2 weeks ago

Disclosure - held - Price at posting 40c, market cap 23-24mil. 


Howdy folks. Trying to put my thoughts on this in one place, and here seems to make sense - I'd recommend the small caps interview done by Eugene Iliescu a few months ago (it's on spotify). What initially interested me in the company is that Eugene said there would be a mine there (I have spoken to him since and he mentioned they considered going straight to mining without publicly listing. 

Essentially, it's an exploration stock with strong insider holdings, and it appears to have surpassed the expectations of the insiders who originally thought there would be a mine there by historic drilling. 

Dex is an exploration stock. Their main property is Bundarra, with the main targets there being Mt Flora and potentially Quorn.

The prospectus said they had an exploration target of 6-12 million tonnes of ore at Mt Flora at 0.5%cu to 0.8%cu. Management has said that their drilling thus far has exceeded expectations and they are expecting to exceed the upper range of this (I would assume in tonnage, not necessarilly grade). 


An announcement on 29th April suggested that the potential minerlisation at quorn was up to 116 million tonnes, which was more than 5 times larger than Mt Flora. (likely won't be this much imo) This might suggest that the mineralisation at Mt Flora is between 116 million divided by 5 or 6, or 6, or 19ish to 23ish mt, which is significantly larger than the prospectus target. 

If Mt Flora is 19mt at 0.5%cu, this would mean that there is 95kt of copper in ground (near the surface), with a mineral value of 855 million. There are also silver and gold credits. 


Management believes Quorn will be large and think the geophysics are similar to mt flora. 


I believe bundara is near coal mines and it appears to be in the middle of nowhere in regional NSW. 


They also have other tenements - Prairie creek is particularly interesting with one historic intercept of 2g au over 47 m. 


Management has said there will be a mine there publicly - before they even started the new drilling (there was historic drilling considered dissapointing at the time).




Insider Holdings - Note that this information on %s is out of date - more of a gauge of where they are at. 

A bit is rumour off hot copper at the moment, but from that rumour there appears to be a high amount of insider holding and buying on market currently. Bear have you encountered much of this happening in exploration stocks? 


Keiran Slee - 8%~ (up to 10% I think now) Largest holder and has been buying on market. He also invested in EXU (Explaurum), which was a company that some of the management were apparently involved in a few years back (hot copper rumour). 


Gapmas - 6.15%~ - I've heard rumours these guys are connected to some of the geology done, but can't confirm this. 


Misty Grange - 5.61% +.8%?? (Up to around total 9.5% now) - Large holder and has been buying on market - Again rumours on Hot Copper, but apparently an entity for a wealthy investor with strong connections to the directors. (Also invested in EXU) 

Kennex - 2.7%~ Appears to be very strong connections to the company - the head of Kennex was a former director of DEX. 

Thomas Kapea - 1.54%~ +2.2%ish in Tuai Group servicess -- Non exec chairman. 


Paul Frederiks - 1.8%~ - Exec Director/Company Secretary 


Eugene Illiescu - 4%ish Former Managing Director - 

Adding that all up, we get around 38%, with significant at market purchases recently. Directors also hold a lot of options, etc. type things, which I haven't included here. 


Not sure who the following are Terry Gallagher, Alistair Mallet, David Mark Garnham, Robert Dickenson, West Trade Enterprises, Babak Nasirpour, Dr Lamburtus, Tobert Waterhouse, Orchid Eight, Hildacow, or Yee Meng, Sara Gilbert, or HSBC Custody Nomnees. 

Oh, they also hold a Prairie Creek tenament, which had a very interesting historic gold hit (was like 2g over 40-50m or something, which was seen as bad at the time - looked like an interesting plus.