Calm before the storm perhaps but as TT & Hydro says the players may have been stocking up throughout Feb expecting this eventuality - nothing surprises me anymore and I think RTC is spot when he says expect the unexpected.
Good Luck to all - Paddy
Well said Coach - unfortunately I'm not in a position to buy any more, the ammunition I had got expended at 28p, but as you say if this was a buy for people in the high 20's, early 30's then it is a screaming buy now but general market sentiment is a very powerful force and especially here on AIM.
But when the sentiment changes (and it will) then the move in the other direction will probably be just as swift.
Hi AM90 - I have seen predictions of up to 60 million shares that they will have to buy before cop tomorrow.
It is what it is, I never thought it would get this low again but there you go. I'm still listening to Shaun & Sandeep and still watching the daily progress on the decline / drilling and that is what ultimately will inform my trading decisions.
Long term, I am holding on to what I have and nothing that I've seen or heard can convince me to do otherwise at present.
ATB - Paddy
Happy to tell you @Tymers that I haven't bought one extra GGP share since Christmas, but I haven't sold one either so nothing to report.
I don't care what other people including yourself do with your shares - it's your own business as far as I'm concerned.
ATB - Paddy
@jdt1990 - not at all mate, we don't know for certain either way TBF. We were all expecting a massive transaction on the rebalance in December from the experience in September and it never happened that time. I think we will just have to watch and see how it plays out. I don't think the GDXJ holdings will update until after Friday regardless of whatever method they use.
It's still possible that they are for the GDXJ - when they first bought in last year we had these 8million buys every night and it transpired that there was an "appointed agent" (turned out to be the BOA) that were authorised to buy in the market in the week before the rebalance date to accumulate the shares which were then transferred over to the GDXJ in the closing auction on the Friday.
It's possible that this procedure is being used again this time - Paddy
I don't think anyone is frustrated other than short-term traders and unfortunately people who bought in the 30's who I feel for. Believe me - I know what it is like, I originally bought at 2p and then watched it drop to 0.5p after the Newmont walk, percentage wise a far bigger drop than we have suffered since Christmas, although my paper losses since Christmas dwarf the ones from back then.
I am still holding here as I always said the endgame was what it was all about for me - be that a buyout of Havieron / GGP or the start of the JV mining operation. The second option would be my preferred outcome as I'm in the lucky position of owning enough shares to make any sort of income quite substantial and I can see Havieron being a multi-decade mining operation.
Then look at all the opportunities that we are about to start to try and unearth over the coming weeks and months on both our 100% owned ground and the Juri JV ground. The potential is staggering.
@Jvetch is happy to buy and sell to realise a good return and hats off to him/her for that strategy, but I would prefer to stay invested while the journey continues.
ATB - Paddy
Fair point - it just seems a little bit weird to me that they would issue a recommendation on the very morning that we are due an update from Newcrest - maybe there is absolutely nothing in it and they just work to a timescale with their updates. Having said that up to now there has been no regular timings and wouldn't you expect some sort of update from them after the NCM/GGP official reports.
It just seems a little smelly to me - just my opinion of course.
Here's a link to the article on my Twitter page.
ATB - Paddy
How about this for a laugh then - I don't think this has been picked up before. I haven't seen this link posted anywhere over the past week but I may have missed it.
So our in-house broker issued a hold rating before last Wednesday morning - the article is dated 10th March @ 10:58am full well knowing that we would be getting an update from NCM later that evening and from GGP on Thursday morning.
You've got to ask yourself why in God's name would our broker do such a thing - could it be anything to do with the fact that they also happen to be one of the more active MM on the GGP share also?? I wonder if they might just happen to have some large orders around the 22p mark on their books..... Hmmmmm
Onwards & upwards lads and lassies - ATB Paddy
A really nice clear image from the satellite today - progress on the box-cut is plain to see. I can't really see too much obvious on any step-out drilling yet - it still seems to be concentrating on the ovoid but it could be targeting sections of the Northern & Eastern breccias without any obvious step-outs so I wouldn't read too much into that.
ATB - Paddy
@Nedd - have a look at the latest Half-Yearly report from Newcrest - Page 33 shows the estimated head grades for Cadia up until 2054 - after FY21-23 when the grades are forecast to be 0.8g/t Au & 0.4% Cu then it is forecast to be 0.4g/t Au & 0.3% Cu.
Cadia shows what is possible from a bulk mining underground operation - 0.75g/t would be very much economic when the Havieron BC is established.
It probably won't do justice to Bamp's theory - but here is a pictorial of what he is talking about.
ATB - Paddy
@THE_CHAIN, you are absolutely right - the initial MRE was only for a very small selected section of the SE sulphide zone and some of the NW Sulphide and Northern breccia areas. They could only use the areas where they had sufficient drill density to allow them to be included - if you look at the cross-sections from the quarterly report that accompanied the MRE announcement then you can see the areas highlighted in black dotted lines that were included.
NCM are only interested in the top 320m at the moment because that is all they need to justify the initial mine build which they can exploit using an SLC method to get Telfer back up to speed and start generating income from Havieron.
Now that they have completed the indicated infill drilling on that section it will be full steam ahead to generate as big as possible inferred MRE for inclusion in the PFS - that will then allow them to create a block mining scenario to take to their board as they also need to be able to justify the spend required to build the necessary infrastructure.
We should see the "growth phase" really start to take off soon as they continue to look for the edges - exciting months coming up IMO.
ATB - Paddy