Copper Price, page-90

This is a really interesting chart. What else is noticeable: the bid side is getting thinner and thinner. Last week someone had the courage to buy 1m shares at 4.4c - that's not a mind blowing volume but obviously some investors are thinking about HMX - - - "something" is changing in the "perception" - slowly but surely.

The question is what could catapult us out of the "small triangle" as well as the "big triangle (starts with the spike in early 2021). The resistances are not that far away from the SP where we currently are.

I could imagine the following 3 reasons:

Reason 1 and 2:




Interesting that there is not a word about Kalman in the Quarterly. The focus now seems to be on copper and gold. We are drilling!

Then I would like to summarise once again: The recurring CRs have really hit the mood (and the SP). It's been like this for years now. Any progress was cancelled out by fears of imminent dilution. This was also very visible in the SP. Fact: Soon we will have 6.5m cash plus 300k as a "gift" from Queensland. If I calculate with a monthly cash burn of 200k - that's enough for 32 months - with 250k cash burn still over 2 years.

But don't forget: We also get 9.1m shares from Carnaby. Although we can only sell these in 12 months' time, this "package" is already worth around 6.5m today. If CNB SP were to rise to A$1.10 - which is absolutely feasible - then a sale would flush another 10m into the HMX account. The rest of the "deal" is then dependent on the success of CNB. Nevertheless - "this" is the starting position: We have cash for years - that is a completely different starting position than just a few weeks ago. To put this into context: When the deal was announced, HMX's SP was at 4.2 cents. The price of CU was around USD/lb 4. The "deal" is not (yet) reflected in the SP. Why not? Maybe because of that?

Reason 3:


Could this be the next reason for the SP to break out to the upside? I could imagine that some investors will have to wait for this "event"...before the are "allowed" to buy.

Ultimately, HMX has had some good hits in the last years - especially in 2023 - including some promising "discoveries" - what has been missing so far is the confirmation of a discovery.

I'm sure the HMX team will get it right. The "environment" has never been so good and it will remain good in the coming months - possibly even years.

Conclusion: I think that the SP will soon move upwards and as I said before: I am extremely relaxed. DYOR