What has repeatedly weighed on the SP in the last 2-3 years has...

What has repeatedly weighed on the SP in the last 2-3 years has been the recurring fear of the next capital increase and thus further dilution. We had solid results in 2023, but in a "depressed mood explorer environment", no one was able to get out from behind the bush.

If my calculations are correct, we will soon start with around 6 to 6.2m cash in the bank. That is probably the highest account balance in recent years.

Then there are the 9.1m shares in CNB - which currently have a value of 5.6m. Admittedly, these cannot be sold immediately but only in 12 months at the earliest. If I imagine that the SP of CNB rises to say 1.20, then that would be almost 11m - CNB was already over 2$ - I think that corresponding sales - if necessary - could finance the drillings for another 2 years. With a CNB SP of 2 even longer.

So from an unemotional point of view: we probably have enough cash until 2026 to cope even with a higher drilling program.

We could see interesting drilling results as early as April and May. I'm looking forward to Shadow South. Hardway is not to be sneezed at either. Bullrush seems interesting - I wouldn't be surprised to see another JV here. Oh yes, and we still have Kalman.

Since I'm bullish on copper - I don't know why I should be worried right now. Plenty of cash - obviously good management at HMX - which has its heart in the right place. What's missing is a bit of luck for the next big discovery - but that will work out too.

Keep an eye on the USD/lb 4.13-4-16 level for copper. Breakthrough and we'll be racing towards 4.40-4.60. On that note, have a good week. DYOR

PS. Anyone who still believes that the glass is half empty (and not half full) should perhaps really sell his/her HMX shares (please....).