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Well seems the rot continues and the sp just keeps falling. Have long term holders had enough and selling out? With the constant sells either stop losses have been triggered or long termers must be selling imo. Really am disappointed with the way the BOD have handled things over the last few months and that is represented by a very poor sp performance. I get Covid etc have affected things but the constant fall in the sp and the seemingly lack of any good news from OMI is very disappointing. That said i still think things will come good in the end and i will look to top up a fairly big amount, for me that is, if the sp is still at these very low levels. The resource is still there and has a good pedigree, that's what counts in the end.
Brad did say in an earlier interview/webinar he wished he had bought in at a lower price.
With what’s going on he could be using the current climate to do just that.
Wonder if Brad will stick to what he said and does buy in with this very low sp in place now. I would hope he would buy in and a decent amount...that would show some much needed faith in the project. I would hope the other directors will also take up the opportunity as well.
Hi, Vicjain @11.20
I must confess that I sold part of my holding last week (at a 20% loss), soon after reading Brad's tweet that "industrial gas capacity (in Peru) is now redirected to producing medical oxygen" (which I took to mean, we could be waiting months for results). I switched into Thor, which I think is likely to produce results before OMI (also, the safer jurisdiction and a female CEO, I regarded as plus points).
Taking a loss is never easy, but most professionals advise doing it, if the circumstances have changed (as they have in this case, for when I bought, I did not anticipate that the drilling results would depend upon vaccinating the entire population of Peru).
I still have about £50k invested here, which is certainly a lot more than the directors do.
Best wishes.
Can fully understand you part selling Impecunious2...wish i had done the same a lot earlier however i was just buying on the way down but never expected the sp to be at this level...I won't bother trying to sell any of my holding, not with the sp so low. With sentiment at rock bottom and so much bad news now factored into the sp, i would think the sp has a much greater chance of going back up quite quickly if anything.
I have sold out in the past in a few other shares when all seemed doom and gloom, most notibly i sold out of GGP a few years ago, when Newmont walked away after doing their due dilligence on Earnest Giles from memory so i don't want to make the same mistake with OMI. In fact, i am hoping to buy more here if i can get the funds together in time. Time will tell.
As we continue to drift downwards, we seem to be suffering by a disproportionate amount compared to other junior miners but why. We are struggling to maintain 15p yet it would appear having 2 majors, money in the bank and good potential seem to be counting for nothing. Surely given these facts we should be riding the storm far better than our competitors yet the opposite is evident?
Agree Sharetrader123, this is why the level of drop in the sp is so perplexing. The drop in the sp would suggest OMI have no positives in play whatsoever and of course it is quite the opposite. I guess with such a long protracted drop in the sp, once the positives do come in to play, i expect to see the sp move back up very quickly.
Vicjain yes when the SP rebounds we know it will do it very quickly but it now has a long way to make up to establish our true worth which I'm sure is far in excess of 14p.
Indeed Sharetrader123. I remember last year when they did the 17p placing that that was very low in itself and now we are below even that level. Really dumbfounded that the sp is now where it is and seemingly no positives as yet to cause the sp to start the long road back up. Still a bit of good news can bring a massive move back up very quickly so a move back up at least to the mid 20s can happen very quickly imo. Just have to hold and wait i quess.
some results come come at any time, once they arrive we know how quickly this can move imo
Yes vicjain can't understand the SP low level at all. Surely we are relatively derisked by having 2 majors, free carry and sufficient funds to last the drilling campaign. Although the sector is down admittedly, we are in a much better position than many juniors yet you wouldn't think so by the low level of the SP. We have a board of directors who are poor at communication in addition to having little news to report anyway plus the Peru issues of no cores being sampled due to covid and the argon shortage. I personally can't seeing things dramatically improving for months not weeks but I'm sure they will eventually turn around so most of us are underwater and trapped until things change.
Such a shame the sp has dropped so low and imo it looks set to continue until the situation in Peru improves. We need the sp to rise by approx 79% to get back to 25p and approx 186% to 40p. We have a long way to go but hopefully the right news can change this. For me, this is a long term hold.
Is it at all possible that the SP is being manipulated to such a point where Agnico and Newmont can jump in as "white knights" and hoover up all outstanding shares at a T/O pittance ?
I took 20% out a few days ago to get into SAR, which is working well currently, but as soon as i get to a profit i am happy with there, i will be putting all of that back in here to hopefully give me a significant increase to my holding.
The situation and delays are unfortunate, and it will hammer the price, but what else has changed? maybe more rigs going up right now for all we know, maybe licences getting ready for the go ahead. The gold in the ground will get the market cap to where it should be in time. Eventually, when there is a mass of results coming out over a short period of time, reflecting the historical findings, and finding's of other companies in the area, the price will rise a lot quicker than it dropped, of that you can be sure
Hi, Vicjain @12.11
Thanks for the reply. I thought I was going to get persecuted for having sold some; but actually the people on this billboard are a decent bunch; which makes it all the more disappointing that we've been clobbered by misfortune, or let down by poor management (depending on one's point of view). Every now and then, I ask myself if another CEO would have flown the samples out to the US, or somewhere safe.
Best wishes.
The fact that you only sold some would suggest you still believe in OMI but had to reduce risk, even at a loss Impecunious2. Makes good sense to be honest and i guess you could probably buy back at a profit now ironically. The thing that i find annoying is when people go positive/negative to suit their trading strategies. Hence i have fitered a couple of people for that reason. I too would have thought with the 2 big major players funding things, they would be able to find alternative ways to get drilling results out in a different way despite all the covid delays etc. I just find it difficult to believe that with Newmont and Agnico involved, the drilling results can't be fast tracked in an alternative way.
Another top up in the 14s for me
Poor communication. How many holes are we waiting on, 7? That was just from the last RNS and doesn’t include any exploration or activity being carried out since. With 5 drills, I can see quite a few more being completed by now.
This is now my second largest holding behind Antipa minerals. Il follow this all the way down :D
Hi, whatin @16.41
I don't really agree with this statement, although it's quite funny. If one's talking about Covid risk, some countries are safer to live in than others. If you live in the UK, and are aged over 50, you've probably had two jabs; over 30, and you've probably had one. The vaccination rates in Peru and Colombia are low; and Peru has the highest death rate (relative to its population) in the world.
I'm not a great admirer of the present UK government; but the most important thing, they got right.
Best wishes.
How do they know where to drill with no idea on the analysis, seems crazy they must be able to read something on site. I do agree there are other labs around not just in Peru
Nothing to see here boys and girls. Maybe they meant Easter 2022. Exasperated from Tunbridge Wells.
I wish Brad would throw us a bone. I am here for the long rung but the long silences aren't doing sentiment any good. I am sure there will have been progress on further licenses and/or more rigs that he could update us on in the meantime!
Also, Having quickly googled covid rates in Peru, things do seem to be improving there too. 7 day infection rates are down over 50% from the peak in the middle of April so fingers crossed things stay on the right track and we can crack on.
In fairness, there's bugger all Brad can do if everything is stuck in Peru - it's just the times we live in. Apart from maybe sending the cores to another lab in another country for analysis - but then there's a cost and delay to that option too...
Well the problem is that people make their own assumptions that the BoD are sat on their backside whilst the samples lay idle in a lab.
An RNS saying that they are actually looking at other options such as shipping them abroad, as well as saying the further licencing work is progressing well would do wonders for sentiment.
Patience will be rewarded here I’m certain of that. Covid delays are out of the BODs hands. They may be tied to ALS Lab due to Newmont / Agnico I’m sure they’d be the ones to speak up tell them to send them elsewhere. We’re sound financially, with 2 great JVs. The gold is there, the rigs are still drilling. Shame the share price is back to these levels. I’m happy to wait years for full fruition. I’ve got a feeling we’ll get a loads of holes all in one RNS, which will send us on the up again.
more blue than red and most blues not pocket money bets.
Is a very special day for OMI shares, hooray.
Good luck.