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The most likely scenario is that KMG will be liquidated, so it's share price won't be relevant in that case. If the company continues to exist in some form it would probably de-list from ASX anyway. Before the UFO shares and warrants are distributed to the current shareholders, KMG will have to make sure all liabilities are paid first and the shareholders get what's left. Of course KMG may be able to pay some of it's liabilities with UFO shares, but I don't really care as long as we have Elizabeth Hill.

myavian, the drop in SP was not only due to new shares issued. Look at the broader market - all indexes are down. Everything gets oversold with this volatility. Look at GGP, a solid company was down more than 10%. The answer is to buy more and wait for the recovery.

Worzel, why don't you post your ****e on the POW board. How would you like it if we start posting on all your holdings? Red flags: Pauls Johnson, Andrew Bell. Don't fall for this nonsense.

The completion of EH acquisition and Donovan 2 JV agreement will be catalysts, but the real fireworks will happen when we start drilling and get exploration results. We have 3 or 4 projects where drilling or surface work is imminent.

Stretchum, then it will be a good buying opportunity.

Very pertinent podcast napthman1, @12.00 minutes. Eric Sprott talks about switching from a stock that had gone up a lot with a MCap of 700 million to another stock that had been overlooked and was cheap, based on relative value. I think we can say that GGP is no longer overlooked, but UFO is definitely still under the radar. Back in October 2017 GGP only had a handful of drill results from Firetower / Warrentina and some MMI sampling from Ernest Giles, and yet the market cap was approaching 30 million. UFO has much more than that at 2 silver projects with proven high grade mineralisation and historic production, then with Elizabeth Hill it will be 3. Also, the chances of success at Donovan 2 and Hamersley are much greater than GGP's Ernest Giles was at that point.

Looking forward to progress over the coming weeks and months.

Many people will wait to buy @0.85 next week, rather than pay 0.73 now. Better to get in before everyone else has the same idea.

Brodie-Good

Malik, there's no point being concerned about warrants. We have to raise cash one way or another so that the company can grow. If they don't have the funding for exploration how can the company progress? I would never invest in a company that couldn't raise capital. It just delays the point at which a placing is likely to occur. Currently, I have 12 mil shares (8 mil I bought @0.10p when earache was complaining about Bill Brodey-Good and rambling on about nothing.

It's worth noting that a lot of warrants were exercised for GGP in the second half of 2017. This helped enable them to start drilling Havieron, do a lot more exploration, and acquire new licenses. Similar thing happening here. Extra cash is welcome and timely.

Just topped up 2,000,000 @0.704p.

The amount of detail given in UFO regulatory news is very pleasing. There is an sense of openness, honesty and transparency coming from the CEO. Great work.

Copper up 3.8% today

Iron ore $130 per tonne
https://www.mining.com/iron-ore-price-jumps-to-fresh-6-year-high-on-china-building-boom/

They are trying to rip you off.

Tom, you look worried. You should go for a nice walk to take your mind off it.

The simple answer is there is fear (some of it caused by Jerome Powell) in the markets and a lot of volatility. It will calm down later in the week.

Tom, the rise to over 15p was the expectation of spectacular grades from the last results. What we got was very good, but many are just looking at mega grades and don't understand the significance of a new breccia zone - it's the instant gratification brigade unfortunately. However, I am sure any good drill cores from Scally or Hav will have an impact and we will get more people piling in just before the news is expected. All we can do is just sit and wait for the big prize at the end.

Tom, have you looked at the markets? We have had the VIX up 11.5%, most markets are down today dragging commodities down, and dollar gaining putting pressure on gold and silver too. It's not MM's or brokers doing it.

Regarding timescales for drill results we can only go by what happened at Havieron. There was approx. 2 months from the start of drilling to the first lab results for the first Havieron campaign. The interesting bit is that, we got news about visible mineralisation after only 2 weeks from the start of the second campaign (17th Sept - 1st Oct). Bear in mind also that at Scallywag, many of those targets are much less deep. But still I would think we would be drilling to at least 400m - 500m below surface initially. Only one rig at first, so actual lab results will trickle in slowly probably from mid October.

thelearner, his current holding is 0% of the issued share capital and it is of no consequence. It means you can pick up a few more shares at a better price.

The value of GGP hasn't changed, but it is now cheaper to buy. Expect the herd to come in and pick up cheap shares.