Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Rather than start a new thread, as it's already nice and quiet around here, I have a few musings I've been meaning to get around to posting for a few weeks now so here it is.

I think it's likely the recent price rise is at least partly if not mostly due to selling pressure subsiding, allowing buyers to actually get positive momentum on the shareprice that has been seen over the past fortnight or so. Although obviously to get the price up, bidders need to be willing to pay up.

Possibly what's gone unnoticed, is that Regal have been accounting for a significant portion of the selling pressure and this can be seen from the Change in substantial holding notices that have been coming out often enough.


Disclaimer - this may not be correct and happy to be corrected. I added to my holding here a couple of weeks back based on the below.

-Regal Bought 50% of Taurus Early Nov 2023, just before the most recent BMR raise in Nov/Dec 2023. Taurus were then/are still now the largest holder (based on most recent notice), having taken part in this prior raise and have a royalty on future production, so incentivised to support the company.
-Regal through their Nominee accounts, were then required to put all of the nominee accounts on the same Sub holding notices as Taurus as they where then a related entity and for whatever reason these accounts have been consistently offloading since at least then based on the notices
-The last notice showed them offloading the last of their shares on March 11/12, I can only assume these were at least partly off market transfers as the numbers don't add up against what can be seen on the course of sales for these days, all earlier sales do
-Excluding these 2 final days which I don't think impacted much as they appear to be off market transfers, They had stopped offloading Feb 28. But if anyone else had picked up on this entire situation, the March 11/12 sells were the sign that the selling was done and this selling source has been a significant %
-From all of the notices, Taurus have held all of their shares, Regal nominee accounts have been selling for whatever reason, I think it's likely these accounts are through Regal rather than by Regal, so I don't think you can read into the fact they are selling is based on them having an opinion or information resulting in them selling, rather the owner/s of these accounts have decided to sell for whatever reason and Regal facilitates this, then is required to update the holdings as they reduce as they are a substantial holder with all accounts combined.

The numbers
During Feb, 51% of total volume was from Regal's accounts (based off ann's and total volume)
During Feb & Jan combined this was 40%
From Feb 28 2025 - Jan 1 2023, 24% of selling pressure was directly from this source, so this has been sustained selling for well over 12 months (I can't be bothered going back further but think the point has been made).

So, selling from a single source can be tracked, its been significant, it's been at a high % if not the highest % most recent (Feb) where it has since ended as we can see they have no more shares.

The shareprice has since been in a lull during March when it could be seen that Regal did finally run out continuing into April. Importantly as far as can be seen Taurus haven't been selling (although this could be a single Ann away), but are clearly incentivised to support the company through the royalty they own, with the company recently saying they are having preliminary discussions regarding processing ore with parties in the area.


So, drill holes keep hitting gold, the company is starting discussions to process the ore, there is a porphyry target set to be drilled in coming months, selling pressure has stopped, shareprice has been suppressed and is now heading up each day for more than a few days now... Just how much higher can it go?

I think there is still a clear opportunity here for at least a trade, even if it's just simply riding the wave caused by the Regal nominee account selling having stopped. This got above 20c near 12 months ago despite the selling pressure, considering the progress that has and is being made (see points in the paragraph above), maybe it can get back there quite soon and keep on going?