SMM - Summit Resources

[Sean K]

Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there.

Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....

 

[nizar]

Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there.

Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....

Kennas
What size do you expect for these JORC resources?
ABout 5-10million each? more?

Even at 5million each they will have >100million by the end of it...

 

[Sean K]

Kennas
What size do you expect for these JORC resources?
ABout 5-10million each? more?

Even at 5million each they will have >100million by the end of it...

Give me a bit to try and make a guestimate.

 

[Sean K]

Nizar, I don't think I can take a pluck with the information provided by the company but if you look through the drilling results at Andersons, Mirrioola and Bikini they look pretty good. Just depends on the modelling really. I think these 3 projects will be the first to be announced as they seemed to have finished drilling a while ago and the estimate has been worked on for a couple of months.

An unknown for the company and a potential upside not factored in I think, is the Georgina Basin tenamment, which is untested but has similar geology.

 

[Gurgler]

You holding Gurgler?

Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?

 

[Sean K]

Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?

I sold half after I thought it'd run too hard. In retrospect a good move, IF I get back in before it runs again. If it does....

I am sure the JORC notices comming out are going to give this a big boost with uranium prices continuing to climb and everyone assuming Labor's going to change their policy.

I just don't want to be out when these reports come in. It could start tonight for all we know. I'm itching to buy more now. Still, down today, and vol not outstanding...

 

[Fab]

I am planning to re enter between 1.80 and $2 if it gets there before JORC result released

 

[Sean K]

Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too.

I've probably pick some more up at $2.25ish and $2.00 if it gets there.

 

[justjohn]

Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too.

I've probably pick some more up at $2.25ish and $2.00 if it gets there.

Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM

 

[Sean K]

Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM

Yeah, I know but I think I bought this before him, so it's ok.

 

[Sean K]

Summit being dumped. Interesting. Down yet another 5% already. Under $2.30.

Dropped about 20% in a week or so.

I'm going to have to rethink my re entry price at this rate. It must stop tumbling at some point, but now when. I still think there should be support at $2.25, but at this rate who knows. Perhaps $2.00 is the next buy point.

 

[dj_420]

this is crazy, its been dumped solid for the past week now. all fundamentals are still there and other uranium stocks have now begun to see a turnaround in retracement.

you were right kennas, i should have left half at 2.70 and re-entered later. dont know if its to late to sell down half now.

 

[dj_420]

i think my best bet now is just to top up more on the turnaround.

 

[Fab]

It might come back to the 1.80 - 2 range where it was before it started to run

 

[dj_420]

100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.

its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.

 

[Sean K]

100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.

its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.

Yep, atm there seems to be some buying at the $2.25 mark, as anticipated. Just how much support though. IMO too late to sell half. Into buy territory again, but I just want to see it stop falling frst.

I emailed the company yesterday for an update on when they were going to bring out the JORCs. Needless to say, no reply. Yet.

 

[nizar]

I emailed the company yesterday for an update on when they were going to bring out the JORCs. Needless to say, no reply. Yet.

LOL as IF they would disclose that!
Worth a try i guess...
If you do know, PM me please

If its any consolation PDN is also getting smashed down 20% from the highs last week. But it looks as though it may be turning around. If not, support around $5.30.

 

[dj_420]

yeah kennas in hindsight i agree, now would be a very silly time to sell down, it looks like its very close to a bounce, and is looking oversold now.

ive come this far, ill just stick it out and ride through the bumps.

 

[Sean K]

LOL as IF they would disclose that!
Worth a try i guess...
If you do know, PM me please

This has actually worked in the past. One company secretary called me to give me a verbal update as didn't want a paper trail.

 

[chicken]

Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM

You fellows are to much....I have pointed to good stock and you fellows abuse me.....so dont listen as I am making heaps...as far as Summit resources bought them in NZ when they were not listed in Australia...my average is 12 cents...now beat that.....even know the CEO...from Auckland...he has been working a longtime with SMM...after all he started SMM...in NZ...he has been buying up assets in Uranum since the1980....this company was listed first in NZ....so Kennas you are just a beginner in this game...do you want to know more?????