Positions updates

[Sean K]

Cripes, glad I didn't sell goldies.

They will be the only thing close to green next Tuesday I think

eeeeekkk!!!

 

[JTLP]

Haha I agree Kennas. It's funny watching it sit there.

But what are they capping for? Are there any +ve ann's in the not so distant future?

A nice close on friday though

 

[Sean K]

JTC, could be to do with the Coal IPO - MetroCoal Ltd. There may be an entitlement for current holders. One of the reasons I am in it.

 

[Sean K]

I've just started to look at these as an undervalued spec. Not sure if I'll buy any yet but looks like they could have an interesting iron project emerging in SA which could be a little surprise to the market.

Very tight capital structure with just 60m shares and options and key shareholders including Lihir (13%), Avoca (11%), and Lion (4%). Directors hold 17%. Currently at .35 fo mc just about $20m. Means it should move fast on any success.

My main interest is in the spec fe project, Cowell, which looks like it might be an extension of Mt Middleback Ranges which has produced over 200Mt @ 60% +. They plan on first pass drilling in the Sep quarter.

Really spec at the moment and need to look into them a bit more.

 

[JTLP]

Ahh yes! Hopefully it will be some free entitlements.

Do you think? Or will we be paying up for them?

 

[Sean K]

There may be an entitlement, but we'll have to pay I'm sure. I should have rung the company prior to this to ask, but will do so tonight. There is also the Cape Alumina Bauxite IPO (MLM 40%) which should be happing in the next couple of months, that may be offered to current holders too.

 

[JTLP]

How will these spin offs affect MLM? Do they still incorporate the same income into the one business? (i.e. subsidiary).

You got a spare 600k kennas...lets move that wall!

 

[Sean K]

And now I'm going to unload them as best I can.

Sold out the past 2 days for a 1% gain.

They'll probably jump back to 10 cents now!

As I've said in other places I've been buying too many things recently and want to be in about 30% cash. Sitting about 15% now, so need to take some money off the table here and there. Should have done that with MAKO at $2.50...eeeek!

Need to have a good think about what I should peel off, I like them all at the moment.

 

[Sean K]

Someone still wants to get out. About 600k parcel destroyed a lot of the buy depth.

Been dipping it's head under 20 the past few days and holding on by the skin of it's teeth.

If I believed in the fundamentals that much I suppose I'd buy more, but I am doubting the company due to the negative price action.

Could be going to go t1ts up, or it's an incredible buying opportunity.

hmmmmmm.

 

[Sean K]

These guys are still been overlooked.

MC to oz au about $15.

This does not factor in the drilling at Bekpong and the initial JORC they plan to deliver in July. If they even have another 100K oz in that ground, then it's rediculously cheap. If they attain their aimed 1m oz au, at current prices that's puts them on $7 an oz. Insane.

Overlooked because it's in Ghana (not the great area) and there's a few goldies with spades about. But on a comparison with all those, about half their value.

I'm turning my RER sale into more AZM.

 

[Miner]

Hi Sean

Great blog

AZM presentation has really been great
I noticed in their presentation the only company having lesser cost than AZM is Castle Minerals.

Their price is 33 cents and the name of their company secretary is Dennis Wilkins – Company Secretary.
It is the same name of AZM secretary.

Sheer coincidence or is he serving both the companies means great positive alliance

What do you say ?

Do they belong to same group ?

Regards

 

[Miner]

I am sure you know it but I am excited to see that M Ivey is the largest shareholder in CDT also in the board of AZM

Great synergy

Regards

 

[Sean K]

Interesting links there. However, I'm not sure about M Ivey, and it was one thing I was not sure about with AZM: The seed funding and personnel. I was a Croesus stock holder.

Not sure about a tie up. Maybe. AZM have stated they will seek a partner, but probably not a junior. I note CDT's Wa prospect is along strike of Kunche though.

Interesting iron ore prospect. 150Mt pre JORC at 43-56%. hmmmmm. That's flying under the radar I think.

16m mc. Not much...

 

[Sean K]

LOL, up to 5c. But, the cash went to AZM which looks like it may be breaking up from 13. Too early to tell though.

 

[Sean K]

I sold half IRC the past 2 days at .39 for a 50% profit.

I still think they have huge potential, I'm just getting some more cash together right now, and/or rebalancing my holdings.

It looks to have found a short term floor at 35, but 40s formed up as some resistance.

Damn, wish I had have been on line when it shot to 50, I certainly would have taken half off then, so I've missed 20% on the trade.

Will revisit when the market settles a bit.

 

[Sean K]

Gold going through an inevitable correction, but how far who knows. I'm expecting $850-60 support to hold.

On the other hand, has gold peaked? Will the US start raising rates and credit issues subside?

Or, will oil run to $200+, international geopolitics get worse, the US cut rates again, forcing the USD into melt down.

The former is probably more likely.

However, I've unfortunately seen LGL and NCM get smashed the past 2 months. Both off considerably, and I have a pile of each being held for years. eeeeek!! It's certainly put a dent in the account.

I've been holding as a hedge to the market turmoil expecting the US to impload and gold to go $1000 ++ for some time, but the nerves are stretched.

Perhaps the money should sit on cash for a bit and/or await other opportunities to arrise?

I'm thinking it may be time to sell, and have the cash for the sunny days ahead.



AND WHERE THE FOOCK IS THE TAKEOVER FOR EITHER OF THESE THAT I'VE BEEN WAITING FOR FOR 4 YEARS!!!!

 

[Sean K]

Tried to pick a few more up the last 2 days but the stock ran away from me. Good, and bad. I was hoping to add another 50% to the position, before it closed on 15.

Chart wise it's showing a great rounded bottom, and starting to form a cup. Would be nice if it makes it way to the left hand lip around 22/23 cents in the coming weeks.

It's at these times you tend to kick yourself and say 'why the hell didn't I buy more under 10c!'

 

[Sean K]

Was maybe a buying opportunity. Up 28% on Friday on way above ave volume. Perhaps some good results about to appear.

Was so close to selling this long term turkey, but perhaps it has really been oversold now.

Could that have been a bottom? Must be a bottom somewhere I suppose.

Depending on how it behaves from here, I may even top up.

 

[Sean K]

Last week sold half IRC for 50% profit on those shares. Holding the rest until there's some more direction in the sp, or news. Breaking 40 and I'll consider adding some more again.

Sold all the RER after I got the entitlement. Sold the 3c shares for 4.5, but overall made just a 1% gain.

Tried to buy some more AZM but the stock ran away from me and I didn't want to chase it. If 13 c resistance is now confirmed as support, I will add some more this week.

KMN surprised and bounced off 17 c really well. Maybe the move is due to resource apgrade at San Anton, or Kalman, which are due, or just because it was oversold.

Seriously thinking of dumping NCM and LGL. NCM has been smashed because of the WA gas fire, and LGL still feeling it from the EQI merger which is a question to many I think. Both effected by POG major correction too of course. Maybe I don't need them as a hedge anymore?

STB correcting but I think it will bounce off here. Wouldn't be surprised to see this with a $100m mc by the end of the year.

MAKO is now converted into MAK. Good recovery on news on Friday but still trending down hill. My overall % gain on it has been reduced due to paying 30c an option to convert them. Is being oversold I think, on long term potential.

Waiting to see how MLM goes.Down a couple of % on them after their pullback from 60 where there's a capper lurking. Fundamentally undervalued on their assets, and the potential value created from the 2 IPOs they're planning this and next year. The CSG tenaments in QLD could be a massive boost.

BMN consolidating really well above $2.00 and I expect some really good gains on this when they confirm the 100m lbs at Goan in the next upgrade due next month. Recent massive upgrade from Haywoods should provide plenty of interest. If POU recovers back towards $100, then this will be really well supported. Wouldn't be surprised on a T/O offer or approach, but not sure if management will play. Of course everyone has a price.

DMM correcting because of lack of news on the FS, and natural consolidation after a massive rise. I have a nasty feeling that the amount of silicon in the iron could make it tricky to beneficiate increasing costs and reducing value, but by how much, who knows. Fundamentally still undervalued on asset. All things being equal should get to $1.50 ish.

 

[Sean K]

Resistance smashed with bit gap up, running on RWDs form.

LOL

Wondering what to do with the other half now. Got no idea how far RWD can run taking IRC with it....