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SRK - Strike Resources

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Hi Hookon

Thanks for your comments. I got stopped out of my holding, but am looking to re-enter.

With the recent possible Court action it will keep the sp down imo. However there was a report from Pattersons today apparently that still puts this at a buy with a target of around $7 - from memory.

I agree with your comments about anything not in Australia is out of favour, but with recent comments form RIO and other companies that they are having to look to Africa and other locations for cheaper costs and new mining targets made result in a change.

Anyway I still like SRK and imo its looking very cheap for the potential resources it has.
 
I am not very optimistic about the project in Peru.
The worker union in peru is notorious and no one want to invest in this country.
unless something change in law or political ruling. Nothing huge is going to happen in peru. It is not my game.
 
ta2693 said:
I am not very optimistic about the project in Peru.
The worker union in peru is notorious and no one want to invest in this country.
unless something change in law or political ruling. Nothing huge is going to happen in peru. It is not my game.
Click to expand...

Don't know anything about Peru. But South America more known for the poor than the rich.

D&C group could actually help us once we get shares sorted as they may have some power to get stuff done in Peru.

I think i will wait for the resources upgrades & hopefully that will spike the price near broker reports. If it does i think i'll ditch it. Was only in for a quick buck on sale with resource as back up.
 

Yeah brokers giving some big prices which would be great. Obviously they need the resources to get near those prices. Hopeing for big spike when they do.

Court action needs some clarification. They need to tell us whats at stake but i think its that early even they don't know. They say only the IAC shares about 17% but i read the announcment as saying the purchase of those shares in IAC has breeched the shareholder agreement & therefore this the trigger to the options purchase being against the shareholder agreement. This would mean to me the options purchased would be in jeopardy.

Good luck as i think the SP now relects the issue & any postive news will increase the SP just not to the levels it should be.
 
I am trying to find out about any recent (last few days) research on the prospects for SRK. I have an accidental overload of stock with a large loss attached and would love to know if anyone could shed some light on the prospect of a bounce in the price at some point. Cheers.
 

Spoke to management prior to announcment & they had said me queries would be covered in the announcment. Whcih they were to some degree.

Happy with the front foot approach. At very least we will get a result one way or the other instead of it being used as leverage when ever they feel like it.

Asked about PFS & he said it was in Santiago & was being assessed. Its Finished Management just working through it.

Said it will be out late June or first week July. This should provide a spike hopefully.

As for Resource upgrades i asked about the 600mt referred to in the paydirt article (SRK Website) by Ssept, he said were on track but it wont be on time (usual for SRK).

Will be quite time until PFS then until this legal issue is resolved.
 
Thanks hookon. Am hoping to offload some stock by end of July so provides a glimmer and something to hang on to for the rest of my holding. Cheers
 
grazzle said:
Thanks hookon. Am hoping to offload some stock by end of July so provides a glimmer and something to hang on to for the rest of my holding. Cheers
Click to expand...

People who went the meeting yesterday said:

SRK Very sure they will win legal issue & even could be settled out of court soon.

PFS will be out in July. They didn't commit to a time frame. Obviously they need to review it & work through it. Don't want them to rush it as it is important.

Also JORC resource upgrade in July sounds like back end of July.

Wouldn't mind legal issue sorted out in July as well would make it a very good month.
 
Looks promising already if the last few days are an indication SP wise. Hopefully the whole sector isn't going to turn turtle on us..
 
Positive Settlement of Disputes in Peru.

Look like the share is running on the back of the positive settlement.
 
pan said:
Positive Settlement of Disputes in Peru.

Look like the share is running on the back of the positive settlement.
Click to expand...

continuing to run, asx query yesterday. mentioed talks with china little resistance at the moment....
 
Has taken off in the last couple of hours - last trade 96c from open of 82c. Nothing new announced but maybe something concrete from the talks w China in the wind??

Wish it would do an MMR/BUY
 
I bought these shares under recommendation in April. I have now lost lots. It has gone down 50 cents a share. Any idea whether they will improve or should i just cut my loses and jump ship?
Would appreciate any response
 
wymekat said:
I bought these shares under recommendation in April. I have now lost lots. It has gone down 50 cents a share. Any idea whether they will improve or should i just cut my loses and jump ship?
Would appreciate any response
Click to expand...

wymecat, I`ve held SRK for nearly 3years, only a small holding but it has been a shocker. Legal wranglings etc. Dont know your holdings but I`m just keeping in them the cellar drawer. And like you it was a recommendation from an insto in the know.

They have paid off handsomely with other recos. Just one of those things I guess.

Best of luck
 
MC - $18m
SP - 12.5c
Shares - 142m
Options - NQ
Cash - $20.6m (+ holds loans to the value of $39.25m)

Top 20 - 72.7%

I have to say, I am not bullish on IO over the next few years. The fundamental positions of the MC:Cash ratio and the sheer volume they have on hand for an MC this size make SKR hard to ignore.
I am not adverse to taking an interest in Indonesian coal, will have to wait for a resolution. remains to be seen whether they will even bother with it, or use it as a cash cow.

Strike Resources is an Australian-listed resources company with two principal projects in the attractive bulk commodities market.
Strike’s Apurimac and Cusco Iron-Ore Projects in Perú are large-scale iron ore projects, with Apurimac in the pre-feasibility study stage. Strike also holds warrants in Canadian-listed Peruvian explorer Cuervo Resources Inc (Cuervo) which, if exercised, would allow it acquire up to 49% of Cuervo.
The Company is seeking to establish a 15 - 20 million tonne per annum (Mtpa) operation in Perú based on current iron ore mineral resources totalling 374Mt and potential access to additional resources of 179Mt3 held by Cuervo in Cusco, all with significant exploration upside.
Strike holds 100% of the rights to mine a coal concession near Berau, Indonesia, subject to a royalty to the concession owner. Negotiations aimed at settling a dispute with the concession owner continue.

Strike Makes AF Shoot-out Price Offer
• Strike submits shoot-offer to acquire 50% interest in AF from D&C for total cash consideration of US$3.2 million
• D&C has until 2 October 2012 to provide a counter-offer, which would include the repayment of Strike’s loans to AF of approximately US$33.8 million
• Focus at AF remains on establishing community relations programs at its key iron ore projects

June Quarter Highlights
• Shoot-out provision in Settlement Agreement exercised facilitating potential 100% ownership of Apurimac Ferrum (AF)
• Drilling underway at Cerro Ccopane (Cuervo) project with five holes completed and assay results expected to flow shortly
• Rothschild appointed as corporate advisor and engagement with potential strategic investors in AF commenced
• Shoot-out offer price being prepared for lodgement before 6 August
• Strategic Plan to gain access to Opaban project progressing, though local opposition may take some time to address
• Significant progress at Santo Tomas (Cusco) with IP and mapping programs completed, environmental studies well advanced and successful community consultation process for drilling approvals
• Negotiations continue regarding settlement of Berau dispute
• Receipt of US$1.9 million from D&C Group (D&C) ensures strong cash balance retained with A$20.6 million in cash and approximately A$34 million and CAN$5.25 million in secured loans to AF and Cuervo respectively

Berau Thermal Coal Project – Indonesia
During the quarter discussions continued with Strike’s Indonesian partner with a view to resolving the dispute between the parties. While these discussions are inconclusive at this time, the Company continues to work towards a resolution, with good progress in what have been challenging negotiations made during the quarter.
 

Attachments

  • srk_ax20feb12_to_25aug12.png
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Cuervo Resources Inc. – Further Bob 1 Drilling Results from Holes 3 and 4

● Further drilling at Bob 1 intersects magnetite-rich zones along strike from BDH12-02 which recorded 182 metres at 39.6% Fe
● 156 metres at 40.9%Fe in BDH12-03 and 188.9 metres at 32.6%Fe in BDH12-04
● Assays from two further holes expected shortly
 
This is one on my Lithium list. May get some life puffed into it after all these years of going nowhere and doing nothing. I may be wrong of course!

Strike Resources acquires highly-prospective lithium brine project over commercially-proven aquifer in Argentina

Perth-based Strike Resources (ASX: SRK) has entered into an agreement to acquire a majority interest in the highly-prospective Solaroz lithium brine project in northwest Argentina.

The project – which sits within South America’s famed ‘lithium triangle’ – comprises a landholding of 120 square kilometres, most of which is adjacent to concessions held by Lithium Americas Corporation and minerals giant Orocobre (ASX: ORE). More...
 
  • Strike to spin-out its lithium and graphite assets through the listing on ASX of its wholly owned subsidiary, Lithium Energy Limited (proposed ASX Code : LEL)
  • Lithium Energy will have a battery minerals focus via its flagship Solaroz Lithium Project (Argentina) (90%) and Burke Graphite Project (Queensland) (100%)
  • Lithium Energy will undertake an IPO to raise $9 million through the issue of 45 million shares at $0.20 per share, with Canaccord Genuity appointed as Lead Manager and Underwriter to the IPO
  • Strike will retain 43% of Lithium Energy post-IPO, delivering increased shareholder value to Strike shareholders
- while the iron is hot
 
The $9M IPO (pursuant to a Prospectus dated 30 March 2021) was fully underwritten and was significantly oversubscribed. Eligible Strike Resources (SRK) shareholders who applied under the pro-rata Strike Priority Offer will be issued their maximum entitlements.

At completion of the spin-out, Strike Resources will hold 34.4 million shares in Lithium Energy comprising a 43% shareholding.
 
Entered as 2nd choice for July comp. Some positive announcements being made of late...
 
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