Member Info for Happyhaddock

It might not be what other people consider good news, but I liked the fact that when pushed for a date for when this first JORC for Sirius might be completed, Bill had the courage and honesty to simply say that they would do this in as timely a fashion as possible. That with circumstances and delays as they are it would be unrealistic to actually put an exact date on things.

The more investors can keep their expectations and timescales realistic the less likely folk are to get frustrated going forward.

@Wolfy 81 "I feel the options Alien has at this point as far as projects go are very limited"

Sorry you feel that way, the very reason I am invested in UFO is that they have more potential projects than a small company could possibly hope to run simultaneously. This means we can have more than one active project and still have things up our sleeves to fall back on if things don't go to plan.

EH and the surrounding environs is what most interests me so I'm glad to see action is finally starting there, with our Mexican silver a second place. Iron ore doesn't personally interest me as much but I would be irrational to ignore it as it should be a faster route to profits than EH and potentially big profits ... in my mind everything else is a useful safety net for UFO to start again in the unlikely event that EH and our iron come to nothing, or to expand into should we end up with more money than we know what to do with.

@2020 - I've been excited about UFO since it had a £2m mkt cap, that's why I bought in and still hold...

it's just that excitement and emotion are the enemy to sensible investment so I always try to counter such things by remaining cautious and looking for the potential downsides. To date I haven't found any that are large enough to cause me to want to sell out.

By and large my biggest "concerns" are the inherent volatility of small mkt cap companies that are primarily traded by emotional, impatient private investors who expect too much too soon, but that can be used to your advantage if you simply wait, watch and only buy when prices have collapsed through a temporary loss of sentiment... There's a another small explorer I've been watching for over a year waiting for a sensible point to buy in... currently it is half the price it was a few months ago but may fall further yet, and if it doesn't well I've not lost my money watching from the sidelines.

@EWT98 - I've been saying for some time that I expect a sentiment driven rise this autumn but that the share price may be falling back towards Christmas if news flow doesn't support any big price move... so we are more or less on the same page there.

As to whether it starts its move as early as September or a little later in autumn I'm not so sure... I suppose that depends upon what threshold we set so as to classify as a new move up as opposed to continued fluctuations with a trading range, a point which is not that important so long as any price moves are in a positive direction.

@2020 - there's too many unknowns and simplifications gone into my "fag packet" calculations for the actual numbers to be meaningful but my upper estimate came out at a little above Fenix's approx. 10m tons or ore and realistically I'd expect things to be less than Fenix to allow for some rock that isn't iron bearing ore.... but as has been stated by Alien themselves, it looks as if the Sirius extension should be big enough to work as a small stand along project.

@tufftrader I'm no expert in this field and trying to run any calculations based upon the limited data published in RNS's is a fools errand liable to lead to all sorts of misunderstandings that would need massively adjusting based upon further information.

However the data peaked my interest enough to do some "back of fag packet quick calculations" using estimates derived from the RNS. Whilst not wanting to repeat the actual numbers that came out for for fear they may be hopelessly and wildly wrong I'm coming out with suggestions that an upper estimate for just the small bit we've drilled may put us loosely in line with Fenix which so many here like to compare us with... and that's not including the rest of Han**** or Brockman.... so I'd definitely agree with Max111 that the potential is there for Hanc**k to be revised upwards.

However if this upper estimate of mine is hopelessly wrong don't quote me on it.

@silverhorse - as for where iron ore comes from - I've always felt it stupid that it can be cheaper to mine the stuff in Australia and ship it to UK steel works (and elsewhere in the world) than dig our own out of the ground from UK land that is directly adjacent to our own steel works using the stuff...

However I'm not going to complain as this process kept my father in full time employment to fund raising a family, and now looks as if it may make me a bob or two from and investment perspective.

well for the first time in ages we're back on the AIM market's volume leaders top ten for the day... people must be noticing us again

Well we all knew the results were well behind schedule but I doubt anybody doubted they would be god once we got them.

To my mind the key point of the RNS is the paragraph napth just pasted.... They've already got mining consultants looking at a scoping study as to how best to get this out of the ground... in other words a lot of the paper work that's likely to be needed to get a formal mining license.

I've said many times before minerals exploration is a slow and many staged process that will infuriate the impatient, but BBG seems to be pushing things forward as fast as each stage can be moved... so thumbs up from me.

"HH - this year we have had capstone pull out. We have not pursued the tailings. Greenland is a no go. This is all this year. Is there a load more projects I’m unaware of? "

Capstone pulling out doesn't mean we've lost D2, to be pedantic you could argue we've regained control of it having benefitted from their expenditure. The tailings we never "had", they were merely an option we explored and decided not to pursue, nobody took them from us and we may go back to them at a time that suits us, so it would be wrong to say we "lost" them. Greenland is a license we acquired, announced no immediate plans for and as of yet haven't turned in to an active project, but we still have the license and have in no way gone backwards. Our two silver projects in Mexico, whilst slow to progress haven't been lost. We still have our iron ore projects and these are actively (if slowly) progressing and we've just started work on EH and environs.

I'll be the first to admit that I judge some here to have unrealistic expectations about how quickly things should progress, and that there is a sub-set of these that consequently judge the progress we have made as some sort of failure through not meeting their expectations.

However, in the last 12months I've seen the share price of UFO nearly tripple, so I am happy to call that success and have equally high hopes for the next twelve months. Those who bought at the peak of the spike may be looking at paper losses and this may influence their judgement of UFO's short term performance, but I can't see that we've lost any projects, just a short term loss of some of our share price, but Heh!... this is a volatile sector where most have lost some share price over the last few months, that's not unique to UFO.

@Wolfy81 - much as I agree that Max is an eternal optimist (there are worst accusations to make against a chap) I really don't see how you can claim "we have lost nearly all our projects."

UFO has great potential and for those with realistic timeframes looks a good investment, its just that minerals exploration is a slow business at the best of times.

@yorkshireman1 - perhaps the more pertinent question is how long it might take to get data back from the lab after drilling is completed. ROCK will likely take some informal hand held XRF scans as drilling progresses but the market might not hear anything until formal results come back from the lab.... lab demand is still heavily delayed through covid and increased demand.

Whilst it was once normal to expect results within a few weeks, currently it might be wise to work on a loose and precautionary "several months" until we get a clear statement to the contrary. Even then I'm invested in one Aus based explorer who are now a few weeks late beyond the slowest of their estimated delivery dates for lab results, an estimate which theoretically allowed for reported lab delays suggesting that delays aren't being accurately reported.

@silverhorse - no real expectations of actually exceeding a pound per share, but as I say, such numbers remain on the periphery of my radar over the longer time frame.

Much of the appeal of UFO is that there is enough clear near term potential to feel it should be worth a bit more than it is priced at, but that there are so many future "unknowns" at this early stage it is difficult to be clear about just how far it could run if everything goes our way.... some investments are far more clearly restrained by the lack of unknowns.

Well I've said before that all you can ask of a set of drill results is that they give you enough reason to go back and drill some more holes.

On that principle I think we can call this first set of holes a success if they give us something to target.

@5x5 - GGP definitely has some upside potential and it is hard to imagine it not achieving this, it's just that from where it is now doubling or tripling over the next few years seems likely and it might quadruple, but going up twenty fold or fifty fold is off the cards.

As for UFO I'm here because the big multi-bag potential is still very much a possibility, although the risk of not achieving its full potential is far greater than with GGP.... but that's the fun of very small low mkt cap junior explorers...

I know many might say I'm crazy, and I'm certainly not making any plans based around achieving it, but a long term share price for UFO above a pound isn't off my wider radar, but as for the short term over the next year or two... well just a few pence would be great.

As for the precious metal prices, they go up and down far more than makes sense, so I find it best to pay little attention to short term charts... the general trend for the last twenty years has been up, the rest is just noise above and below this trend. Seasonally autumn tends to be good for precious metals so we may see a move up in the next few months, but if we don't well that's just the precious metals markets for you, things will come good soon enough.

@napth - with you about GGP... it's big moves as a wildly speculative punt are long behind it, but now it's just going to keep moving... it's hard to see it not succeeding, but people who have seen how far it has multi-bagged and bought in expecting more of the same may be disappointed

I'll add my support for Bill, he seems a knowledgeable geologist who has moved us in the right direction in the way an accountant couldn't. Whilst he may not have the background in finance of a regular CEO, the whole point of a BOD is to provided the mix of skills and experience a company needs as it's rare for one person to encompass all of this.

Things may not have moved forward as quickly s some may hope, but that may say more about their expectations than Bill's work during a difficult period. In the relatively short time I've held UFO its share price has gone up to about seven times that at which I first bought in , and I am happy to keep holding as I expect the next few years to also delivery good profits.

Although a hopeful long term share holder here, folk know that I regulate my own cautious expectations by playing Devil's advocate and by considering "issues" others may not have;

Most acknowledge that the iron ore in our Sirius extension could be our first source of income. I've heard many say how DSO is "quick" and "cheap" to bring to market. Earlier in the year there were vocal calls saying we would definitely be producing this before the year-end to capitalise on current high prices. Clearly terms like "quick" and "cheap" are relative where compared to processing precious metals DSO is easier to mine. However such terms do not imply actual timescales and I do wonder just when folk actually expect to see this happen?

Our next drill results are long overdue from the labs because of the extensive delays the sector is still suffering. Plus we are expecting further results after these before any attempt can be made to start work on an MRE. This it self is not a destination, just one important mile post along the road to production where I wish to mention a subsequent mile post others haven't commented upon.

The following is written largely from a point of my own ignorance, leading me to be cautious about timescales. Perhaps some are optimistic because they haven't considered the following at all?

I assume our current exploration license for the Han****/Sirius doesn't cover any mining. I doubt applications for mining permits will have started before having some sort of preliminary economic assessment and plans as to how the iron ore is to be mined, itself a paper exercise likely dependent upon having completed the MRE. I don't know the full procedural details of license applications in Australia and what little I do know stems from exploration licenses rather than mining permits. However once this application process can begin I imagine there may need to be some to-and-fro between the authorities and UFO to agree, to some unknown level of detail, what is to be permitted going forward: Plans which potential JV partners may want a say in if we are not planning to fund going it alone. I also imagine that agreeing terms with the authorities may be only one step in the permitting process, that once agreed there will be a fixed period for public scrutiny during which outside parties can raise objections which may then require plans to be amended if upheld.

As I say the above is written from a perspective of unknowns, some of which may be unknowable at the current moment. What I can say is that whilst central America is a very different jurisdiction, everyone here knows how long we have waited for exploration permits to drill a few small holes in Mexico. So who knows how long it may take to get permits to dig some very big ones in Australia?

I work on the principle that "red-tape" slows all business and continue to believe that everything with minerals exploration takes longer than investors hope for, but tends to surprise when it does

@BB "Have we got Tin anywhere? I had no idea that the price was that high!"

I know from first hand experience the price I'm having to pay for tin ingots for my own work has gone through the roof in the last 6months, and hence I've been having to put up prices for my own customers. It seemed to me that tin had been dipping a little since since about 2019, but the last few months, like so many other non ferrous (and ferrous ) metals, it has doubled.

@smiller - whilst expected, on the plus side you could say with yesterday's RNS we ran up 0.2p to quickly reach 1.0p but have (so far) only given up 0.15p of that increase so we are still clinging to some of the gain. Nor have we dropped back to the 0.7somethings we've been in and out of quite a bit the last few weeks so perhaps the markets do see something of value in yesterday's RNS.

That said in the grand scheme of things these little moves are a non-story as we're still just kicking our heels whilst dealing with day to day volatility pending some news of substance to make a significant difference to market sentiment.