yes i agree it does have a MPOish feel to it in terms of a massive re-rating that is inevitable based on the comparison value of its peers :-)
my gut was giving me a SMM type feel about it too. Summit were sitting on massive uranium resources at mt isa, a bit like how GME is now sitting on a @!&!^load of nickel. they never got around to producing before they were taken out by its peer (paladin). this is similar to GME as it could well be its neighbour minara who would use them to feed murrin murrin lol.
either way i wouldnt buy this for the takeover spec because chances are it won't happen. even if there was a successful takeover i would be dissapointed because there is much more to be had here than a +50% premium to the monthly VWAP... lol.
to sum up GME, it is this: cheap
the only problem, which is why we are still seeing the current levels as we all know is their finances. hopefully with this upcomming rights issue they will be able to raise enough cash to get started on the groundwork.
they have been proving this resource up for years now, its time to let it shine while this raging nickel market continues :-)
GME Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
