THE great majority of ASX announcements from the junior sector pass without being noticed. Time to – at least partly – redress this. The Outcrop by Robin Bromby.
The annual report goes out in the post, many copies of which will be glanced at and then thrown in the paper recycling bin. The chairman stands up at the annual meeting and addresses the handful of shareholders who have bothered to turn up. The Australian Securities Exchange releases the latest exploration update which passes largely unnoticed unless it contains some extraordinary drilling result.
Welcome to the thankless world of the junior explorer.
There are far too many juniors and not nearly enough producers of substance, as this column has argued previously, but this should not detract from the efforts going on out there.
Give credit where credit is due, as it were. So here, more or less chosen at random, is a sample of announcements that have come out in the past few days. See this as a small gesture of recognition for all the hard work that is happening in hundreds of companies out there.
Earlier this week, chairman Johann Jacobs tried to rally the troops at the annual meeting of Goldstream Mining. The board was, he said, out to "build a mining house of significance".
To that end, Goldstream is renaming itself IMX Resources – an acronym signifying investment, mining and exploration. The goals are to get its Cairn Hill magnetite operation producing as soon as possible and Jacobs also made it clear the company will resist shareholders' calls for its 39% interest in Uranex to be distributed to them: the uranium company could make a better contribution as part of IMX, he argued.
GDM Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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