Thanks
@deco19. I won't have picked the bottom but it's just a start and the volume seemed pretty heavy last week. You all know the operation better than I so the only thing I'll add to the conversation here is on timing given recent trading weakness. The below chart is the EV from koyfin, but due to the delay it's not quite accurate as it's showing current EV of A$180M. At today's current market cap of ~A$205M less A$74M cash (yes I know there's some trade payables), it's trading at an
EV of ~A$131M which is the red line I've put on the chart:
Admittedly this is only a one-year view, but in other words, it's back to a similar EV and share price as the start of this year, except since 1 January:
- their cash balance is now A$74M (versus A$26M then)
- they have significantly increased the Jericho MRE and ore reserve, and Eloise and satellite deposits
- been granted the Jericho mining lease and commenced development on an interesting and much shallower growth project
- very wisely carried out a large capital raise right when copper was mooning (so few juniors are smart enough to pull the trigger)
- achieved Eloise guidance
- hit some interesting stuff at Swagman
So for me, seems like it's worth the punt here and especially lower.
Lots of risk of course being a high-cost producer and in the current weak/uncertain geopolitical sentiment. Just my opinion of course, based on my own financial circumstances.
(20min delay)