GOR up 30% for the day! Whoohoo, something must be on the cards!
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GOR up 30% for the day! Whoohoo, something must be on the cards!
Something's afoot - GOR's sp climbed quickly this afternoon to close at 9c. I'm getting itchy fingers but will wait until this current upward momentum falls away (Friday?). Resistance at 10c will be a challenge.
Cheers Daytr - no doubt you will sleep better tonight.
BC
Diggers and drillers have put a sell on PGI tonight. At a low, tomorrow won't be good ,... a new low methinks.:(
Yeah brillant from the DOC that had PGI a BUY @ 20c and now after falling all the way to 6.5c is now a SELL.(no doubt after selling all of their shares)...my mate gets their newsletter etc I've read a few they also do the "Daily reckoning" there picks have been very poor yet many still listen and follow their advice ....I would love to see PGI come out with a great announcement in the short term "Qtr report coming out soon ...
I personal can't see me selling on the DOC's advice
-Why appoint a new CEO to the tune of $400K a year, plus incentive shares, if we are only going to be a marginal producer
-spend over 100mill on the plant/process ....
-the Fact is PGI is moving at a snails pace to many investors but is still getting better results every Qtr .....First Qtr 2014> 6mill gross less net costs 2.5mill =3.5mill gross profit (whats the bet they'll bet it,,a smart 400k CEO would want too )
PGI is now at a price that gets my attention - their last financial report was not so bad:
Rev : $18m plus other income of $13m (2012: $60k). $3m per month of revenue was only 40% of what was anticipated due to undersized agitators slowing down La Lugunas (fixed in July).
NPBT: $520k (2012: $1.5m loss)
EPS: 0.07 (2012: 0.23 loss)
Total Assets: $107m (2012: $112m)
Total Liabilities: $69m (2012: $77m)
Cash reserves have halved from $7.4m to $3.7m and so looks like they need to raise some more working capital (operating costs are $2.2m per month). Otherwise, they are looking good now that most design deficiencies have been resolved.
Technically, the past two days have seen the sp recover from a sell off to end each day with a higher low.
Yes, could well be time to buy.
BC
Trading halt BC! I knew something was up! I never stress too much about these things. If I ever do its usually because I know I am in a stock I shouldn't be so a good indicator to get out! Didn't stress about GOR as I know the story is good. Let's see what Monday's announcement delivers!
This is huge for GOR!
BREAKTHROUGH GOLD DISCOVERIES
CONFIRMED AT DOROTHY HILLS
Highlights
First Reverse Circulation (RC) drilling programs at Gruyere and YAM14
targets along the Dorothy Hills trend have both confirmed significant
gold mineralisation
Infill and extension RC drilling program scheduled to commence shortly
at both Gruyere and YAM14
GRUYERE
Gold intercepted in every drill hole, over almost the entire length of the drill
holes
400 metre strike length, is up to 165 metres wide and to a vertical depth of 88
metres
Mineralised gold zone open along strike, at depth and to the east and west
8 RC drill holes for 609 metres were drilled on two lines, 400 metres apart
Best gold intercepts (at 0.5 g/t Au cut-off) included:
52 metres @ 1.23 g/t Au from surface, including 16 metres @ 1.61
g/t Au (13GYRC0010)
40 metres @ 1.16 g/t Au from 32 metres, including 12 metres @ 1.84
g/t Au (13GYRC0011)
Highest individual composite assays were:
2 metres @ 3.23 g/t Au from 100 metres as a 2 metre composite
sample from the end of the deepest drill hole (13GYRC0011 – hole
ended in highest grade mineralisation intersected in the program)
4 metres @ 2.95 g/t Au from 36 metres (13GYRC0011)
4 metres @ 2.77 g/t Au from 20 metres (13GYRC0010)
YAM14
Gold intercepted in every drill hole
Mineralised gold zone open along strike and at depth
200 metre strike length, is up to 75 metres wide and to depth of 80 metres
9 RC drill holes for 1,131 metres were drilled on three lines 100 metres apart
Significant gold intercepts (at 0.5 g/t Au cut-off) include:
16 metres @ 2.06 g/t Au from 48 metres, including 8 metres @ 3.27
g/t Au (13GYRC0004)
4 metres @ 7.70 g/t Au from 56 metres, (13GYRC0005)
12 metres @ 1.27 g/t Au from 44 metres, including 4 metres @ 2.28
g/t Au (13GYRC0008)
8 metres @ 1.73 g/t Au from 88 metres (13GYRC0003)
2
Gold Road Resources Limited (
Gold Road or the Company) (ASX: GOR) is pleased to announce that it
has discovered a new trend of gold mineralisation in the first-pass RC drilling program on the Dorothy
Hills trend, at both the Gruyere structural target and the YAM14 Redox target, within its 100%-owned
Yamarna Gold Belt, located in the Eastern Goldfields of Western Australia (Figure 1).
Gruyere and YAM14 are the first targets at the Dorothy Hills trend to be RC drill tested.
The discoveries are approximately nine kilometres apart and appear to confirm the potential of the
Dorothy Hills trend for further significant gold deposits (Figure 2).
The Gruyere zone of mineralisation, which is open ended, is interpreted to have at least a 400 metre
strike length, up to 165 metres wide and to a vertical depth of 88 metres. YAM14 is also an open ended
mineralised gold zone over a 200 metre strike length, up to 75 metres wide and to a vertical depth of 80
metres.
Gold Road’s Chairman Ian Murray said, “The Dorothy Hills trend is an exciting new gold discovery area
for the Company and we are very encouraged with the width of the gold systems discovered at both
Gruyere and YAM14 targets. We have not seen these types of wide gold intercepts before on the
Yamarna Belt and this opens up the Belt for new styles of gold mineralisation.
The success of this initial program warrants further drilling. A second RC drilling program will commence
shortly at both Gruyere and YAM14.
Our regional targeting strategy to discover multi-million ounce deposits highlighted both the Gruyere and
YAM14 targets, together with around another 40 priority structural and Redox targets within our ~5,000
km
2 tenement holdings. We are very excited that the first-pass RC drill program at our first two targets
has discovered significant gold mineralised zones and we look forward to drill testing further prioritised
targets”.
Gotta love that BC!
Yep. Buy on rumour - sell on actual. Thanks Daytr. When the sp dropped to 6.8 I was wondering just how it would turn out, but your tip did come thru. I took profit this morning and have used the funds from my sale to buy again into TRY and AQG (both low cost operators which will survive better than most any further drop in the POG).
Plays like GOR, AZS and the dead cat bounce on MBN the other day have kept my head above water, countering what is now a full month's slide on most other mineral stocks. Technically, it's screaming for a counterpunch. This week?
BC
I only sold out a 3rd, I think there is much more to come on this baby & I even think once the significance of this initial discovery gets around the market the SP will get another kicker. Anyway well done BC!
Whats the average grade on the GOR resource ? Cash --
my last Explorer investment PXG had targets of 4moz resource in the heart of the W.A Gold Fields by early 2014 $20mill in cash E.V only 17mill
Can't say with the current sentiment in the PM sectors and known In-all costs of many Aus producers well over $1000oz that I'd be keen
on Buying up PM EXplorers or really any explorers when I can pick up Profitable PM producers for the same money and get a 100mill plant for free
I've sold out this morning at 11c but will surf this one again if sellers take the sp down toward 9c again. I like its potential.
Think that's a smart move when you look at how undervalued the PM sector/PM prices ....If we see this continuing many PM project's won't get the funding needed to continue doesn't matter how great your ground is if the numbers don't stack up....current PM prices and average all-in costs to produce gold in this part of the world round $1200per oz USD (going from OGC asx peer review) I just don't get the excitement round PM explorer's at present unless they have a mining plant to go with it...PXG one of the better ASX explorer plays market values close to $1 per oz E.V
--then you see the like of OGC buy a high grade 10g/t au equ 1moz for $7 per oz au equ
According to analysts from JP Morgan 30% of WA's gold is being produced at a cost in excess of the POG, and a further 30% is considered marginal, ie some 60% of WA's gold stocks should be avoided (IMHO), this fact likely to become all too clear during the next 24 days as the 2013 Q3 reports start thudding on analyst's desks.---This was when POG is USD1311, AUD1390...
JB, I haven't seen too many producers with total costs that high. I assume they have taken the data from financial reports so you would hope is accurate. This is why you are selective about what gold stocks you buy. If some of this production is shut down then that is a positive imo as I don't invest in those stocks & it means there is less production. South Africa is where they are really struggling, but yes I am sure there are some that are struggling in Aussie as well.
Well there out there in large numbers it's really only a matter of time before we see many hitting the wall >>and having to come to S/H to stay afloat esp if Gold stays or goes lower ....
I'm currently going over some PM producer ann reports,, I really don't think many investors understand is how slim profits are for many PM producers currently....all in costs for the likes of NCM is round $1400oz EVN $1430oz SLR $1325oz OGC $1000 PGI $800-900
Fact is many a PM producers Mgmt like to talk up mining costs being low but once you include the all in costs to mine they go up $300-$400per oz............or look at there profit numbers Qty you see it far from good ...then in many cases micro-jnr start up producers are having to pay back debt leaving nil to neg margins even if they were making a slime profit.....
Good discussion JB. Through your review of goldies did any standout as profitable in this market?
Well as you could understand it's a very murky subject so very few PM producers give us a "All-in-costs-to produce per oz"
which just adds to the distrust from the market ....think this is slowly changing esp. from the guys that are profitable
Going from the recent OGC presentation page 9 -http://www.oceanagold.com/assets/documents/Presentations/131001-OGC-Corporate-Presentation-October-FINAL.pdf
Worldwide Avg. all-in Industry costs per oz USD =1100oz ...
I'm bias but I do like OGC,PGI both making a nett profit long as Gold stays north of 1000oz
other's making a profit I've come across -MML,NST,TRY
I've come back in on GOR this morning, ready to surf this baby onward and upward.
Daytr - still holding your two-thirds?
Also, PRU's financial update looks good - just released this morning - no debt, 8% ROE, $45m cash, operational improvements, all-in cash costs of $1150USD means even if POG drops another $100 they are still making a profit. This morning I've bought a few more. Don't be surprised if FP and other analysts give it a big rap sometime soon.
BC
BC, just a 3rd I offloaded the other 3rd that same day, so averaged 11c sale. Have loaded up now, holding, GOR, MYG, SOC & have one more fill to be done then I'll be fully positioned.
Good rebound from OGC from a 1.32 low yesterday to 1.39 high so far today
Whats up with the investment in Only PM Explorers ?? I understand like the whole PM sector they are very out of favour ..and on good drill results may spike for a quick trade ....But as they mostly only survive on the cash of S/H's pockets or high cost finance which I couldn't image to be easy to get these days as even producers are bending over for every dollar>> really think for the bulk of PM explorers selling discovery,Toll-treatment ,takeover by nearby producer etc being the best outcome to survive this Bear trend...
Great read round the PM sector going forward-(some 600 jnr explorers with less than 200k in the bank)
https://www.explorationinsights.com/...asp?relid=2937
Don't get me wrong buying cheap producers aren't also a easy trade (hold PGI,CVR so I know all about smashed SP producers)
So how's everyone positioned? I'm fully invested. Loaded up on GOR, also have a chunk of MYG & SOC. Missed out on CAS, got greedy on entry point & now kicking myself! Think its going to be a great end of year! Good luck everyone!
I'm loaded up and watching for the PoG's reaction to tomorrow night's US economic data (1st lot since the shutdown). If data is lousy, and Equity markets get nervous, expect another spike.
Daytr - looks like I came in too early again on GOR (market has not taken kindly to its latest report wherein it states management are still deferring its pre-feasibility study awaiting an adjustment to underground contract mining costs and an end to the 'market flux').
But when I noticed you were buying MYG, I had a brief look at it before getting a few yesterday at 3.2c. Here's what Reuters are saying from its annual report:
BRIEF: For the fiscal year ended 30 June 2013, Mutiny Gold Limited revenues increased from A$355K to A$12.1M. Net income totaled A$6.1M vs. 2012 loss of A$3.4M. Revenues reflect Gullewa segment increase from A$10K to A$11.9M. Net Income reflects Consulting expense decrease of 39% to A$604K (expense), Impairment of exploration & evaluation a decrease from A$36K (expense) to A$0K.
They have achieved their first profit since listing, and as reported last Wednesday, they have completed a definitive feasibility study on their Deflector Gold Copper project (high grade at 6.4 g/t, very low cost at $USD574/oz !!). Production start up costs are only $62m. 2nd phase ramp up is expected to produce 150,000 oz with an exploration target of 1.6m to 3m oz.
They sold their hedging for $12m profit, have reduced debt and operating cost, and expect to be cash-flow positive next year. They claim to have three banks ready to finance as soon as the POG begins again to lift (i.e. this week?)
Am I missing anything pertinent? What else can anyone more familiar with this company and its management tell us? I like the fact that the Board is not waiting until there is a confirmed Bull run on gold before getting their low cost flagship mine underway and producing. They have balls....of course having a low cost mine reduces the risk of ramping up too early...but their timing looks good.
Recommended Buy.
BC
Discl: Holding just a few but will buy more on dips.
Surprised your not looking at SOC bobcat... is looking one of the better explorers round with very large targets
well worth looking at latest Analyst reports-http://www.sovereigngold.com.au/Broker-Coverage.htm
---they give a great all round rundown on SOC assets....
some piece's from the reports
SOC is exploring one of the most promising gold plays in Australia: Mt Adrah. Hobbs Pipe 1 (650koz Au) could form the centre of a significant gold province (target +3.2Moz Au) with potential for bulk mining. Drilling is in progress on high priority 3D-IP targets.
conceptual Exploration Target for Hobbs Pipe 1 of of 80-104Mt grading 1.23-1.37 g/t for 3.2Moz to 4.6Moz contained gold.
--SOC is Leveraged to combined $21m exploration spend by JV partner SUGEC
(Jiangsu) on Uralla-Rocky River IRGS
-SOC owns 80% of ASX:PMR.
-SOC/Gossan are yet to publish economic studies of a potential gold mining operation at Mt Adrah, but they have discussed some general concepts. The mining method under consideration is open cut to 200m with block or sublevel caving methods extending to a further 500m, potentially with a second stage to +1000m. Consultants (JKTech) have been engaged to evaluate the underground potential.
Mining costs for underground caving vary across the industry, depending on rheology and geometry of various orebodies – but BOEQ estimates that <$A$15/t and possibly <$10/t might be reasonable IF Hobbs Pipe proves suitable for this technique.
Hey guys, will try & write something up over the weekend. A bit tired after being out fishing all day. Happy Friday.
I'm not convinced re SOC.
Aside from MYG, I also like the look of Chalice Gold Mines (CHN). FP recommended them as a continued Hold last week, and I got a technical (TA) buy signal yesterday at 16c, so I bought some. Then late this afternoon they published their annual report, and I like what I see. Lots of cash, NTA is way above market price, and I like the way they are going about their acquistions (with more to come).
Others' thoughts on their management and track record?
I think SOC is highly speculative & as such I have kept my position small. The pay-off imo opinion COULD be huge. Basically this is a new type of orebody for Australia & I must admit IU have been impressed by the way the management have gone about things to date & their success rate at an early stage. The potential & I emphasize potential is they are on to something that could be 5-6 million ounces & possibly 5 times that. I know that sounds ridiculous, but its possible. They metallurgy could be a problem, although there has ben major advances in treating refractory ore in the last 10 years & if they do get anywhere near the size they hope for it probably wont matter if recoveries aren't quite as good as the industry standard.
Re MYG, I have always liked this & have tried to get it financed in the past before the gold bust. What I like the most is the grade & also that its open at depth. The management I think should of & could of got financed earlier, however they were trying to avoid dilution by not raising equity. This was admirable, but it cost them as I think they would have got the debt deal done if they had raised $30M when the share price was around 10c. Anyway with the gold price heading in the right direction there is a good chance this will get financed early as the work has already been done, BFS & DFS. I also like their little iron ore play, its probably not a company maker but could earn them something like $10-12M a year.
Question for you guys. How do you add a note to the bottom of your posts that will always appear? Something like 'do your own research' I put out a lot of tips etc, so bets protect myself I suppose. Any ideas?
Alright, I'm persuaded to have a closer look at SOC. Technically, their chart looks good for a Buy (especially with the POG's upward trendline now established)...and if as Datyr suggests there is massive upside potential, it could well be worth a speculative play.
Initially (compared with MYG) I wasn't so impressed with the grade that SOC are promising but their indicative resource size is impressive.
A bit more research and I may well take a bite at this cherry but their financing will be a factor.
Have you chaps looked into CHN? That's another play that I'm researching and so far I like what I see. They are about to acquire Coventry Resources whose Canadian Cameron Gold field has a grade of 2.24 g/t on contained gold of over 1.5m oz, and West Cadatree field with 6.3m intercepts graded at 3.7 g/t.
From their Zara sale, CHN is highly cashed up ($56.6m) with funds not just for this acquisition but also for exploration work on its Mogoraib North tenament with very good prospects. I've bought into it already but interested in hearing others' opinion on this digger before deciding whether or not to invest more. Opinions?
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Thanks BC. Will take a look at CHN & get back. I remember meeting with Coventry at Diggers & Dealers a few years back & they were in demand then. Mind you gold was at $1650 or something at the time.
I might look at going to D&G next year. Its the best mining conference in Australia & good fun to as long as you are broad minded. Its in August in Kalgoorlie & its not cheap, but great place to meet a lot of the mining management. Let me know if anyone is interested as maybe we could look at an NZ investor contingent going together. We would get more attention that way. I know the organisers & can arrange good accommodation which is like hens teeth.
one of SOC issues will be cash wise ....if they could get a buyer for PMR they could free up 20-30mill ....most likely CR soon enough
-End of the day SOC is valued at 31mill
-JORC resource at Hobbs Pipe 1 intrusion is 650koz Au @ 1.24g/t – recent drilling includes 886m @ 1.2g/t; Conceptual Exploration Target of 3.2-4.6Moz Au......not valued at much at all by the market?
Hey JB, I think SOC is reasonably valued compared to a lot of others. However I couldn't name one other explorer who has the possibility of making a 6M ounce discovery let alone multiples of that.
SOC news out---Glad I doubled my holding to 94k ords manys thanks Daytr for bringing SOC to the ST team ....never thought I'd buy into the exploration PM sector but thought I'd look over the stocks on the thread >>> SOC IMHO looks like it could 10-20 bagger from here
Sovereign Gold Company Limited (ASX: SOC), through subsidiary Gossan Hill Gold Limited, is pleased to announce the discovery of high grade gold mineralisation outside of the Hobbs 1 Pipe, providing further encouragement that the Mt Adrah district will potentially host gold mineralisation additional to the current resource.
Drill hole GHD009 included an intercept of 10m @ 17.7g/t Au from 506m from a zone of narrow quartz veins, intense sulphide veining and alteration within skarn-altered rocks adjacent to the Hobbs Pipe 1 (true width not known).
This intercept included 2m @ 28.4g/t Au from 506m and 2m @ 59.4g/t Au from 514m.
this is only the start of the castor results talk round this could well be NCM Cadia BIG 10's moz
from HC-Castor is around 40 times the size of Hobbs. They drilled this from the top of Hobbs Pipe 1, several hundred meters away and still managed to intersect the pipe at depth and find a high grade zone ! Have to be extremely lucky to hit the 'juiciest' part of the deposit on the first hole and from such a distance.
Today's results back up the anecdotal evidence the old timers mentioned that Castor was previously shallow mined up on the hill at several ozs/t gold.
No worries JB. I doubled up this morning. You in BC? Still a chance to sit on the bid at 21c. I think this will really start to go once word spreads.
Hey JB, one thing to be weary of having a big position, is that SOC is extremely illiquid. I am very bullish on SOC so may never be a problem, but just something to be aware of. I agree re 10-20 bagger its quite possible & with results like today & they continue getting more probable. Remember the old Probables vs Possible All Black trails? The Possibles always won! haha
I've taken a holiday all day (put in a garden). Just now have I seen the move on SOC and how sellers took it down to 21.5c late afternoon. Technically that price looks fine to me and so, depending on what happens overnight on the NYMEX, don't be surprised if I join you both on this one. Meanwhile, I'm happy enough with what I've seen on Gold Juniors SCI, PGI and MYG today. All rising nicely. CHN is proving stubbon but I'm confident there's value in their takeover and so will be patient.
BC
MYG & SOC both doing well today, GOR off a bit, I unloaded some GOR two days ago to move more into SOC, still hold half b& may look to top up if goes much lower. Nice day considering POG down a little. Think SOC is gathering momentum, could be an interesting end to the week for this baby!
Yeah soc my only gainer today came close to reducing PGI position
Purely as its run pretty well of late.. And have the funds on the sideline for SOC really think
A big announcement is coming that will push it towards analyst valuations
Be good to be ready to pounce
Yes good to finally see some decent movement in SOC.
thursday sell-off yet again glad to have sold down my PGI position yesterday shifted funds to OIL jnr ROC...should get cheaper today
JB, it will be interesting to see how SOC performs after 2 days in a row with POG down. Defied the odds yesterday as did MYG, although MYG may be trading a bit on its FE play rather than gold at the moment.
I'd say it SOC will hold value to maybe a slight pullback 23-23.5 on the back of the Gold price sell-down ...has been some great movement in the SP ...I'm not planning on selling any till more results are known as SOC has within a very short time discovered maybe one of the biggest gold deposits in Aussie in recent times ...most explorers need years to prove up muti moz resource SOC likely within months ..like we've talked about it's what SOC is going have by this time next year if they keep drilling and getting these gold mineralized
grades over 500-1000m we could have est. size 20-30-60moz ?? I'm sure it's not going take long before a NCM comes knocking...
Surprising good bid support on open for SOC sold just under half my holding @24.5c and come back with the funds with a 23.5c bid
should yield me extra 2658 shares for the trade
I did similar JB, sold around 40% of my holding & put half of that in GOR which has dropped nicely. Will hold fire & see what to do with the rest. I always like sitting on a bit of cash, waiting for an opportunity to shout at me!
Hey JB/BC,who do you use as a broker to do your ASX trading. I'm looking to switch, so be good to hear your views & what brokerage you are paying. Send me a private message if you prefer. Much appreciated. Thanks Daytr
I'm now also in on SOC with you boys (Daytr and JBmurc). My checky bid at 21.5c got hit after the sp dropped from a 24.5c double top last Friday. Looks to be a big seller driving the price down from there...but for how long? If this stock really does have the potential to be one of Australia's largest gold mines, next climb to that level will IMHO easily punch through and continue beyond.
BC
Nice one BC, I'm holding but only 60% of what I was sold some out at 24c. Now looking to buy back in again. Its very speculative as this part of the sector always is, but the potential on this one is the biggest I have come across. Good luck!
GOR going for a little run this arvo, nice to see. Glad to be restocked at 8.1c!
True, although I think their decision to defer their Pre-feasibility study is weighing heavy on the sp. I would've preferred to see them progress that now rather than wait until the price of Gold is more favourable and mining costs 'stabilise'.
Disc: holding just a few.
Perhaps BC, I have a reasonable position but not as big as previously. Just took out 8.7c on small volume admittedly. There was a leaky boat last time they announced drill results, I'm wondering if its the same again. Soon see.
Anyone looking at OEL/NDO regarding the OEL announcement due open today/end of trading halt?
/edit OEL had a negative announcement, big seller volume at low SP. not likely to be touching these. disc: not holding NDO or OEL
Just flicked out of my MYG holding for a small profit. Not that I'm down on it, just don't think its going to move anywhere in a hurry & could see what I consider better opportunities. Just picked up some WAF at 12.5c, been watching it for a while & think it can get back toward 20c fairly easily. Proof as always will be in the puddin !
Another great announcement from SOC. This is looking like a hellava company! Finding gold & silver left right & centre !
Yes, the silver discovery in this announcement looks particularly good. Thanks for the tip, Daytr - I came in earlier this week and this stock has pushed well against the tide to be up 9% since Tuesday.
Holding and anticipating next week a push through its price resistance at 25c.
BC
Wow more great results from SOC ...think some of the PGI might have been jumping ship glad to have shifted a good chunk of my PGI 6.1c-6c to SOC & ROC .....but at 5c I'm thinking PGI well oversold ...will see how others go but would be happy to increase PGI at these levels ...won't be selling SOC way to much drilling results to come
Yep SOC is certainly starting to stack up. This could be an absolute elephant or perhaps herd of! Quite incredible success rate to date.
Thinking today will prove be a good buying day in gold juniors. I am already loaded up, so jumped the gun a little early however only one of my stocks GOR is under water & I am pretty confident on that one bouncing back. As per post on gold thread I wouldn't be surprised to see gold bounce from around this level.
Most Gold Junior stocks on the ASX seem to be holding well given the drop in the PoG overnight. Half of my portfolio is holding, a quarter falling (mainly larger, more senior producers) and a quarter rising in price, in spite of it all (OGC, SCI, DML, etc). Like Datyr, I'm also picking a rebound as the POG tries to establish an upward trend line off 1190, 1250 and now 1265...for just how long remains to be seen.
BC, currently in GOR weighted quite heavily, SOC looking to hold & WAF which I think can go back to 20c quite easily. Currently trading around 13c. Its very illiquid though. Its a bit like an undeveloped DML in the making being African copper/gold.
Gold junior TAM has just today announced a 1:1 rights issue at 2c. Until today, it's been trading above 4.4c, and I very nearly bought some last week after researching their assets and projects. Trading now at 2.9c and rather attractive IMO:
1. First class gold deposits. TAM has just begun redrilling its Kavanagh gold deposit in the NT with a significant strike length of 600m and 0.8m graded at 155g/t (!), 1m @33g/t and 3m @15g/t. Indicative: 11m tonnes of iron ore graded at 3.7g/t for a contained gold of 1.4moz. Project has estimated cost of $3.5m.
2. Is running out of cash, hence the rights issue to raise $11.75m, underwritten by TAM's largest shareholder, Allied Properties Resources Ltd, to fund Kavanagh and Coyote gold projects, pay back debt and provide additional working capital.
3. Fixed costs and overheads are being reduced.
Buying this stock at 2c is good value.
Discl: Not holding yet but I do have a cheeky pre-rights bid or two sitting between 2c and 3c which I'm hoping will be hit after the news gets more widespread attention. Otherwise I'll be buying on the way up during rights trading.
Check it out goldbugs.
BC
I see us retail SOC holders only have round 11mill shares to buy as the rest is held up very tightly from the top20 and going from recent trading I'd say a major has been adding to their positions ....I see the 20th holding going from the last ann report was holding only 250k ...I'm only 70k shares way from holding a larger position ....Overall so few shares so much muti-bagger potential
GOR just announced further drill results, doubling strike length. Lowish grade, but great intercepts of considerable meterage & shallow. These guys just keep finding more gold & at a rapid rate!
Bailed out at 9c for an ok profit. Phew as just got whacked back to around 8c! Will look now for another opportunity to get back in! Love this stock for trading!
BC, re Tanami (TAM) I had quite a few dealings with them about 2 years ago & back then I thought they were a bit of a dog to be honest. Haven't looked at them since so will take another look.
See SOC just sold tenements for shares worth $8M. These guys are doing all the right things imo!
Yes, SOC has had a sharp lift in price (9%) this morning. Pleased to have bought into this last week.
Re AQG: 5m stock just now traded hands at $2.30. The stock has been sold down to that price for this specific trade IMO. I'm expecting a sharp lift from here. Alacer is a cost-efficient operation with a good track record at its Turkish mine and what looks to be a prosperous future. Discl: topped up late last week.
Yes SOC up on very low volume can,t wait till we see larger volume buyers turn up and I,m only talking 20-30k aud buyers nothing big at all and SOC will move 20-30%
my target is min 100% return within 120-150 days
Speaking of Alacer BC. Check out Metalsx they just picked up Alacer's Aussie gold operations & will produce 150kpa off the bat. I know the chairman Peter Cook & MDWarren Hallam very well & they are some of the best operators in the business.
Cooky finally firing up & getting back into gold where he belongs. Big Bell isn't an easy operation as has a history of seismic movement, however if anyone can work an underground mine well its Cooky. I remember what he did with the tired old Mt Magnet assets back in Hill 50 days.
I just did a very rough back of the envelope valuation based purely on production vs Newcrest & MLX is around half the value of NCM even at its lowest price of $9.25/share! Sure NCM has around 100M ounces of gold in the ground & that maybe its upside as a takeover target by a major, however at the current POG it is still over valued by a quite a bit compared to something like MLX. Gotta love their tin position as well, one of the best performing base metals around. Just need Nickel to pick up now, but that could take a looong time with all the pif iron production around. MLX is turning into a true diversified miner.
As at 30 Sept, Alacer had no external debt.
Strong cash position of $222m ($263m in cash and cash-equivalents).
Working capital of $315m.
AISC of only $701/oz (I'm assuming AUD) with $241/oz of that being one-time capital project costs.
http://www.asx.com.au/asxpdf/2013103...qwpwvzg4jl.pdf
2 weeks ago, they announced their decision to pursue POX (Pressure Oxidation) as their sulfide processing method,
...which if you look through their evaluation and selection process looks sound and cost effective (e.g. commercially proven with 94% gold recoveries - 15% better than roasting)...but that announcement was not well received in the market with AQG's share price falling over 20% since the announcement two weeks ago:
http://www.asx.com.au/asxpdf/2013110...l5vhj00tq8.pdf
If any companies are going to survive any further drop off in the price of Gold, then it's going to be low cost producers, and Alacer is one of them.
Check out the RSI on its chart here:
https://www.directbroking.co.nz/Dire...x?sc=KCN&eg=AU
I'm buying more today.
BC
Actually I correct that re the MC. On Etrade it says MC for AQG is $240M. I just calculated for myself its actually around $670M! Wow I have never noticed that befpre Etrade being out like that. Will be checking their numbers a lot more from now! As that what you see the market cap BC? 292M shares x $2.30 = $670M ?
On IRESS they have 101,761,154 Shares on Issue and at 2.29 MC is at 233M.
-PGI pushed down of late 5.1c really need to here improved Gold/silver recoveries on fixed plant to get much love SP wise ....is really on the knife edge anymore stuff-ups it could halve the SP or if they can show we are finally on the road of profitable low cost gold production below was the last ann.....
PanTerra Gold Limited (ASX: PGI) (PanTerra Gold or the “Company”), advises that following the rectification of faulty welds to the Albion agitators, production is back on trend to achieve previously stated guidance (announced 17 October 2013), with the value of doré produced in the week ending Friday 1 November 2013 being approximately $1.0m.
So full Qtr would be 12mill ...going be a much happier S/H when they ann 1.25mill+ per week in Gold equif dore ...then we finally can see some light at the end of this long ramp up stage
Alacer shares on issue. 290M undiluted, 292M on a diluted basis. So MC is $670m ish
14. Share capital and share
‐based payments
a)
Share capital
Note
Number of
Shares
$
Balance at December 31, 2012
288,317,456 $ 1,457,468
Shares issued:
On exercise of share
‐based awards 14b 1,274,902 7,775
Balance at September 30, 2013
289,592,358 $ 1,465,243
On my IRESS/IOS which is quite accurate it only shows Quoted Shares on Issue as 101,761,154
Sub-Industry : Gold - 15104030
Quoted Shares On Issue : 101761154
Market Cap $ : 234050654.2
Net Asset Backing : 0
Price / NTA : 0
EPS : -318.93
PE Ratio : -0.7212
Looks like all of these Gold Stocks are getting pummeled, NCM very close to its 9.07 lows last June although we have been seeing an exodus of key personnel in NCM. But POG is still just below 1288.
Blueswan, that's also what Etrade says, however the numbers I gave you of shares on issue is from Alacer's own financial report. Check it out page 15 of the 30 Sep 2013 un-audited financial report. Happy to be corrected but I think I'm right here. I thought the valuation of $230M off sounded too good when they are sitting on that much cash. Any thoughts BC on the MC? If the MC is truly $230Mish then its a bargain. At $670M not so much.
I see they were paid $138M for the sale of Frog's leg + $40M from Metalsx so that's where the money has come from on the balance sheet.
On 6 Nov, Alacer stated their Market Cap to be approx $800m: 290 issued and 290 fully diluted. See page 5 in:
http://www.asx.com.au/asxpdf/2013110...l5vhj00tq8.pdf
This report was probably compiled the prior week when their stock was trading at around $2.90, meaning at $2.30, their MC is now more like :
230/290 * $800m = approx $634m.
Cheers BC.
Nah I haven't had a look yet. Poured money into MLX as I think they are on their way to building a diversified mining house. Gold & tin already in production which should generate $100M of free cash flow pa. Plus They are looking to expand both so that number could be doubled in a year or two. They are also sitting on some other major resources of zinc & nickel. Peter Cook & team are some of the best in the business so am very positive on where they will take MLX. Thought they picked up Alacer's Aussie assets at A$40m for a steal, however it probably suits both parties.
[QUOTE=Daytr;442739]Nah I haven't had a look yet. [QUOTE]
My bid at 2.8 never got hit and so I missed out as well on TAM's sp recovery. Instead I've bought into PRU. Their sp has dived lately (from $1.20 6 months ago to 33c this morning) not just because of the price of Gold falling away but due to their still high ASIC of $1342/oz. This is only a 5% improvement on their end of June quarter ASIC, but they are confident they can drop it to $1263/oz this quarter. They are hedged at an average price of $1408/oz which helps but it is still too high compared to most other diggers (c.f. low cost producers TRY, OGC, AQG, etc). They do however seem to have it moving in the right direction.
Also, I see that their managing director and CEO, Jeffrey Quartermine, has been buying stock (over $100k) at 38c, and so I figure if I can buy these at a 15% discount to what he's happy paying then chances are I'll be in the money before too long...perhaps as early as this weekend. It's usually a good sign when directors are buying stock.
PRu's latest Management report reads OK (except for the ASIC):
http://www.asx.com.au/asxpdf/2013111...f5g5bk5w70.pdf
- debt free, $26m cash ($45.3m cash, bullion and other investments), 7.1Moz measured and indicated (187Mt @1.1g/t), 3.6Moz proven and probable (92Mt at 1.2g/t) and 3.0Moz inferred (101Mt @1.1g/t). Grade is not outstanding but a steady operator.
NPAT of $41.4m (9cps), operating cash flow of $46.7m, and ROE of 8%.
Discl: buying (as a bottom feeder!)
Shame about TAM BC, certainly had a good day!
I bought a lot of these Explor Resources stock when it was at around 40 cents( EXS.TX ) this is a Venture one also in Gold,silver etc. The SP dropped all the way to 2.5 cents and some clients were able to average buy at 3 cents. I was surprised to see the SP hit 17 cents last week and now still at 12 cents. That proves if you are patient there are still trash out there that will eventually pay off as long as you buy more when they are close to nil value.
GOR going for another run today up to 10c. Kicking myself a bit for selling at 9c, however was happy at the time so can't complain.
Looking for another pull back in this baby to load up again.
Yes, I had an offer sitting at 9.9c which I thought was far enough above market price to catch the tip of a spike (from 8c last Friday) but it got hit within 2 hours of trading today, and I see that its now trading at 10.5c with good support at 10c. This bullish run has legs, and if previous runs are anything to go by, should last a few days.
I still made a profit so I'm not complaining but I gotta keep reminding myself to wait at least 3 full days once a run begins. Today is only half way through day 3.
Resistance at 12c may well be tested before the weekend.
BC
Touched 12c! Doh! Must have been demand fueled by the AGM & last drill announcements. Really missed out on this one, but I don't think you can pick that sort of behavior. MLX is moving up steadily with good volume of buyers taking out offers. Think this could be a 30-40c stock in the next 6 months maybe less if the POG gets a push higher. Its tin is a great cash earner & tin could easily move a lot higher. Think they are very well placed with instant gold production & an expansion on the tin as well.
Some gold juniors and other mining stocks I hold are surviving surprisingly well during today's sell off:
SOC, ASL, OZL, DML, AZS, EHL, MLX, CFE, FML, GRY and a few others...but many of course are not. It will be interesting this afternoon to see how much fear of these stocks dropping further tomorrow creates buying opportunities in the last 30mins of trading...and yes, Daytr could be right about a small reversal tonight...or perhaps earlier (China's Manufacturing PMI results are due out this afternoon). I'm picking that the POG will lift at least to test the new resistance of 1265.
Call me an optimist but I think I may be able to trade OK through this. It's not the rout through my portfolio I thought it would be.
Also, after dropping overnight, the Aussie dollar is now recovering well against the Yen (JPY), Swiss Franc (CHF), USD and NZD.
SOC has just announced this morning confirmation of very high grade structures at Mt Adrah (12m @ 58.6g/t Au). Can the grade get much higher?
http://www.asx.com.au/asxpdf/2013112...lppbrt99lj.pdf
sp holding well but stuck in a trading range of 21 to 22.5c.
saw this earlier today (re SOC) surprised it didn't cause a bigger spike. guess the POG is holding it down
Yeah I think any gold stocks that hold or are up today are doing well & is a good indication the market still sees them as value. SOC is just getting better, I am amased at their initial success rate with the drill program. It will be interesting what the re-assaying delivers.