MLX

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45.5¢ metals x limited

Also need to factor in the that instos like IOOF have been...

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26/07/19

08:45

Post #: 39701519
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Originally posted by bloodred: ↑

Having had a day to digest the report, I am bracing myself for a share price at this level to say 26-27c for the next 4-6 months. The MD made it clear that production will be around these levels and project costs will be elevated for this period.

Unfortunately, the short-termism of today's market means that folks aren't interested in turnaround stories. Unless there is a catalyst within a 3 month window with a huge growth trajectory, the sp just doesn't track upwards these days. Given the sp response, for some reason, people thought that an immediate turnaround was on the cards which really bemuses me. If only it was that easy to get an underground mine humming.

Rightly so, there is a strong level of sceptism given the previous mis-management of Nifty. The 40k tonnes target was a furphy given the issues the operation had, which saw quite a few investors and even fund managers exit with losses. But I do have faith in this new team as they've turned around mines before. They've made some tough but right decisions to remove bottlenecks and overcome legacy issues at the expense of short-term production. Nifty could still be chugging along producing ~20k pa but never reaching its potential of 35k+. Trust me, I'd rather sacrifice 1-2k production per quarter for few quarters if that means we get to an extra 10-15k pa within the next 2 years.

There might be a few triggers for investor interest in the meantime like a rising copper price, updates on progress and exploration results (they could have another huge deposit next door). I have discounted the potential for a takeover as I can't see any miner having the desire to invest in Nifty until production is rising and cash is flowing, which does seem counter-intuitive.

So those looking for an entry, I do believe we are at the base. But their probably won't be much movement until late Q4 into Q1 2019. So unless you are patient (I can't believe patience these days equates to 6 months), you might be able to delay an entry until the catalyst of increased production/lower costs is closer.

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Also need to factor in the that instos like IOOF have been selling out at a loss I presume because they need $ to pay out unhappy customers.

MLX Price at posting: 24.0¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 45.5¢		Change 0.015(3.41%)		Mkt cap ! $407.9M

Open	High	Low	Value	Volume
44.0¢	46.0¢	44.0¢	$720.4K	1.592M

Buyers (Bids)

No.	Vol.	Price($)
3	31546	45.0¢

Sellers (Offers)

Price($)	Vol.	No.
45.5¢	215292	4

View Market Depth

No.	Vol.	Price($)
1	22546	0.450
2	26896	0.435
4	63500	0.430
3	72559	0.425
5	97758	0.420

Price($)	Vol.	No.
0.455	173708	3
0.460	230372	5
0.465	1276341	6
0.470	332600	5
0.475	42584	2

Last trade - 16.10pm 27/09/2024 (20 minute delay)

MLX (ASX) Chart

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