General discussion, page-8166

A pinch and a punch for the first day of the month to all holders.

A few general thoughts from a novice mining investor, apologies in advance if I am way off the mark!

- A month ago we were at $17. We have since improved by 23% to $21, an outstanding result by any measure considering that there was only one non-price sensitive ann in addition to the MSCI listing. Many of us back in April were happy to see us at $24-25 by end of June, and that still appears more than possible, if not conservative, with the MRE to be issued imminently.
- Regal (assumed) sell down knocked back yesterday's day gains and on face value it seems like they left a lot of profit on the table to clear the decks by month's end. Maybe their various funds need to crystalise their healthy profits by month end or end of FY, maybe their exec team have incentives based on crystalised profits. Maybe they need to free up capital for their next target. From what I can see, most of Regals publicly available investment funds have returned a max of 40% per annum, hence maybe there is no benefit for them in taking risk when their profit on WA1 probably grossed 100-200% (or more). It seemed that they were lining up for offload to funds in September in any case but then the MSCI listing gave them an earlier opportunity.
- As has been mentioned, index fund buy and hold should give more stability but perhaps a little less liquidity. This should be more than offset by many more interested parties buying in after the MRE is released.
- Yesterday's index listing may be a taste of what will occur if we enter the ASX300 however that should be significantly bigger with more funds tracking that index from what I have researched. If not for Regal dropping their pants we might have seen the funds buy in closer to the day's higher price, may be wishful thinking but with Regal out there may be more restraint from sellers come September along with a bigger buy side to make this a more significant growth trigger - noting that it is a side-line attraction compared with the main game.
- The MSCI index funds will be the beneficiary of growth from the MRE whereas the ASX300 funds will be paying the premium once the market re-values the stock.

MSCI listing was a nice distraction (it didn't even warrant an ann from the mgt team!), but the main game has always been to formally and independently quantify the resource with the MRE. Not long to go now. It would be nice to see an interim ann come monday morning with the next batch of assays before the MRE, this will help with market confidence following the transfers yesterday. Beyond the MRE, it would seem that the drilling will be continuing as the extent of the resource is yet to be fully quantified as has been well documented by the holders here.

The potential/likely takeover offer(s) will be the icing on the cake. The only question is when they will come and what Paul and the team have planned.

Hats off to the LTH that have held firm for 2 years of this. I've only been in since Sept last year and never even been on HC until earlier this year and it is a wild ride. Good luck to all holders and enjoy the weekend! June is going to be a big month for us all.

Not investment advice, personal opinion only.