Member Info for Happyhaddock

@silverhorse -- I've said before that my timing as a trader stinks so I invest long term and consequently I make very few buys or sells typically many years apart... that said the last time I sold an investment to free up some funds was probably a couple of years ago and that had been an income generating investment which had served me well for many years with annual dividends regardless of capital growth, and yet I still managed to sell that at about three times what it initially cost me.

However I work on the understanding that a good investment is one you don't want to sell and view spending money as a failure to have done something for myself so rarely see myself as "needing" to sell. Young folk seem to live expensive lives, often beyond their incomes; myself I may earn peanuts, but have never been in debt as a consequence of rarely spending all of what I do earn, and that's assuming you consider being an artist a job rather than a lifestyle choice.

The primary reason people work is to pay others to provide them with goods and services, yet the primary reason they need others to do so is that they are too busy working to do anything for themselves.... from my perspective it's all a vicious circle of being trapped maintaining a system few actually like. The winners of the "rat race" are always those that took one look at the start line and decided that competing wasn't going to be worthwhile.

I've done many weird and wonderful things over the years and rarely motivated by money. I have previously mentioned the number of journalists that have wished to interview me about my "unusual" life only for them to then be sceptical about what I have said because the truth makes me sound like a delusional fantasist.... Still I've always been an eccentric and over the years have grown accustomed to being judged and labelled as anything and everything under the sun by those that cannot relate to my point of view.

We seem to be up and down faster than the proverbial over the last 24hrs and on very little volume... might we have become so neglected even the MM can't be bothered to hold a large buffer of shares?

both the silver tailings and the iron might be deemed "easy money", but never mistake that for imminent money, merely a potential to be a little faster than some of the long term plays we have.

@andyrp - given where I grew up I should have known that, all the more so since before WWII a relative of mine used to play for the mariners at a time when they were in the top division. Alas I have no interest in footie but back in the 1990's I used to work in Grimsby, and the Happyhaddock handle goes back with me to the early1980's.

Anybody that assumes fish'n'chips means cod and chips is missing out... so with you on the notion of haddock every time!

@AM90 - Well it may be good advice for any share but I always try to avoid buying anything that has just gone up a lot quickly as such things tend to go back down again quickly, so there must be others like me who bought below the 32p you mention.

I may be in the exception of having bought in at pre-consolidation prices of just over 1p. That said I did make an unfortunate top up at a much higher price which means my own average is now just the wrong side of break even, but I do feel for those nursing much bigger loses when they see the directors being offered options at well below recent highs.

I've just posted this on the board of another junior explorer in response to a post about price moves, but it seems surprisingly apt here as well.

As with many things, so much about judgment is subjective. Our share price may "come good" in terms of seeing a boost to sentiment pushing the price up sooner than it may deliver substantial news that changes the fundamentals to objectively sustain a big price increase. After all our price of late has not responded well to the news we have put out, so clearly if we are to sustain a big increase we need a much more substantial news release.

I know no more than others here but suspect we may have a little longer of unproductive volatility to endure, but I am hopeful of some upward momentum later this year as we progress through autumn. Given our recent history and the types of investors/traders we seem to attract, that move may or may not be pronounced when it happens. The real question being where it settles back to if it does make a radical move.

I know not everyone likes to be reminded of that fact but we all know it takes a long time to find and define any type of resource and longer still to then go on to put any kind of profit generating extraction/mining operation into production. Even the fastest options may still seem slow compared to many peoples horizons. Until going in to production pretty much all of the value of an explorer is about subjective estimates about other people's forward looking assumptions and how soon they will want to "get a foot in the door" before the rush starts; be that other private investors or large "partners". I wouldn't expect anybody here is currently buying on expectations of dividends from profits, it's all about interim capital growth based upon the psychology of when we expect others to want to pile in.

Much as I am disappointed and surprised by how far this has pulled back from the over exuberant spike of last autumn (actually November through December in ECR's case) I remain a patient and hopeful long term holder.

"When we get this iron moving in the lorry loads Bill will be swimming in cash"

Very true but the emphasis is on the "when". It is still in the ground and as yet is not formally quantified. Much as I know there are plenty here with great hopes about how quickly we will go in to production, and that this is being driven by a desire to capitalise on the current high prices of iron ore, this doesn't mean we can snap our fingers and magic it out of the ground overnight.

I do believe it will be expectations of how soon we may profit from our iron that will next drive our price higher, that is not to say that I expect all those hoped for timeframes will be met. In short price volatility arises in the difference between expectations and reality.

I don't doubt UFO's potential or the value of our iron over the long run, but in the short term we are gambling on which direction other people's sentiment will head.... I'd rather be cautious and pleasantly surprised if wrong, than over optimistic and disappointed if wrong.

As with many things, so much about judgment is subjective. UFO may "come good" in terms of seeing a boost to sentiment pushing the price up sooner than it may deliver substantial news that changes the fundamentals to objectively sustain a big price increase. After all the price of late has not responded well to the news we have put out, so clearly if we are to sustain a big increase we need a much more substantial news release.

I know no more than others here but suspect we may have a little longer of unproductive volatility to endure, but I am hopeful of some upward momentum later this year as we progress through autumn. Given the history of UFO and the types of investors/traders it seems to attract, that move may or may not be explosive when it happens. The real question being where it settles back to if it does make a radical move.

I know not everyone likes to be reminded of that fact but we all know it takes a long time to find and define any type of resource and longer still to then go on to put any kind of profit generating extraction/mining operation into production. Even the fastest options like DSO iron ore may still seem slow compared to many peoples horizons. Until going in to production pretty much all of the value of an explorer is about subjective estimates about other people's forward looking assumptions and how soon they will want to "get a foot in the door" before the rush starts; be that other private investors or large "partners". I wouldn't expect anybody here is buying on expectations of dividends from profits, it's all about interim capital growth based upon the psychology of when we expect others to want to pile in.

Much as I am disappointed and surprised by how far this has pulled back from the over exuberant spike of last October, the current price is still much higher than where it started that spike and I remain a patient and hopeful long term holder.

@lobsi - I've been saying similar things on the boards of several explorers (some for as long as March) and encouraging folk to recognise the delays in the system and that almost all explorers are finding they have to wait a long time for results.

A combination of the hype around Havieron at GGP and the covid driven rush to "safe havens" created spikes in so many juniors last year as people rushed in chasing a dream. Many of those are now realising the slow day to day reality of what exploration really is and drifting away.

@andyrp - Harry Haddock isn't a name that means anything of great significance to me, I once encountered a chip shop by that name, and I believe there was a famous footballer of that name some years ago but I have no connection with either.

@legalwolf - I'd always be cautious of describing any junior explorer as a "sound investment case". The sector as a whole loses vast amounts of money and is about speculating on unknows and the hope of picking out the rare company that goes on to find something big.

No CEO will claim they are somehow average with an average chance of striking it rich, and that on average most don't strike it rich.

I liked ECR as a speculative punt at the 2p I bought in, and at 1.5p I feel it represents a better value punt. However at the point it offers enough certainties to become a worthwhile "investment" it is likely it will be significantly higher in price as a consequence of being able to offer awful lot more data about a defined resource.

this board has previously spoken about the "£10m" and acknowledged that whilst it seems as close to certainty as you can get that our partners will want to commit the extra £4m, that we need to be careful about thinking of us soon having £10m in our bank account.

We have about £6m of our own already, may get a bit more coming in from warrants but the next £4m from our partners is termed "qualifying expenditure" to pay for exploration over the next 12months, it isn't free cash to add to our bottom line. So regardless of how the accounting works out and which bank account it ends up in before being spent, technically we'll still only have about £6m to pursue other projects with.

Not that the above detracts from the great position OMI are in.

I've seen remarks from a few Aus based explorers commenting upon the fact that lab delays are improving such that in many cases they are now below 2months, though the flip side implies there are still some experiencing delays over 2months.

We've all known for some while that we haven't been getting results back as soon as hoped for, but what matters more to me is what the results actually are, rather than how soon we get them.

I stand by my previous statements that this second half of 2021 will start with a bit more volatility moving us out of the narrow trading range of the first half of 2021 (so far that has been downward volatility to year lows) , but that I am hopeful of some more meaningful and positive moves later this year, most likely through Autumn.

Clearly OMI's share price isn't where many would want to see it or believe it should be. We could all cite reasons for why it should be higher but what do folk feel is the most likely reason for it being where it is?

Major JV partners should be a positive so I can't see any reason that that could be assumed to be a negative unless it is simply the fact we are close to point where they have to re-commit and folk are waiting for that confirmation or investors believe their priorities don't align with our own as shareholders?

Our Grades/Intercepts seem good from our drilling so the only possible way they could be viewed as a problem is if people either were expecting things to go much faster, or if they were hoping for some Havieron style motherload from the first few drill holes.

Finances shouldn't be a worry given our bank balance and the fact our partners have been paying for our main drilling work anyway.

Our management aren't dynamic social media stars but they seem quietly capable in a low key sort of way, and to be honest having got such major JV partners they really don't have to manage our main projects, but can look for other new ones.

Might our jurisdiction be a problem if folk don't view central/south America as the best place to be exploring?

We all know wider sentiment is against explorers at the moment, or more particularly is simply returning to more "normal" levels after the mania of the later part of 2020, so is it that many people's expectations of where we should be are unrealistic?

Clearly the markets aren't liking OMI at the moment which to me seems odd give its long term prospects, so they must be ascribing a lot more significance to some negative aspect than I do.

I wouldn't say management assume we are stupid, regardless of how many or how few shares they buy they are still required to announce this.

Admittedly whilst we can't know the personal financial situation of the directors it is easy to imagine that these purchases are more pocket money than serious commitment from them, but at the end of the day I wouldn't read anything into such an RNS... basically the share price looks cheap so they scavenged any spare change from down the back of the sofa to buy a few more just as many here will have done.

@AM90 - no worries I've been called worse ;-)

@yayay - whether we remain sanguine or not, it's fairly clear to see that the junior exploration sector as whole has been coming down of a sentiment induced high, the good the bad and the ugly have all got caught in this downward drift.

There's plenty of reasons to assume UFO has the potential to go up once sentiment turns, so those with more skill than myself will have sold the top and buy back at the bottom to increase their holding, otherwise in the grand scheme of things what the share price does between me buying in and the time I expect to be selling out isn't of great concern if I can see the fundamentals improving.

well more drill results ... nothing to set the house on fire but still reasonable numbers that mean we keep moving forward, and at some point the share price will presumably catch up.

Try not to look as share prices moving up and down as a "disaster"... it's just what they do. AIM is sentiment driven and on good days lots go up for no obvious reason, on bad days lots go down for no obvious reason.

Over the longer term fundamentals start to win out and those are fine for OMI and slowly improving. After all there are only two share prices that matter, the price on the day you buy and the one on the day you sell... if you allow your emotions to change your plans as to when to sell then such a volatile sector maybe isn't the best choice to invest in.

@sotolo - If you define "making money" as actually being a productive mine generating profits then your timescale may not be too far off. However junior explorers can generate a lot of capital growth in the mean time as resources get defined and sured up and the probability of actually becoming a profitable mine grow.

I don't think anybody here believes we'll have to wait until the 2030's to see a profit on an investment in OMI, though we would all do well to distinguish between great prospects and what has advanced enough to actually be a fully known, understood and de-risked investment... After all if their was no risk there would be no return from investing in a known certainty.