BC, I think if RSG can break 60c convincingly & gold does have a breakout which I am more & more convinced it will, then I see it trading close to a buck before running into any major resistance.
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BC, I think if RSG can break 60c convincingly & gold does have a breakout which I am more & more convinced it will, then I see it trading close to a buck before running into any major resistance.
Geez that is a worry as they have a very large 26m shares .. after last major sale of 8.2 mill so they may be still selling in smaller amount should have to update the market as a 17% share holder by ASIC laws I thought .....maybe it's someone else seem's like one hell of a stupid time to be reducing your position while the PM explorers are so out of favour later this year they should well get twice the amount for there shares
JB, they were quite open about their exit of SOC & the reasons were completely unrelated to SOC other than they need the funds they had invested. Yeah you do have to update the market at a certain point. I know one is when you have over 5% or reduce below that, I'm not sure where the other reporting hurdles are in regards percentage ownership in a company. Does anyone else know?
Just took profit on my RSG stake, thought about it yesterday & would have done slightly better, however, 25% in about a week isn't bad.
I have the feeling gold is due for a pullback otherwise I would have stayed in. Will be looking to buy back in if get the chance. In the meantime I have just picked up some more SOC at 13.5c, averaging down can be a dangerous game, however the drill results must be due any day now & think it could be opportune. Cheers Daytr
Yes, I also like the look of SOC at these prices but have enough already. I've bought instead some more WAF, on the strength of their press release this morning. I'm getting less interested in miners with low grades, and more interested in miners with high grades, and these look quite respectable.
15m @ 4.7g/t Au from 17m, including 7m @ 9.2g/t Au.
Yep that's certainly nice grades BC.
I've decided to hang onto RSG, mainly 'cause of what I see on their chart. Previous resistance at 64 c was broken yesterday. Next resistance is ~70c and so I'll be more likely to sell just south of that.
With SOC, there are fewer hands shown on the Offer side than hands shown on the Bid side, which is encouraging. Either our seller has had a change of mind OR they are waiting for the bid support to build up again OR they are satisfied with what they sold off these past weeks (selling down all the way to 11c (!) a week ago). There's solid support at 13c and so buying more at 13.5 is IMO a very safe purchase.
I would say Daytr, that you've actually bought early into an upward trend. We should know more surely by this time next week.
BC
Have thrown a small order into SOC at 13c. Hopefully it strikes sometime today...
I picked up a further number at 13c so I am guessing you probably did too :)
Now that's just showing off ! haha
Moosie, I know them very well as I did business with them over a 10-12 year period & the same people are still there. They haven't always performed as a team as well as you would like & they struggled for years with an under water hedge book & then were one of the last to close out their hedging as well, so it cost them a bomb. They did do a share buy back & now they are looking to borrow money for a mine development, so they don't always have the best foresight either. In saying all that, they have operated some pretty difficult mines & also built quite a few in Africa & Australia successfully so they have a reasonable track record in that. What I like about them now is their production profile is growing, they have plenty of reserves & they seem to be doing things better generally as aren't distracted by things like the hedge book. They are also straight shooters. Greg Fitzgerald the CFO is as straight as they come & a very nice guy to boot. I only got out of them today as I think the POG will pull back, otherwise I would have hung on. I could be wrong but I was happy with the profit I made. I will look to re-enter at some point though. Hope it helps. Cheers Daytr
Hi Clip, yes got in thanks... we shall see how the trend plays out. Happy to hold a bit longer term.
Geez getting real sick of watching PGI move to 5c 25%+ while SOC looks like a dog with no love and moves to the downside ...Gutted :( back that up with my move into CFE doing the same will ROC increases......
Yep it is a bit disheartening heh. the next PMR results can't come soon enough!
Looking at the chart, it made a big jump a few days ago from 3.8c to 4.6c and so it's not surprising the momentum is still upward. Another big jump today (but not quite as big) to 5.1c. I had an offer at 5.3c but have now shifted it upward in anticipation of a third and final jump (I'm guessing about another 8%) to somewhere closer to 6c.
Meanwhile, I have a cheeky bid on SOC at its previous support level of 11c to top up as the seller dumps what remains of his order...probably next week IMO.
Trading to it.
Yeah it is have had some really great trades i the past my 1.28 TRY buy $5 sell one of my best as I sold at it's peak ...IRN highs 20's sold over $1 ....etc heaps of others but those two stick in head as I got out at the right time have a list as long as my arm on shares sold too early....just going off my Etrade history I'm nearing one thousand trades......
does get disheartening in a run of bad trades
Knowing when to buy is a lot easier than knowing when to sell. I also tend to sell too early, and so now I sit on my hands when I see a spike.
It doesn't always work. Some stocks regularly spike and then fall away dramatically (e.g. RXL.asx, BLT.nzx, CDY.asx, etc). Chart patterns are important since they indicate patterns that are often repeated.
See the thread on selling strategies:
http://www.sharetrader.co.nz/showthr...ing+strategies
Hadn't read/seen that, cheers BC looking forward to having time to get stuck into it
Guys, I have sold a few too & some far too early as well & yep agree SOC is frustrating particularly when others are doing so well. However a profitable trade, especially when you are talking 20-30% is not a bad trade, perhaps it just could have been better. Watching a stock rally & get to a level where you are happy with the result & getting out is a good trade & a disciplined trade. Sitting on it getting greedy & watching it fall back isn't. Don't get me wrong sometimes that is the right thing to do, as other factors like the POG etc come into it. Anyway not here to teach you guys to suck lemons. I knew a Geo/Company maker in Perth who has made some of the best discoveries in recent years in Oz & an absolute legend in the industry. Worth a bomb & drives a rusty old Toyota & usually has egg stains on his 1970s style clothes. He told me, always leave something on the table for the other guy & he's right, but I think I have been taking that a little too far recently!
BC RSG should have a good spike again Monday! Well done mate.
Now out of RSG - thnx Daytr (check your private messaging).
Even though Equity markets are due for a correction, I'm picking the POG fall away a bit overnight, and so I'm profit taking about 50% of my PM portfolio. I expect there'll be quite a few other investors doing the same later today on the ASX.
Trading to it.
Well played BC. Gold will be grabbing a lot of attention from its performance on Friday. It will certainly be interesting where it trades from here. Yo0u would think it has to take a breather at some stage, however it is only just beginning to turn investor & speculative sentiment, so perhaps it keeps on trucking. The Asian opening should be good indication in an hour or so.
Come on SOC how bout some results just look at last JAN/FEB a mass of announcements >>>No news seems to equal out to bad news when you look at the SP>>>
Mean time PGI continues 5.3c
Still holding PGI but I do have an offer on market - if it spikes again before falling away, it'll get hit.
KCN (a dog which I bought when I thought it was dipping but wasn't) still owes me a bit. It's broken through resistance at 140c, and so may have the legs now to breach 150c. I'm looking to sell this - not at all impressed by its fumbling mgmt, lack of sensible hedging and still very high ASIC. Again, with an offer a few clicks north of market price, anticipating a spike before it also falls away.
BC
KCN I still think could be in trouble. The rising gold price may save them but I have very little positives to say. Shame as they were once the darling of the market. It was a great discovery. I'll send you a PM BC re a bit about these guys.
I've just sold out of PGI. Somebody wanted a bundle and they hit on mine as it spiked through to 6c. I'm happy with the price I got; hoping it also works for the buyer.
If it dips later this week to 5c-ish I may come back in. We'll see.
Sold out of KCN just after noon (NZST), and not an hour too soon. Have you seen their latest report? A statutory loss of $5m. Others in the market are also not impressed - sp plummeted from 162 to 143 and could drop further this week IMO.
SOC lifting (with good support building) but has the seller completed his selling? I have a quite a few but happy to buy some more if the seller dumps his remaining parcel to hit my bid sitting low.
BC
Hard to know BC re SOC, but the large offers haven't been around for a few days so perhaps they are done.
Having the founder of the Sydney Mining Club now on the board can't be a bad thing. You have to think he has a few insto/broker connections
Dang that KCN fall stings a bit.
A shame, I was doing so well this month :P
Can anyone help inform my opinion on the feasibility / costs of mining for SOC's Hobbs discovery? Read something where someone felt it was borderline on economics, but looked very positive to me. Is there some element of truth to it being borderline (i.e. being a very deep narrow intrusion) or was it likely just someone flaming the stock needlessly...?
I do struggle to get my head around any conclusion except that SOC is very undervalued based on a number of factors...
I understood if they found nothing else than what they have discovered JORC 650koz it wouldn't be very economic ...but then they have only really tested the one pipe ...with a mass of high grade targets yet to be drilled the size of the resource should well increase
also PMR investment and other projects have added upside that could put a rocket under SOC market value ....I'm personal confident SOC resource will be much much Larger than today's just the exact timeframe is unknown to me
Yep its very, very, early days, so far too early to look at economics yet. The potential is massive & I mean absolutely massive, however at this point it is still only potential until there is further drilling done. What gives me confidence is 2 things. 1) Success to date they have had with their drill program & 2) the amount of money they have secured with various partners to fund exploration. They have something like $30M of funding which is quite incredible & far more than their market cap! I can't think of any other junior that has this support.
Market showing GOR some love of late - the latest Gruyere announcement looks promising with high grade intercepts.
GOR has gone to the moon! Wasn't that long ago they were trading under 7c! They have had a brilliant run of exploration results, however imo they are getting stretched at these prices. MC now $90M. However they now do have a lot of gold in resource & are certainly on there way to their target of 4M ounces!
Yeah agreed, SOC is getting pretty frustrating to say the least! The volume has been low, so I don't read too much into it other than the same frustration we have, watching other gold stocks push higher.
No it's just a waiting game which does my head in GOR has 1.5g/t au 1.2moz JORC 7mill cash ....yet another W.A gold explorer with potential to have a large resource like many others in the area aka PXG .... Market believes it worth just shy of 100mill ??
Then you have SOC that has only really just started out exploring....straight off drilled a monster world-class pipe some- 884m 1.2g/t -------starting off with a 650koz 1.2g/t JORC with some 30mill in cash/JV to increase that much higher 3-4moz low side target for the one off three projects..
located along side some of the biggest miners on the ASX in NSW major town just down the road great infrastructure etc
and the market values round 19mill ?????
SOC mgmt badly needs to take a look at GOR and get some announcement our way as the PM sector seems to be heating back up again
and we have falling off the radar of investors
I think with SOC bringing in some new talent on the board with good connections should see the stock more widely promoted. Their circa A$30M of funded exploration is what sells this to me. I can't think of any other explorer with that sized program fully funded. In saying that they need to keep finding the stuff. On their current track record you would have to think the probability of further success is high.
I flicked out my small holding of ROL today. Think its a great play, but just don't think it will do much until the CR is out of the way. Picked up some RMX at 2.2c. There CR is out of the way & hopefully there will be more drill results in the coming weeks to get the SP on the march again.
Uncanny, Daytr.
I started looking at RMX earlier today, and have also bought some:
- Company fully funded to complete all planned exploration and development
- Scoping study about to be released (quick start, low cost, cropping of high grade resources)
- Phillipines (low cost of labour - English speaking, growing economy, etc - a la OGC)
- no debt
- chart looks good technically for a lift (RSI<40%).
Good to see we are on a similar wavelength (although I do believe that we may see ROL lift soon and so have a small bid sitting there at 29c).
Later we should discuss timing when it comes to selling RMX, via a PM.
Must be ESP BC! haha. Agree lets do that. I will be looking at re-entering ROL I just think with such a large CR it may create an overhang & its also a few weeks before the CR is completed so I can't see too many buying ahead of that at higher prices unless something significant is announced.
I was trading in & out of GOR & made some good money about 3 or 4 times. Was looking to get back in but never got back to my target before it really launched. In my view for GOR to go much higher it will need the POG to go higher, as it looks pretty much fully valued at this point. Just my opinion & stocks can go quite a lot higher at times than you think.
The chart shows GOR has pushed up without the aid of a rise in the POG but the recent gold uptrend (jan/feb) it would seem, has helped.
The problem with Gold juniors is they go down when Gold goes down and down when Markets in general go down. lol. Thats potentially all of the time :mad ;:
Just from a brief look over GOR I wouldn't be buying either at these near 100m MC value ....but many a time I've been proved wrong as the market finds value I just can't see over peers in the sector ...If I was after a W.A located explorer PXG 39mill MC looks much better value IMHO 1moz in gold reserves surrounded by Gold plants just outside Kal...working with Norton currently...DFS etc
GOR has moved up due to their exceptional exploration results no doubt about it. I just think its now pretty much fully valued.
RMX has published a set of prelim drilling results.
http://www.asx.com.au/asxpdf/2014022...sp56wtmxw4.pdf
Sth Wst Breccia lode extension - 1.5m at 8.7 g/t AU, incl 0.5m @12 g/t AU.
This company is fully funded with systematic testing under way.
But the market is not at all impressed with this report (sp is down 18% today). Whoops. There is solid support at 1.7c but will it hold?
I'm exposed to only 4% of my portfolio but it's still painful.
Are you still hanging in there, Daytr? Any good reason you can see to average down?
Edit: I've just bought more at 1.8c but I'm thinking I should protect my capital on this, and so have put my entire holding on offer at 2c (my average buy price). I'm searching for a good reason to pull it. Performing more research on this company.
Yeah the market certainly wasn't impressed. There is also the thought of a looming overhang due to the up-coming release of shares from escrow. Look, the results weren't bad, they just weren't stellar. It is a very unusual style of drilling they have going as they are drilling so very shallow. From what I am reading they are basically drilling three holes at a time, bunched together? Is that how you read it BC? I think they can only do this as they are only drilling to a very shallow level. They have plenty of drilling to come & I am hanging on in & am still pretty optimistic. I looked at topping up at 1.8c, however I thought I would give it a day or two to settle & see where it ends up.
SOC hit my bid at 11c and then climbed off that double bottom. Is this the end to its slide? I sure hope so...since I have now accumulated quite a bundle.
Great potential, and I would say that a report reminding the market of that fact is well overdue. Climb, baby, climb.
I had a couple of sneaky bids in today but didn't get hit. The next 24 hours gold could go either way so I wasn't any rush to get on board & gold stocks didn't pull back as much as I thought they might today. I lightened the load a little on SOC yesterday. I was too overweight for too long so took a small loss on my last parcel bought. Still have a reasonable stake, but just want to diversify more funds into producing companies at this point. Will stick tight now with the rest of my SOC stake & hopefully the PMR results wont be too far away.
I bought into SLR today. I've had some before but sold out just before they peaked late October. Technically, I'm picking January's support at 54c to hold. Fundamentally, they look fine to me. Others' thoughts?
Fundamental strengths:
- Dec quarter had a record production (35% higher than 2012)
- an update to its 2014 guidance (from 180-200koz to 205-220koz).
- Operating efficiencies at Mount Monger and improved recoveries
- JORC reserve of 1.7moz AU with base reserve of 6.4moz
- $14m operating cash flow for the Dec quarter
- Cash and bullion reserves of $17m
- Reduction in debt ($52m in June'13 to $8m in Dec'13) and now almost debt-free
- post merger with Integra, now a bona-fide mid-tier producer
- Extensive ground coverage and on track to produce over 300koz in 2015 and beyond
Weaknesses:
- drop to 3.1 g/t gold from 4.2 g/t in the previous quarter
- ASIC relatively high (which is why the sp dropped to 35c in Dec when Gold was sub-1200USD)
- no hedging (although given Gold's price technicals of late, this could be a good thing for now).
I have joined you on that trade BC. Seems they have had some issues of late but have put that behind them & are on to better things. All in sustaining cost forecast of A$1016 is pretty reasonable imo. I like the fact they have some reasonable other prospects to look to develop as well. I really want to get back into RSG & should have last week when it traded around 60c. Will keep sniffing on that one. Lets PM on targets for SLR. Cheers Daytr
I have joined you on that trade BC. Seems they have had some issues of late but have put that behind them & are on to better things. All in sustaining cost forecast of A$1016 is pretty reasonable imo. I like the fact they have some reasonable other prospects to look to develop as well. I really want to get back into RSG & should have last week when it traded around 60c. Will keep sniffing on that one. Lets PM on targets for SLR. Cheers Daytr
I have joined you on that trade BC. Seems they have had some issues of late but have put that behind them & are on to better things. All in sustaining cost forecast of A$1016 is pretty reasonable imo. I like the fact they have some reasonable other prospects to look to develop as well. I really want to get back into RSG & should have last week when it traded around 60c. Will keep sniffing on that one. Lets PM on targets for SLR. Cheers Daytr
I have just topped up again on SLR at 45c. Must admit I didn't think it would get this low. I have averaged in at 50c & will now sit tight. As long as the POG holds up it shouldn't be long before we see a bounce back. Shorters have had a field day on this one having dropped around 40% in value in the last week or two! All in sustaining costs forecast of A$1016 gives it a very good margin at the current price of A$gold. EBITDA should exceed A$70M pa, could be higher, could be lower dependent on the POG.
Likewise at 46c. I too have confidence in this stock lifting this year (for reasons stated in my earlier post above). Being dropped last week from the S&P/ASX 200 had a bigger impact on this stock's sp than I'd anticipated, but its value remains. IMO, as evidenced by the following, this stock has been oversold:
1. These SLR prices have not been seen since the PoG was under 1250USD around Christmas. It is now at ~ 1340USD.
2. From their Dec Quarterly Report, SLR's value has improved: http://www.asx.com.au/asxpdf/2014012...78sscx0d90.pdf
3. Charting has RSI well under 20% with OMV over the past week more than 50% higher than its average over the past 3 months.
It's now the largest part of my portfolio.
BC
Could be good timing BC, gold is showing some afternoon strength. First time for quite a while that we have seen gold positive in Asian trading.
I doubt it. But I'm buying on the way down (an exception to my usual approach, which proves the rule!). Happy with the number I have but if it gets to 40c I buy more. It closed today at 44.5c.
Meanwhile, I also now have again bought into ALK @ 34.5c. Another nice stock, with support confirmed at 34c but with resistance (previously support) at 39c (13% higher). More upside than downside at these prices for quality diggers.
Other stocks looking to be dipping nicely (OGC, RXL, RSG, OZL, PGI and SOC).
We may well have now seen the low in SLR & a few others. Gold looks likely to punch through $1360 resistance tonight. Gold is trading like a freight train & one thing about freight trains, you don't get in front of them!
I must admit I would have thought we would have seen a bigger rise in SLR today considering what gold did overnight. Its hard to believe its still trading slightly below 50c. Gold should really have a crack at $1420 from here & if it does you have to think SLR has to break the shackles & march a lot higher.
Yes, although SLR and ALK today both had a higher low and a higher high than yesterday, which bodes well for tomorrow.
Other juniors to have done well today include RSG, PRU, PGI and AQG.
Yet another depressing day to hold SOC ....that will serve me right to go against my gut feeling on Gold producers Vs Explorers at the time I exited PGI to SOC .....>>>>hoping It will reward holding after SOC next results
SOC touched 10c this morning then shot up smartly to 12c. Now trading at 11.5c. I expected a large crossing at 10c which would explain why it's been taken so low these past few weeks...but no sign of it yet. Surely, this stock price can't drift lower. My last parcel I bought at 11c, and although it's tempting to buy more, I'm reluctant to increase its % of my portfolio (for risk mgmt purposes).
A timely announcement would bolster this morning's change in momentum. Are we due for one?
RSG has hit my target price and so I'm buying back into it today. No hedging means that in doing so I'm expecting the PoG to rise sometime this week. Sailing against the wind is a bit riskier but more exhilarating than cruising downwind -- I'm picking a rise to 1350USD by the end of next week.
The pattern with Gold appears to be: bullish until each FOMC meeting, then bearish for a week after before turning again.
BC
I don't like this IPO of MT Adrah by SOC one bit. Management are coming across to me as corporate cowboys & I am quickly losing faith. No communication on drill results for far too long & now this. How can you sell something & not get paid!
SLR finally getting off the floor today trading to 46.5c in early trade. If gold does what I expect in the next few weeks I wouldn't be surprised to see SLR nudging 70c. Finally some good news on SOC as well, I think the restructure makes sense & will hopefully mean SOC will start to trade at its real under lying value. Also any positive drill results from the JV should now impact the SOC SP directly rather than via PMR.
Well think was a better move than the IPO idea which is a joke IMHO if they needed 2mill just come to the market or the insto buyers happy to pay 18c per share but now need to set-up a new high cost ASX listed company ...overall extremely disappointed and I've have my fair share of disappointments in the market last couple years ...really over it and at this stage further investment will be heading towards Property ...
I invested into SOC as I understood we had a great discovery at "Mt Adrah" with a suit of other great investments with drill results due any day (which was months ago still waiting) guess I let greed of a quick profit rule my head ...rather than look deeper ....now I think the market has come awake to the muti interlinked companies HRS, RAF, SOC, PMR, HGL, TCM, ABZ and now the new MTL all comes across to look after the major interests at the expense of the smaller holders ..and if we did somehow find a great discovery those same interlinked companies of basically much of the same guys will reward themselves first or like HRS just de-value de-list then re-model IPO and best of all pay 100's k in wages
for doing very little for the general retail holders ....
Don't get too bitter on this one, JB. Like the rest of us, you do get to vote against the IPO at the AGM.
http://www.asx.com.au/asxpdf/2014041...m2klsj7ytc.pdf
I have a hunch the sp will climb from here, off a support base in the mid 7's.
Discl: still holding (I share your pain).
Yeah ownership structure pretty much is all interconnecting same mgmt etc and they control the vast majority of Shares in SOC so basically what they want they get in this case..
All I know is I brought SOC which assets included
-72% of Mt Adrah 770koz Gold etc
-70% of SUGEC
-100% peel fault
-78% of PMR shares
the new and twisted SOC
-57-62% Mt Adrah - MTL .asx
-100% halls peak (lead ,silver ,copper) we get three permits from the ann not all of halls peak or broken hill etc from my understanding ?
1. Sovereign Gold to acquire EL4474, EL5339 and EL7679 (PMR Sugec Tenements); Not GOLD prospects !!
-100% of SUGEC ? (may or may not get all the funding never trust the chinese)
we now go to 55% if all the funding goes ahead?
-15.5% of new PMR (which moves to more of a Gold focus)
....Basically the boys pulling the strings are taking Mt Adrah away from SOC holders this is the first move the 2-3mill funding will not last long ...much more funding will come about at likely lower SP unless the results that are released are good ...it's not hard to see by this time next year SOC will be holding much less of Mt Adrah /MTL or else why would the boys take the effort to re-list a new company new MD (not long ago came on board) etc..
Just throw the SP movement from a time we holders believed Mt Adrah was going be a monster discovery too now ....
Going forward SOC core asset will be Base metals / Silver
IMHO a Hold purely on the current market value to assets but a SELL on sentiment towards mgmt motives ....
I've got truckloads hoping for a spike to get most of my funds back >> what a bloody nightmare
BC & JB, I think you have every right to feel hard done by. The management have completely let the shareholders down. After being so promising & delivering regular drill results they have now been quiet for months on that front & now just are shuffling the decks. I had an inkling way back when they said they weren't going to report as often & I obviously wish I had followed my instinct way back then. I sold a fair few at 13 & 12c so haven't taken so much of a bath & am actually thinking of picking some up again, but will wait for a while. Probably should just look at other companies as this has been enough of a distraction already.
Yes, I've taken a bath on this stock. And what's worse, off the back of some very upbeat raves on this thread, I purchased a bundle also for my nephew. That will teach me for not doing enough of my own research.
I'm several thousand dollars out of (paper) pocket...with no let up in sight (no bids above 6.2c). I'm surprised the larger shareholders are not screaming blue murder to the asx watchdogs...or are they somehow getting a backhander ? I still don't understand the company's capital structure.
BC
Tell me about it I ditched PGI @ 4c (currently 4.1c but have been as high as 6c) to load up on over 200k of SOC av 18c(plus loading a mate into SOC stock ) I'm absolutely Gutted next ti nil interest bids 6.2c I;ve never seen any explorer become so hated on so little IMFO
no poor drill results etc ....
Silver Lake Resources' Quarterly Report is not too bad:
Production down slightly due to heavy rainfall closing Mount Monger in January, with Gold sales of 50koz.
Guidance:
Unchanged at 205-220koz per annum.
AISC = A$1,032/oz (Mount Monger which accounts for 70%)
Murchison to be place in care & maintenance (too expensive).
Hedging:
30% of Production (50k) spread evenly Apriul 2014 through March 2015 with a forward price of A$1,536/oz.
No debt with cash and bullion assets totalling $41m.
Earlier this year they successfully raised $39m issuing 65m shares at 60cps. Now trading just above 40cps and those institutional holders will have done their due diligence well enough to expect a payback.
http://www.asx.com.au/asxpdf/2014041...1m9rjwcnc9.pdf
Discl: holding.
I actually used the slight lift in SLR to get out today. I think whoever was trying to force gold last night wont have finished yet so wouldn't be surprised to see them have another crack tonight. So basically I exited as I think I can try to get back in lower. Not sure if it will break below 40c but we may see a short term spike lower in gold & shares, so I'm sitting on the sidelines just in case.
Talked with Michael Leu CEO SOC for awhile today very interesting open guy that was bullish on SOC going forward and quite miffed to the market treatment of the SP(even though I gave him may reason why I believed the market has lost faith of late) .....he understood a good part of the selling had come from a convertible note holder that had exercised into shares
...He agreed with me on Mgmt/Board stepping up and buying shares at these levels would give some faith to suffering S/H's
..Had a major investor pull out at the last minute that would have funded the drilling program of Mt adrah main reason why now they are looking to IPO to raise the 2-3mill needed for the Drill program (they tried too source new funding but to no luck)
..Believed the PMR de-investment restructure would work in SOC favour once the market understood the
upside in the Halls peak asset
..That SUGEC would be a main driver of the SP now with some results soon (also he is heading over to meet with the SUGEC team on further developing the relationship)..
..Agreed with me on free float issues was very interested in my idea's round better P.R & funding to help further SOC sentiment in the fickly marketplace
-Mt Adrah will still be a major asset of SOC with a longer term outlook of MTL CR/funding the growth of a world class resource and in time being sold or J.V into production with better returns to SOC that could have been done under SOC
-SOC don't plan too raise any funds directly for the foreseeable future ...not till at least we have much of the SUGEC drilling results in the marketplace along with Mt Adrah IPO bring results to the table...
Ok, well that's the best news I've heard on SOC for sometime now. Good on ya' JB for making contact wth the CEO.
I can't ignore the fact however that none of the directors have yet been buying at these levels. If Mr Leu really believes its oversold, why for example is he not buying. Ask him that.
BC
Yeah don't worry BC I did and I reckon he at least will be adding to his positions ...hopefully a few others will join in ....like I said to him in times like SOC is going through at present nothing gives more faith than mgmt buying up a truckload of weak hand shares...
Nice one JB, thanks for the update
Hi JB, I have considered your post more closely & I do appreciate you posting this, so please don't take this at any way a go at you but I would like to understand more if you have information from your call available.
You mentioned that he was peeved in regards the market sentiment etc, thinking more about this, its a pretty poor reaction from him & if he can't understand why the market has pushed the SP down then he needs a wake up call. Did he mention anything re the drill results that we expected months ago? Do you think he was saying what he thinks you wanted to hear? As his response seemed to have little substance don't you think? In the last 3-4 months we expected a lot more in regards exploration results & really they have only delivered one fairly average result in that time. What happened to the other results do you think? Did drilling just stop? Also I agree the SOC structure will be cleaner, however it appears we are giving up a hell of a lot for this, when surely SOC should be in the driving sea,t yet it appears they want to give up a large stake in PMR for very little. Anyway mate if you have any further thoughts on the above it would be much appreciated. Cheers Daytr
As you can understand I can't recall every aspect of the talk more so certain points (my brain is overload with many deals at the moment along with two kids under 2) I also might not have understood him 100% on some points (i.e the ownership/admin structure)
I do think the guy has substance and is working within the means of cash available which was limited thanks to a planned overseas
funding pulling out at the last minute ....just some point I can recall
-long awaited drill results are coming out just after easter
-two drilling rigs working throughout the foreseeable future a major plus for SOC over peers in the sector
-going forward from the above we will have a good amount of ongoing results coming to market and hopefully a major SEDEX discovery announced 14/15
-Better to have Mt adrah farmed down(But still be major holder) and get the exploration work underway sooner rather than later..
-they wanted to clean up the PMR/SOC structure lesson the costs/paper work i.e SUGEC now working with SOC only..
-No need to raise funds in the near term
That's great thanks JB
I re-entered SOC yesterday doubling my stake. I really can't see it going much lower than 6.5c but I could easily see it doubling or even tripling from here. Lets hope those drill results they promised JB come thru in the next week or two.
anyone else in sharing my pain with RMX
Not much of a drilling update from SOC this morning - more about their company restructuring. I did get a partial order filled at 6.2c yesterday so praise-G for the timing. I see that already the bid/offer cross over is sitting at 6.5c, and so the market seems to be liking what has just been announced. A steep hill to climb but.
Like you Daytr, I've picked up a few more at these prices...with the rest of my order going through today at 6.4c. It would seem however that the seller has not yet finished unloading. A few more offers have just appeared, and yesterday's climb already seems to have halted (fizzled?).
I for one would like to know why SOC's CEO and directors are not buying if they are so confident in this company's success story.
Discl: now loaded right up to my self-imposed maximum (for risk mgmt purposes). Awaiting a turnaround....which might just require some positive upcoming drilling results.
SOC/PMR just released new drill results & they look very good to me, some excellent grades in the release. I can't believe the SP has rocketed on this. Perhaps it will but word just hasn't got around yet. This is ground that SOC retains in the new structure as well so should bode well for SOC holders.
Yes me thinks we will need much more than just some good drill results to ever see are money back.....
Short term I don't see much love with tax loss selling till end of JUNE any buyer interest will be meet by keen sellers IMHO
July onwards hopefully we get some traction on discovering the next Cannington (well I can dream LOL)
JB you may be right, however some of those grades were outstanding & if they continue anything like that the market will take notice.
There is clearly very little buying interest in this stock, which is surprising given today's announcement and what's been claimed earlier on this thread and by the company (potentially one of the largest gold mines in Australia, great prospects, well funded, increasing grades discovered, undervalued, etc).
Perhaps as their CEO surmised there is a convertible notes holder selling down but where is the director belief in this stock - why aren't they buying?
The AGM is coming up - often a share price will rise ahead of that. Clutching at straws?
...grumble, grumble....(bottom drawer).
Yes the results esp near surface were good I always understood PMR believe at depth would be even better ..yet from just these few holes overall the grades are spread pretty even with a couple much better near surface and the far away 30 drill having a hit at depth but not much else above>>>be great to here from a GEO or SUGEC on their view point on likely size do we have a Major Commercial SEDEX discovery in the making or are we still just on the tip of a maybe ICE BERG of SEDEX deposit........
IMHO going forward SOC all about getting the IPO funds across the line and the SEDEX project ....will SUGEC funding be enough to show we have a 200mill+ value resource we can leverage what we have left of the hall peak project into a DFS then Sell off or FUND to mining selling the ore etc ....SUGEC likely will have the same plan through the drill-bit discovery a major SEDEX then on sell to developer and make a mint on the investment
As mentioned on HC BC I thought the tone was quite dead pan in the announcement considering the quality of the results & I think this is due to the IPO & this target wont be included in the newly spun off entity. This also ties the management's hand on buying stock in SOC in my view. Get the IPO out of the way & I wouldn't be surprised to see management buy in, but what is almost certain to happen is more drilling to follow up these great results. Also BC these results were all about the base metal content, the zinc grades were exceptional & the copper was pretty darn good as well.
What's HC? Post a link thanks.
Hot Copper its the equivalent Australian site.
http://hotcopper.com.au/
Yes was certainly positive only wish I wasn't down -68% then I could be feeling much more upbeat ...esp as the funds had come from being smashed bout the same on PGI .....very bleak couple years investing ...going be a shock when one of my Shares actually does grow some legs and move northwards ...be a change
Michael Leu (CEO/Director) has purchased 500,000 shares off market at an average of 6.3c. Finally, he is putting his money where his mouth is.
http://www.asx.com.au/asxpdf/2014050...rtwp3f6tcn.pdf