Ann: Commencement of Drilling at Bronzewing South, page-104

Correct. If you look at the chart in my tweet (I've also included it below), I highlighted another spike in volume commencing on 20th June. The first two very large green volume columns are themselves signs of insto buying (they should fit the criteria of Pocket Pivots) and then there was a sustained increase in volume for almost exactly four weeks (ending on 19th July).

The volume occurred after the EAR SP had started basing which is again typical of insto buying.

So we have someone buying a huge amount of stock using Nomura at the lows and pushing the SP around 80% and then stopping. Another sign of insto buying.

The data shows that Nomura bought 27m shares in that four week period. However, after doing a deeper dive, I found that the stock bought in June/July wasn't for Maso as they're sub holder notice shows the 43m shares bought during the Aug window in your data.

That means one of three things: a) Maso did in fact buy in June/July via Nomura but under a different account (possible); b) NST did the buying via Nomura (tsk tsk for insider trading although the laws become somewhat murky about buying leading into an acquisition); c) there's another party on the sidelines.

Either way, I don't think it's a coincidence that Nomura was buying both EAR and HMX in such dramatic quantities. They're neighbors and they likely share the same orebody. Creasey and Co all thought the land was worth fighting for so it's clear someone else now believes it to be a good strategic move to snap up a stake in HMX at a time when there's consolidation in the region.

Honestly, I think the most likely buyer is NST. Occam's Razor. They're buying EAR. They were probably using Nomura to buy EAR in June. They've got the most to lose and the most to gain if HMX prove up a resource that doesn't end up in their hands.

Will we see a bid for HMX soon? Almost certainly not. NST would wait to see what we've got before even thinking about an offer - unless their hand is forced.

We should see a notice fairly soon as 6% of HMX has been bought by Nomura so unless they've syphoned it off into different beneficiary accounts to keep them under 5%, we must see a notice soon.

All of this is very positive for HMX as it places real value on our land. We just need some gold down there and it's off the races. Toot toot train leaving the stations. Moonshot. All the usual HC crap we'll see when it runs passed 6c.

Sorry for the rambling post. More of a brain dump than anything else.