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MKR - Manuka Resources

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Big queue of sellers for the cooking show stock.
I never got my 41, looks like I won't in the near future.
Will hold the bit i have left, just in the off chance that silver goes ballistic.
mick
 
MKR announce that massive rainfall events have flooded the Mt Boppyy pit.
It won't affect things immediately, as it has 3 months worth of ore stockpiled.
They are doing engineering checks to see what effect the water will have over the short term.
They had planned to close down the put mining in the first quarter next year, so it may just bring that forward.
mick
 
seems to be a stand off between buyers and sellers.
No trades so far today after the announcement that they have bought a second hand 1MTPA flotation circuit which will double capacity.
Probably a smart move in that getting new stuff is a bit iffy currently.
They recon they they can shift it and have it up and running by mid 2023 if required.
They are still processing Gold ore and will do so for another month before they switch over to processing Silver from Wonawinta.
So they have an income stream, and about 7 mill in debt which is about 2 quarters of free cash flow.
Seems a reasonable risk to take in buying at or below 30.
Mick
 
In trading halt.
given that it has risen in past two weeks by 15%, I am going to bet on good news.
Mick
 
Well, its a cap raising gift for the instos and sophistos at 30, some 4 cents or around 11% below the last closing price.
Never did get any extra at that sub 30 cents price, had bid in at 28.
Unlikely to get sub 30 now.
Mick
 
Well, I did get my sub 30.
Probably wont stay below 30 for long.
Todays announcement re RC drilling results says that Mt Boppy deposit yielded further surface extensions along strike of 30 meters at a depth of 100m at it remains open at depth, with some of the deeper drilling yielding 30 @ 7.6 gm/tonne..
It will be interesting to see the upgraded JORC results due second quarter.
Mick
 
This stock has been somewhat beaten down recently. Hopefully an big upswing in Gold price will see it go up and recover quickly. My pick for the upcoming stock pick comp.
 
The kitchen cooking show stock put out a report today fessing up that the Silver production from Woawinta has not met forecasts, but they promise to improve now that the second plant has been added.
I would really like this thing to be a silver winner, but they are not filling me with any confidence.
From the report
1. Silver production commissioning occurred late March

2. Production performance during April was behind target, largely due to contract crushing operational issues. (A second crushing circuit is due to arrive on site on 3 June 2022, which should provide a material increase in capacity).

3. May production, as per the numbers in the table below, was also initially impacted by contract crusher issues but are now largely resolved. The Company is confident of achieving combined budgeted production of >275,000 ounces silver for June and July.

4. Recoveries continued to improve throughout May, as the on-site team overcame silver commissioning issues (not previously encountered with gold production). Thus, initial recoveries of ~50% in early May improved dramatically to almost 70% by month end.

5. Going forward, budgeted recoveries for the Wonawinta stock-pile are 78%, equating to silver production of circa an additional >820,000oz through to end November 2022.

6. As previously advised Manuka expects to announce its maiden silver reserve once steady state production is achieved and current cost estimates can be confirmed,

Sales Revenues - May 2022 Silver sales Gold sales Silver in circuit AUD $2.0 million 55,600 oz 175 oz ~35,000oz
Mick
 
When all else in the portfolio is a sea of red, today the cooking show stock is up 12.5%.
No announcements out in the past week, so can only assume that the there is some good news in the offing that has been leaked to those in the know .
Mick
 
From those highs its been all down hill.
Hit (another) 52 week low today.
Hope it just keeps tanking so I can buy it at much cheaper prices, as I see it as a long term silver play.
Mick
 
mullokintyre said:
From those highs its been all down hill.
Hit (another) 52 week low today.
Hope it just keeps tanking so I can buy it at much cheaper prices, as I see it as a long term silver play.
Mick
Click to expand...
I'll rather wait & watch from the sidelines for it to turnaround (along with improving silver price).
 
Some reasonable drill results out today, so that seems a good enough reason to put it into the August comp.
Mick
 
mullokintyre said:
Some reasonable drill results out today, so that seems a good enough reason to put it into the August comp.
Mick
Click to expand...
Scrub that, got the wrong company for drilling results, should have been ODY.
And of course on cue, MKR reached a 52 week low on the open.
I guess in picking it by mistake, it will be starting from a very low base for the August comp..
Mick
 
mullokintyre said:
Scrub that, got the wrong company for drilling results, should have been ODY.
And of course on cue, MKR reached a 52 week low on the open.
I guess in picking it by mistake, it will be starting from a very low base for the August comp..
Mick
Click to expand...
MKR report on MRE out.
The Mt boppy pit that s about to go to underground mining has had a small increase in Gold resources, and at a higher grade.
Its not earth shattering at 45k ounces, but its better than losing money.
I was really interested in the Wanowinta silver deposit.
First ore processed in April, and on track for 140,000 ounces a quarter.
They expect to be cash flow positive and profitable in this quarter.
With the recent increase in silver prices over this past week, thought it might have got a kick on.
Just in case , I topped up a few today at 16.
Mick
 
Been a bit of buying into MKR this past week.
Good volume, and may have bottomed out.
certainly hope so.
Riches await me.
Mick
 
Back to 16 today.
After a few days of good runs, it got dumped 10% today.
Not sure why, perhaps it just got to far ahead of itself.
Mick
 
ARRGGGHHH!
The Cooking show stock in a trading halt for a cap raise to the sophisticates.
Down to 13 before the announcement, so will fall even further as they give a stag profits to the sophs.
Geez, this has been a dud for me.
Mick
 
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