Member Info for Happyhaddock

@Tufftrader - I can't offer detailed insight into how far off a JORC resource is or how long it may be until the iron starts coming out of the ground.

However on the basis that most private investors are hopelessly ambitious and unrealistic about such things I would take every mention here of weeks to be at least months and every mention of months to be years.

I'm guessing (and no more than guessing) that a first JORC may be with us for the first half of 2022 but it my be into 2023 before all our our iron is properly drilled and allowed for in a full or expanded JORC, and that the mining may be a year or more beyond that.

@EWT - I can't claim to have actual hard facts about the application process, but the indication I have had from other Aussie explorers I've been invested with is that; as you say you pay a nominal fee to submit an application but that there is also an element of a "job interview" type pitch.

It's not about simply being the biggest who can throw the most money around, but about timescales, goals, approach, engagement with community and a whole host of other stuff. Sometimes a smaller more hands on company can stand out against a major who will just swallow up projects blindly.

I may be wrong but that's the impression I've got.

@livestock - I'd say that was a kind of non-news statement, placements are always a possibility with junior explorers, it's what is done with any money raised that makes them good or bad and decides whether SP goes up or down.

I think in simple summary Bill's message is we're getting on with it.

Explorations takes time and involves dealing with, unknowns, upsets and surprises as they arise. I like the fact Bill seems more keen to engage with private investors and convey that to us. The more realistic our expectations the better the progress we have made starts to look.

All good things come to those who wait.

For all the fact Bill isn't a salesman, the more I hear him talk the more I like him. he seems honest and plains peaking and is clearly excited by a lot of our geology

Well my cautious nature has lead one or two to judge me somewhat of a wet blanket. So whilst I welcome any move up in share price, when big moves occur without actual news, merely speculation about future news, it creates an increasingly large risk that the price will collapse down again on the other side if news does not arrive quickly enough, or is not good enough to sustain the rise.

I'd much rather see such rises after an RNS than before, but maybe we can live in hope of even more rises after any RNS which may or may not arrive soon?

Either way I've been holding here for some time and this bit of action won't prompt me to sell.

@EWT - cheers for the info

@AG1989 - at the risk of sounding like a love in - you speak a lot of sense to the point there's little need for me to add anything to the points you make.

patience and caution will see us rewarded in the long term.

well with a SP in the fractions of a penny trades of a million plus shares aren't rare, but a buy of ten million gets some notice.

@ Slimgizmo - much as my caution may suggest otherwise I'm not feeling any pain with UFO. I believe in it long term and even with the recent drop in SP it's still in multi-bag territory for me and my most profitable holding in both percentage and absolute cash terms.

I've repeatedly suggested throughout the year that I thought UFO would drift range bound until the second half of 2021, which it has pretty much done.

I'm not expecting July 1st to be some sort of trigger on which the SP rockets, but I'd like to think that over the next couple of months we can push out of the range we have been trapped in and potentially end the year comfortably above where we are now.

as with all things time will tell.

@BB - "I'm trying to be supportive but as each day goes by, it's getting more difficult."

it becomes a lot easier if you adjust your time frame from days to the years that exploration projects typically tend to advance over.

All explorers are high risk high reward and, as you know, UFO is no different in that respect. However does a slow six months actually reflect badly on what has so far been achieved, or the future potential?

Chin up BB - can't have you stealing my role as self appointed company wet blanket ;-)

People may take my usual caution and patience as a sign of pessimism, but many here do get very excited and expect what may be an unrealistically rapid rate of news flow.

It is quite plausible for Bill to have no new information to share at this presentation, and that it is merely a routine "sales pitch" to go over all we already know and attract new private investors who may otherwise have been dithering on the sidelines.

Exploration is a slow process taking years to move a new find to a productive mine. We've achieved a lot over the last 12months and consequently our share price is a lot higher than a year ago, all of which has been good for UFO. If we don't get even more good news today and the share price lingers in the doldrums for another month it won't be the end of the world.... we can all see the potential this has in the long term.

@lyndon69 - but the point I was making is that

i) in a stagflationary environment there is chance that demand and hence prices actually drop.

ii) perhaps more likely is that ore prices go up but not by as much as production costs, hence profit margins can go down even with rising sale prices.

For suppliers to pass on all additional production costs to their customers there needs to be a very high demand willing to keep paying such costs. At the moment re-opening economies are creating huge demand to cover shortages created by pandemic related shutdowns. Will that extreme demand and those shortages continue once things fully open up or if economies fall into a stagflationary situation? - seems doubttful.

@bitcoinbuyer - that's some optimism you have there and I would love for you to be proved correct with a year end above 11p...

However I'll stick to my somewhat more cautious approach of recognising the only cause of disappointment is expectation. So although it might not be such an exciting claim I'll simply say this has the potential to be worth more in the future than it is now.

never pays to take ourselves too seriously otherwise we come fish faced sour old lemons.

@PaulQ - fair point and when talking about future costs I certainly don't envisage major changes in the time period we may be looking to get a deal done on our iron.

That said the possibility of rising production costs in the future is something we shouldn't ignore as mine life tends to be measured in many years if not decades and potential partners will be factoring such things in to their own considerations even if the prices rises aren't here now.

"I actually believe that Craig believes he will take ECR to production"

That's exactly the sentiment I have. Of course it doesn't have to prove true as there are no certainties, but he's done it before with other companies and the geology keeps hinting there is something down there to take to production so that is a great combination to start from.

Only time will tell but I'm happy to be here and made the most of the recent drop to top up below 2p.

@PaulQ - I mentioned rising extraction/shipping costs on the basis of both higher energy and labour costs.

Not long ago you couldn't give away oil futures which were in uncharted negative territory, today crude oil is over $70/b and climbing. The largely mechanical extraction processes you mention will consume a heck of a lot of energy, most probable in the form of diesel, and it is these costs I imagine pushing up our future expenses as much as, if not more than, staff wages.

I think the only thing we can be sure of is that it will produce a lot of heated debate here as folk pick over every possible inference of a pause, verbal stumble or facial expression.

Bill can't tell us anything of significance without it first being released in an RNS, plus past experience shows that most of the time is usually taken up by talking through slides form a formal presentation, rather than answering difficult/probing questions from knowledgeable investors.

I think Jim Rogers take on silver was/is don't expect fireworks in the short term but a definite hold over the coming decade.