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>> Well 27m shares were traded that day and it didn't do a lot. It went down a little the following Monday. So my take from that is that a very limited amount of assay information is not particularly price-sensitive.
My take would be the assays were in line or slightly below expectation and therefore didn't impact the price too much. If the CuEq had been double or half the actual amount, then you would have seen more dramatic changes. You can't take one set of assay results that didn't affect the price too much and assume that all future assays, regardless of quality, will also not affect the price.
If a company holds on to assay results while the directors buy or sell shares, then they would end up in court.
One assay on its own is not a lot of information. We got the Hole 1 assays on Friday March 19th. What did the SP do? Well 27m shares were traded that day and it didn't do a lot. It went down a little the following Monday. So my take from that is that a very limited amount of assay information is not particularly price-sensitive.
>> It may be that CB and the company Nomad both consider that the assay results for Hole 2 (which the company will certainly have by now) are not, in themselves, price sensitive.
If you think assays are not price sensitive news, then would you be interested in buying my shiny rock?
It may be that CB and the company Nomad both consider that the assay results for Hole 2 (which the company will certainly have by now) are not, in themselves, price sensitive. In other words, the hole 2 grades are simply one piece of information that, on their own, cannot give a clear view of whether the ore body is large enough or of a sufficiently high grade to give an economic mine. That's what I think. He's under no compulsion to immediately communicate non-price-sensitive news.
I think the line is, we all know the assays are coming..... so when they arrive, even if only a couple of days after Colins purchase, he can claim not to have an advantage over us......
Of course he may have had a cheeky chat over the phone with someone from the labs..... but how would we prove that?
Best not to jump at the ghosts unless..... you enjoy jumping at ghosts.....
I think everyone is actually in fierce agreement here! The evidence suggests that they do not have the assay results yet and, therefore, we probably won't get them until towards the end of the week at best.
>> There is simply no way he is doing what you may be suggesting (if you are suggesting).
I was saying in that post and the previous ones that CB buying shares means he doesn't have the official assay results yet. I think you are assuming I meant the opposite :)
“I agree, but there has to be a line and withholding key assay results while you buy shares is definitely on the wrong side of that line.”
There is simply no way he is doing what you may be suggesting (if you are suggesting). He can’t be as that would be buying shares whilst in possession of market sensitive information. That would be stupid and he is def not stupid. So, let’s just accept that he has indeed bought legitimately and the assay results will follow in a ‘batched’ fashion (ie.likely holes 2 and 3 at least, disclosed together) as was disclosed in the recent RNS.
BTW I agree that CB will have a general idea of grades from XRF and is presumably buying on that basis. I am only pointing out they are unlikely to already have the official assay results.
Anyone who thinks xtr haven’t done xrf on every hole as they were drilled needs to get out more (as lockdown rules allow)
Let’s hope for a bit of xtc for shareholders as assays get released this week .
He definitely said late .3%s and .4% copper eq average for holes 2 and 3 this time which probably means .25% average but you never know!
>> Any CEO can't help but know more info about their co than the shareholders.
I agree, but there has to be a line and withholding key assay results while you buy shares is definitely on the wrong side of that line. I'm a director (management, not board) in a FTSE 100 company and we have regular blackout periods where I am not allowed to buy (or sell) shares in the company. For example, after the end of a quarter until we release results. While XTR is obviously under less scrutiny, the same general principle still applies.
CB has played it smart by using interviews to tell the market what he believes in terms of the grades, pending a formal announcement to the market via an RNS when the assay results are received. On that basis it is completely legitimate to buy shares in the company but it isn't just about being 'clean' but being seen to be squeaky clean... and that means there needs to be a healthy gap between him buying and the release of any significant news.
People have already mentioned the XRF on-site analysis and how they were very similar to the assay results for hole 1. So I am more than happy to hold based on CB saying they have the grades and putting his money where his mouth is. Everyone needs to make up their own minds though.
DYOR GLA
My Thoughts on the Late Assays is due to the demand and pressure on the big Copper Bulls Drilling for demand and also awaiting for there cores to be analysed by the Geos.
As CB said that its currently hard to get hold of Drills at the moment
GLA -
100%, they all know very well the assay results are good. Lets all take off the rosie tinted specs ffs!. Thats the stockmarket for you. Keep buying!!!>
There is a difference between insider trading and insider knowledge.
Any CEO can't help but know more info about their co than the shareholders. If that knowledge stopped the CEO buying shares then no CEO could ever buy shares in their company.
Steve - Completely agree. Can't see assay results until at least Thursday now. Couple of TR1's would be nice though (one day I'll predict that one right!).
The purchase by CB suggests they do not yet have the hole 2 and 3 assay results. Buying shares while withholding that information would be straightforward insider trading.
Placing was inevitable given the size of what’s being sized here. No point messing about. Need to drill it so happy with the news today. Shame I don’t have the time or inclination to trade this and increase my holding.
CB keeps mentioning very good grades between .38 and .45 and more. Would love to actually see this in the next assay results.
I don't see any impropriety with Colin Bird buying shares prior to the assay results being RNS'd. Hinting that information is being withheld is a red herring. Colin is a Chartered Mining Engineer with a lifetime of expierence, he knows perfectly well the significance of the mineralisation in the core samples. That's why he has added to his holding.
something tells me now the placing is out the way to raise funds via some fast moving II's (likely) and he has bought his own shares too... our Assays are not going to be far away. All perfectly fair TBH. No foul play. just the order of things. cant see them not arriving tomorrow or Weds all things considered - esp given they are 'technically' borderline overdue now...
doesn't really make a difference if I'm wrong, and I could well be, as he can release in bulk if he so wishes and that could take another week or two.. but I've a hunch they land, with impact, quite soon.
XRF results and/or assay results known by directors would be material information that should be in the public domain before any director dealings take place. However, I don't believe the placees spent £5.5m on blind faith!
hole 2 and 3 would have been had xrf at the time
if you look at the XRF for hole 1 they were actually pretty close to the assays
so i think they have a good estimate of copper from the XRF and as gold seems to be a bit of a side show, they will have a big clue
Once again I am hearing 4% !! let's make it so this time Colin - average of .35% plus would be a great result for these 2 holes, especially if there are no gaps in the mineralised zones as per Hole 1 - which I think was a realy good thing
Agreed, but he MUST have a good idea they will be good / positive results. Surely?... And a £5.5m placing at todays price tells you they know its a winner. Keep buying.
by the way that buy must mean he doesn't have holes 2 and 3 in his hand right now, so a few days to go still on those I think
must admit i sold 1.2million shares last week at 6.8, cashflow thing
just bought most of them back
still have a lot of these, Colin has more now though!
that 1m buy is just a great sign, well over £100k invested by the man in last 2 buys (timed it well tho didn't he :))