focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
If Brad replies on behalf of the BOD can you share his reply. I've been a shareholder for over 10 years and this latest bad news is very disappointing and seemingly the end of the road if the company becomes insolvent as its main asset remains dormant and cash drains away. Can there be an EGM convened to challenge the Board to explain how OMI can now still survive longer term?
Ok thanks for the clarification. I don't follow the chronology or tabulation of the assay results in detail. Let's hope we get some new positive drill results soon. I've been invested for a very long time and had written them off so pleased the long wait has finally paid off .
Can anyone help us interpret the OMI drill results just published which seem to confirm both gold, silver and zinc in very different concentrations. I don't remotely know how to value such ranges. Anyone out there more expert. I've held these shares for a decade so already delighted to have recovered my losses!
I do not wish to be a party pooper but those here who think that Hargreaves Lansdowne are institutionally buying this stock are I think incorrect. The brokers and banks appearing on the shareholders register as big shareholders are acting as nominees holding the pooled stock for maybe thousands of individual small shareholders who broker through them and I doubt any one of them have invested in the stock themselves as why would they. I maybe be wrong but am pretty confident this is the truth! Anyway I have held the stock from Uruguay Mining days so delighted I have finally recouped my losses.
Thanks BunkerM for OMI technical charts point of view. Im keen to average down having bought much higher but not if this is a dead cat bounce and it will be back south of 10p. Ill wait and see what emerges but nothing worse than piling in only to see it cheaoer the next day!
Frustrating as I had a limit order with MMs to average down by purchasing just below 8p last week and wasnt executed and its been rising ever since but has a very long way to go to reach my average price. I understand this company has a mining production cost of c 950 USD/oz but then theres all the admin costs which maybe add another 200usd so we need c 1100 USD to break even and many are predicting Gold in next two years below that hence the depressed OMI SP. Anyway I am waiting another dip to around 8p before buying more!
I too as small shareholder have been badly disappointed by this stock SP collapse. My understanding that at these levels of Au price the company is breaking even or perhaps even losing some due to its high overheads and previous management high spending approach but I agree that we are now in share option price levels on a recovery on Au price or a successful cut in overheads and mining costs. I agree tempting to average down but always nervous of throwing good money after bad!
I have to say the resignation of several diectors and collapse of the SP makes me wonder if something untowards is going on as according to the accounts OMI should be still making a profit after tax equal to the entire capitalisation of the company. I hope there is nothing sinister in all this as such a drammatic change for a profitable company with production is unusual to say the least.
I am a shareholder chan so thanks for the link which suggest they have doubled their proven reserves to over 400000 ounces which with gold even at 800 usd means at least USD 80 million dollars profit over the next 5 years which for a company capitalised at 14 million usd with 10 million usd in the bank and the works programme funded seems pretty reasonable. Would you say this is a good gold play (I want an inflation hedge), or do you or sovereign know better ones out there.