when bml ran up last year it had me prosecuting a math and mine...

when bml ran up last year it had me prosecuting a math and mine marketing based argument the market hadnt seen before on a stock almost none knew existed - and 2 others who took that argument and broadcast it into the broad market that only had 4-5 stocks to choose from

as i warned happens - once a thematic bulls new plays emerge. there are now at least a dozen local stories and arguably more if you want to include the really heavily base metal skewed plays

as markets mature money separates - money tends to separate between producers and really spec plays

spec play money typically chases grade and low market cap. but more than anything it chases runners. the more a stock fails to run - the worse it gets.

just yesterday I was asked for my opinion on ldr - which as russian dolls go is tiny tiny one again in terms of maturity

the longer a thematic matures - the harder it gets to attract capital unless a project is tier one compelling - because selectivity rises and competition for capital and share of mind rises dramatically

there is much more to it than the above but that is the essential crux

as ive said prior - dont make the mistake of conflating share price action as any comment on mine fundamentals or ability or project's viability to go mining

it is much more about market structure


I once worked for the world's 2nd largest gold miner - and it was taken over.

why?- because they focused primarily on technical proficiency - they were the rolls royce of mining engineer/metallurgists etc

and so were overtaken by superior capital markets execution from a quite inferior portfolio and technical team

this is a very common story in markets. some projects dont need marketing because they are catnip - the biggest highest grade in the hot sector.

thats roughly where svl sits despite low grade because of size, and ivr sits by dint of grade/nearness to surface perception. we dont currently have a category killer that has it all unless you consider ADT - which i view as really on offshore stock.

but everyone below that level is fighting for ever fragmenting share of mind and wallet - the longer a bull cycle goes