I haven't previously posted on this stock, but I became aware of it a couple of months ago when doing some idle weekend digging when I found that Tim Goyder and his friend and co-shareholder in Liontown Resources (Graham Kluck) appeared on the register with large shareholdings. Both gentlemen owned drilling businesses and are therefore not simply "investors". It appears that Mr Goyder acquired the stake previously held by Horizon Minerals on 9th September when 3m shares were traded at $0.18 per share. I'm not sure when and how Mr Kluck acquired his approximately 3.3% holding but it was also recent as it does not appear as at 31/8 on the top20 list in the annual report. So together they now possess around 8.2% (or could be a little more if they took up shares in the recent placement at $0.16).
The other new significant shareholder with around a 4% holding is Newexco Group, which I understand has been engaged to advise on Geophysical analysis. I cannot now find the exact reference to that in my files. However, the following is a quote from a previous older report on another site about MHK and the credentials of Newexco...
"Newexco has had a major hand in several of WA’s best mineral discoveries over the past few decades including Western Areas’ Flying Fox and Spotted Quoll nickel deposits, Sirius Resources’ Nova-Bollinger nickel-copper deposit and the Monty copper-gold deposit now owned by Sandfire Resources."
I cannot be sure whether these parties who have come onto the register recently have their eyes on a specific project, but I can communicate that it is the Berehaven project that is first listed in all recent company comms and which is 100% owned, and where they have reported major reviews of the geophysical model of terrain. Furthermore, in relatively recent times, drilling results have included what I regard as worthwhile nickel sulphide widths and grades. There is the close proximity to the former Blair Nickel mine as well.
Finally, there are two other elements that attract me:
- Very tightly held register with only around 60m shares on issue with micro-cap value that appears to be now having attention paid to it, judging by the price action and buy/sell depth;
- Numerous other projects/JVs that have decent potential apart from Berehaven
I have accumulated since, at prices from $0.18 and I now await developments. This is not advice, just communicating my thought processes and I would value anyone else's feedback.
Regards
DF
