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redsceptre

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23/09/18

20:07

Post #: 35785577
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Originally posted by catscatscats ↑

Morning all.

Like you, Im sitting on a massive paper loss and Friday was an urge to dump and run. I sold a small part of the position purely to cover the extra money I threw in before drill results but still sit in quite heavily.

My take. The company is not worth half that it was 2 weeks ago. If the company did not have a drill plan ahead of it for the next few months and $2.7m in the bank, different story, but we're not out of options yet.

Forget the last few months for a second . . if we were looking at another stock with a drill plan ahead of it . . at a glance right now . . would we think it was oversold given the prospects at Iron Mask etc etc?

It's not the fault of the MD that there wasnt enough cobalt in the ground. There was no ramping up by the MD, they reported everything as it was. My only regret was that the signs were there that this was a duster earlier (very empty first release and the rush for airbornes) and a few of you even said that "hey this first drill report looks pretty dusty" . .maybe that could have come sooner so the fallout wasnt so dramatic.

The concern now is the general ground. Strong Polymetalics, old reports of existing grades and 10tn samples with 10% cobalt, chip samples turned out to all be nothing. So where does that leave any other site which shows the same? . . . . then balance that against the other drills going on in the area that are showing strong returns already. Some of them are pulling cobalt from the ground already.

So here's my take

They have 6 sites to drill. They've drilled one. What is the chance of all of the sites being dead? Probably not that strong . . it's a matter of how long you are willing to hold whilst the news flow dries up again.

What can they do?

Come out of the blocks with reports on the Polymetalics, a plan on Iron Mask et al.

What can we do? At this price, it's probably a bit of a bargain given they still have money and a drill plan ahead . . and reset the clocks on Iron Mask etc.

At this SP . . would you buy in if you had just seen this from the outside looking in? Probably. Someone did, that's why 17m shares just traded. New people saw this would recover.

Hope that's OK to add. It's been an awful week for all but we're back again next week.

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$3.5M in the bank yeah?

MEI Price at posting: 1.7¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last 9.3¢		Change 0.000(0.00%)		Mkt cap ! $213.7M

Open	High	Low	Value	Volume
9.3¢	9.5¢	9.2¢	$260.9K	2.786M

Buyers (Bids)

No.	Vol.	Price($)
1	463986	9.3¢

Sellers (Offers)

Price($)	Vol.	No.
9.5¢	149071	1

View Market Depth

No.	Vol.	Price($)
1	463986	0.093
8	644264	0.092
6	556368	0.091
20	1430987	0.090
8	475602	0.088

Price($)	Vol.	No.
0.095	149071	1
0.096	205000	2
0.097	415541	3
0.098	138126	2
0.099	52605	3

Last trade - 16.10pm 15/10/2024 (20 minute delay)

MEI (ASX) Chart

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