Cheaper than when I posted it didn't make sense and why sellers did and would keep coming, but jury is still out whether or not I'm scaring retail prematurely and too cheap. That depends if this slides into ever cheaper CR's and/or administration like a few miners do every year. Do you know if it's a buy or sell, or just flying blind on hope like most HC retail investors?
I came looking at G1A to invest last July a few days before the TH and CR at 12.5c. Did some research, posted they looked short on cash because each update's 'cash on hand' excluded Acc Payable. Didn;t like the confidence of ever rising short sellers. The rest is history... an ugly tale of deceitful misinformation and insiders averaging down to try and make the best of a very bad MRE downgrade hidden behind business as usual for almost 18 months. That tweaked my interest for numerous reasons, including that the July22 Update had costs that didn;t add up to the 'no material change' mine plan pushed by company and broker.
To answer your question more directly, running my knuckles over resource projects and company valuations is my hobby. I enjoy spending a few hours crawling through the entrails to see what makes them tick, the risks, probabilities etc. Sad, but i enjoy putting facts and figures onto a spreadsheet, comparing against peers, considering geology, finance, industry structure and pricing, and simply researching. I love to learn, but with only so much spare time there has to be a reason to pick one project or sector of the thousands on ASX and dig in.
Aside from the investment angle, I'm very happy to contribute my knowledge and opinion for others to consider. It makes me feel good correctly calling the direction of a project/stock on HC knowing some people benefited, some people who fought with me suffered, and if I'm wrong it's I'm going to hurt. Makes all the research feel more worthwhile and competitive, if that makes sense. The ASX is a great place to invest, trade or gamble... but the misleading releases and huge knowledge/information asymmetry between retail and wholesale (insiders, brokers, sophs etc) is enormous and frankly dangerous to retail's health. I enjoy doing my little bit to level the playing field here and there.
There are more glaring mistakes in the spreadsheet this morning but I only had time to quickly put it together without properly checking. Sloppy but it is complicated to work out and made deliberately so by management. Different time frames, cost groupings, missing variables, flattering metrics... it's always the same when the story doesn't hold up so well. I save most of my work for future reference, so it's relatively quick to update when the facts change. This time I has to look up "subject to standard deductions (ie 3 units for lead)" because I couldn't make the Mar Qtr Pb Price x AUD match revenue paid using just 95% payability and smelting charges. Every project I enjoy looking into I learning more and get better, whether I own it or not.
That's my agenda. I been asked this question a lot recently, reckon I'll put my replies into a spreadsheet so next time I can just copy and paste.
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