My First post on EXS but been a holder for a year or so but my...

My First post on EXS but been a holder for a year or so but my thoughts below...

I guess the typical investor has got 3 options when stock market is getting smashed (note, i'm not talking short selling etc):

1. Sell everything in a panic
2. Monitor your portfolio, do nothing and ride it out
3. If you have funds then buy more.

I feel theres a large degree of 1. happening at the moment and its understandable given the state of the world.

However, At the current 15c price the fully diluted market cap is circa $53/$54 million. Cash in Bank is circa $60 million, lots of exploration going on, still has some reasonable cash flow and royalties to offset the majority of this.

I've topped up again this morning on following principles:

1. I believe stock is seriously cheap
2. Director buying on market
3. Cash backing provides more security in nasty market/global conditions.
4. There is significant upside to exploration and EXS has good relationships with several key players around the exploration tennemants should exploration be successful.
5. The company has track record of delivery, and has sensible paths to growth rather than ever over extending beyond its means.
6. Good cornerstone investors on board (IVA /SOL)
7. Relatively few shares in the scheme of things, so can move quickly given a turn of market. (370 odd million fully diluted).

I'm sure others can add more positives. As for negatives:

1. Share price in a significant down trend (partly due to their own success in attracting dividend scalpers i'd summise!)
2. Global markets arent helping
3. Production coming to an end soon on a key asset and revenue stream needs replacing.
4. IVA in a state of flux.
5. Relatively few buyers in the scheme of things ;)


Its a rough ride right now and you'd be a fool to predict whether or not there's more share price pain to come however i'm quietly confident if we go away for a few months and come back to EXS we are more likely to see a much higher SP, so best of luck to us all.

I'd also like to credit to the quality of the EXS thread where there always seems to be a good group of highly informed, intelligent and sensible posters (one of the best forums on HC IMO).

Kasper