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Positions update 28 June

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Sold all IRC to lock in profits and get back some cash.

Bought more DMM on correction. Way undervalued for potential. Market doesn't like it yet for some reason. Perhaps drilling and potential upgrade to 100Mt DSO will provide the catalyst. Holding and hoping..

STB correcting. Disappointing. They need to start moving on their projects or they'll be a has been.

Holding MAK long term. Unless RP crashes, long term fundamentals compelling. Will reassess after June to see if I take some profits, or just ride it out.

LGL and NCM may be recovering with POG and being oversold.

Taken no profits on AZM, I think with further drilling results and initial JORC at Bepkong it will keep moving to a fairer value closer to 40c (on 1m oz confirmation). In the meantime, expect some natural consolidation, has moved a bit quick.

BFE will move once it starts to get publicised I think. Flying under the radar.

MLM having second thoughts about. I'm in it for the floats of Metrocoal and Cape Alumina, but I might as well just go through the public float. Doesn't seem that they are going to give a discount or much of an allocation to existing holders. Still undervalued, but the money may be better allocated elsewhere in the time being. Especially with it been held back under 60c...

KMN being rerated as it should be. Way undervalued on an MC to oz au equiv under $10. Rediculous. May take the opportunity to add more if uptrend confirmed.

BMN significant break up. Would buy more if I didn't want to be in more cash...

Not sure what to sell to get back into more cash. Maybe some LGL and NCM on any spike up. Or, a few AZM to lock in profits, or MAK after June...

Need to find a better balance in the portfolio with the most potential/undervalued and cash..

Watching CGG, I think it's a long term great asset, but not in my small cap criteria.
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Updated 30th-June-2008 at 08:03 AM by kennas (added graphs)



  1. mu5hu's Avatar
    Hey Kennas,

    This is prob a realy stoopid question but wat does "MC to oz au" mean?

  2. JTLP's Avatar
    Mu5hu...Market Cap to Ounces of gold.

    Kennas, would you not considering holding MLM until they at least announce some results from the coal tenements?
  3. mu5hu's Avatar
    Cheers JTC
  4. Miner's Avatar
    What do you think of DVM considering heavy purchase of directors, relationship with BFE and other exploration companies and higher stake in Lake Macleod ?
    What does your research says >
    I am getting conflicting message on it as ASX shows the share price was 4 cents, directors bought last week at 14 cents, public issue only closed last week to be listed if not done on Friday already and Commsec does not show any value of the share


  5. kennas's Avatar
    Mu5hu...Market Cap to Ounces of gold.
    And Mu, go to the 'gold comparison and information' thread to see a spreadsheet I've been working on that compares quite a few gold companies and their MC to Oz Au. It's an indication of their value. An explorer with a JORC should be on about $30, and developer $60-100, and a producer $100-200. The range depends on the quality of the assets etc etc.

    JTC, you are right about the coal drilling results. It would probably be worth holding to see how MLM goes. Metrocoal's ground is highly prospective, with known coal seams so they should bring up something. Of course still no certainty.

    If you want to put their EPLs in perspective, have a look at the LOD thread and one of the last maps put up by YT on LODs ground. It also shows other companies with their tenaments. Metrocoals/MLMs is huge.

    Miner, I have just had a look at DVM, and to be honest, I have no idea how to value O&G plays. To me they're like going to the casnio and playing roulette. Some have more prospects than others and you might put your $2 on their number (WPL, STO, OSH, BPT) while others are very speculative and you really need to hedge your bets by going red or black. Over the past few years, I've only technically traded them with average success.

    I'm soley interested in BFE for the IO project.

    Sorry no help there.
  6. Miner's Avatar
    To me they're like going to the casino and playing roulette. I'm soley interested in BFE for the IO project. - Kennas

    Thanks a lot for your pun on casino and O & G and I had a good laugh.

    That is interesting. Now I have to watch my son who is taking his degree in Petroleum Engineering and being a Miner I have no clue what they study too .

    I will give DVM a pass until I gain sufficient knowledge on O & G
    Updated 30th-June-2008 at 11:28 AM by Miner (Typo)
  7. Miner's Avatar
    Hi Kennas

    Did you happen to see the BFE job advertisement ? It is seeking the CEO for BFE. THat is a good news of a team formation and further they have referred to its website means information will be very rich about the company

    Unlike many newbe companies BFE appears to be having a professional senior executive team which is great symptom of a healthly organisation and growth of the company

    I will be watching BFE in stock reports now


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