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Nice to hear from you, Dogstar - I hope things are picking up for you now mate.
With regard to ORR's share price at the current time. Let's face it, the fundamentals have hardly changed, the drop is ridiculous at this point, but I could say that for a lot of companies in this sector.
The problems the share price has run into are evident;
1) IAMGOLD didn't carry out the drilling operation that was expected, or meet their expenditure requirement for the project during the timeframe expected.
- I believe this has been resolved with them catching up expenditure during this next year, the drilling found surface gold anomalies across more than 6km, and a follow up programme for 11,000m is currently underway.
2) Grades and widths at Bibemi weren't amazing.
A few things to say here:
- First of all this is exploration to hit a good proportion of holes is great.
- Second, the grades weren't even terrible (they were average), which to be honest should only really benefit company with a market cap of £9-10m.
- Third, the widths weren't great, but if you look into what they're trying to achieve, which is intercepting ore veins from an almost perpendicular angle so a depth and direction can be more easily established. If the company was so inclined, they could have drilled in the direction they knew the ore veins were running and got a good 100m@3-4g/t reading, but that wouldn't tell them much useful about the geology of the area.
- Finally, there are plenty more results to come from different areas of the deposit which are more promising IMO - and they're due in the next 8 days.
I'm not saying I'm definitely right, but in my opinion, there will be a number of impatient and ill-educated people who have sold out on this drop who will either end up buying in higher, or watch in regret as this builds some momentum again. It isn't difficult for a sub £10m company to multibag with some good drill results and a consequential build up of sentiment.
Good luck all here.
Very difficult time to be an EUA shareholder and a GGP shareholder - the similarities in share price drops in the last year very strangely similar, whether that is of any significance I don't know, but that isn't entirely relevant.
Drops in the share price bring with it a lot of heightened emotion from shareholders who have a lot of money on the line, I'm not a big shareholder, but I am surprised at the share price movement here, and to say the drop hasn't been a bit sore would be amiss. However, for me the story hasn't changed. The sector as a whole is struggling for some reason, and I'm only miffed I don't have much to top up with down here... That goes for EUA and many other junior miners and explorers, all looking like bargains down here.
GLA, hopefully it reverses soon.
Don't know if anyone has drawn the same conclusion I have, but in the Webinar Bill mentioned that they would like to get a smaller drill rig to get to areas that they aren't able to with the larger vehicle. Following that, in today's interview he mentioned that there were some areas to steep for the drill rig to get to, and thus they had to drill from lower down.
I have drawn a couple of conclusions from this:
1) We will be getting further drilling done on Han**** as and when a smaller drill unit can be obtained.
2) The depth of the iron ore is likely to be deeper than drill results suggested in today's RNS, if they were having to drill lower as they couldn't access steeper bits, perhaps the drill results are missing the ridged section as part of the depth. The iron ore is dominant in formation over the dolerite so makes up the majority of the raised sections. He also mentions most of the high grade material is in the first 25 metres.
Much more to come here, tens of kilometres of BIF ridges across the tenement to drill yet, with pretty promising grades across the board, and easy to extract at shallow depths.
I agree with Smiller, I didn't used to think the share price had any correlation to the price of silver, however we have to bear in mind that silver is a market that follows euphoric price action, and UFO does have exposure to not only silver prospects but also a JORC resource on a silver project. We saw that on the 1st Feb for the silver squeeze, and if silver goes crazy again, I would expect a similar reaction - hopefully next time more sustained.
Also after plotting the last years price action for UFO vs SLV (not perfect, but an easy data set to extract), I received a correlation coefficient of marginally under 0.4 on daily data, and just over 0.4 on weekly data; this signifies a weak-to-moderate correlation between the price of silver and the UFO share price. Of course, there are many variables at play, that I can't be bothered to formulate into a model to isolate the interaction of silver and the UFO share price, but the numbers point to some level of correlation IMO.
You’re not suggesting that having 55 trades or less on a day means that the share has no potential for a year or two, are you Tymers? Are we in the clear to progress over the coming months now we’re at 62?
If not what’s your basis for saying “nothing to see for a year or two”?
We continue range bound I suspect, HH. MM’s moved the bid down earlier likely to find any weak hands at 0.8 and didn’t find any so it got moved back up. Any buying pressure will push bid and ask up to try to stir some volume I suspect, perhaps 0.9 - 0.95p range, but don’t expect above 1p until closer to conclusive news now. Not because we shouldn’t be higher, but because we need to build some momentum
Looks like KOD have added a good £15m to their MCAP from “new assay results up to 1.97g/t and surface samples of up to 4.2g/t.
Wake up market, we’ve dropped £50m since our last grades of 948g/t, 17.4g/t, 11.6g/t etc etc. One of the most undervalued juniors on the market, if not the most with substantial cash holdings, and a free carry from 2 majors with 5 drill rigs turning.
Any return of sentiment could send this 3-400% up in a matter of days.
Two points Wents:
1) I’d recommend again GTTM paying for a billboard. Might as well buy more stock if the money is there.
2) I’m only asking for contact details to verify it, because I don’t trust the word of those I don’t know. Everyone should be wanting to verify it, as they should with everyone’s shared research.
Stevo, I’ve asked several times now if you can provide contact details for relevant Mexican ministries, as I haven’t been able to find the details?
Giving you the benefit of the doubt, but I am starting to question if you have contacted them, or if you’re just saying it.
Bill said if it was strategic and beneficial and would be needed to progress projects then a fundraise would be needed. If you aren't prepared for a raise to come in an explorer then seriously, move on. If you want to try to be smart and get out, because you think you are smart enough to calculate (based off industry costs, business costs etc.) when the placing will be then try that, good for you. I may attempt that myself, but guess what that could come with risks - raises can come at a premium to the share price (WSBN) or cause a rally due to the buyer or the expected value increase (THR), and can create substantial value if the buyers aren't going to flip their purchases for 2% profit and kill sentiment, depending what the expenditure is for. If it is on the back of finding Han**** is economic to mine for us as a small producer, then I would expect share price to boom, if a raise isn't needed because we manage to JV the resource (clearly there's interest in the tenement) then the share price will fly, if it is for less significant then may be a dampener for a while, but I believe the team is very efficient with expenditure and will create value with that money.
People need to stop fearmongering with the threat of a raise that is obviously a possibility with an explorer, with no current income.
Nice one Turbo, well put together and thought out. I appreciated Bill's cautiousness around all uncertainties yesterday - I think with the Tailings he seemed very encouraged by results they had received, but they are yet to receive a number of results and negotiations haven't started over a deal so I don't think there is any indication either way on a deal being made.
As he said, things are frustratingly slow across the board at the minute; permits due to Covid, drilling results due to packed labs with current commodity boom. We just need to give them some time to put things together. Once an MRE for the Sirius Extension is given, our share price will be more closely linked to iron ore as we will have a more confirmed resource present.
I am currently putting something together that will hopefully be of use to everyone on the board.
Hey Smiller, from what I have read, those who want a tenement put down a deposit with their application - I don’t think it’s majorly expensive ($5,000 was the figure I saw, but this may have changed). Australia are a very mining friendly country, as a lot of tax revenue is generated from the giant outflows of minerals/ores etc. so are keen to get companies in, exploring and mining as long an environmental and social guidelines are met.
After the deposit and application it seems it is random if there are a number of contenders (not uncommon for contention - I have seen lots of documents of several companies applying for the same deposit).
Mine were the more "technical" questions surrounding Hanc0ck, around rock types, formations etc. really informative to hear from Bill on these, and the location they have identified these BIF's is very exciting, as well as the areas they are currently targeting. I'd be surprised if they've even covered 30% of the high potential area in all honesty, judging by the mapping. Very very encouraging, let's get that drill back for a 3rd phase programme across the ridges starting on the west side, as it looks likely to me that they will contain mineralisation right across the tenement - the dolerite Bill was speaking about is the other predominant rock-type within the Weeli Wolli formation that makes up a large portion of our tenement.