RoyE - Good to see you here; I value your insights. You're...

RoyE - Good to see you here; I value your insights. You're probably on top of all this but I'll dump some thoughts anyway FWIW.Others have commented about today's results so there may be some interest...

Investing rather than trading

I see possibly tremendous potential in Caspin so I'll be holding these for a long time yet – much as I love a quick payday. I do way better as an investor than as a trader so I've learned to wait for a much bigger possible payday – when the story stacks up – rather than to chase quick, smaller profits, although I love them as long as they don't undermine my 'mortgage-buster' strategy.

I get in earlier than most and am prepared for possible short-medium term price weakness in order to ensure that I'm set for a possible jackpot hole.I think this too is the approach of another poster, GeoFijiwhose work I much admire.

You know better than most how long it takes to implement a good exploration strategy.If a story has great potential like this one, and if I miss the first big leg up and then have to chase a much smaller quantity at a much higher price – as I did with Chalice - that's a fail for me.

Chalice shone a light

Yes, I'm a (recent) Chalice shareholder too but I missed the big run because:

• I foolishly allowed a colleague who is trading-orientated, not investing-orientated, to dissuade me from buying after Chalice had 'run' into the 40's.Yep ...

• I also was a bit lazy in not properly reviewing their results after that and then I got distracted by another incredible opportunity in which I luckily did invest.Of course I could have bought both ... I can walk and chew gum at the same time.

Caspin value -v- price

I'm surprised that Caspin is still trading at a MC of ~$38M (includes $9M cash).If I'm right about the upside then:

• at some stage, MC should increase to match value better; plus

• more importantly, if the story develops as it reasonably possible/probable?, that could produce a huge increase in MC – as happened when our neighbours discovered the world-class Julimar.

Caspin's very fertile, high value PGEs block in Tier 1State, adjoining world-class discovery

• We have a big, under-explored PGE-Ni-Cu block adjoining world-class Julimar (plus Hartog-Dampier) with more discoveries likely next door as Chalice is drilling now along the same trend that extends into and is proven fertile in our block.
• Multiple intrusions are present in our block, with proven PGE-Ni-Cu fertility at each location so far tested, with large scale potential and high grade apparent too.
• Less than 150km from Perth with its skilled workforce and abundant infrastructure;
• $9m cash @ 30 June, and a thoughtful exploration team that's had success in every prospect so far drilled at Yarawindah Brook (Central Yarabrook, Serradella, XC-46), with many other prospects yet to be tested. Good effort, team.Also good that no dilution needed to get a lot more drilling done.
• Mount Squires has big upside too albeit is very remote. However, large scale possibility may attract suitors if drilling success. Early days but Oz-Cassini shows the possibilities.

Assays pending (a.k.a. terribly delayed news flow)

From memory, many assay results are pending (see below).Given the high potential, it seems prudent to await them before finalising our next drilling program. Results already demand that the acreage gets a proper assessment.Which leads to assay results delays.

Current assay lag times are a big pain.I can only imagine how frustrated the team must be.They've been bold and astute enough to locate many holes as far as 250m apart and to still get good hits.However the discovery of high-grade intervals such as in YARC0036, located more to the south east is a nice bonus and demands a view about what's controlling the high grade, and thus more infill drilling.Now where are the latest assay results …??

Assays Serradella

Several holes are awaited; some being important diamond tails; others fresh holes.

• Will help assess current model re likely location of basal contact.
• Will help assess which holes to deepen, as it seems that we haven't drilled deep enough in some places e.g. see YARC0039 in Figure 2 of today's announcement.The need for deeper drilling shouldn't surprise, as Julimar mineralisation goes much deeper than we have drilled and is still open at depth.
• Will help to understand the picture better before siting more holes e.g. controls on high grade results like YARC0036.

Assays North West Soil Anomaly

We obviously got some encouragement here (reported earlier) so these will be awaited on their own merits and also to help work out the bigger picture.This sits in close proximity to Serradella, Central Yarabrook, XC-46, Brassica Prospect and others, so any tonnes here would have high value.

Assays: XC-46

XC-46, sited on the Brassica Shear Zone (interpreted as the connecting structure between Julimar and the Yarawindah areas) this is extremely promising.Consider the recent announcements of 31 May - and its amended version dated 17 June - re:

• in YAD0024, the Ni-Cu visuals from a 48.5m intermittently mineralised zone;

• in YAD0023,the 19.5m intersection of lower tenor Ni-Cu.

BTW, there are many conductors (e.g. XC-07, XC-08 & XC-09) along that trend and anomalies such as Aries PGE rock chip anomaly, and the Yenart magmatic anomaly (described as "a likely example of a discretemagmatic intrusion"). Good dirt …

Assays: Rhodium

The outstanding results of course include rhodium tests on many holes. Bear in mind that the only rhodium assays so far received were for sections of just one hole; the discovery hole YARC0022 (13m @ 0.11 g/t inc. 2m @ 0.41 g/t, with highest value 0.465 g/t).

The contribution that rhodium can make to PGE revenues is remarkable. I understand (acknowledgement for Keith Goode's excellent research) that in FY 2021 rhodium contributed almost 43% - or ~(converted) A$4.7 billion - of Implats' ~(converted) A$10.9 billion total revenue from platinum, palladium, rhodium, gold, iridium, ruthenium and also nickel. That Rh revenue is based mostly on rhodium grades ~0.22g/t as I understand it.

I know rhodium is extremely rare but it would be surprising if there's one and only hole in our acreage with rhodium i.e. the discovery hole YARC0022 in Serradella. With readings above 0.10 g/t being regarded as significant (YARC0022 is 0.11g/t), and a price that is typically circa 10 times that of the gold price (tonight's price is US$13,300 / oz.) imagine if we have significant rhodium in more than just this solitary hole.

Share Price

I don't know if and when persistent net buying will launch the price again but if the story is good enough and word gets around, it surely will.There are too many eyes on our part of the world at present, thanks to Chalice.

Caspin's outlook is by far the best it ever has been.Since our current share price does not IMO reflect our exciting outlook even closely, I consider that the value of our shares has never been better, especially following today's highly positive results.Thus my ongoing buying.

When the time comes to start selling I'll be hoping for a really significant re-rating. This story has enough ingredients for it, so I can relax a little bit and give more time for our exploration strategy to prove itself.

Hopefully market conditions may be better then too – although Chalice showed with Julimar (announced in the depths of the Covid-mania), as did Sandfire with Doolgunna (after the GFC) and perhaps Sirius with Nova-Bollinger too (in 2013) that great discoveries can make fortunes in any market.Our target minerals will be highly prized for a very long time.