SMM - Summit Resources

[GreatPig]

A break into blue-sky territory. Currently 54 cents as I write.

Cheers,
GP

[I hold]

[doctorj]

Same day as that big green bar, Laramide closed 20+% higher to CAD$2.00. Laramide owns the rights to mine the Westmoreland Uranium deposit in North Queenslands about 300km north of SMM's Mt Isa deposits. Interesting that the break out for SMM coincided with Laramide.

Perhaps there is word of a shift in policy from Qld Labor. More than likely it's a result of a series of Broker presentations made by SMM's MD, Alan Eggers which, by all reports, has been very well received by American brokers and newsletters.

Either way, volume is definately well up in the past week. On another forum, someone claimed that it looks to be a cup and handle break out with a target of marginally more than 70c, but atleast one brokerage has valued SMM at over $2.50 per share. Certainly an interesting company, far better fundamentally than many other Uranium jnrs, including DYL.

[sep]

brought smm at 42C still holding been told all good things about company. more still to come see what happens..

[GreatPig]

72 cents now... :)

This has been rocketing up the last few days. Hope there are no loose bits on the fuel booster tanks...

GP

[tech/a]

On this myself at 57c---thats when I spotted it.
WEB is another doing well.Yes have that as well.

AEX
RPT are others not performing as well as the 2 above.

[GreatPig]

Tech/a,

Yes, WEB has come to my attention a few times, but I haven't gotten on to that one.

PDN is the one really doing it for me right now. While SMM has had higher percentage gains just recently, I have about three times as much cash sitting on PDN (I would have bought more SMM at the time too, but I had no more spare cash just then).

Cheers,
GP

[GreatPig]

Small correction today ;)

GP

[chicken]

Read what they said making a share issue...needing more money from the shareholders....once they produce...or get permission to mine their Uranium Share price will go higher :2twocents

[Cash cow]

Has anyone out there been buying into SMM lately? Has been performing quite well lately. I have been buying them between 62 and 65 cents and selling them for between 66 and 72 cents, usualy either on the same day, or the following day.

[farmboy]

I bought Summit at 61 cents and intend to stick with it for a while. I think it has a long way to go yet.
Some people on the Labor side of politics are starting to change their way of thinking re uranium and nuclear power, so that should boost uranium stocks.

[white_rabit]

Yeah I'm jumping on this band wagon, the correction that just happened isn't too much to worry about IMO.

[doctorj]

Beginning to like the look of SMM. Take a look for my thoughts here (http://bvlblog.ath.cx/index.php?entry=entry051126-115935).

[doctorj]

Probably poor form not to post it here, so here it is as well.

Technically, SMM is in a major uptrend from September '04. Recently it has pulled back rather strongly and found support of the 50% fibonacci retracement level from the low in April '04. It has traded within a narrow trading band from 12/10/05 to 21/11/05 when it broke out of the upper levels of the band accompanied by strong volume.

Interestingly the 50% retrace from the 17/11/05 low coincides with the top of the band made by the swing high on 18/10/05. The break out temporarily broke the top bollinger band and is pulling back on declining volume. It should find support at the point defined by the previously mentioned 50% retrace at which point we'd be looking for a rebound and a potential entry.

This could be considered a flag pattern which would give a target of 84.5cps (as given by height of the flag + support point) if it plays out as expected.

[Fab]

I have been following this stock for a while now (few months) and bought at 0.90 cents around 4 months ago at the time it was a high, it then went several time to 0.55 to 0.60 which seems to have been a strong resistance zone and bounce back to eventually go past the 0.90 cents which it broke yesterday. In the last 2 days this stock gained over 10% each day, I can't see any valid reason . Can anyone explain. I am not complaining as I have got a fair bit of SMM but I am more trying to understand the reason behind this strong rise.

[Fab]

SMM is moving up very very nicely but not too fast which makes me things it is unlikely to stop. Has anyone been following this stock ?

[Fab]

This stock is moving very nicely up. I am wondering if someone could tell me a bit more about its likelihood to keep going up

[Fab]

Wow. Up 20% and counting today.

[chicken]

Wow. Up 20% and counting today.
No it was 10%...but different dates....Uranium went up $3 overnight...I bought in at 94cents..10K and bought another 10K yesterday at $1.04....so av.99cents....will hold because as soon as Australia lets them mine..look out $3+.....do your own research.....will rise today :D

[Fab]

Chicken,

I have to say I bought this share about 1 year ago based on some advise that I have not really checked so far so good as I bought at 0.90. I would be interested so to get some more opinion about the potential of SMM if you know much about it.
My prefer stock in that sector is by far PDN (I have done very well with it since I bought it about 1 year ago when everybody was saying it was already overpriced a bit like SEK which I still hold as well).


Cheers

[chicken]

Chicken,

I have to say I bought this share about 1 year ago based on some advise that I have not really checked so far so good as I bought at 0.90. I would be interested so to get some more opinion about the potential of SMM if you know much about it.
My prefer stock in that sector is by far PDN (I have done very well with it since I bought it about 1 year ago when everybody was saying it was already overpriced a bit like SEK which I still hold as well).


Cheers
Fab, I would suggest to do some research, in fact, as soon as SMM have the green light for mining the SP will be $3.25+....in fact they have a huge find in MT ISA...do your research as this one will be huge..bigger than your PDN believe it......also Copper and Gold.....I just bought more on the down day at 94cents....and put it now away...I DID MY RESEARCH see their latest announcements....... :D

[Fab]

Chicken,

Thanks I normally do my research but I bought this one based on some discussion I had. Where do you get your information from on this stock

Cheers

[ALFguy]

Might be on the move with an update of finds at Mt Isa....

[Fab]

Looks like you might be right. Up more than 5% today

[Fab]

SMM +14% today in good volume can anyone explain why ?

[chicken]

Smm...ready to go for a run...what is this worth when they are or have permission to mine....some are saying as high as $28....conservative..... :2twocents

[sam76]

Smm...ready to go for a run...what is this worth when they are or have permission to mine....some are saying as high as $28....conservative..... :2twocents

Geez chicken, who's saying $28?

[kennas]

'Some' are Sam. Close relations to 'they'.

I think Chicken has a $28 price target on SBM too!

[Fab]

When is there mine due to go to Prod ??

[chicken]

Geez chicken, who's saying $28?
Sam,read HC and its all there research and all.....good hunting...also PDN might try and buy SMM....it will costs them....the CEO of SMM is a NZ lawyer...highly respected....company will go places as soon as the labour policy has changed.... :2twocents

[Fab]

Chicke,

What do you mean by read HC ? I also think it is unlikely PDN would bid for SMM as they are already bidding for VUL.

:)

[kennas]

Forming a nice penant. One to watch for which way it breaks, but should be up.

I'm not on this yet, but as discussed through this forum, one of the better U plays in the country except that it's in QLD *%##!

It will be interesting to listen to debate during question time over the next few weeks and the comments by the fed Labor party and what the consensus may be. I think they're going to change national policy which will mean SMMs significant deposits will be there for the taking.

[dj_420]

the resources that this company owns are huge. and they only have 187 million shares on issue. i think these guys will be bigger than palladin. what are ppls estimates when uranium policy changes, i mean im thinking it will be a 5x increase following policy change.

do they have production cost esimates yet or is that far off?

i bought in at 1.50 but will be continually adding this stock. buy into the dips

[kennas]

Chart wise it's starting to look shakey. Dropping down out of a pennant but not dramatically yet.

Agree on the fundamentals. The tenaments they have are outstanding with some of the biggest deposits in the country. When and will they be able to mine it though?

I think if Labor changes its policy you'll find a lot of the big boys scooping up these companies, although it's happening already. PDN takes VUL, Mega buys RPT. Wonder when BHP and RIO are going to start buying?

Surely SMM would be under the microscope?

[Fab]

Sounds good but what are exactly the fundamentals of this stock and why SMM should do better than any other speculative mining stock ???

[dj_420]

i dont know how shaky its looking. buyers are beginning to stack up and its only 9:20 am.

what is the result of pdn buying out vah, smm will still earn 50% am i correct. if anything it shows what a world class deposit they have, pdn trying to snap up major deposits for policy turnaround

[dj_420]

buyers disappeared this morning, but showed good support at 1.39 - 1.40 is it still within the pennant kennas??

i found this article on summit




SUMMIT UNDERVALUED BY UP TO TEN TIMES!

COMPANY COMPARISONS

ORD MINNETT

URANIUM REPORT ERA

Attached is Ord Minnett's Company Review dated 11 July 2006 on Australian Uranium Producer ERA.

Table 4 compares a number of uranium companies market value of A$ per tonne U3O8 based on their uranium reserves and resources.

Summary Table 4

COMPANY Valuation A$/tU3O8

AREVA $75,084

PALADIN $56,520

DENISON $46,558

CAMECO $29,314

SRX URANIUM $10,224

ERA $9,818

SUMMIT $6,932

An analysis of Ord Minnett's table indicates, based on companies uranium reserves and resources, Summit's share price on a comparative basis, should be over 10x its current price when compared to AREVA, over 8x its current price when compared to Paladin, around 7x when compared to Denison and 4x times when compared to Cameco.

Further, the quality of Summit's uranium resources in terms of grade and tonnes and proximity to existing mining infrastructure, translate directly into Summit becoming one of the world's lowest cost uranium producers with high margin profitability.

Alan J Eggers Managing Director
SUMMIT RESOURCES LIMITED

[kennas]

Hmmm, interesting info. Makes it look very attractive. It's in QLD though!

I think it's lost the pennant for the moment and just wavering, generally down, although todays action was encouraging. Hit $1.39 and bounced significantly. There was some previous support around that level. Need to watch it over the next few days to get a better picture.

[dj_420]

i think that is the only thing holding it back, the fact it is in qld. when uranium policy turns around this will have huge potential.

i think that with rising pressure eventually we will have to change policy regardless of some political opinion.

its only a matter of time

[dj_420]

It comes down to this policy been reversed. if they change the policy at a federal level then that will efectively overrule whatever beattie wants.

IMO there is a growing pressure from both US and China to begin a uranium enrichment policy. This policy cannot stand forever and when it does finally get reversed SMM will be able to make the progression to producer.

Interesting to note whilst paladin bought into Mt Isa also then they obviously expect a policy change in the upcoming year. What would be the effects of Paladin and Summit in the JV, anyone care to comment.

Also the way uranium spot prices have been consistantly increasing every 2-3weeks. it would be good to see u above $50, that will generate panic buying in u stocks and we will see another u driven increase

[dj_420]

I found the valuations that chicken has been talking about.
It is an insitu value only and does not take into account productions costs.
It also is based on the assumption that SMM can increase their deposit size up to 150 million pouns of u. It is also based on the assumption that the current u spot price continues to increase at a rate of $0.5 per week. It is a post that was found on hot copper. I have posted it below for people to read and discuss



Post 2:

Investors have forgotten that the current increase in the U price amounts to US50 cents/week and that this increase confirms my prediction:

Subject re: increases of insitu values
Stock Code SMM - SUMMIT RESOURCES LIMITED
Posted 11/05/06 09:42
Posted by stolwyk
Post #1054463 - 1418 reads
In Reply to msg #1043143
Investors have forgotten that the current increase in the U price amounts to US50 cents/week and that this increase confirms my prediction:

Subject re: increases of insitu values
Stock Code SMM - SUMMIT RESOURCES LIMITED
Posted 11/05/06 09:42
Posted by stolwyk
Post #1054463 - 1418 reads
In Reply to msg #1043143

INCREASES OF INSITU VALUES

Assuming they can get 150 mill lbs in a year's time (And they are well on the way),

then the deposit Insitu value will be Aus$8181.8 mill (US$42/lb and A=0.77) or based on their 188 mill shares, $A43.52 /share, a nice value but *not* incorporating Uranium price increases during the year.

+ + + What is forgotten that the Uranium price increases during the year could be good enough to hold the shares for, while waiting for approval.

One could get a 50 cents/week increase in the U price in the next 12 months or say US$26.

That gives a massive *increase* in value of the Insitu deposit of 150 mill lbs or more or $AU5.064 billion or $AUS26.94/share. Current share price is $A1.51.

+ + + Assume we have an Insitu 150 mill lbs U in 12 months time, and the U price will be the current US$42+26=US$68 or $A88.31/lb, or a sum total of 13246.5 mill or based on 188 mill shares:$A70.47/share.

Of course I am talking about Insitu values, but rest assured there will be enough left after production. Current U price: US$47.25


SMM could be one of the most valuable stocks to have ($1.51/share), assuming uranium is getting more expensive with time.

Subject to audit,

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

[kennas]

Yeah, that's all assuming that they only ever have 180m shares on issue too. How are they going to fund future exploration and mining? Is the money going to be given to them by a bank for free, or will they have to complete some big placements diluting the stock? Or, maybe PDN will pay for everything, or buy them out? I see placements on the horizon.

[dj_420]

True kennas, but if placements were all to occur over $1 per share then it wont dilute sp much at all. considering 187 million on issue now, another 10 million placement that would put it at 197 million shares on issue. still great value and gives SMM another $15 million in the bank for exp.

thats where i see a large problem for company like EXT, to raise enough capital to continue exploration they will have to issue a large amount of shares. say they wanted to raise another $10 million for exp (at current sp), that works out to be another 125 million shares to be placed. To continue doing that and to even begin developing mine they are going to blow out placement to a very large number, thus with a high amount of dilution.

In SMM case i dont see further placements to be much of a problem, placement funds exp - and exp upgrades current resources

[dj_420]

I think the effects of PDN taking over VUL will be minimal. If PDN succeeds in taking over VUL then there are benefits to SMM such as:

- a large company with good mgt all experienced in uranium
- a better partner for development of deposit
- SMM still retains mgt, ownership of deposit, it means that PDN can earn only 50%
- SMM still has 100% ownership in 6 tenements and 50% in another 2 (still been 100$ owned and managed)

If PDN are found to be in breach of pre-emptive rights then

- SMM can purchase remaining 50% of deposit for 85% of current market value

Either way SMM wins. Looking forward to a re-rating of SP soon, that will come with upgrades of u deposits.

Mgt have also stressed the focus of the company, that they intend to fully develop and mine the resources that they are defining. Mgt also retain around 30% of shares on issue which means that a takeover would not be met without a fight.

[Fab]

Sounds like it should go up today. Look at the announcement ;)

[dj_420]

If everyone is excited about EXT take a look at SMM. Ann stated that JORC compliant resource estimate has been increased to 57 million pounds of uranium.

That is a significant increase over previous estimates which was 36.5 million pounds of u.

In ground resource value just for valhalla is $2.7 billion US. As soon as other tennaments have JORC compliant resource estimates this company is really going to start moving. This means that SMM can begin studies for a bankable feasibility study.

Resource estimates are now been calculated for andersons, skal and mirrioola u deposits. Should have a huge JORC compliant reserves by end of year.

What are other peoples opinions on the ann today??

[kennas]

Cath, You talking about the 9m share placement at $1.50?

I've been doing some more research on this and I'm starting to be converted, even though it's in QLD. Beattie can't stay in forever, and I think it's a very good change the Nat Labor Party is going to change it's no new mines policy. SMM has the 3rd largest deposit in the country now, JORC, and in a great loc near all the log spt around Mt Isa. They already have plans for a mill and will be pretty much right to go as soon as Labor say 'yes, OK, you can dig up those $billions worth of dirt tomorrow.'

Seems to be wavering atm, and not sure what effect the $1.50 placement has on it. Perhaps just needs some positive news about further mining in Australia for a kick up.

Support at $1.40 on the down side. Resistance at $1.60.

[Archinos]

I agree kennas re SMM +ve chances. They're reasonably advanced now & a forerunner to becoming a monster iff policy is changed. I remember kicking around the old Mary K mine in 90-91 and discussions revolving around "there's still a hell of a lot of it in ground around here... just wait till the price is right and the policy changes etc". Can't wait for their other prospects to be JORCed.

[dj_420]

the only thing holding this company back is policy. BUT if policy changes at a federal level it will effectively overrule state policy. SO if policy is reversed beattie cant do much but go with it, and im beggining to think that his mood is changing anyway, he wanted a study done on the effects of uranium enrichment would have on qld coal industry.

seems to me like there is a lot of pressure for him to change his stance. us and china want us to begin u enrichment also.

what i like about this company is the amount of shares on issue. after last capital raising it is 197 million. tiny compared to what value this company holds. and now co has around 15 million to continue drilling.

not a great deal of interest in this stock at the moment, but im just going to keep buying into dips. this is one that will be next big u miner.

what do you think kennas??

i like the massive increase on valhalla, and the fact they still have another 8 tenements with very good grades of u. cant wait to see these be turned to JORC compliant deposits

[Archinos]

Policy is the key, and Beattie is already on record for saying that if Fedral Labor policy changes, he will fall in line (assuming he wins next election...).

[dj_420]

i also forgot to add uranium is still increasing in spot price. up to US $48 per pound now!! good stuff

have a look at this graph.
shows uranium supply and demand from 1970 - 2005

uxc_graph_u-prod-70-02.gif

dont know if this image has worked
how do i upload image into my post???

[Archinos]

Cathers
since you're interested in following the U price, perhaps you'd like to take a look at an article by Paul van Eeden @ paulvaneeden.com, article dated 2/Sept05 (under Commentary) re inbuilt potential future price influences in the processing of U fuel (Uranium: a tale of tales). Something to keep in mind.

[kennas]

Policy is the key, and Beattie is already on record for saying that if Fedral Labor policy changes, he will fall in line (assuming he wins next election...).

Good article this am in the rear of the Fin saying the Labor no new mines policy is more than likely to change. I've now picked up some SMM at $1.49.

I'd expect PDN to eventually take this over, or with the legal stouch atm, there's a chance that SMM could acquire VUL, which would be interesting.

[Fab]

I thought VUL had just been acquired by PDN. I have PDN and SMM and I think I will keep them for a long long time. :)

[kennas]

I thought VUL had just been acquired by PDN. I have PDN and SMM and I think I will keep them for a long long time. :)

SMM are saying that VUL provided PDN information regarding their company that should not have been divulged under the JV between SMM and VUL. This action could result in SMM compulsory acquiring VULs half of the project. It's going to be fought over in the courts by the look of it.

[Archinos]

Any thoughts on SMM trading strategies in light of impending court action?

[kennas]

Any thoughts on SMM trading strategies in light of impending court action?

Sentiment might go against SMM if it's long and protracted and PDN have the upper hand.

On the other hand, why would PDN not want to buy them out? They're about to be producing at LH, will have good cash flow, have huge market cap. They could easily pick up SMM at another 30% premium without blinking. Then they have another 60mtn ish of uranium to be mined when Labor change their policy, which is odds on.

I'm backing the second.

[Archinos]

thanks Kennas.
I was thinking that as a rule of thumb, nobody likes court action and once it ensues there might be a slight SP retraction. The outcome is anyones guess at this stage...

[dj_420]

i dont see SMM been taken over quite that easily. directors of SMM own over 30% of the shares. i have spoken with director and he assured me that a takeover attempt would be met with a fight. as far as a stock goes SMM is very undervalued and a TO attempt will be rejected.

also SMM have just been entered into ASX300 which will deserve a re-rating. i think that SMM will come out on top in court case and as such will be able to take the remaining 50% of mt isa deposit at 85% premium to market value.

even if PDN can takeover VUL then SMM still wins because they retain mgt of deposit. either way it will mean SMM still remain in control.

[kennas]

i dont see SMM been taken over quite that easily. directors of SMM own over 30% of the shares. i have spoken with director and he assured me that a takeover attempt would be met with a fight. as far as a stock goes SMM is very undervalued and a TO attempt will be rejected.

also SMM have just been entered into ASX300 which will deserve a re-rating. i think that SMM will come out on top in court case and as such will be able to take the remaining 50% of mt isa deposit at 85% premium to market value.

even if PDN can takeover VUL then SMM still wins because they retain mgt of deposit. either way it will mean SMM still remain in control.

85% premium? Where did you get that from Cathers?

You chatting to the directors? Please don't start calling him 'The Chief'! he, he.

You paint a rosy picture, hope all works out. I haven't bet the Moon on this. Just Pluto. So, looking forward to a positive outcome here.

[Archinos]

Kennas
SMM initiation of court proceedings date 28th July

"entitled to exercise an option.....at a price to be agreed, or failing agreement at 85% of the market price determined by an independant expert."

[kennas]

Kennas
SMM initiation of court proceedings date 28th July

"entitled to exercise an option.....at a price to be agreed, or failing agreement at 85% of the market price determined by an independant expert."

Hmmm, 'independant expert' worries me. So does 85% premium. Is that a good deal? Sounds like a lot of extra bickies to me.

[dj_420]

sorry kennas i meant 85% market 15% premium.

sorry guys incorrect post. must be u fever gettin to my head.
and i will never refer to one of the directors as chief!! haha.

the reason i spoke with director was regarding PDN attempt to to VUL, i wanted to know if that changed the company strategy or focus. he said no, as you already know SMM remain as mgr of deposit.

ive been looking over their drill results for other deposits. have a look at andersons, could be another jewel in the crown. cant wait until these deposits are converted into JORC compliant.

the admission of SMM into asx300 is also important. why would a company who have not mined an ounce of uranium be admitted into asx300. the potential must be enormous. pending change in policy we will begin to see fair value for this stock.

[chicken]

All they need the green light..and how much is SMM worth... :2twocents

[dj_420]

i have been looking over summits tennements and in addition to valhalla and skall ones i think are of large interest are:

ANDERSONS
Recent drill results reported for Andersons include:

28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5

Only one of 8 deposits, 6 100% owned


Future Targets:

WARWAI
Drill results previously reported for Warwai include:
9m 5.29lb/t (0.24%) U3O8
8m 3.09lb/t (0.14%) U3O8

DRUM
Rock chip assays reported for Drum include:
Rock chip 13.40lb/t (0.61%) U3O8

These are only 2 of the 15 prospects for exp

Quite a few of their 100% owned tennements will be JORC compliant by the end of the year, looking forward to increases on current tonnage.

i think this one is a sleeping giant and positively identifying resources will help market take notice.

[dj_420]

interesting to see summit refusing offers from sinosteel
they obviously see more value in operating their own resources with their own mgt


http://www.theaustralian.news.com.au/story/0,20867,20407946-5001641,00.html

Minnow's mighty U-turn gives China some critical mass
COMMENT
Matthew Stevens
September 14, 2006
ON June 10, 2004, Norman Kennedy paid Rio Tinto $204,000 for an exploration lease in the Curnamona Province near Broken Hill.
Yesterday, Kennedy effectively sold a 60 per cent interest in that same lease to China's leading resources trading house, Sinosteel, for $32 million.

Two years is a long time in the mining game. Especially when your little chunk of the Curnamona contains a couple of uranium deposits which were originally discovered by the South Australian government back in the 1950s, which ran the nearby Radium Hill mine.

When Rio sold, uranium was still an economic and political no-no.

In 2004, prices were ordinary and Rio already had enough on its plate in the Northern Territory trying to extend the life of Ranger's diminishing resource, while it negotiated with the Mirarr people on the world-class Jabiluka deposit.

But with prices now topping $US52 a pound and South Australian Premier Mike Rann leading a charge to overturn the Labor Party's ludicrous "no new uranium mines" policy, Kennedy's punt looks like paying off big time.

In April, Kennedy and geologist wife Rebecca floated Pepinnini as the public vehicle for a suite of mining prospects they had collected from major miners over three years or so. Named after the French daughter of a family friend, Pepinnini raised $3.5 million in selling 45 per cent of capital on the market.

Six months later, and tiny Pepinnini has banked a $1.5 million deposit from Sinosteel in what is a downpayment on a $30.5 million proposal which will see the Chinese company emerge in control of the joint venture, with plans to build a $200 million uranium project at Crocker Well.

Crocker Well is the low-lying fruit in Pepinnini's territory. It is small, but relatively perfectly formed in the sense that the project would be little more than a quarry. The ore does not need to be chemically extracted and it would be treated in China.

The big question is: why would the likes of Sinosteel (and the three other Chinese suitors who sought partnership with Kennedy) bother with a minnow like Pepinnini?

There are two answers to that one. First, obviously, uranium. China's investment in nuclear energy has been comparatively modest and one reason is that it has been unable to secure reliable sources of new supply.

So, following a model established by Japan in the 1970s, China is prepared to provide foundation capital for uranium projects in return for equity and supply agreements.

And where better to look than Australia, where the uranium industry is still struggling to emerge from a politically enforced 30-year hibernation.

Which sort of gets us to the second reason, which is that Pepinnini's resource is in South Australia, where Rann has made it clear he is ready to sell more uranium from more mines.

So, Sinosteel's first footprint on Australian uranium was always going to be in South Australia. The next might well have been in Queensland, but I understand Summit Resources is refusing similar deals being offered to fund the development of its array of deposits outside Queensland.

Of course, nothing is going to happen in Queensland until the federal Labor Party embraces Rann's push to overturn the "no new mines" stupidity. At that point, you can bet Peter Beattie

will move quickly to open new mines in his state.

It is worth reflecting that only a year ago, a deal like this would have been politically and diplomatically unapproachable. The times are changing with stunning speed for the uranium industry.

By the end of the month, we can expect another expression of the uranium industry's perestroika with the launch of the Australian Uranium Association.

Its foundation members, including Rio Tinto, BHP Billiton and a fleet of explorers, have already appointed former Rio Tinto IR road warrior Mike Angwin as chief executive.

The AUA's brief is to concentrate exclusively on the search and extraction of uranium.

It will, for example, play no role in the horse-before-the-cart nuclear debate John Howard and others seem keen to push for.

Angwin's appointment is significant. He was a central strategist in Rio's industrial relations revolution during the 1990s and subsequently assisted in assembling Peter Reith's IR agenda.

Angwin is no shrinking violet and is not ready to retire.

He will become the voice of an industry determined to recover the political and communal legitimacy lost 15 years ago, when Bob Hawke buckled beneath the might of the sickness spirit of Bula and put a stop to BHP's Coronation Hill mine.

[chicken]

All they need the green light..and how much is SMM worth... :2twocents
Chinese are opening their purse string.....HOW MUCH WILL SMM BE WORTH :2twocents

[kennas]

The court action has officially commenced in regard to VUL providing PDN with corporate info, that was not allowed uner the JV with SMM. The result could be that SMM compulsory acquire the other 50% of the Isa JV and only have to pay 85% of the market vaue. A huge win for SMM. I doubt they would not have gone down this path if there was nothing in it. Although I invisage this legal process to drag out, potentially taking the shine of SMMs price, ultimately they will still at least have 50%, and potentially the whole project. Long term, all good.

SP wavering a little, testing $1.40. Looks like a bit of support around this level.

[chicken]

The CEO of Summit IS A Qualified solicitor...he knows what he is doing...tough man that....he is well versed in LAW.... :2twocents

[dj_420]

hey kennas

SMM showing some movement now. A lot of media coverage on this stock lately. Media stating that SMM and MTN are long-term winners.

Does anyone know when next ann regarding JORC deposits is coming??
Could be re-rating finally and we will see SMM test old highs.

This stock shows very strong support under 1.50, when it drops to around 1.40 it bounces back very quickly. I've been trying to accumulate on these drops as IMO they wont keep happening for too much longer.

[kennas]

Yeah, there is some support around those levels. Is it ready to go through $1.60? Has mde several attempts all failing. Needs some good news, resource updates, takeover by PDN.....

[dj_420]

you still holding kennas?

up 14 cents to 1.70 now

its made the break now, if it can hold we will see it retest old highs.
maybe a resource upgrade on the way, another sig discovery?

who knows im looking forward to the ride

[Fab]

Going very well today against the trend. What is happening ? :)

[dj_420]

now up 16 cents as i write. i think JORC compliant results are due soon, could be an explanation.

ive been harping on about summit for a while, i thought it was significantly undervalued, they should experience a re-rating soon i think. admission to asx300, huge potential for exploration areas and already big significant discoveries

[Fab]

I agree. Is that the next PDN ? :)

[dj_420]

increase could be due to SMM will be aust next big uranium producer pending a policy turnaround. BUT honeymoon uranium mine was confirmed on friday making it aust fourth uranium mine!

Does this mean the policy has already effectively been ended, could a turnaround be closer than previously thought.

only time will tell but out of aust uranium companies SMM, MTN and AGS are ones sitting on large resources not been mined.

[dj_420]

i think SMM will be bigger than PDN. SMM has two significant deposits and many tennements with medium to high grade results already. all we need is converted into JORC resources and we will begin to see some fair value for SMM.

take a look at some of my previous posts on SMM tennements. many of them will be JORC by the end of the year, and remember SMM has only 200 million shares on issue.

[kennas]

you still holding kennas?

up 14 cents to 1.70 now

its made the break now, if it can hold we will see it retest old highs.
maybe a resource upgrade on the way, another sig discovery?

who knows im looking forward to the ride

Yep, I'm holding this one for a while. Expecting Labor policy to change next year which will see this jump considerably. I don't think it's factored in much yet.

Interesting % jump today, not seen for a while. Maybe something brewing. Volume not that spectacular though....

[Fab]

I agree the volume is not that high but still nice to see it above 1.70

[Fab]

WOW + 13% today :)

Does anyone know why this buying frenzy today ? :)

[kennas]

Perhaps Beazley et al are getting in early before they change their policy? he he.

[Fab]

Will it go past the $2 mark today ?? ;)

[kennas]

Will it go past the $2 mark today ?? ;)

There was a sale or two at $1.90. Not bad. Broken out I'd say. A $1.82 as I type.

The major resistance was between $1.60 and $1.70, now going blue sky.

This litigation with Resolute might go SMMs way and create quite a big company. I received a nice letter from them in the mail yesterday stating that they were pretty confident of a positive outcome with the procedings taking 3-6 mths. Also planning to have 6 of their U tenaments JORCed by the end of the year. Plus, of course, they are also confident Labor will change their 'No Brains' policy.

[Fab]

Will it go above the $2 today ? I would say yes specially after the big jump of the DOW overnight :)

[kennas]

Well, no $2.00 yet, but pushing up to it once again. Hopefully this will establish $1.80 as a base.

[Fab]

maybe $2 today :)

[kennas]

Let's not get too excided Fab. I want this to be a long slow climb to $5.00+

Should find very good support between $1.60 and $1.75 on any near term correction.

Damn Faulkener looks like he is going to be the next Labor National President which I can't decide is good, or not. He does not support abolishing the 'no new brains' policy which means he will either try and influence the vote next year, or will feel obliged to stay out of it.....

Anyway, for the short term, us SMM holders can enjoy this little ride. Most of the market is doing OK though.......

[nizar]

Let's not get too excided Fab. I want this to be a long slow climb to $5.00+


Very possible.
These guys have HUGE uranium deposits, infrastructure in place, cheap extraction costs only us$8/lb, all they are waiting for is the word GO.

Im not in this but definately be when it gets closer to april. One of the best uranium stocks to hold IMO... :2twocents

[kennas]

Let's not get too excided Fab. I want this to be a long slow climb to $5.00+

I'm excited!!! $1.99. Come on SMM, you need to make up for that damn nasty hound TLS!

I DO want some consolidation around $2.00 please.

[Fab]

Yep, I am very happy with SMM too. Why is it going so strongly at the moment ? Is it the current court case ?

[dj_420]

it is the fact that there will be an additional six JORC deposits by the end of the year. i think there may be some nice suprises for everyone, andersons i think is going to be a nice high grade deposit.

many other tenements also for exp, many good grades in these tenements, take a look at my earlier posts for some of them.

i think some light has finally been shed on SMM, the sleeping giant is stirring. $2.00 is faiur value IMO, i feel this stock still has a long way to run.

anyone been topping up at these levels???

[kennas]

Yep, I am very happy with SMM too. Why is it going so strongly at the moment ? Is it the current court case ?

Fab, the whole market's gone OK the past few days. Turned a bit bullish for the minute. Plenty of 5% + gains, but we don't want this too much. The harder they rise the harder they fall. Slow and steady wins the race. I want to be on this when it's producing in 10 years time at $15 a share.

[kennas]

I'm more excited now fab. $2.00 in the bag......$15.00 here we come.....he he. :D

Just up with the rest of the market though. The past 2 weeks have been very good to us punters.

Sill, would like the good news to be flowing from SMM. They haven't announced much recently and the sp keeps climbing. Imagine when they come out with one of these JORCs around Mt Isa and say they have 5 more to provide.....or maybe it will be buy the rumour sell the fact stuff.....All good as far as I can see.

John Hewson in the Fin today ramping uranium industry in Australia......

[kennas]

Spoke too soon, back down to $1.95. :o

Gotta stop watching these things by the minute..............

[chicken]

Spoke too soon, back down to $1.95. :o

Gotta stop watching these things by the minute..............
Yep, someone wants stock at lower price...getting there...but will rise again..what is it worth..when they start mining...some are saying $70....not out of the question..after all they say that SMM resources are high...and only 220million shares.... :2twocents

[kennas]

Ha! Beaten down by a whole bunch of crappy $2K trades. What a laugh.

Holding up there was just too hard for this little Summit... :(

$1.80 should be short term support. I hope.

[dj_420]

no matter, ill be buying more next week on pay day, ill be glad to pay up to 1.80 for this one. my avg is 1.52 so still ahead, maybe ppl thought news was on the way already and dumped on no news. i think the price did drive ahead a little fast.

no matter see what next week brings, big drop today but nothing about his company has changed, it just got better if i can get some more cheaper.

[nizar]

Yep, someone wants stock at lower price...getting there...but will rise again..what is it worth..when they start mining...some are saying $70....not out of the question..after all they say that SMM resources are high...and only 220million shares.... :2twocents


$70? :D
Nice - my initial target is $5 by next year sometime if nuclear policy changes and its all systems go for production.

But if nuclear policy doesnt change come april, and please bear in mind that is STILL POSSIBLE - SMM will go back down to the cents

[Fab]

The PM has been quoted today to be in favor of nuclear power in Australia again. Watch 60 minutes there is an interview about it
No reason why nuclear power could not work in Australia. I used to live in France where most of the electricity is generated via nuclear central and it is great. Never worry about any risk.
Australia is a perfect country for that, no tension, technology savy and has all the uranium reserve in the world. The problem might be to find nuclear scientist trained in this country
:)

[Fab]

SMM set for another good day today :)

[kennas]

SMM set for another good day today :)

Why so Fab?

[Fab]

I just noticed the pre-opening price and uranium stocks are going to be hot hot hot until at least April and the decision on the 3 mines policy. Then they will even hotter :)

[kennas]

Well picked Fab. Gapped up 5%.

[Fab]

Just sold mine at $2 . Too tempting. I will buy back when it get lower. If it get lower :)

[kennas]

Well done Fab. I'm holding till it hits $70.00 :D

In the upper reaches of the 1 yr trend. Might be a chance to get it when it comes back to the lower band, but breaking through $2.00 is significant. Still, hasn't held above the line for any time yeat really. Let's see what tomorrow brings...

[Fab]

I agree it might be a mistake but then I made over 100% in 1 year.Tempting to log in the gain. I hope I will have a chance to buy back so

[chicken]

I'm more excited now fab. $2.00 in the bag......$15.00 here we come.....he he. :D

Just up with the rest of the market though. The past 2 weeks have been very good to us punters.

Sill, would like the good news to be flowing from SMM. They haven't announced much recently and the sp keeps climbing. Imagine when they come out with one of these JORCs around Mt Isa and say they have 5 more to provide.....or maybe it will be buy the rumour sell the fact stuff.....All good as far as I can see.

John Hewson in the Fin today ramping uranium industry in Australia......
Kennas...I do agree with you here Shareprice...will go A LOT HIGHER....and yes if allowed to mine in 2007....this will go like a rocket....and its best now to position oneself in this stock...have a good holding now my average is 59cents...so do not sell or trade till at least $25.....my cream in retirement..

[kennas]

Going a bit balystic now. As much as I love to see a stock run, I always think whooa there! It's just unhealthy for long term stocks to go virtical.

I'd prefer a nice easy pleasant rise to $100 thanks.

[chicken]

Now hear it from CHICKEN....this could very well be our Poseiden....as soon as SMM have the green light...this could become the $200 share once in a lifetime this happends...so make your research...I hold....and watch SMM when it goes balistic...YOU HAVE BEEN TOLD....London Brokers are now telling their clients to buy.....so it looks to me its all going to happen here... :2twocents

[nizar]

Now hear it from CHICKEN....this could very well be our Poseiden....as soon as SMM have the green light...this could become the $200 share once in a lifetime this happends...so make your research...I hold....and watch SMM when it goes balistic...YOU HAVE BEEN TOLD....London Brokers are now telling their clients to buy.....so it looks to me its all going to happen here... :2twocents


yeh if u reckon nuclear policy will change then no doubt this is THE STOCK to be holding...

[Fab]

Does anyone know a broker that offers SMM on margin loan ??

[kennas]

Fab, you should be able to buy it through anyone. If they don't 'accept for margin lending' this should only mean that the security can not be used as collateral for future lending. ie, the equity of SMM stock can not be used to borrow against for other purchases.

[nizar]

Fab, you should be able to buy it through anyone. If they don't 'accept for margin lending' this should only mean that the security can not be used as collateral for future lending. ie, the equity of SMM stock can not be used to borrow against for other purchases.

kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?

how long do you reckon after the green light in april can these guys realistically start production?

[kennas]

kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?

how long do you reckon after the green light in april can these guys realistically start production?

Summit has the most advanced projects in Australia all within 70km of Mt Isa and should be the first to mine if they get the go ahead. I can't find any information on a start up date after green light.

Reading though their web site will give you a great understanding of where they are at.

It really is a compelling story and if Labor do change their policy, this stock will be worth buckets.

It's market cap has increased considerablein the past year reflecting the value of the in ground resourses, and many of them are still open at depth and along strike. Still potential for further upgrades to the 75m lbs they already have JORCed.

www.summitresources.com.au

I don't hold enough of this atm. Waiting for another pullback to buy more.

I would be extremely surprised if PDN do not buy them out. Or even BHP or RIO.

[kennas]

Their web site also has several independant valuations from the likes of Carmichael, Far East Capital and Martin Place, all raving about them. Carmichael have a $3.65 valuation on them when the price of uranium was about $40 lb. It's now approacing $60, destined for $100 next year, due to supply/demand.

[Halba]

How does this all help Summit which won't be mining till at least 2010/11? And thats a BIG IF

[kennas]

How does this all help Summit which won't be mining till at least 2010/11? And thats a BIG IF

Yep, it's a big if. Life is a gamble. We take a risk every time we walk out the door. But we do it because we make calculated judgements of how safe it is and the potential rewards. I am risking that the Labor Gov are going to change their national policy by analysing who has been saying what and the feeling I get from even the national green groups is that we must change our mindset in regard to uranium mining and power. We will change imo.

[Halba]

when this baby retraces (and they all do) due to somebody saying something about no uranium in QLD, i will buy a small amount in this stock

The trend is your friend as they say. unbelievable trend at that

[Fab]

Halba,

That is what I am waiting for I hope it retrace to $1.80 maybe $1.50 but probably no less.

[chicken]

Halba,

That is what I am waiting for I hope it retrace to $1.80 maybe $1.50 but probably no le
ss. $1.80...PERFHAPS ,MAYBE ,but, I would not bet on it as the cat has been let out of the bag.....LOLOLOLOLOLOLO....Brokers are telling their clients in LONDON to BUY :2twocents

[chicken]

kennas with 5 or 6 JORC resource estimates to be out by the end of the year it seems a winner, but at $500million market cap maybe looking a bit pricey?

how long do you reckon after the green light in april can these guys realistically start production?
Yeah looking pricey..LOLOLOLOLO....with an inground value of Uranium worth $7 to $8 Billion $$$$$$....keep dreaming...and do your figures..PDN will know.. :2twocents

[nizar]

Yep, it's a big if. Life is a gamble. We take a risk every time we walk out the door. But we do it because we make calculated judgements of how safe it is and the potential rewards. I am risking that the Labor Gov are going to change their national policy by analysing who has been saying what and the feeling I get from even the national green groups is that we must change our mindset in regard to uranium mining and power. We will change imo.

kennas
Even if national nuclear policy changes i understand Queensland state government are against U-mining..

where does this leave SMM ?

[dj_420]

hey nizar

if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.

[nizar]

hey nizar

if policy changes at federal level it effectively overrules state policy. so beattie had better wisen up and realise its not going to affect his precious coal mining industry.

Oh thanks, this stock has alot of potential...
If only the stocks i held werent already so good... LOL

[kennas]

kennas
Even if national nuclear policy changes i understand Queensland state government are against U-mining..

where does this leave SMM ?

nizar, I've read somewhere that Beattie stated he would follow whatever the party decided at the national level. Carpenter said he would never however, but my understanding of this 'policy' is that it's binding at the state level as it's one of the parties core policies.

[dj_420]

did anyone see the ann from SMM today?? some very nice grades at andersons, mirrioola and watta. lower grades for bikini and tjilpa.

but the first three are shaping up to be something pretty good IMO. i thought andersons would be a nice deposit and from those grades its looking excellent.

shouldnt be to long till JORC now. the qtrly provided a nice boost for the sp today.

[dj_420]

i dont know if anyone saw ann today but highlights were:

andersons drill results
ANDERSONS 28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
ANDERSONS 8m 2.36lb/t (0.11%) U3O8 & 6.67lb/t (0.30%) V2O5
ANDERSONS 27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
ANDERSONS 20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
ANDERSONS 40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
ANDERSONS 33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5
ANDERSONS 4m 2.62lb/t (0.12%) U3O8 & 4.92lb/t (0.22%) V2O5
ANDERSONS 7m 2.08lb/t (0.09%) U3O8 & 3.07lb/t (0.14%) V2O5

mirrioola drill results
MIRRIOOLA 18m 2.43lb/t (0.11%) U3O8 & 1.48lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.59lb/t (0.25%) U3O8 & 1.68lb/t (0.08%) V2O5
MIRRIOOLA 18m 2.11lb/t (0.10%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 5m 4.08lb/t (0.19%) U3O8 & 1.54lb/t (0.07%) V2O5
MIRRIOOLA 14m 1.16lb/t (0.05%) U3O8 & 1.46lb/t (0.07%) V2O5
MIRRIOOLA 7m 1.68lb/t (0.08%) U3O8 & 1.36lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.35lb/t (0.11%) U3O8 & 1.47lb/t (0.07%) V2O5
MIRRIOOLA 5m 5.54lb/t (0.25%) U3O8 & 1.17lb/t (0.08%) V2O5
MIRRIOOLA 17m 2.12lb/t (0.10%) U3O8 & 1.53lb/t (0.07%) V2O5
MIRRIOOLA 5m 4.16lb/t (0.20%) U3O8 & 1.87lb/t (0.08%) V2O5
MIRRIOOLA 8m 2.38lb/t (0.11%) U3O8 & 1.59lb/t (0.07%) V2O5
MIRRIOOLA 30m 1.77lb/t (0.08%) U3O8 & 1.83lb/t (0.08%) V2O5
MIRRIOOLA 5m 6.41lb/t (0.29%) U3O8 & 1.43lb/t (0.06%) V2O5
MIRRIOOLA 18m 2.03lb/t (0.09%) U3O8 & 1.29lb/t (0.06%) V2O5
MIRRIOOLA 16m 2.63lb/t (0.12%) U3O8 & 1.51lb/t (0.07%) V2O5
MIRRIOOLA 9m 2.44lb/t (0.11%) U3O8 & 1.58lb/t (0.07%) V2O5
MIRRIOOLA 14m 2.86lb/t (0.13%) U3O8 & 1.61lb/t (0.07%) V2O5

watta drill results
WATTA 33m 0.89lb/t (0.04%) U3O8 & 2.14lb/t (0.10%) V2O5
WATTA 47m 1.15lb/t (0.05%) U3O8 & 2.16lb/t (0.10%) V2O5
WATTA 6m 1.70lb/t (0.08%) U3O8 & 4.83lb/t (0.22%) V2O5
WATTA 7m 2.32lb/t (0.11%) U3O8 & 4.76lb/t (0.22%) V2O5
WATTA 8m 1.82lb/t (0.08%) U3O8 & 1.33lb/t (0.06%) V2O5
WATTA 43m 0.83lb/t (0.04%) U3O8 & 1.43lb/t (0.07%) V2O5
WATTA 13m 1.22lb/t (0.06%) U3O8 & 1.42lb/t (0.06%) V2O5
WATTA 4m 2.08lb/t (0.10%) U3O8 & 3.52lb/t (0.16%) V2O5


- confirmation of $5 million georgina basin uranium exp project
- in addition to the georgina basin exp, still another fifteen prospects in mt isa area
- the plans of spin out for constance range iron ore into Pacific Mines to existing shareholders early 2007
- additional exp prospects for spin out Pacific Mines
- appointment of David Berrie as executive director. previously was with BHP in legal roles.
- most resources remain open to continued drilling to expand estimates
- JORC estimates currently been calculated for andersons, mirrioola and watta as sufficiant drilling complete
- excellent grades for andersons, mirrioola and watta (lower grades)

IMO the qtrly just confirmed everything i have stated about company. has excellent prospects, resources and IMO will see significant increase once additional resources are brought to light.

[Fab]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff :)

Cheers

[kennas]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff :)

Cheers

Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.

[deftfear]

I am planning to buy some of these share on a margin loan. Can anyone advise where I can go . I talked to Commsec my current broker and they don't do it ?
I am interested in SMM,DYL , PDN .. Uranium stuff :)

Cheers

ANZ have SMM on their approved list of securities, as well as a lot of other smaller companies, but it needs to be a diversified margin loan ie you have at least 4 (I think) different companies in the margin loan.

[Fab]

Fab, by 'don't do it' do they mean that once you purchase the shaes with your margin loan you can not use the equity in the stock to purchase more shares, or do they mean that you can not use the excess equity already in your account to buy the shares. It should be the former.


Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

[kennas]

Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

Hmmm. Strange. I was with HSBC and could buy anything. Anything.

With ANZ/Etrade now but haven't been able to buy anything due to their administration being completely crap.

[Fab]

SMM down 5%. That makes me very happy as I would like to be able to re-enter but not before it goes below $2 :)

[dj_420]

i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.

im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up.

are you still holding fab or you out completely?

[kennas]

There will be opportunites to pick this up lower. Eventually. Should have a consolidation phase. Perhaps that has started. Should be some support at $2.00, if it gets back down there...will depend on general market conditions. Some things are still flying.

[Fab]

i dont think it will drop that far fab. did you see the grades on the deposits they have released?? no-one seems excited but i think we have some very nice high grade deposits shaping up.

im hoping to top up 2.15 or there abouts. every time it has slight weakness there are many hands to pick this one up.

are you still holding fab or you out completely?

I got out at $2 on this one . A bit early but then I picked some ANZ and ZFX warrant which are more than making up for the lost gain of having dropped out a bit early of SMM.

I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation

[nizar]

I want to get back on this one but a no more than $2 as I believe as Kennas says SMM is due for some consolidation

Dangerous move, as i have explained to you before.
But every1 has their own style i guess....

[JimBob]

Kennas,

I mean you won't be able to buy on your margin loan any SMM or PDN for example

You can buy them using funds from your margin loan but as kennas already stated, you cant use the equity in shares in SMM as Comsec have a LVR of 0% for them, as opposed to 60-75% for most other shares. Ive got a margin loan with Comsec and ive brought some of them with my loan funds, they have done quite nicely lately.

[kennas]

Dangerous move, as i have explained to you before.
But every1 has their own style i guess....

We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.

This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that if Labor change their policy, this is going to be worth a bundle.

So, to contradict what I said earlier slightly, this is a buy at this price atm, if you have a long term view. IMO

Unfortunately, not too many people have a long term view on this forum and jump in and out quickly or are in despair when something goes down a % or two. I am like that too with the speccies, but this is not speculative. This is the real deal.

[chicken]

We'll see nizar. I hope it consolidates where it is, but the odds are it'll go up in peaks and troughs like every single other stock on the asx.

This is 'investment' material for me now, so I don't really care too much about short term price movements now. I am absolutely positive that if Labor change their policy, this is going to be worth a bundle.

So, to contradict what I said earlier slightly, this is a buy at this price atm, if you have a long term view. IMO

Unfortunately, not too many people have a long term view on this forum and jump in and out quickly or are in despair when something goes down a % or two. I am like that too with the speccies, but this is not speculative. This is the real deal.
Kennas...I bought a few more today at $2.26....and am very happy to hold...as you said could be worth a bundle...so I placed my bet....as the Uranium policy will change...just the feeling I have.... :2twocents

[dj_420]

i would like to see the old resistance line form into the new support, which would be above 2.00 plus. a bit of consolidation around this level would be good for long term trend.

[kennas]

i would like to see the old resistance line form into the new support, which would be above 2.00 plus. a bit of consolidation around this level would be good for long term trend.

Great chart DJ!

[nizar]

SMM down 5%. That makes me very happy as I would like to be able to re-enter but not before it goes below $2 :)

That also makes you very selfish, my friend :banghead:

[dj_420]

lol, thanks kennas

[Fab]

That also makes you very selfish, my friend :banghead:

It depends how you invest if you look at it as a mid to long term investment then the fact that it mght re-trace to $ 2 or below is a buying opportunity. Otherwise if you are a short term trader you know the risk of a volatile stock.

[kennas]

Going gangbusters. Outside the trend line imo, running a bit hard.

What I would like to see now is it come back towards the top blue resistance line in the long term trend and bounce off it, sending it into a new range of support/resistance. In the mean time, expect a pull back. I don't want to feel like I have to take profits on this. How weird. :p:

[nizar]

It depends how you invest if you look at it as a mid to long term investment then the fact that it mght re-trace to $ 2 or below is a buying opportunity. Otherwise if you are a short term trader you know the risk of a volatile stock.

my point was u just dont say that u are very happy if a stock falls on a public forum, i mean why would u do that??

2.40, 2, 2.20 who cares about the entry that will be irrelevent in 6 months time.

[bigdog]

What do you make of all the small trades?

12:58:56 2.4800 1,799 4,461.52
12:56:20 2.4800 60 148.80
12:55:41 2.4800 5,000 12,400.00
12:52:14 2.4800 720 1,785.60
12:47:48 2.4800 31 76.88
12:47:48 2.4800 75 186.00
12:47:48 2.4800 75 186.00
12:47:48 2.4800 15 37.20
12:47:48 2.4800 75 186.00
12:47:48 2.4800 2,150 5,332.00
12:45:23 2.4900 562 1,399.38
12:45:23 2.4900 3,438 8,560.62
12:45:13 2.4900 18 44.82
12:45:13 2.4900 44 109.56
12:43:48 2.4800 5,000 12,400.00 XT
12:43:48 2.4800 2,850 7,068.00 XT
12:42:40 2.4800 150 372.00
12:42:17 2.4800 3,000 7,440.00
12:40:12 2.4700 4,500 11,115.00
12:38:33 2.4700 500 1,235.00
12:36:27 2.4500 2,289 5,608.05
12:36:01 2.4500 10 24.50
12:36:01 2.4500 140 343.00
12:33:34 2.4500 1,000 2,450.00
12:31:13 2.4500 1,513 3,706.85
12:30:20 2.4500 9 22.05
12:30:20 2.4500 35 85.75
12:29:32 2.4500 120 294.00

[Fab]

Nizar,

You are correct I apology if I offended you

[kennas]

Great finish, at it's high: $2.50. You are a gem SMM!

Very temped to cash in some chips now to take some profits off the table, but I just know that with the 6 JORC estimates to come out over the next 2 months, this can still go blue blue blue sky.

[nizar]

This stock is a beauty.
The only one missing from my portfolio. I would buy it but the stocks i have are already so damn good! :banghead:

[kennas]

This stock is a beauty.
The only one missing from my portfolio. I would buy it but the stocks i have are already so damn good! :banghead:

It's been a great run hasn't it? Can't own everything though can you? Would be very unlucky to be on a loser atm, or getting in at the wrong time. Ref anyone who bought GDN today.

[JimBob]

This is the best performing stock in my portfolio by a long shot, hard to decide whether to buy some more or just wait and see what happens.

[dj_420]

hey kennas

having a look at SMM on the charts and IMO this recent rise is sustainable i think SMM has just broken through to higher trading channel similar to one seen in previous highs.

we have seen a great increase in sp but not on huge increase in volume historically. based on ann yet to come i think it actually has much more left in the tank and with six JORC deposits SMM should be able to hold this rise and push further.

[kennas]

hey kennas

having a look at SMM on the charts and IMO this recent rise is sustainable i think SMM has just broken through to higher trading channel similar to one seen in previous highs.

we have seen a great increase in sp but not on huge increase in volume historically. based on ann yet to come i think it actually has much more left in the tank and with six JORC deposits SMM should be able to hold this rise and push further.
Hi DJ, I was actually going to draw in a line like you have here at the top of the range. This is a very wide trading channel though isn't it? If it's going to trade in this range, then there's massive downside.

[dj_420]

yeah i think your right kennas, ive been looking over the books and i think it is to wide to be reliable as a trading channel. there are similarities from the last peak however.

that chart only can really show us some support.

[Fab]

I am wondering if you have the same analysis on AGS ? It is following the same upward trend than SMM :)

[kennas]

yeah i think your right kennas, ive been looking over the books and i think it is to wide to be reliable as a trading channel. there are similarities from the last peak however.

that chart only can really show us some support.
Long term it could turn out to be right though. Like a 1-2 years trend. Just have to wait a while to confirm it. :)

[kennas]

I am wondering if you have the same analysis on AGS ? It is following the same upward trend than SMM :)
I think AGS is very different Fab. I've posted charts on there. DJ might do his interpretation, but it was a different story really.

[chicken]

Great finish, at it's high: $2.50. You are a gem SMM!

Very temped to cash in some chips now to take some profits off the table, but I just know that with the 6 JORC estimates to come out over the next 2 months, this can still go blue blue blue sky.
NOW HEAR this....Kennas...I believe that you hit the nail on the head here....this share looks like blue,blue sky ahead with the announcement immenent....Mt Isa mines used to own some of these grounds and it is well known that the Uranium is present in hugh quantities..so I bet my $$$ that it will be hugh and the market is telling us that...with the green lights what will SMM shares be worth..$10,$100,$150,$200....our next Poseiden...I am holding as when it goes off it will fly like a jetplane....so get some now as tomorrow is to late... :2twocents

[Fab]

In the short term $2.50 might be a bit of resistance that SMM will bounce on . Just my opinion

[dj_420]

very nice increase on SMM today. does anyone know exactly when the next JORC is due??

i think the blue sky is just appearing, the stock has seen massive increase in interest.

[kennas]

No dates DJ, but they are coming out with 5 or 6 before Santa arrives, so they need to start dishing them out don't you reckon.

Just have to put the chart up too! :D :D

[chicken]

Kennars..I hear you are selling...LOLOLOLOLOLO....you are one laugh a minute....you would not sell as long as your b is pionting to the ground...what is SMM worth....I say we are sitting on the next Poseiden here :2twocents

[dj_420]

i would like to see two or three or them coming sometime this month.
seems everyone is getting set for the JORC ann.

[moses]

You mean buying on the rumour, price crashing on the ann?

I hope not! :eek:

[kennas]

There may be an element of buy the rumour sell the facts here. Might depend on the quality and size of the JORCs.

[dj_420]

well judging from qtrly we dont have to be worried about grades, everything they have hit has medium to high grades of u.

so it will come down to tonnage of uranium they have. but also remember every resource is open and could potentially see increases across the board.

[moses]

i think the blue sky is just appearing, the stock has seen massive increase in interest.

Indeed. So what does blue sky mean to you re. SMM? $3, $5, $10, $20, more? Chooks may fly but how well do they see the sky?

[kennas]

well judging from qtrly we dont have to be worried about grades, everything they have hit has medium to high grades of u.

so it will come down to tonnage of uranium they have. but also remember every resource is open and could potentially see increases across the board.

Yep, even Skal and Valhalla are open. They have 75 m lbs JORC atm, so they will easily eclipse 100m lbs after they get these next results out. :D

[chicken]

There may be an element of buy the rumour sell the facts here. Might depend on the quality and size of the JORCs.
I have been around for a longtime and I remember in the earlie 60 going up to the northern territory Tennant Creek...as we nearly got into Mt Isa...my German mate told me how much Uranium was found by Mt Isa mines..now part of SMM....I am holding as no way I am selling at these prices..the U is there believe it...I know as I have been up there and seen it... :2twocents

[kennas]

$2.90. This is going to topple over soon it's going too verticle. Surely can not sustain this. To take some profits, or not? Hmmm, might just test my luck a little longer. :)

[dj_420]

not sure kennas

its tempting to take some of the table, but i think this company has just seen a significant re-rating. large buy orders are still going through 50 000 units plus.

i think everyone is just becoming aware of the next big uranium player in australia, even though they cant mine yet.

this is been brought to light with companies trying to snatch up ground around mt isa, where SMM already have huge exp tennements for next couple years of exp.

im holding long term anyways. but i dont know what levels to top up and buy more now.

[dj_420]

Yep, even Skal and Valhalla are open. They have 75 m lbs JORC atm, so they will easily eclipse 100m lbs after they get these next results out. :D

hey kennas if there is 100 m lbs in those two deposits its crazy to think of any sort of total they may have once JORC for other 6 come through.

buyers stacking up again this morning. from the looks of it we have 120 000 buy orders at 2.90 plus. and when refreshing i have seen sellers pulling their bids. only around 50 000 or so selling bids.

should be a good day for uranium again.

[kennas]

I've taken some profits. Still holding a few.

[nirama]

Forgive me coz i am blonde and still learning all this.......what is the best way to see who is buying and selling and what orders are in waiting to be filled. I use the St George Directshares website.....Thanks

[Gurgler]

Forgive me coz i am blonde and still learning all this.......what is the best way to see who is buying and selling and what orders are in waiting to be filled. I use the St George Directshares website.....Thanks

Nirama, I'm also still learning all this, but on Westpac Online, we have access to a link on the side menu labelled "Market Depth" under the subsection "Quotes". By entering the asx code for a stock, you can look at the top 10 buy and sell's. Don't know if you have anything similar at St G's? Hope this helps.

OAM, can anyone tell me the significance (if any) of the Change in Directors Interest Notice posted this evening?

[kennas]

OAM, can anyone tell me the significance (if any) of the Change in Directors Interest Notice posted this evening?
Not much. Taking up options as voted on during the last AGM which was also ann for another director on 9 Nov.

You holding Gurgler?

[EvilCoconut]

Does anyone here think that one day in the near future SMM is going to be ranked agaisnt repectable companies such as PDN and BHP and WPL.?? (in the sense of share prices and dividends)

[kennas]

Does anyone here think that one day in the near future SMM is going to be ranked agaisnt repectable companies such as PDN and BHP and WPL.?? (in the sense of share prices and dividends)
If Labor change their national no new mines policy, potentially a PDN, but never a BHP. Different ball game.

[nirama]

Thanks for that.......St George Direct Shares does have a "Market Depth" option.....all good.....much appreciated....

[kennas]

Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there.

Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....

[nizar]

Heading into buy territory for me. Sold half at $2.70 and I think there may be a little support between $2.25 and $2.35. Should be halted at $2.00 if it gets back there.

Those 6 x JORC resources are to be delivered before Xmas. Surely they will spread them out to get maximum value....

Kennas
What size do you expect for these JORC resources?
ABout 5-10million each? more?

Even at 5million each they will have >100million by the end of it...

[kennas]

Kennas
What size do you expect for these JORC resources?
ABout 5-10million each? more?

Even at 5million each they will have >100million by the end of it...
Give me a bit to try and make a guestimate.

[kennas]

Nizar, I don't think I can take a pluck with the information provided by the company but if you look through the drilling results at Andersons, Mirrioola and Bikini they look pretty good. Just depends on the modelling really. I think these 3 projects will be the first to be announced as they seemed to have finished drilling a while ago and the estimate has been worked on for a couple of months.

An unknown for the company and a potential upside not factored in I think, is the Georgina Basin tenamment, which is untested but has similar geology.

[Gurgler]

You holding Gurgler?
Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?

[kennas]

Yes, been holding since 1.51 but now wondering whether it might be wise to take some profits? Very short on experience of such strategies. Been reading the forum but looking for a practical application. Did someone mention a possibility of dropping back to 2.25-2.30?
I sold half after I thought it'd run too hard. In retrospect a good move, IF I get back in before it runs again. If it does....

I am sure the JORC notices comming out are going to give this a big boost with uranium prices continuing to climb and everyone assuming Labor's going to change their policy.

I just don't want to be out when these reports come in. It could start tonight for all we know. I'm itching to buy more now. Still, down today, and vol not outstanding...

[Fab]

I am planning to re enter between 1.80 and $2 if it gets there before JORC result released :)

[kennas]

Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too. :(

I've probably pick some more up at $2.25ish and $2.00 if it gets there.

[justjohn]

Just about a buy for me now, although I'm still expecting general market correction which will probably effect the U phoria too. :(

I've probably pick some more up at $2.25ish and $2.00 if it gets there.
Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM :eek:

[kennas]

Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM :eek:
Yeah, I know :mad: but I think I bought this before him, so it's ok. :)

[kennas]

Summit being dumped. Interesting. Down yet another 5% already. Under $2.30.

Dropped about 20% in a week or so. :eek:

I'm going to have to rethink my re entry price at this rate. It must stop tumbling at some point, but now when. I still think there should be support at $2.25, but at this rate who knows. Perhaps $2.00 is the next buy point. :confused:

[dj_420]

this is crazy, its been dumped solid for the past week now. all fundamentals are still there and other uranium stocks have now begun to see a turnaround in retracement.

you were right kennas, i should have left half at 2.70 and re-entered later. dont know if its to late to sell down half now.

[dj_420]

i think my best bet now is just to top up more on the turnaround.

[Fab]

It might come back to the 1.80 - 2 range where it was before it started to run

[dj_420]

100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.

its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.

[kennas]

100% retracement, i dont know. i think kennas is right there is a bit of support forming around the 2.25 mark.

its lost a lot of ground, but when are the JORC ann coming, we want to see a turnaround.
Yep, atm there seems to be some buying at the $2.25 mark, as anticipated. Just how much support though. IMO too late to sell half. Into buy territory again, but I just want to see it stop falling frst.

I emailed the company yesterday for an update on when they were going to bring out the JORCs. :) Needless to say, no reply. Yet.

[nizar]

I emailed the company yesterday for an update on when they were going to bring out the JORCs. :) Needless to say, no reply. Yet.

LOL as IF they would disclose that! ;)
Worth a try i guess...
If you do know, PM me please :D

If its any consolation PDN is also getting smashed down 20% from the highs last week. But it looks as though it may be turning around. If not, support around $5.30.

[dj_420]

yeah kennas in hindsight i agree, now would be a very silly time to sell down, it looks like its very close to a bounce, and is looking oversold now.

ive come this far, ill just stick it out and ride through the bumps.

[kennas]

LOL as IF they would disclose that! ;)
Worth a try i guess...
If you do know, PM me please :D


This has actually worked in the past. One company secretary called me to give me a verbal update as didn't want a paper trail. :eek:

[chicken]

Kennas dont forget the CHOOK is involved with this stock, remember what you said about SBM :eek:
You fellows are to much....I have pointed to good stock and you fellows abuse me.....so dont listen as I am making heaps...as far as Summit resources bought them in NZ when they were not listed in Australia...my average is 12 cents...now beat that.....even know the CEO...from Auckland...he has been working a longtime with SMM...after all he started SMM...in NZ...he has been buying up assets in Uranum since the1980....this company was listed first in NZ....so Kennas you are just a beginner in this game...do you want to know more????? :2twocents

[kennas]

Has SMM bounced off $2.25. Too early to tell, but positive sign.

[vert]

mmmm yes watching closely, missed getting on @$2 dont want to miss the next run, almost bought yesterday maybe should have but trying to be patient about entries , dont like riding things down after entry. some say this is going to $5

[kennas]

Definate short term support at $2.25 - $2.30. This should form an even better support level for when/if it comes back down again.

Stochastics turned from oversold, moving up.

I didn't get a reply from the company about my dodgy request about the JORCs to be released shortly. :)

A waiting game.....

[Casual_Investor]

i think its short term support. If it retraces to around $2... it would defintely be a strong buy. Still risky to buy now... but then again it could never come back down and ill be :banghead:

[Casual_Investor]

kennas tell us when u get in hehehe. I wanna get in too... but being patient.

Its obvious that everyone will be wanting to get in at around $2 to $2.10 which is why it will probably never get there.

[kennas]

Finished up over 8%. Perhaps we have seen the last of $2.20s.

If general resources haven't crashed over the weekend, then I'll be back in Monday I think.

[Fab]

I agree with you Kennas. commodities price have to hold today to give some momentum to this resource bounce to give it some momentum

[kennas]

I'm in a lucky position for the minute with SMM. I bought in at $1.50 and then sold half at $2.70, so I'm almost riding this for free at the moment. Buying back in under $2.50, if it stabilises, will be a good thing for me.

Still some significant upside with the JORCs due to be released. If they all have anything between 5 and 10m lbs U3O8 (say worst case 5), then that will take their total resources in the Mt Isa areas to over 100 m lbs inferred U3O8.

At the moment, if PDN do eventually take over VUL (still subject to court action by SMM) then SMM are going to have a very experienced JV partner in taking the IUJV (Valhalla and Skal) forward. With PDNs staffing, contacts, financing, then this is going to be a great thing for SMM, and SMM know this having stated so in their notices to shareholders regarding the litigation. Alternatively, if SMM win the court action against RSG/VUL, then they could end up having 100% of IUJV at a massive discount to it's current value. Still, all good.

They are in a win win situation no matter what. The only down side could be Labor leadership not following through on the no new mines policy change. Bombers reputation and credibility is on the line with this one, and with Ferguson's back up, it should get through. Here's hoping. Who knows what SMMs market cap could be if Labor change their policy!

[chicken]

Kennas...great write up by you...SMM support at $2.26....BOUGHT BACK IN AT $2.29....AND LOOK WHAT THE PRICE IS NOW...must buy more on monday as when the report comes out every man and his dog will look in buying....great swings here...good trading...as I said before..have we got another Poseiden on our hands here.???...I think we have...make your research... :2twocents

[kennas]

SMM back over $2.50 for the moment. I've picked up just a few more.

[kennas]

$2.25 did prove to be a good support area. Up 10% atm. Maybe on the way back up. The U news today has obviously supported it. Lookin good. :)

[bigdog]

The U news means very little except being wishful.

There is no Government support prior to the next election - John Howard stated this today

The greens have stated their objections today also

This one is far from being over the line; in fact the news is years away!

IMHO

[dj_420]

i only ever invested in this stock based on fundamentals, not on wishful thinking. have you had a look at the deposits that SMM has and the exploration tennements.

fair enough a lot will ride on policy change, but pending policy change not every single uranium co in australia is going to profit. i think you will find that only stocks with sig deposit of 30 000 tonnes or more will be ever making it to mining stage.

this is why this company has run so well, people are starting to realise what this stock is worth. JORC should be coming soon.

in terms of retracement, i agree kennas, found very strong support at the 2.25 level, anyone wanting a 1.80 entry will be hard pressed to find it.

retrace to 2.25 then bounce back to 2.65.

[kennas]

The U news means very little except being wishful.

There is no Government support prior to the next election - John Howard stated this today

The greens have stated their objections today also

This one is far from being over the line; in fact the news is years away!

IMHO
This is all great news. Labor are in a corner now and they will at least change their no new mines policy in April. When the State Gov's put it into legislation, companies like SMM will have all the environmental and other regulatory application ready to go. In a reasonable time for those applications to be considered, the State authorities will give the green light which will allow BFSs to be completed, submitted, and mine dev to begin. Due to the advanced nature of the understanding of the deposits here (esp the IUJV with PDN), and their size, SMM should be able to race through this stage, and will more than likely have some very big players knocking down their door to assist them, or take them over. PDN, RIO, BHP, Mega, China! take your pick. No one has ever said that SMM is going to start mining immediately after the laws are changed. You would not have any understanding of the industry or this company if you did.

[chicken]

Seller from the UK should just about sold all his shares should start to climb soon..maybe even today... :2twocents

[Rafa]

pushing towards 2.80 now...

[kennas]

Now trading at $2.87.

Quite an element of luck picking that $2.25 bottom, but I suppose the probabilities were there and perhaps it was a self fulfilling prophecy. I like it! :D

Heading on to all time highs perhaps. Seems to be breaking through some resistance at $2.80. Will be fantastic if it can hold above for the rest of the day. Will become a good springboard on to $3.00 ++.

And still none of the 6 x JORCs out yet. Awesome time for SMM punters.

[kennas]

Failed to break through and hold above $2.85. :( Even more resistance there now.

Hopefully support at $2.75 ish holds.

[kennas]

5 days later - good support forming around $2.75. Holding above this great for a jump from this area.

[constable]

I've been looking at this for the last week but i'd just like to see it make a move b4 i'd jump on. Although i came very close tonight but held back just waiting for the "second coming".

[kennas]

I've been looking at this for the last week but i'd just like to see it make a move b4 i'd jump on. Although i came very close tonight but held back just waiting for he "second coming".
If it breaks under $2.75, then I think $2.60 might be a good buy point. I agree, though, would want to see a positive candle or two before getting in for some more.

[kennas]

Breaking up ,which is noice! Noice I say. Maybe an all time high close today, if it can maintain the rage. Rage SMM! Rage!! :)

People must be wondering if it's too late to jump on this baby. Maybe you are right. Maybe PDN will pay $5.00 for them too.. he he.

[canaussieuck]

Allot of decent miners have charts that look much the some atm, have you noticed a few too?

Cheers,

[kennas]

Allot of decent miners have charts that look much the some atm, have you noticed a few too?

Cheers,
Yep, check my comments on the MTN thread. :)

[dj_420]

has found support in last week or so at 2.72 or thereabouts. seems to be trending sideways now, IMO this pattern will continue until we get the long awaited JORC results. should be here very soon for a nice christmas present.

[kennas]

I think this went out in sympathy with PDN yesterday. :(

Hopefully a little bit of support here, hitting trend line also. Hopefully. Perhaps there'll be a larger pullback.

Where are those six JORCs? Are they going to do us over I wonder? :eek7:

[kennas]

If it breaks under $2.75, then I think $2.60 might be a good buy point.
Post 221.

Am I going to take my own advice? :rolleyes:

[dj_420]

i would have to agree with you here kennas.

from market depth a lot of buying support is building from 2.50 plus. with JORC results looming i am very tempted to buy some more at these levels. apparantly the US is selling some of its uranium stockpiles and market got a little scared yesterday pushing price down.

i however dont see this as affecting the uranium shortfall anytime soon. does anyone know when the ann is due? im might call SMM today and see if they will give me an indication of when these results are coming.

so i have to agree with post 221 at these price levels it is entering buy territory for me.

[bigt]

dj...did you manage to call Summit?

I (like a couple others here) cheekily emailed them to ask rough dates for the jorc's...no reply.

Maybe a call will get better results.

[dj_420]

yeah i called and they said director wasnt available to take my call. left my name and number and what it was regarding. i just want to see these results!

damn all this waiting

[kennas]

dj...did you manage to call Summit?

I (like a couple others here) cheekily emailed them to ask rough dates for the jorc's...no reply.

Maybe a call will get better results.
LOL, I did today as well. he he.

[bigt]

I can't help but have a bit of bubbling in my belly here...6 jorcs before end of year? Big, big ask as we are now midway through the month. I just feel SMM may be concerned if they release an announcement re these JORCS, stating there is some delay etc, it will have a large -ve impact on the SP. So, they just keep us waiting, and keep our vivid imaginations ticking along..thinking of what may be... :) I hope they release the fattest turkey first...

[kennas]

I can't help but have a bit of bubbling in my belly here...6 jorcs before end of year? Big, big ask as we are now midway through the month. I just feel SMM may be concerned if they release an announcement re these JORCS, stating there is some delay etc, it will have a large -ve impact on the SP. So, they just keep us waiting, and keep our vivid imaginations ticking along..thinking of what may be... :) I hope they release the fattest turkey first...
Perhaps they'll release the fattest turkey with the little chicken? The company will lose some credibility if they do not release these by the end of the year. Or, at least 3 of them perhaps. In regards to disclosure, bad news does not get better with time. If they were any sort of managers they should understand at least that.

[kennas]

Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.

[kennas]

Been consolidating for over a month now.....did run very hard initially up to almost $3.00. Looks to have broken out of what I see as a fairly tight trading range up till a few days ago. Nothing too negative, but maybe the start of a new range. Just does NOT like $2.85 ish. If it does break through there then that could be the start of new up leg. I may top up if it does that. Not too happy about the MACD sliding down....

[kennas]

Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.
Not long to go.

I hope this is not a BMN/EXT result with the 'news' being negative for the sp. Might be yet another buy the rumour sell the fact play. :( Anyone want to take bets that the sp gets a whack when the JORCs eventually come out? Or, when they ann that there has been a delay?

[kennas]

Just got a message that there have been some delays with the lab testing and validating data, but the intention is to have further resources released in 2006. This may mean that not all 6 JORCs expected will be released, but at least one will I suppose.
Well, they have 2 days to get the ann out, or prove to just another company who can't keep their promises. Hope they don't let us holders down.....Will be extremely interesting to see what they end up with. I'm still concerned that the ann needs to be quite bullish, or profit takers will take over. 'buy the rumour sell the fact' situation......

Has been consolidating for some time now and could be moved to the potential breakout alert thread shortly. The MACD has just turned up a little indicating momentum could be shifting to the upside. Volume has come off a bit in the lead up to the ann.....

[lancer]

Summit up 8.7%, could this be an indication of a Positive JORC?

[JimBob]

Took a while to crack the $3 mark after hovering around $2.60 to $2.80 the last few weeks, hopefully it stays there now.

[chicken]

bREAKOUT......up 26cents to $3.04 :2twocents

[lancer]

bREAKOUT......up 26cents to $3.04 :2twocents

May have something to do with this posted by Maltesebull:

Nuclear report due

The final report from the government's nuclear taskforce says Australia should move quickly to export more uranium.

The Prime Minister is expected to make the document public today.

The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.

It also reportedly suggests a nuclear power industry could generate significant environmental benefits.

The Prime Minister is likely use the report in his attempts to persuade state Labor governments to remove restrictions on approving new uranium mines.

[LifeisShort]

I believe this large movement is due to Federal Liberal Government announcement today supporting uranium industry in Australia and encouragind Labor states to change the 3 mines policy. You'll see most uranium stocks going forward today especially SMM as its one of the biggest ERA has jumoed significantly as well

[mmmmining]

The report is understood to estimate Australia could double its earnings from exporting uranium oxide by the end of the decade.


I believe the earning should be more than double. The long term contract price is US$15 if they get lucky, and the spot price is US$72. Existing producers just need to wait and do nothing more until the contract expired.

[Fab]

SMM going up but PDN not moving today :eek7:

[lancer]

PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...

[Fab]

PDN has had such a run and now that the news is out about construction mine completed, well I am just happy it did not drop (buy on rumor, sell on fact) I think the fact it has stayed even after the HUGE increase says something...
I guess you are right Lancer. The fact that it is the first U mine in Production for a long time is a very very good news and it comes at the right time too. I have always believed in U stocks for the last few years. I come from Europe and I have seen nuclear working very well (In France), I think Australia is starting to realize that they are sitting on dynamite with Uranium it has the potential to make this country even richer

[vizrock]

Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?

[markrmau]

Is there a court case happening between Summit and Paladin over ownership rights? I heard that Paladin may be claiming that they own the majority of what Summit has. Is this true?

My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid.

You would have to read the asx announcements to get the correct details.

[vizrock]

Cheers markrmau.
It's probably been discussed previously on this thread but I am new to this.
It's fairly well summarised on their letter to shareholders on the 25th September.
They seem confident of an outcome with significant upside if it goes their way.

[kennas]

My understanding - Summit had a farm in agreement with valhala where it could earn interest in valhala's ground by paying for drilling. Paladin took over valhala. the court case is over whether the farmin agreement is still valid.

You would have to read the asx announcements to get the correct details.
I actually believe it's in regard to the Isa Uranium Joint Venture (IUJV) between VUL and SMM which covers the Valhalla Uranium Project. As part of the JV agreements neither party is able to disclose information to a third party in regard to the project details. PDN has taken over VUL, but SMM believe that VUL have disclosed information to PDN during the dilligence, which breaks the JV arrangements. Part of the contract states that if VUL break the agreement then SMM have the right to acquire the entire project for 85% of it's market value to VUL. Good for SMM!!! If it doesn't come off, then SMM are in a 50% JV with PDN for the IUJV. Good for SMM!!

Still no news on the 6 x JORCs promised before the end of the year.....

Going great again this am, trading at $3.22 now after breaking through reststance at $2.90 ish last week. MACD turning up again. Blue sky ahead.