I'm going to be honest, I don't know what to make of SUM anymore. I am down a fair chunk on my investment and some of my holdings are in CGT discount phase so I will be looking to offload some if not all when we have some price appreciation, at the very least to a free hold situation.
I'm just going to rattle off a few points off the top of my head without referencing back. Rant incoming.
When I first invested, we had just aquired the Windfall project, which is a few hours south of me and a known mineral district for Antimony.
The northern lithium projects have been offloaded (no exploration done), the gascoyne project has been offloaded (no exploration), leaves us with the Magwood, (which has had no exploration) Windfall and Morrocco projects focused on Antimony, the Castor and Ravensthorpe projects focused on Lithium, and the Stallion project focused on REE and Uranium.
Iirc a MRE was scheduled for the Stallion project after review of the last set of test results, which I know we have recieved the assays but not the results for the metwork. Initial metwork showed the REE doesnt respond to Aluminium Sulphate leach process and they were proceeding to Hydrochloric Acid leach testing. Met results surely wouldnt delay the MRE unless this is some form of supermineral impervious to HCL acid, making it uneconomic to process and therefore not worth the effort of generating a MRE. This was the Crown Jewel of the company not that long ago surely they would be keen on getting something together. The Manhatton corp had a historic JORC on the Uranium reserve here, not sure what version of the JORC code it complies with. Sum applied and got the ajoining tenement to the Northwest and has done nothing here since. As per the last quarterly, they have an application in for another Manhatton tenement 'highway south' E 28/3251 which going off memory is within the Reserve, and its not a continuation of our existing two tenements so I dunno what thats about.
Magwood - crickets.
Windfall - supposed to be generating a further exploration plan for targeted drilling based on last results, nothing happening, crickets.
Morocco - crickets.
Its interesting in regards to Antimony, the government critical minerals website for Antimony explicitly points to Magwood, Bielsdown, Windfall and Hillgrove as the countries Antimony reserves. Hillgrove lies about 100km west of Magwood/Windfall and Magwood is about 70km (I think) south of Bielsdown. Magwood, Bielsdown and Windfall are all projects that are ex Anchor resources. Anchor produced a JORC for Bielsdown prior to their hostile takeout. The GOVERNMENT is aware that this is the district if they want to increase local production. All our locally produced Antimony comes from Southern Cross gold down in Victoria and they send it overseas as a concentrate for processing. Hillgrove recently changed hands to Larvotto Resources and possesses the only Antimony processing plant in the country. And its only -100ish kms away, currently the highway from Kempsey to Armidale is recieving major upgrades as well. The people I have spoken too say that they're widening it and making it rated for trucks.
Castor - waiting on assays.
Ravensthorpe - currently exploring.
Also in the previous quarterly they have two other applications in, one for Princess Bore E 31/1350 (Western Aus) which I have been unable to locate on a map, so I have no idea what the play there is. The other application is for Neardie EPM28647 (Queensland) which I did locate and covers a section of a historic Antimony District up around Gympie.
I think the point I am trying to get across is theres so many projects with something partially done with semi-compelling promise and now the implication is we're off to aquire another project and start again (again)
Refering to 'new oportunities' could be one of these applications, or new ones altogether.
That twitter (sorry, X) photo of Gower certainly doesn't look like any part of WA I have ever seen. The trees etc in the photo do however look like Australian varieties though, but I would happily place bets that that isn't WA.
Depressed shareholder signing off.
OP.
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