Member Info for Metalhead25

So to summarise by project:
- diamonds: going great.
- tantalum: they’ve been delayed a couple of months sorting the plant out but are now pretty much there; crucially the water recyc has worked and we don’t need the expensive pipeline.
- HMS: one objection received, considered without merit

All looking good to me. I await the hyper-negative comments of the usual suspects which will read like they’ve read a different RNS

Not sure about “Crown Jewels”. It’s the first high conductance target the company has drilled. We have no way of knowing at this point whether it’s the best. Even assuming it’s massive sulphides, it could turn out to be 1m thick, whereas next year we might find one the same x and y dimensions but 100m thick. We just don’t know

Hi Cygnus. You obviously need to do you own research and make your own decisions but, as someone who holds both UFO and XTR, I’m happy to offer a few thoughts:
1. Lots of similarities between the two companies: big projects in Aus plus other projects elsewhere; mcap in the same ballpark; major projects to some extent derisked by drilling.
2. XTR’s mcap is 45% higher at current prices.
3. I’m not sure about your comment that XTR is known to have at least one major actively interested. AA has in effect a right of first refusal over Bushranger, but is it known that they are likely to exercise the right, or even seriously interested in exercising it? I’m not sure it is. As an XTR holder, I’m certainly not counting on AA buying.
4. I actually think it’s a major strength of both companies (and a key reason for me investing in both) that they don’t necessarily need a deep-pocketed partner to get their projects producing. At UFO, Hanc0ck is a simple, low-cost start up, with such quick payback that loan finance or a finance deal with an offtake partner seem likely to be possible. EH may be similar; and even if not, profits from Hanc0ck can fund other projects if necessary. At XTR, the Africa assets should help enable a debt finance package for Bushranger open pit if necessary.
5. At present, XTR has scale, while UFO has grade. UFO may also add scale.
Overall, I really like both companies and will be amazed if holders don’t make lots of money over the next few years. I actually think UFO is both safer and with higher upside (and consequently I hold more UFO). In particular, despite the AA option, I think the risk of a struggle to get to production is slightly greater at XTR, while UFO offers a shot at a 50-bagger that XTR realistically does not

I think you two are talking about different holes.

In any case, I don’t think one can infer much about the present situation from what was done six months ago. They can easily have taken a different view this time on the necessity or otherwise for urgent announcement of drill core content.

Personally, I’m a bit fed up of not knowing but don’t feel any different or worse about the substance than I did last week or the week before

Legal, my take:

1. Yes, the rules leave some room for interpretation. However, there is a limit to this.
2. Some companies stretch the limit from time to time, sometimes to the point of taking the p*ss. However, Ben doesn’t seem like the type to do that to me.

I therefore think we are likely to be within a plausible interpretation of the rules. To me, that indicates that “still drilling” and “still interpreting/confirming” are the two likely scenarios, and the very few hints we’ve had on twitter suggest “still drilling” is most likely. If so, I have no problem with the proposition that this is not required to be disclosed. However, I do think it could be disclosed and that it would be polite to the shareholders to do so

They have to release “precise” price sensitive information “as soon as possible”, subject to very limited exceptions. They can’t delay a release which meets those criteria in order to package it up with other stuff

I think Twitter is fine for information that is not deemed price sensitive. And it costs money to issue an RNS so it’s helpful to have some other method of communication. Also, anyone *can* use Twitter so if they don’t that’s their choice!

Pauly, totally agree about consistency. If it’s ok to tell us informally when at 410m and going at 20m per day, it’s ok to tell us informally when at (eg) 500m and going at 10m per day. There are other things which could be going on which might justify silence (all positive, I think) but if it turns out later it’s just slow progress I think they should reflect on the (lack of) justification of updating on progress every few days until some arbitrary cut off point and then having a weeks-long blackout

He posted about two days ago, didn’t he? Possibly even one day ago. Jeez

Anything below the published mid price shows as a sell. Doesn’t mean it was!

Great price Mike, you beat mine from yesterday!

Sentiment is low at the moment but that’s where the big money is made on companies like this IMO

Thanks all. Seems like a nice board - another positive. Might have to find some money :-)

I like a bit of linguistic analysis as much as the next man, but you may be reading too much into the precise wording of that phrase!

This seems very well timed silver-price-wise. Have to admit I haven’t spent much time looking at our Mexico assets as they have been largely in the background during my time here. Better do some reading!

Ah yes, thanks

Thanks Michael, but that says “well placed” to achieve the 65% by the end of the year?

Hi BCB, hope you’ll excuse my ignorance (I’m not a holder here but am considering buying in) but you said below that the Andromeda announcement was wrong on the 50% point and that Cobra have already achieved 65% - where does that come from? And is it known that Andromeda agree with Cobra’s position on this? Apologies in advance if these are daft questions

Hi Duke

I don’t know how many hours work they put in and actually don’t much mind. I think what matters is what is achieved (or not). In the past 12 months we’ve acquired two FGS projects, got the Mambare environmental permit, acquired Wowo Gap and got a Nickel offtake MOU. I think that’s pretty decent, although clearly they will be judged MUCH more favourably if they close the peakers in the coming weeks than if they don’t. End of the day, if the shareholders don’t think they’re performing we have votes at the AGM. Personally I’m happy based on my time here

Kun-Marie *

Voisey’s Bay: 2.25MT contained nickel, sold in 1996 for $4.3 billion.

Kind-Marie (Amur Minerals): 1.55MT contained nickel, sale currently in negotiation at £100 million

Mambare (41%) & Wowo Gap: 1.87MT contained nickel, currently valued by market at £5 million, or, if you value FGS at £5m or more, arguably zero.

Not a bad bit of value IMO