I spend a bit of time around the Kookaburra Gully tenement and all the locals seem pretty certain it will go ahead and also that there's other decent base minerals in the area that are essentially 'on ice' until commodity markets become more economic.
Hopefully they don't run into the same groundwater issues they did with Gum Flat permitting. Shouldn't be an issue with the graphite.
For some reason, despite an uberbullish graphite market, two of the Eyre Peninsula's key potential graphite plays have been horrible laggards: AXE and LML. I sold my AXE shares this week after a break down on the weekly. LML looks good from a low base at this price.
What LML really needs - which it's never had - is some broker support. Underwritten placements to cornerstone investors are great but they don't necessarily provide much liquidity to generate a pump. Keen to have a nibble here for a 100% play to 10c but LT just get the feel it'll be one of those stocks that never heads too high and ends up being consumed by one of the Asian investors on the register.
LML Price at posting:
5.0¢ Sentiment: None Disclosure: Not Held
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