@Kotaredrew - pretty much in agreement with W3hunter from a technical viewpoint. Only difference and as I believe I have previously stated , is that 2.6 cents would be my key support with 3.0 - 3.2 cents having demonstrated as the new clear consolidation phase with a repeated ' spring ' action off the 3.5 cents. This set up has occurred twice so far and I expect at least one more attempt to convince a new base at the 3.2 cents and a retest of 3.8 -3.9 and a new spring at around 4.1 -4.2 cents. What I do like about W3hunter's charts is the relationship with the volumes to the long term moving average ' orange ' line. And by just eyeballing this line , you can clearly see that in order for the ' averages ' to come out the other side if you like , you would definitely need this curve to retrace back up as high as the previous approximate 8 cent level. The question then becomes how long ? Now depending on what news they have in the pipeline, this event could even happen sooner rather than later in my opinion.
Apart from this , I'm not really concerned at the present moment due mainly the absence of any further ' substantial ' and changes notices which should have been served on the ASX already. This tells me that most of the existing register of players in the Top 20 have agreed to subscribe with not evident dilution to their holdings.
And in my opinion this is very significant as I have yet to see a register in such a small cap company so sprinkled with prominent and committed Top 20 holders. Apart from the obvious WA top ' Silk ' in Martin Lawrence Bennett with the combined Top 20 holdings of EAGLEHAWK INVESTMENTS PTY LTD and CITYMIST HOLDINGS PTY LTD , we have John Hilton's Greenwich Equities Pty Ltd together with an ' overabundance ' of investment from Competing potentially ' Predatory ' LARGE mining companies in EVOLUTION MINING LIMITED for starters.
Then there is ESM limited with their Top 20 holding - and at the end of the day we cannot discount the significance of the ' reverse ' holding if you like from the previously named Riversgold in RENAISSANCE MINERALS LIMITED with their 2,361,528 1.56 %. And for those of you who are not familiar with the connection , Rennaissance was merged with Emerald Resources ( EMR) , which do not even show this investment holding in their most recent Annual Report.
There is however this distinct connection with EMR - RGL - and the Sprott Group ??.....
And we only have to look at some information taken from EMR's annual report to see just how significant this previous and perhaps current or soon to be developed relationship is to RGL - Here's a little refresher :-
2019 Annual Report - EMR - Chairman's Letter
As I look back on the last three years since completing the merger with Renaissance Minerals in late 2016, Ireflect on the significant milestones that our management team and staff in Australia and Cambodia have beenable to successfully achieve. Our Company is now on the cusp of becoming the first modern large-scaleCambodian gold producer as a result of the following milestones:
The announcement in June 2019 of an investment committee approved Term Sheet with Sprott ResourcesLending II L.P for the development of the Okvau Gold Project. Since that time management havecontinued to work diligently to finalise the remaining conditions precedent to the drawdown of the facilitywhich includes the Mineral Investment Agreement.
Sprott is an alternative asset manager and global leader in mining and real asset investments. Through its subsidiariesin Canada, the US and Asia, Sprott is dedicated to providing investors with best in-class investment strategies thatinclude Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporationalso operates Merchant Banking and Brokerage business in both Canada and the US. Sprott is based in Toronto withoffices in New York, Carlsbad, and Vancouver and the shares of its parent company, Sprott Inc., are listed on theToronto Stock Exchange under the symbol (TSX:SII). For more information, please visit
www.sprott.com.
Sprott's financing of the Okvau Gold Project will combine the strong development credo of the Emerald team with thefinancial strength of the respected Sprott group.
Remembering that the Okvau Deposit has identified Ore Reserve 14.3Mt @ 2.0g/t gold for 907koz contained - So what are we potentially sitting on with RGL ....? So could we be looking at someone like Eric Sprott coming on board as well ? I guess time can only tell - but if you were going to roll the dice and have a punt , I reckon there is a very very good chance of that possibility......
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