I listened to Paul's presentation at the RIU Conference in Freo today. He was very bullish about Matsa being a producer and an explorer. He thinks the company can have 2 mines running within 12 months.
With the rules the way they are, it's hard for the company to come out and say what type of ounces they expect to produce, though Paul sees a much higher figure than 10k oz at Red October and the possibility of Fortitude cranking up if the gold price holds its ground.
I asked about Bulletin as MAT has 48m shares in them. Paul said they have no leases currently in their name after the Territory Minerals deal fell over recently, but the board is on the lookout for projects that will suit BNR. There has also been the CM1 fiasco which is more an issue for CM1 than BNR, though Bulletin is affected through association from the market's perspective.
I got to see a few ounces of gold that had been collected from the Parabardoo lease. I expected the nuggets to be from conglomerates but they were mainly normal looking nuggets with ironstone through them, not too disimilar to the nuggets I find around Meeka.
In summary, I like where the company is going and it's always a bonus when the directors have shelled out cash for their shares, just like the rest of us. There were much bigger and more profitable companies presenting during the 3 days, but I reckon Paul displayed more passion and exuberance than the rest. I get the impression he lives and breathes this stuff.
MAT Price at posting:
16.5¢ Sentiment: None Disclosure: Held
