Ann: EM Conductor Identified at Hardway, page-22

Looking at the chart of the last 3 years, one quickly realizes that all strong upward movements were triggered by surprises - i.e. unexpected discoveries. We had Trafalgar, Ajax, Hardway. Unfortunately, these discoveries were not confirmed in the desired way - too little enthusiasm, too little excitement - as a result, the SP simply crumbled again.

The underlying fundamtental story remains unchanged. Whereby Kalman plays the central role here. A positive resource update is probably more or less priced in - give or take. If a strong JV partner were to be added, this would certainly not be priced in and would be a clear game changer.

Otherwise, we have a whole bunch of prospects where HMX has already delivered good results - but no results that would have triggered really extraordinary emotions. That is why the SP is not moving. Each new result is part of the overall story, but does not trigger a re-rating and does not attract the attention of new investors - preferably large investors or institutional investors. That is the problem.

Over everything hangs the Damocles sword of the next capital increase, which will probably come as surely as the Amen in the church. The only question is at what level the existing shareholders will be diluted.

Exciting results from Hardway could give the SP a boost and draw attention to HMX. In the end, however, it depends on what the extent of this discovery would be - as already indicated by Geofiji. A supergene zone with a few metres of extension and little thickness is not going to get anyone out from behind the bush - no matter how good the grades are. If we - I don't know - were suddenly talking about an extension in the hundreds of metres and a thickness in the 20-30 metres range - that would be a totally different story. Since no one has a crystal ball, no one has a clue what you have below. At least the Hammer team seems to be excited (once again) and maybe they will find something really relevant there.

I won't list all the other prospects here. Yandal and Lithium could also bring a surprising turnaround - even if the focus is on copper, etc. So don't forget Mt Hope. It would only be important that something happens in the next 3-6 months.

It would also be important if the price of copper remains at a good level (or rises again). This also influences sentiment and thus the SP.

My SP target is clearly above 20 cents - rather 30 cents with a time horizon of 2 years (2025). That is my "realistic-possible-desired" target. I am not a prophet. If a few good things come together, it's not impossible. If these game changers don't happen - then it will be a tough story and we will continue to bob along at the sub 10 cents level.

That doesn't mean I'm pessimistic now. On the contrary. I am actually planning to increase my position a bit before mid-April and am watching the SP closely. Prices around 6 cents are certainly interesting in view of the progress made - but probably not for everyone.

However, a strong deterioration in stock market sentiment (e.g. USA) could also push the SP further down regardless of the progress made (that would then probably be another buying opportunity).

In the end - and as always - everyone has to know for him/her self what to do. Maybe in a year I will write more comments like these and the SP will not be higher or even lower - or something has changed and we are 100 or 300% higher - who knows.I think you have to take it as it comes.

Step by step and always keep the long-term goal in mind. Sometimes it just takes longer. It's stupid, but that's the way it is. They say that even a blind hen sooner or later finds a grain of corn. With so many grains in the area, it should be possible to find one or two larger grains sooner or later. Unless HMX was cursed and/or unlucky - which would be possible but rather illogical from a pure statistical point of view.

DYOR