RMX - Red Mountain Mining

[relationship1]

Do we have a silent trading halt on RMX? no movement at all

 

[PZ99]

Do we have a silent trading halt on RMX? no movement at all

Haven't looked for a while but after dropping off the Lithium bandwagon I don't expect any movement from RMX unless they confirm a cobalt drilling program with positive drilling results. Until then, they remain at shell value IMO.

 

[greggles]

Red Mountain Mining has staged a nice little comeback since July 2017 when it lost half its value after announcing disappointing drilling results at its Red Valley Lithium Brines Project in western Utah.

Since then it has climbed back to 2.5, the price it was immediately preceding the 4 July 2017 announcement. Wish I had bought in at the bottom. I suspect this one may have some more momentum in the short term. Nice gains today.

 

[greggles]

Looks like I spoke too soon. Disappointment for Red Mountain Mining holders today.

The company announced this morning that scout drilling for cobalt mineralisation at its Mukabe-Kasari Cobalt-Copper project has not yet returned results sufficient to sustain a commercial cobalt operation.

Holders started bailing out after the news and RMX plunged 2.1c to a low of 1c, before finding support around 1.3c. 262 million shares have changed hands so far today.

 

[PZ99]

Same announcement as the last one about not finding economical lithium grades.

Prior to that they abandoned their gold exploration.

I reckon RMX has become an unacceptable risk.

 

[greggles]

I reckon RMX has become an unacceptable risk.

Agreed. Especially when there are much better junior mining prospects out there. I reckon RMX will continue to burn cash and then there will be another cap raising. Not much to inspire confidence in the short term.

 

[System]

Red Mountain to start gold drilling as it looks to acquire rare earths project

 

[Dona Ferentes]

Red Mountain to start gold drilling as it looks to acquire rare earths project

" RMX acquired the Mt Maitland project, which lies within the prolific Murchison Goldfields in July this year and is encouraged by a significant gold nugget found while prospecting within the Mt Maitland tenure."

RMX is also in the throes of acquiring a new rare earths/nickel-cobalt project. The company reached agreement with ARD Group (ARD), the vendors of the Mt Mansbridge heavy rare earths project, to favourably restructure the transaction that was voted down by shareholders in March 2020.
The Mt Mansbridge Project consists of three West Australian tenements containing targets prospective for HREE and nickel-cobalt. Located in the Kimberly region of Western Australia, the project area is approximately 130 kilometres south-east of the township of Halls Creek...

and near NTU's Browns Range project.

 

[charlsie]

I've taken this for the December comp. Drilling has commenced at Mt Maitland with further results to be posted as they come in. Hopefully this will result in good news for Christmas

 

[Dona Ferentes]

• Red Mountain Mining (RMX) has finalised its long-winded buyout of the WA-based Mt Mansbridge heave rare earths and nickel-cobalt project
• The deal was successful after Red Mountain tried to snap Mt Mansbridge up earlier this year but was shot down by shareholders
• This time around, RMX offered $100,000 and 50 million shares for the WA project, and shareholders voted in favour of the deal on December 8
• Mt Mansbridge is prospective for rare earth elements, with anomalous yttrium and dysprosium found in previous exploration drilling
• The deal expands Red Moutain’s exploration portfolio, which includes gold projects in Australia and copper-cobalt projects in the Democratic Republic of Congo (DRC)

 

[charlsie]

this is my 2nd choice for the 2021 full year comp. it's my largest holding by volume so even a 1c movement up is welcome

 

[charlsie]

i was informed that i couldn't have this as it's under the thresh hold and today it's up 54% thank goodness i was holding yesterday

 

[peter2]

You're free and able to speculate in any ASX listed company. There is a lower limit (0.10) in the CY2021 tipping comp to prevent people from tipping purely speculative companies that most people haven't heard of.

While you're here, you've yet to replace both of your original selections that were less than 0.10 (RMX and MRM). You've replaced one with QFE how about another?

Apologies for interrupting this thread but it seems @charlsie has overlooked my other notices.

RMX has been issued with a "speeding ticket" after today's high volume bullish bar.

 

[barney]

I thought this little battler might get a bit of attention given it's proximity to Northern Mineral (NTU) and the Rare Earth interest at the moment.

Its a bit behind some other R/E Stocks time wise with exploration, but it is in the more valuable HREE space. Could be a sleeper over the next few months. I have a small position.

 

[barney]

Price still in the 014-015 Range, but definitely more Trader interest at the moment.

 

[charlsie]

the price has flattened out a little since Barney last commented, I've taken it for the april comp hoping the news that they are making progress will excite the market somewhat

 

[barney]

the price has flattened out a little since Barney last commented, I've taken it for the april comp hoping the news that they are making progress will excite the market somewhat

Positive news out today with the 012 level getting eaten into a bit, but the SP has been bearish over the last month.

I obviously misread the February price action and entered too high

I still think it still has fair potential as a medium term trade. Fairly low risk at this stage with just $13 million Market Cap

May add a few more if the price action behaves.

 

[frugal.rock]

Found a slight "murmur" of positive action on Friday so added a speccie position towards close.

I note Charlsie has it in the monthly comp and have also noted that any stock that gets up in the placing ranks of the comp seems to generally do well/ok (due to exposure?)

Any good news on any of their interests could be received well.
Interests are nickel, cobalt, rare earths and gold I believe, all fairly popular commodities in their own right ATM.

Hoping the murmur turns into a "pinball effect" with the SP bouncing bumper to bumper from a flow of well timed news.
Wishful thinking? Probably.
Current plan is a flexible short to medium term hold.
I note it held the 0.01 mark early March and has kept above there since, however it does look like price (BB squeeze) could go either way from here.

 

[frugal.rock]

Friday a murmur,
Monday a skirmish?
A full on blow up would be nice...

ASX ANNOUNCEMENT
RED MOUNTAIN MINING LTD

12th April 2021

IP Anomalies at Mt Maitland – Drilling to Commence in late
April/early May

• Geophysical IP survey has identified priority targets at Mt Maitland South and Jacia.

• IP Survey doubled in size due to highly encouraging early results.

• Jacia trend interpreted to be prospective for VMS-style base metal mineralisation.

• Diamond drilling of priority targets fast tracked to commence during late April/early May 2021.

 

[barney]

Just when it was looking really ordinary, the Rabbit appears ?

You still holding @frugal.rock ?