Member Info for FillToSpill

Price currently .08 - .09p and volume relatively small. Has the placement seller cleared?

We must sill be waiting for placement sellers sitting with large sell orders in background taking their 40%.. I'm sure I would too but I also imagine they will keep themselves a large number of the shares going forward into the JV's etc.

Therefore agreed, don't think this will hold at current price too much longer.

Of course the worst case scenario with no JV, share price over 1 - 2 years could be lower and hover between .04 and 0.8p as more shares are issued to explore etc.

Just hope there is a JV completed and Creswick/Baeliston start revealing their true value.

BTW, just to caveat, these are just my opinions as a private investor. I'm sure everyone else has their own targets etc and probably more mathematical valuation models.

I think there are a few different speculative SP predictions/calculations that you can make based on various scenarios playing out. Starting from best case to worst, these would be my thoughts as below but completely subjective. We currently have 550mil shares in issue so lets base everything on 650mil shares in order to assume a fund raise or two along the journey.

GGP market cap circa £250mil and SOLG £400mil. Therefore for every 10p ECR price we are at £65mil.

- $30mil JV with Newcrest, Lions Gold or similar with retention of say 30% stake on a free carry up to the $30mil.. Over the course of the 1/2 years hit high grades 15 grams gold per tonne or better over numerous drills, and prove up couple million ounces JORG at Creswick and 500k ounces Baileston. Share Price 20-30p IMO
- $30mil JV retaining the 30% stake + imminent Creswick drilling returning some good grades, I would imagine the market might price the shares to the value of the JV + some for Creswick results perhaps 7-10p?
- No joint venture but good (improved) grades at imminent Creswick drill, also good grades to the west at Blue Moon. 2-4p?
- No joint venture, reasonable grades at Creswick, same as before Baeliston. Hover between 0.75-1.5p

All my opinion and obviously just guessing, but that's how I am looking at it going forward.

I was starting to think Avoca, Timor and Moor looked good and when you see them on the overall Victoria map they are large areas of land. I think we punted them at a bargain price.
However, although these being sold gives me a slight sinking feeling, there is the flip side to consider.

- They are large land masses and we do not have resources to explore the entire area. There will be ongoing costs related to the license.
- The company would NOT have sold these if they didn't know they had something very special elsewhere. its almost like they know they are on the money for the other two and don't actually need the burden of these licenses.
- The extra cash will allow further exploration on existing licenses and potentially help with any deal being done at Crewswick or Baileston.
- Now currently sitting with Circa 1.7mill cash.

Next up Creswick or Baileston? JV on both of further drilling on both?

Windida possibly next up for sale. if they do sell, it outlines again the confidence with the two remaining 'substantial' projects.

I know what you saying Dill1, would be nice but possibly not the way it will pan out. Ive been in a year so medium but not long term.. I think a super JV would merit a suspension..
£5mil mcap currently, lets go, Creswick huge project and prob multi mill oz in own right, get that covered off with the JV.. Wondering if co looking to go at Baileston on its own.. Avoca and Moor also excellent looking and having not really been explored.. Starting to think not too fussy if Windida sold. Potential nickel there and there is more than enough positive endevours to look at in Victoria.. All very exciting. 1p b4 news?

If you read the history of the Fosterville mine, it started over many decades with companies scratching around near surface at similar mixed grades found at our Blue Moon. It was only from 2008 that they started following gold seems down dip to greater than 150m that they began finding the Swan Zone and Pheonix Gold System with high and extremely profitable grades. Perhaps the larger companies in discussion recognise this and expect similar deeper down on our licenses areas.

Just imagine that some further drilling provides more and more evidence and similarities to Fosterville until we can assume we have something similar or even half the size.. Its mind bogling.

Similar story at Creswick, we need to begin indicating similarities to the Ballarat mine. The numbers there would also be eye watering.

Yes, I'm optimistic but of course or I wouldn't hold shares. Noted some large sells today and either the seller or myself, one of us is bonkers.

TS, I hope so... I thought the fact they had updated everyone publicly regards the negotiations, they would therefore be able to buy shares.

Your probably right tho'

I wouldn't be surprised to see a small placing short term. The sale of assets and farm-in are in advanced discussions but ECR will need cash to drill Bailieston in the next few weeks. Saes monies will take a while to materialise.

I suspect this might happen and will give directors a chance to load up before all the valuation creation ;-) Pure speculation on my part but surely the D's are going to be looking for a way in to up their stake before this all kicks off.

Also, great to hear that they are cutting away the chaff to concentrate on key projects. This is what a small cap junior miner should be about. They don't have the resource to spread themselves too thinly.

Two or three amazing projects is all that's required.

Multiple deals here... :-) Very pleased to sit and wait to see what unfolds.

Sounds to me like farm-in for Creswick so we can drill out the massive Creswick strike length. Sell off of a few other licenses, (maybe Avoca and/or the likes of Timor). Use the cash which might not be much but perhaps allow 2-3 more rounds of drilling at Bailieston.

Basically, put Creswick on Autopilot with farm-in and sell other assets to concentrate on Bailieston and prove up another Fosterville...

Windidda, not sue about, would hope this is not one of the projects up for sale. perhaps this is on the radar too and will be developed with some sale cash or other assets. Windidda also another potentially superb project.

Needless to say, I'm holding.. ;-)

Some of the latest ECR tweets hint (to me) that perhaps as part of the stripping out of the ground around the drill targets and at depth. There is a chance they could have already stumbled across a large nugget or two. 10 oz + you never know and it is already stated that large nuggets all have historically been found adjacent to drill holes.

I just bought a few more shares, three tranches at approx. £800 each. I got 0.95p for these so are/will show as a sell.

I suspect there might be a placing on the way which will be justified to (help expedite Creswick evaluation and discovery blah blah). This might not be a bad thing as it will be good to get Creswick moving full speed to JORC compliance and perhaps more drilling. Also, to have investors willing to put in large sums for further exploration work, ECR would have dangle a carrot, hopefully the carrot is in the form of their findings so far at Creswick and progress on other fronts.

Pure speculation on my part but strange price action.

This is either impressive research or a tedious link... Hoping the research is spot on..

Interesting that volume is rising but I didn't think the trading update was too positive at the end of December. 10% increase in revenue which will see it grow to over £12mill is a big tick in the box BUT they need to turn a profit.

Hoping to see this heading in the right direction come the final results. If any sort of profit margin can be established going forward then we will see the SP rise IMO.

Ok, thanks...

£19 million profit still decent and comparatively good regards the market Cap..

Dshox, its interesting that you have referred on a few occasions to the recent drills being able to point us in the right direction as to next drill. Is this because you think ROCK have missed?
My expectations are that the sampled rocks come in at similar grades (maybe better) than what was found at surface. Akka a lot of copper silver and between 20-70 g/t og gold.
The chip samples that were posted look similar to those which were surface sampled, albeit the chalcopyrite had oxidised to a green and the quartz/pyrite oxidised to a brownish orange due to them being at surface.
Maybe I've missed something but there is the possibility that we have found good grades and drilling deeper may result in even better grades.

Also, I have reviewed the picture of rocks from Marengo posted on the ROCK Twitter account 10+ times and its just too difficult to take much from it.

One thing I have been trying to speculate is the Pyrite sections, is there flecks of gold in there? Some of the specs look to be more of a brighter yellow colour than the rest BUT it may be just the light hitting that section of the rock.

I think the RNS re sulphides didn't go down well because ROCK did not confirm (or deny) the presence of gold.

The thing that struck me re interview was that regards Marengo, he was talking about 'speculating on grades', he didn't say we were speculating regards whether we found something. Not sure if this is significant but at least we know we are waiting to find out as to what extent of 'grades' there is.