. A 4b tn overall deposit turns into just 68m reserve concentrate for a 2m tn a year operation. Maybe they've been conservative.

 

[Sean K]

Golly, this has really tanked since the PFS came out on 5 Jul. Obviously not what was expected. Maybe it was the low concentrate production rate that was a surprise for such a large deposit.

 

[brerwallabi]

Bumping this thread as it will be my pick in the February monthly tipping comp.
I was looking for cup and handle patterns and thought there was a shallow one developing from 4.5cents but then it might be developing a more pronounced pattern taking it upto 9 cents.
Nothing is perfect.
Look forward to see what happens over the next month or so.
PVI just crossed over.
I do not hold.

 

[Haxorus]

Selected as for my February pick 2022,

Announcements should be arriving march/April, hoping for a reversal.

 

[Haxorus]

Hmm, having second thoughts on MGT. Graph looking kinda bearish in my scheme of eyes. 0.030 Support line broken, RSI double down two engulfing bearish ticks. Oh lord savior, please bring annoucements already

 

[brerwallabi]

High volume day yesterday, volume spiked for two month high, five waves down, some support at 2.8cents, market down day today.
Reversal ….?

 

[Haxorus]

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02501121-6A1082702?access_token=83ff96335c2d45a094df02a206a39ff4

Could this be building up something more than a short trade?

 

[Haxorus]

MGT for April pick, the recent announcement seems quite promising for their project. More stimulus announcements coming on April

 

[Sean K]

There's some news around about magnetite deposits being reconsidered for development. The jump last week may be explained by the news, or this ann regarding board and management changes.

 

[Sean K]

This is a good idea. They should probably change their name to reflect what they're going to try and sell as opposed to their low grade magnetite.

Looks like it can't get much lower than 2c. Famous last words. Will be interesting to see what the market thinks.

 

[brerwallabi]

Seems to be on the move, a few buyers there at 2.5/2.6cents including me looking for 4cents, I may have missed this boat.

 

[Haxorus]

Seems to be on the move, a few buyers there at 2.5/2.6cents including me looking for 4cents, I may have missed this boat.

dont you reckon there's a bearish divergence going on atm?.. it didn't hit it's recent higher high :/