hi mate, I don't have all the answers for you but I will happily share some of my very basic thoughts as a holder for many years. Mind you, a very small holder, I only have a pittance of in TOE - for transparency reasons, I'll share that I bought them just around the time of Fukushima, very early on in that thinking the downturn would be very short lived and it was a great time to buy. I stupidly left the shares to whittle away to no value ever since. I'm not really worried about it, wasn't much money and I don't hold a grudge or any of that nonsense. I've since only occasionally looked at the company, seeing that it has miraculously stayed alive, and only now am I interested in following them again more closely.
Now all that said - I like that TOE have managed to stay alive as a company all this time, how many companies have folded in such trying circumstances? Yet they seem to keep on kicking and have now somehow pulled quite an interesting prospect. It perked my interest right away the with the massive sulphide hit. The company has a lot of experience in progressing mine approvals and I think Wiluna really would have eventuated if Fukushima never went so pear shaped, now I actually think that the nuclear industry will never recover. They spent years improving the mine feasibility, benefaction research, resource expansion, JORC reporting, approvals with governments, indigenous peoples, and more; but it wasn't enough given the Uranium industry is still dead. I think the experience they have from all that will probably put them in a good place if they do have a nickel deposit here. I'd like to see them get some downhole magnetics and prove up an initial body of ore as quick as possible, and I'd like to see the reports of the disseminated ore surrounding the massive sulphides as well. If the ore is there I think they are capable of doing this.
What I don't like about TOE, is, I guess they've had to do a lot of financing and share offers to stay alive for so many years (haha a double edged sword). Billions of shares on offer, massive dilution, I don't know what else as I haven't really been following. I don't know what international subsidiaries they might operate or where their assets may be, or what their directors are payed but should probably check that. The other thing that would worry me is some of the finer details of the arrangements they've made - for instance, if you look closely, there are different royalty agreements that they have entered for different tenements and any minerals found on those tenements. Now, I don't recall the percentages and details off the top of my head but you should look in to these as they do wipe some of the value off a theoretical all in sustaining cost (AISC) straight up. The royalties all vary, and may actually be quite small but still need to be considered. Anyway, I would exercise great caution and look over the finer details if you would like to be a holder.
I see some people have posted concerns about how much the share price didn't move yesterday. Gotta keep it real, those people obviously didn't look at the context here.. The share price started moving after the announcement of starting the drilling, everyone knew there would be a hit of some kind - or took the gamble at least. At the end of the day, the company has only got a couple of great hits here, what, two holes yes or was it three? And if you look properly you'll see that those have been priced in very early, I mean seriously, prior to getting a sniff of nickel the share price was 0.008 - if you were a genius like mr Drummer, you'd have nicely bought a wad back then and very happily sold them yesterday at 0.021 - well over 100% profit. The sheer number of shares on offer, and the recent finance placement at a lower price will all impact price movements here as well. To see more price movement, there is seriously gonna have to be more work done - eg, downhole magnetics and more drill hits, with lab results, so that investors can more confidently visualise an ore body shaping up. But those price movements in my opinion will often occur before results are announce because investors will be pricing in what they think the outcome will be, in between reporting the start of it and the outcome of it. It then runs a bit more with a good outcome and those early buyers sell out with good gains and the day ends down a bit (like yesterday). Just my opinion hey.
I dunno what else to say, other then keep an eye on it, check the details with a fine tooth comb
and, good luck.
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