MAG (Summary) - On The Cusp of a Major Discovery, page-1245

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bbeenn

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31/08/20

08:41

Post #: 46938990
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Originally posted by bbeenn: ↑

Hi GB

Thanks for your efforts on the MAG forum. I am a relatively new holder here after good returns on ALK and I believe MAG looks like a good roll of the dice, and I've put some decent money (for me) on this. I have 3 questions that I'd like to get your (and others) thoughts on and any or all...

1. Pre-Boda MAG
On my assumption that you were a holder and big supporter of MAG pre-Boda...my question is why? MAG were ready to de-merge the East Lachlan assets and were very focused elsewhere. They state (post Boda) that they 'always knew' the value of East Lachlan, but I judge actions not words and it looked like WA was the focus. I certainly understand your optimism now re East Lachlan with Boda and Pete D on board, and you have provided plenty of substantiation to support your position.I also note 12 months the SP was 2c,.. so perhaps the answer is just it was 'good value' for the prospects they owned then on their own merits.

2. Who is/are the seller(s)
Admittedly the volume has not been that significant in last few months, but who is selling? Is it small retail? Is it someone from the Top 20? Did North Iron Cap sell their freebee 1M shares yet? Or someone else that retains plenty of the unlisted options for exposure so don't need the heads.. As you have noted the buyer through Morrison, and at least on their word there are plenty of buyers here on HC. With results imminent who would be a likely candidate for selling?

3. Share float
You have provided your estimate of the top holders and overall percentages in different hands. I follow your logic and have perused all the previous top 20 holder notices and various changes since. The ~24M shares that you refer to 'director's inner circle' I take as top 20 holders that have been around at least 2 years. However the Grey Egerton & Salient group which is a significant ~44M shares..what makes you believe they are tight holders? It would seem to me that it is a large number of sub holders since no one holder is 5% (unless I missed it). Given they got in at 30c, not that unlikely that stop losses leading to many of these shares being sold in recent times. I know you say it is your 'best guesstimate' so I'm only asking for your opinion/guess/speculation..

Cheers and thanks for any response

Final note and speculation, I'm not expecting the 'home-run' results from this current drilling, at least not the first set of holes... These things take time to hone in on the good stuff; I'll be sticking it out a while yet to see it play out.

Ben

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I note that Element 25, who was a Top 20 holder (Annual Report 2019) sold entirely out of MAG (including options) in Q4 2019. Sold 3.77M shares and 2M 3c options to raise a total of $718k (from what I can tell from their Qrtly cashflow report). That was one of the holders that I had assumed was part of the 24M shares 'inner circle'.

The next T20 list should be in the annual report, due by end of Sep. I await with anticipation

MAG Price at posting: 23.5¢ Sentiment: Buy Disclosure: Held
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Last 3.8¢		Change 0.000(0.00%)		Mkt cap ! $15.84M

Open	High	Low	Value	Volume
4.0¢	4.0¢	3.8¢	$14.91K	391.2K

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2	101700	3.6¢

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No.	Vol.	Price($)
2	101700	0.036
4	421026	0.035
1	100000	0.032
1	300000	0.030
1	50000	0.029

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MAG (Summary) - On The Cusp of a Major Discovery, page-1245

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