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I think Sprott’s order is back active ...
I can sell 1m at 2.33p but I can only buy 100K and they want full ask 2.4p
Sprott are demonstrating exactly how they manage to scoop up a very sizeable amount of shares without moving the price much
Blimey!
Just keeping tabs ... that’s 28.75m shares scooped up so far
He must be ... last night I posted my tally to 26.75m shares
Very interesting
Just to keep a record of these large 2.4p buys, according to my posting history, they had scooped up 23m shares by close of play Thursday
We then had 1.75m Friday and 2m today so taking the new total to 26.75m shares
Watching them scoop them all up is quite extraordinary
Disagree there PINMAN .. there are sellers feeding this block buyer and have been for a couple of weeks - that’s why the SP is not rising.
The buy orders are creating liquidity.
By way of an example ... normally, I could sell anything around 100-300K shares on-line before having to enter a ‘Negotiated Trade’ (NT)
For the last couple of weeks, I’ve been getting instant quotes on-line to sell up to 3m shares in one go - that’s what I mean by the buyer is creating liquidity.
If you look at the trading history, sellers are taking advantage of this liquidity and selling shares, however it’s not pushing the price down, instead the sells are merely feeding the buy order, that’s why the SP is not going anywhere
If the sellers dry up, the buyer will have to pay a higher price, and that will obviously push the SP up
Since my last update the other night at 17m shares, I think there’s another 6m of round large buys at 2.4p taking the block buyer to 23m shares
It’s clear someone is buying in large and quite something how quick they are doing it.
I’d suggest that in the current AIM market, there’s a lot of shares that are illiquid and this block buyer is providing liquidity in MTR and typically PI’s are selling into that liquidity to release funds, straight into the buyers hands
Totally agree with Bolgas ... this is fascinating to watch and at some stage we’ll know who this is
Hi Bolgas. I’ve been keeping tabs of these buys. Just the large obvious ones at 2.4p recently.
If you check my posting history, I had it at 8m last Tuesday and since then we’ve had the 5m and this 4m so they’ve quickly accumulated 17m shares
The additional benefit is that the buyer is mopping up stale bulls so when news does land, we will have already cleared a few out during this process.
There’s another 4m bagged by our big buyer.
Clearly fed by the sells today and Friday
There is no question in my mind there is clearly someone buying in large and mopping up all the sells at this level
The other interesting thing to note is that PI's had to pay 2.36p+ for small buys yesterday, yet the 5m buyer paid 2.35p
Only an influential buyer could negotiate that
Totally agree. This isn't normal PI buying activity, more like a professional or a fund so it will be interesting to see if we get a new TR1 once they're done.
Another 5m buy to the growing pot then. That was clearly fed by yesterdays sells below 2.35p
I can currently sell 3m shares online, so the buy order is still in place
If fact, a quick flick back at the trade feed suggests that a buyer at 2.4p has scooped up 8m shares in the last week or so (only large 1m+ buys included) - that’s how to build a position patiently and under the radar
Seems like another buy order has been filled by bored PI sales at 2.4p
Well that explains the action today ... MM’s happy to take a lot of shares at 2.35p and now we can see they were filling a 3m buy
Bring on those assays from hole 5 & 8 .. from the last MOD ANN visuals, hole 8 in particular look very good, especially if it correlates to hole 3 (400m away) ..
Meanwhile, hole 10 (200m to the west of hole 8 & 600m to west of hole 3) is drilling .. if that hits mineralisation, well then A4 Dome is a game changer in itself.
We just need to sit back and be patient and wait for the results
Dr Jonathan West sums it up really well. It’s becoming increasingly obvious that MOD/MTR are in a Copper Belt and these deposits will be repeated.
A4 Dome being only 8km away from the proposed T3 pit could be a significant discovery with substantial impact on the T3 financial metrics.
This hole 8 looks very interesting and it’s triggered an immediate request for more rigs by the look of it.
We have 5 rigs on A4 with more on the way, so potentially 7/8 rigs in action soon - that’s a lot of drilling resource for one dome.
There are hints that they think they’re on to something here and they use the words “wide zone of visible and locally strong mineralisation from 230m downhole” on hole 8 whilst immediately ordering for more rigs.
The next few weeks will be very interesting because we saw some of the individual grades coming out of Hole 3 as part of the 52m @ 1.5cu and if hole 8 does correlate then A4 could be a very substantial discovery.
Frightening to think that again, this is a tiny fraction of the overall JV acreage so another decent success here cannot be ignored for long. At the moment, the market is taking A4 in its stride but we know how quick that can change!
More great news!
Next Assays on holes 5 & 8 will be very interesting. If they correlate to hole 3 as suggested, (and hole 8 & 3 being separated by a 400m strike distance to the West) then A4 looks to be an excellent discovery. A trading halt would most likely be required on MOD if they correlate.
You could not simply drill a few holes in this vast land and make hits like this without a pathfinder. The AEM tech is delivering big time IMO which will have implications for the rest of the JV area plus the KML JV
Much more to come here...
“18% stake in kml, who have 100% of 1996 km2. Kml have the option to acquire up to 80% of a further 2067 km2. Mtr have an option to acquire up to 50% of kml.”
Misleading statement as you forgot to include the terms of the recent RNS relating to KML
Yawn
Olderandwiser
I think the MOD holding will provide funding options for MTR and my example below is if KML turns out to be a monster, the MOD holding could be enough finance MTR’s contributions for both KML & MOD JV plans.
The unknown element (with respect to KML) at the moment is, what is the quality of the asset/resource/mineralisation? At this stage we don’t know, apart from the DD they’ve undertaken with the likes of TG views supporting them.
Once the the initial AEM is complete (due this week) they will then move to a more detailed AEM to complete in Q4, then we have a very good idea of the quality of targets and what kind of drilling campaign is required.
This is where my suggestion yesterday can provide them with flexibility. They have options to fund an aggressive campaign or a scaled down one depending on the AEM results.
Meanwhile, we have the MOD JV campaign to fund at our 30% contribution, which brings me to your second point. MMc confirmed in the interview that they considered selling some assets within the Asset Trading Division (including some of the MOD holding) but they believe them to be undervalued and so chose the placement route. So this placing has bought MTR time to wait for a higher MOD price which seems the right thing to do if you believe the T3 Complex will deliver excellent results in the near term and they already have encouraging results from A4 and potentially A1.
The question remains, have MOD got their foot hard enough to the floor to speed up drilling & assay results to gain an impactful rise in their SP?
4/5 rigs on A4 and 2 rigs on A1 suggests to me they need to bring in 3 more rigs to A1 the moment they feel they are close to locating the higher grades as they did at A4.
Even then, we have the other domes targets and T20 targets so at a best guess, it seems they are hoping to nail A1 & A4, get the SP up and then MOD raise again at a higher level to fund a wider campaign.
Coming back to my MTR funding options yesterday, our current ‘sellable’ 6% stake in MOD is worth £6m at 75c and £8m at $1. MMc suggested he wanted to raise between £5-6m in this current placing including the Sprott element so MTR certainly have firepower to match MOD if they chose to put the foot to the floor, without resorting to sell down any MOD shares.
It’s all about getting traction on the ground and getting results in such a time that the MOD SP finally gets going as you say.
As an aside, does the London listing provide a chance for MOD to be properly valued? ASX does seem to be applying a low valuation and it seems a bit unloved for the sheer upside potential. I guess we’ll soon see if that’s the case and is the London listing the short term route to their funding requirements?
The longer term plan could be starting to take shape here...
In terms of size of projects (only size, which doesn’t of course take into account value, due to discoveries):
The 30% MOD JV deal provides 2355km2 NET to MTR
The recent KML announcement could lead to a much larger 4,000km2 NET to MTR
The beauty of the MOD JV swap for T3 is that it’s at the point of monetisation (in phases) due to the structure of the new JV Swap Deal (leaving the 30% interest in the remaining 2,355km2 for an additional lump sale further down the road)
The KML exploration is advancing ahead of timescales and AEM tech is specifically looking for Dome targets similar to the MOD/MTR targets.
Could the plan be, the packages of monetisation of T3 via MOD will be used to fund the larger acreage it holds with KML? The JV deal for T3 alone (plus the recent placing) could be enough to fund both of MTR’s MOD & KML exploration plans, leaving a final cash offer for the rest of the MOD/MTR JV untouched and lined up for the future
Meanwhile, if the KML deal becomes fully financed and makes discoveries it will be worth a fair whack to MTR given its size.
It’s interesting to see Terry Grammer, the original influencer of the MOD JV is on the board at KML so he obviously likes what he sees there and with his awesome track record company success, it’s very reassuring to have him as a large shareholder of MTR
Lastly, we should soon see what Sprott have agreed in terms of their final placing shares. They also are keen on our two KCB projects.
If this is the plan, it could be a masterstroke ... funding KML just from the T3 sale leaving a cash offer potential for the rest of the MOD JV and ultimately all of the KML JV
How do you value all of that? At this stage there is no possible way but what this does spell out is a de-risked plan due to the proven success of the T3 discovery with some serious backers and highly experienced GEO’s
In most investments, even in these volatile sectors, you don’t see such an underpinned plan with future funding paths being sketched out but we have one here
It’s Sprott’s same holding but changed % due to the recent placing.
Be interesting to see that % climb after their 31st August deadline