Could just be coincidence but quite a few more followers on Cobra’s Twitter! I know exploration takes time but I’m starting to get a little worried drilling results haven’t been as great as hoped and they’re waiting for all results before releasing them in one go!
Morning, I’m sure they are busy behind the scenes (I hope!) but my god this must be the most boring share on the main market!
Drilling results surely due first/second week in February and with any luck by then they might be able to update us on the IOCG drilling programme due in H1 if all goes to plan?
Little update after emailing Vigo and asking some questions so many thanks for them taking the time to reply to my queries....
“The company is refining exploration models of these targets by domain modelling and associating geochemical results to the geophysical models, before proceeding to drill programme design, and seeking regulatory approval to drill. We cannot provide a definitive / narrower estimation of when they will drill at this stage given the workstreams that need to be undertaken first, however, the IOCGs, given the potential they represent, remain a drill priority for the company and will be incorporated into the next phase of RC drilling - hopefully within the indicative operating timeline (H1).
The Company is committed to achieving the Wudinna earn-in agreement’s 75% expenditure earn-in. The 65% milestone was achieved in September 2021. When the 75% earn-in milestone is reached the parties will look to form a JV.
With regards to funding plans, the company would not be able to comment on that outside of official regulatory announcements.”
GLA
Loving your optimism Bitcoin and I’ll play along but I hope the SP is closer to your predictions rather than mine!
June 2022 - 3p (fund raise due soon so hefty dilution) Market cap of £13m with 440,000,000 shares in issue.
December 2022 - 6p (7% shares in issue placing if hit 750,000oz resource) Market cap of £28m with 470,000,000 shares in issue.
Exciting isn’t it Michaelfleming!! At least the seller appears to be done. Should have all remaining drilling results by 8th February if not sooner. A little bit of news updating on their H1 IOCG drilling plans wouldn’t go amiss!
Why the 25% spread! This has been going on for weeks now just can’t get my head around it.
Does anyone have any thoughts on why there’s such a massive spread?
I’m starting to think there might be a placing coming around 1.3p but hoping I’m wrong!
Bitcoin...thanks for the info on Mila. Looks interesting, can see why you’ve invested over there. What I can’t get my head around is how they have a £7m market cap with only a 20k JORC!?
And we’re valued at £5m!!!
HNY everyone. Check out page 4 Dillon.....
https://secureservercdn.net/160.153.137.14/w32.3eb.myftpupload.com/wp-content/uploads/2021/12/Corporate-Update-December-2021.pdf
Everyone and the Cobra team. Hope you all have a lovely day with friends and family and for those that are either alone or don’t celebrate Christmas I hope you enjoy your time of rest! For those that need to work today we salute and thank you.
Here’s to 2022 the year of Cobra (hopefully!)
We’ve got no money! Strategy has back fired waiting for drilling results and then doing a raise.
Does anyone know can we raise as soon as we’re into 2022 or only during Cobra’s calendar year whenever that is?
Orion10, if you don’t mind me asking what’s your take on the IOCG survey results?
211,000oz @ £1339 per oz = £282,529,000 @ 2.5% in ground (??) = £7,063,000 for 65% ownership = £4,590,000.
Morning everyone, I’m sure this will be a bit controversial but I reckon it would be in the best interests of the company to delist from main market and re-list on AIM.
If we can only raise £1m per year it’s going to take literally years to get anywhere with exploration.
Given our market cap hasn’t shifted much in 18 months despite the companies exploration efforts what we could really do with is around £3-4m to really get shifting. Obviously this will dilute if we were on AIM but being able to get multiple rigs spinning at all the tenements (in particular the IOCG targets) I’m sure the added value would be considerable!
At this rate we’ll be lucky to be able to have around £700,000 for drilling next year. This is the issue with Cobra we just don’t have the funds to generate momentum having a 5-6 month hiatus with minimal news.
Hmm! Don’t think these results will get us back into the 2’s. Pretty terrible grades if this is the best from first four holes. Let’s see what the next set of results uncover but I’m not particularly excited by this and don’t think the market will be either.
So far so good! Not sure if it will shift the SP much but certainly positive news. What we need to know now is when do they plan to drill!?
Little bit surprised at price action leading up to results to be honest. Why sell now unless those that are no more than we do? At this rate will struggle to get a raise done at 2p!!
The IOCG’s are frustrating and a catch-22. If the gravity surveys look promising and worthy of drilling RC drilling is not going to cut it we’ll need diamond rigs I’d imagine unless they get exceptionally lucky and inverse modelling shows potential for shallow(ish) depths. If we only raise £1.2m how the hell are they going to be able to pay for diamond drilling IOCG targets 1-3, RC drilling other tenements, gravity surveys on IOCG 4-5 and pay operating costs throughout 2022? We need a lot more cash to really get things moving and just don’t see how they can do it without it taking literally years!? If they had £10m in the bank then sweet but we don’t and would need a market cap of £50m to raise £10m!
I agree Bitcoin and not trying to put a negative spin on anything just stating facts of what’s needed to progress. Nature of the beast exploration, we raise, we spend, we raise, we spend etc etc as long as after each raise more value is unlocked. Unfortunately since the last raise this value hasn’t materialised in terms of market cap and SP performance but there will come a time where we should rerate as long as results are positive. My biggest concern is how slow we can progress due to the main market rules only allowing us to raise 20% of market cap. Currently £1.2m limits how fast we can get the drill spinning in multiple tenements to unlock value. IF we can get closer to a £15m market cap (not convinced we will get there before we need more funds!) £3m can go a long way compared to £1.2m!
Not being sarcastic. If they’re following the timescales given in the investor snapshot then there’s no more drilling until Q3 2022.
https://mobile.twitter.com/Cobra_Resources/status/1455828977747124224/photo/1
Wouldn’t hold your breath on the JV with Andromeda. If they were really interested they would have signed one by now.
Looking forward to drilling and gravity survey results next few weeks. We better hope they’re good as the board need to raise funds sooner than later!!
Shame we couldn’t get one hole into Benaud. So that’s it for drilling until Q3 2022!?