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RXM - Rex Minerals

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I've just started to look at these as an undervalued spec. Not sure if I'll buy any yet but looks like they could have an interesting iron project emerging in SA which could be a little surprise to the market.

Very tight capital structure with just 60m shares and options and key shareholders including Lihir (13%), Avoca (11%), and Lion (4%). Directors hold 17%. Currently at .35 fo mc just about $20m. Means it should move fast on any success.

My main interest is in the spec fe project, Cowell, which looks like it might be an extension of Mt Middleback Ranges which has produced over 200Mt @ 60% +. They plan on first pass drilling in the Sep quarter.

Really spec at the moment and need to look into them a bit more.

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  1. kennas's Avatar
    60m ish shares on issue and now trading at .23 gives it a $14m MC aroundabouts.

    They were drilling the Cowell deposit last month and were supposed to finsih end July. Putting 6 holes into it.

    Looks pretty cheap for the potential, along with it's gold and copper potential.

    Still watching, but tempted at these levels.

    Couldn't go too much lower could it?



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