SMY - Sally Malay Mining

[brerwallabi]

Still holding, I feel it still has some way to go after the nickel comeback and we have a lot of troublesome nickel producers currently. For those who want exposure to the upside in nickel this may be the one.

 

[rederob]

Still holding, I feel it still has some way to go after the nickel comeback and we have a lot of troublesome nickel producers currently. For those who want exposure to the upside in nickel this may be the one.

Ummmm
What does understatement mean?

Ni prices over $20k/tonne and rising.
Looking at NI @ $25k/t given every other base metal has had its day in the sun and that does not even represent parity.
If so, then we are looking at SMY at a conservative $2/share by year's end.
Any bets against me?

 

[rub92me]

Just sold some of my holdings - couldn't resist after buying at 0.67
Still remain positive that there is some wind left in this one...

 

[rederob]

Just sold some of my holdings - couldn't resist after buying at 0.67
Still remain positive that there is some wind left in this one...

Never regret taking a profit, especially as you did well.
And don't kick yourself in a few weeks if the stock goes into orbit: You did what was best for you today...and who knows what tomorrow brings, anyway.
I have added to my SMY holdings on at least 5 occasions over the past 3 years, and my average price is around 80cents. But I believe the real upside will occur next year when it will start to pay dividends as part of its declared policy. If present nickel prices hold, then the divs will be generous (I don't think we will see $20,000/tonne holding for too long, but I reckon a ceiling around $17,000 is building).
Well done rub92me!

 

[brerwallabi]

Ummmm
What does understatement mean?

Ni prices over $20k/tonne and rising.
Looking at NI @ $25k/t given every other base metal has had its day in the sun and that does not even represent parity.
If so, then we are looking at SMY at a conservative $2/share by year's end.
Any bets against me?

It means the $2 that you are looking for by years ends might be a lot sooner then when you might expect.

 

[rub92me]

Thanks rederob. It's heading south today so I guess I wasn't the only one taking some profit. Quietly sitting on the rest: long may the run continue into the $2 range..

 

[sunboy]

I guess will reach 2$ next week, the stock is still cheap and has a lot of power.There is no resistance in the chart. Get it!!

 

[rub92me]

In a trading halt this morning. Sitting on some good news hopefully that's going to lift it again?

 

[stockmaster]

SMY - SALLY MALAY MINING LIMITED

Company Overview
Sally Malay Mining Limited (SMY) is a nickel sulphide producer as well as an exploration company searching for copper, nickel and cobalt. SMY's key project is the Sally Malay nickel-copper-cobalt project, located in the Kimberley Region of Western Australia.

Differentiating Factor
The company has two projects currently in production: the Sally Malay Project and the Lanfranchi JV and has become a significant player in the Australian nickel sulphide mining industry. The nickel sulphide orebody at Sally Malay contains 3.74 million tonnes of ore grading 1.74% Ni, 0.72% Cu ands 0.09% Co.

The announcement confirmed the high grade at Lanfranchi
"27-Jun-06 12:14 SMY High Grade Intersections at Lanfranchi"

On top of the nickel rally from yesterday, there is a high potential that it will continue to rise and may maintain for the next few days.

 

[stockmaster]

There has been a 33% increase in nickel discovery for SMY, price of nickel are in a hot running for the past week, i believe this will help the price even more after a 15% increase today.

 

[stockmaster]

It has been a strong day for SMY, up by 12.5% at the close of the day , touch a high of 1.39. However i believe the bull run is not over yet, there is still a high potential left for few days, esp for tomorrow. The rally follow after an announcment of "significant resource upgrade at Lanfranchi-33& more Nickel"

"The Upgraded Winner resource of 110,500t at 5.56% Ni for 6100 Ni is a 33% increase on previous resource." On top of that it also included 0.46% of Cu.

Also nickel price has surged for the 12th consecutive times due to the restriction in supply and rise of 25% from china for the use of stainless steel. "Nickel prices have shot higher in the past month, gaining 45 percent, as funds and consumers have bought on supply fears."

Both facts shall support the rise in SMY, there shall be another good day for SMY tomorrow and with an approximately 12% increase in the opening price.

 

[rederob]

Just remember that nickel prices dropped slightly overnight, so don't expect a miracle every day.

 

[brerwallabi]

Sally Malay looks all set for another run. With the price of nickle where it is and the continuation of lack of supply, I think we could see SMY touch a $1.40 again.(it could spike higher)
I hold this stock and state that you should DYOR.

 

[BraceFace]

Sally Malay looks all set for another run. With the price of nickle where it is and the continuation of lack of supply, I think we could see SMY touch a $1.40 again.(it could spike higher)
I hold this stock and state that you should DYOR.

Nice graphic. I have traded this one a few times, and have been holding out to get back in at sub $1.00. Unless things really turn pear-shaped, doesn't look like that will happen. Maybe 1.20 is a good buy after all.

 

[Freeballinginawetsuit]

Nice graphic. I have traded this one a few times, and have been holding out to get back in at sub $1.00. Unless things really turn pear-shaped, doesn't look like that will happen. Maybe 1.20 is a good buy after all.

Got in and out of these a few times since May. I have only had an entry into these guys at $1.15 (lowest), when did you squeeze out a dollar entry?

Been waiting for the last week for the usual entry price but resorted to 15000 of these this arvo at $1.23. I was hopin to get back in again at $1.18, ur dreamin at a $1.00 entry.

Nickel stockpiles are suffering at the moment, SMY has had a few upgrades of its deposit and is quite an efficient low cost operator.

This is only my opinion.

PS just read the previous posts, sorry I'm just rehashing them.

 

[Prospector]

I have held SMY for some time (entry round 75cents), but in a cleanup a few months ago I sold out. Of course that was the trigger for the latest run. If i do get back in again, and the price falls, sorry guys - my fault!

Freeball - love the name but coming from a surfing family, probably TMI : I have visions of zips.......

 

[Freeballinginawetsuit]

I have held SMY for some time (entry round 75cents), but in a cleanup a few months ago I sold out. Of course that was the trigger for the latest run. If i do get back in again, and the price falls, sorry guys - my fault!

Freeball - love the name but coming from a surfing family, probably TMI : I have visions of zips.......

lol, Zips are on the back, mine dosent quite reach that far (so i'm safe).

SMY has a couple of large sell parcels up today.

 

[Kipp]

I have long held MCR in higher regard than SMY (though I've sold out now) primariliy due to hitting (even exceeding) production forecasts & better track record (they've been around for a few more years) but I can't fathom why SMY isn't going crazy with Ni at $15/lb

My (very limited) understanding is that SMY is suffering a little bit because production for 06 was 7,500t vs a forecast of 8,500t. But even so they are 90% unhedged so they're making squillions I'd imagine...
The othe Nickel boys are having a good time (even MRE).. it's weird sort of like CBH vs. the other Zinc producers.

 

[porkpie324]

i agree with kipp i'm a long term mcr holder, another of my nickel favorites is igo, porkpie

 

[rederob]

My (very limited) understanding is that SMY is suffering a little bit because production for 06 was 7,500t vs a forecast of 8,500t. But even so they are 90% unhedged so they're making squillions I'd imagine...
The othe Nickel boys are having a good time (even MRE).. it's weird sort of like CBH vs. the other Zinc producers.

SMY is 60% hedged at an average US$5.18/lb to May 2008.
Their managers are not too bright given the spot price is currently 200% higher.
How about this for one of the silliest hedging policies you would read about during a boom in prices:

The Company has continued to deliver into its hedge book during the quarter. In May, the Board approved an active Hedging Policy allowing additional nickel hedging to a maximum 24 month forward horizon on up to 50% of payable contained nickel metal provided the forward nickel price achieved, when matched with US$ forward currency contracts, is A$8/lb or better.

I hold SMY and am selling it down to replace it with MRE which is totally unhedged.