Positions updates

Sean K · 24 November 2007

Damn ETrade did a dodgy with me on this buy. Not sure how.

I had an order in for few@ market which was about $3.40 (didn't have power etrade at the time, was in an internet cafe in Bolivia) and put it to market and the system accepted the bid. Then, a few minutes later I checked and the buy wasn't processed for some reason, and the stock had gone up to $3.50. So, I went into the order, which was sitting there, and amended it to buy 'at market', which it accepted.

So, I thought I had bought XX at whatever market was. Next day, go into my account, and I have bought another XX! Double what I was after.

WTF E Trade!!! Glad it didn't crash...

So_Cynical · 25 November 2007

so u like specys hey...the only stock we have in
common is LGL.

I found a specy the other day...multiple directors buying, and a new drilling program started in November...they hold alot of good Ground in Ghana.

Value to at 0.180 http://www.asx.com.au/asx/research/...s.jsp?searchBy=asxCode&allinfo=on&asxCode=AZM

What do u reacon?

Sean K · 25 November 2007

Yes, I like specs. It's where all the big money is made. And lost...

I have managed funds that buy blue chips, why would I bother?

I'm even thinking of cashing in LGL and NCM to concentrate on the undervalued potential multibaggers atm.

Will check out Azumah. Cheers.

Sean K · 25 November 2007

A friend sent me the GMP analyst report from Canada which is another positive report for BMN.

Their final pluck for tonnage is between 150-200Mt, but only containing 70-100 m lbs U. However, they're using the same grade for that calculation.

Overall, we believe that these two resource expansions could result in a deposit with roughly 150 million to 200 million tonnes of ore, which is roughly 2.7 to 3.6 times the size of the interim resource. Using a similar grade, this may result in an in situ uranium total of 70 million to 100 million pounds of U3O8. Although this would be a very large resource expansion, intercepts to date have encountered consistent uranium grades over very wide interceptions.

Good to see them identify the potential at Goanikontes, but not sure if they put this in the valuation.

EXPLORATION POTENTIAL
Namibia: Goanikontes (80%)

The current resource at Goanikontes is contained within a deposit called Goanikontes Anomaly A. It is important to note that Anomaly A is only one of the areas within the Goanikontes property (EPL3345) where Bannerman has encountered significant interceptions of wide mineralization. As marked at the bottom of the following map, Anomoly A sits on the western edge of a formation called the Palmenhorst Dome.

Bannerman has identified Onkelo, just north of Anomoly A, where historic drilling by Elf Aquitaine in 1976-78 intersected 60 metres at 269 ppm U3O8 and 28 metres at 423 ppm.

The company has also identified Ompo, which is on the eastern edge of the Palmenhorst Dome. Ompo has a concentration of outcropping alaskites with the highest aerial radiometric anomaly in the company’s data.

Ombuga and Ombepo are to the north near the Rossingburg Dome. In this area, the company noted a historic drill hole from Rio Tinto from the 1970s that returned 57.2 metres of 230 ppm U3O8. These intersections highlight the potential for deposits beyond Anomaly A.

Historic results from these areas have shown similarities in grade across wide mineralized intervals. In order to test these targets, Bannerman has planned an exploration budget of roughly A$6 million which is expected to continue for the next 8 years.

Valuation:

Enterprise Value per Pound of U3O8

If we assume the resources at Goanikontes increase to 100 million pounds (100% basis), then Bannerman would be trading at roughly $4/lb, which is considerably lower than the peer group average of $12/lb and under the current producer average of $13/lb. Although the EV per pound of valuation technique is not the most sophisticated, to a certain degree uranium stocks have traded on this basis in this cycle. Using this metric, we see considerable upside for Bannerman’s share price.

The biggest risk they see, as most of us would, is the chance of a large scale nuclear accident, that would dint the entire sector.

Bloody hell I hope there's not a nuclear disaster in the next little while!

moneymajix · 26 November 2007

Have you any thoughts on Mt Ida (iron ore) which is one of the JMS projects?

Sean K · 27 November 2007

Golly, interesting last 2 days for JMS holders. Breaking 28, and running up to 35 I thought we were in for a multibagger.

Mt Ida to Mt Mason looks to have strong potential to hold additional deposits of hematite. I haven't been able to find a decent map showing the 2 locations and the BIF running between them. If you find one let me know!

I'm in 2 minds about holding this now. Talbot selling smells fishy. Just not sure what kind of fish.

doctorj · 27 November 2007

I'm not sure its too much to get worried about. The pull back appeared to be a lot of panic selling - mid sized parcels smashing the bid at any price. Looking at the 15 minute chart (will post tonight) it fits that a lot of the volume was from traders that jumped in on that shark bar friday morning. My immediate thought was T+3 traders and other guys that bought more than they could probably afford on the back of some pretty vicious ramping over at HC.

Talbot selling, in itself isn't such a great concern - he's not in the same league as a Twiggy or Kiernan IMHO. The only drama is that if he is really 'the smart money' maybe there's something coming we don't know about.

What is reassuring, the new board seem to be positive and engaged. The departing chairman had a bit of a sook in his address and had the opportunity to whinge about the companies prospects, but instead decided to have a crack at the shareholders. I'm not convinced there's much more to be worried about - perhaps a falling out between Talbot and the new board?

prawn_86 · 27 November 2007

As someone mentioned on the JMS thread. If the upcoming drill results are bad, surely there will be a massive case for insider trading. Talbot is already pretty shady when it comes to grey areas of the law.

moneymajix · 27 November 2007

I was initially concerned about Talbot Group selling but still holding over 6 million. I trust there won't be an more sales, any time soon.
Fingers crossed.

I think Mt Ida might be very interesting.

Hasn't been the easiest stock to hold.

Patience!!!!!!!!!!!!

Sean K · 28 November 2007

Over the past two trading days:

EXM - doubled up on break through 3.8.
KMN - topped up on weakness (disastrous weakness ) in the lead up to maiden JORC at Kalman before the end of the year. Something must be up here, but I'm emotionally attached now.
JMS - sold out completely till the dust settles.
MAKO - Bought more options on weakness after the U assays from Tassie which were practically dirt. I have more U ppm in my shorts! I'm in it for the Tin, Iron and Phosphate potential. MC of $15m is criminal for the potential.

Sean K · 3 December 2007

Gold going through the much needed correction to sustain the healthy uptrend. Is hitting $780 support and I would be happy with it proving up here. Alternatively, breaking through and a double top may be proven and I have a target of $740. Whatever the case, I am still long term very bullish on gold and with the Fed near certain to drop rates again this month, gold should be well supported again. The size of the cut will determine the support. Oil and geopolitics will also obviously influence the price, and we probably need a perfect storm in all three for POG to be pushing through all time highs.

So, while there still maybe some short term weakness, I'm holding onto LGL and NCM and am going to top up a few of each.

(still waiting for them both to be taken over as well )

Sean K · 5 December 2007

Topped up yesterday at 39 cents.

I have the feeling that there is a large holder selling down for some reason which is a bit disconcerting, but I don't believe the funnymentals and potential has changed.

Many millions of tons of hematite will send this to $1.00 plus once the potential is confirmed.

Sean K · 5 December 2007

Bought more on the open today too. The capital raising looks positive although I have seen stocks trade under the raising price for some time. On the sum of it though, big players taking chunks looks good to me.

Sean K · 5 December 2007

LOL. Up 22%, back at 49.

Hopefully a strong finish.

Sean K · 5 December 2007

Finished at 49.5. Whoohoooo.

moneymajix · 5 December 2007

Congrats

Sean K · 6 December 2007

Awesome ann from BMN regarding recent drilling. The anticipated 100m lbs in the next estimate needs to be considerably revised I think. Looking at minimum 100m with 120m possible, with the final resource to 400m plus looking at 150m +. Will be one of the biggest depositis in the world, and most importantly, the grades are way up!

KMN continues to break up, and I bought a few more on the close last night and open this morning.

Sean K · 7 December 2007

I've bought EXM at 3.3, 3.4, 3.6, and 4.2.

Yesterday's big white candle looks sensational, when 4 ish was looking like really tough resistance.

I expect heavy buying on the open today and then a pull back while traders take some profits. Wouldn't be surprised to see 100m volume again.

I may pick up some more, depending on todays action. Picking some more up between 4 - 4.5 would be nice, but not sure how it'll run...

MC $60m and MC to oz au $112, makes it start to look pricey on it's current resource, so I'll be looking at some profit taking shortly, maybe around the 5c mark. Might even get there this morning...

Sean K · 8 December 2007

Over the past week:

Topped up BMN on awesome drilling results.
Topped up HLX on bizaar knee jerk sell off to...nothing Was a great opportunity taken.
Topped up KMN on fantastic breakout from long term downtrend/descending triangle.

Notes:

Almost shorted NCM on potential breakdown double top, but it's held up.
Holding LGL and NCM as core long term gold holdings.
Watching gold for break up or down from coil. Will buy or sell accordingly.
Running profit on BMN has reduced quite a bit because of the new shares I've bought in the $3.00s.
KMN is in the black at last!!!
MAK just floating about aimlessly until the EM survey of West Southdown is released I think.
Watching EXM to top up more. Hoping to get some around 4.1.
Watching JMS for re-entry. Looks like it found a bottom at 21 ish and I missed it, but I'm still not confident after the Talbot sell down.
Trying not to buy to much more as I've delved about $80K into the Margin Loan to top up positions. I think Santa Rally will be a good opportunity to take some profits shortly.
Holding current funds long term (20 year investments)

Gurgler · 11 December 2007

Thanks for being so generous as to allow us to look over your shoulder. Very educational to see how you evaluate stocks.

A question: have you any experience/opinion of GOLD - Gold Bullion Securities in terms of a way of investing in gold for the longer term.

Couldn't attach chart - will email.

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