SCP note based on quaterly report, page-9

Hi folks

Over the past week I have parted company with a my holding in EMR for pastures new. Been a great ride over the last 2 years having started to invest at $1.40 and I’ll have nothing but fond memories for EMR as my first sojourn into the world of investing in Gold Miners.

I bought into a couple of other Gold Mining Companies over the past 6 months whilst retaining my EMR investment. There are so many gold mining companies out there, all sitting on resources, many more than analysts can cover – which makes it incredibly difficult to find another sound investment without detailed analysis and a little bit of luck. What got me into EMR was a conversation when I visited Aus from the Uk over Christmas 2022 along the lines of all the guys I talk to are buying in to EMR. I took a punt – and got lucky. Found Hotcopper and this board and asked some questions, which with hindsight, some may have been slightly naïve, but thanks to the more experienced folk on here I was furnished with a decent amount of information. On that basis I invested more – my last purchase was around $3 so I’m well in profit.

In the past 6 months I’ve bought into Ausgold (on the back of a few others who post here) and I’ve also taken out a holding in MEK (Meeka Metals). Both at different timelines to EMR.

Now the rub. I recently caught up with the same individual I spoke to over two years ago – and naturally, after pleasantries were exchanged, I asked what the word on the street was? Are they all still buying EMR. The answer was, no, they’re buying Regis Resources as there’s more gold there. What I wasn’t able to ascertain was for how long “they” had been buying RRL. Nevertheless – I took a look myself and having undertaken my own diligence – I have disembarked from the EMR train and boarded the RRL train (with a top up of my other two holdings)

With everything I liked about EMR, and could well have been happy to sit and wait for 2 or 3 years for EMR to become a 300,000+oz producer, I see that RRL are already at that point. RRL forecast for FY25 is 350,000-380,000 ozs and current mkt cap of RRL is just 10% higher than EMR. Sherlockbuffet did say that EMR doesn’t appear to have any real drivers for SP increase over the next 5 quarters. I tend to agree – and think my “hard earned” will be working harder for me in RRL as opposed to EMR over that period.

I may be wrong, have been before, no doubt will be again. None of this is intended as investment advice – nor ramping the other companies I now hold shares in. Just an explanation why I’ve moved on. Good luck to all EMR holders – just don’t do better than RRL.