Forum Topics MAU MAU Management

Pinned straw:

Last edited 3 months ago

Magnetic resources is a gold developer and explorer in WA.

Current CEO is Mr George Sakalidis

Main issue is I can't find hard evidence of the following:

Was part of the team in acquiring tenements leading to the Monty Copper discovery that is now part of De Grussa operations at Sandfire

Was involved in the discovery of the Blackman Deposit - part of Ramelius resources

Even checked that dreaded LinkedIn and only has entries for MAU IMA and MEI and not TLM (Monty), SFR or RMS.

market index profile

Hopefully someone can reconcile his bio as the gold project looks promising.

This is one of the companies I found on my scan last week.

Bear77
3 months ago

Talisman Mining (with Kerry Harmanis as the major shareholder, the guy that built up Jubilee Mines and sold it to Xstrata at the peak of the nickel boom some years ago) owned the Springfield deposit alongside Sandfire's De Grussa copper/gold mine from at least 2010 - see here: Talisman Mining jumps on results from near Sandfire Resources' DeGrussa project | PerthNow [07-June-2011] - the 2010 stuff is behind a paywall. [Edit: I meant paywall, not firewall].

Springfield was the subject of a JV between Sandfire (SFR) and Talisman (TLM) that allowed SFR to explore for copper and gold across the tenement for which they earned 30% of the project. After Monty was found, Sandfire bought the other 70% of the tenement off Talisman for $72.3 million. George Sakalidis claims to have been part of the team involved in acquiring tenements leading to the Monty Copper discovery, however I can't find any evidence of Sakalidis ever working for Talisman. In any case, he may have, or he may have worked for a company that were granted the tenements and then sold them to Talisman prior to 2010, or he could have worked for a company that lodged applications for tenements on behalf of miners such as Talisman, and in any of those scenarios he could claim to have been involved in acquiring those tenements, but he had nothing to do with the Monty discovery, as that was done many years later by Sandfire - in late 2015 and in 2016 - see here: Talisman Gets Results At Monty - ShareCafe [22-Jan-2016].

In terms of the Blackman deposit, that's coming up blank in terms of Google searches. And Ramelius don't mention it as being part of any of their current assets in their "Projects" list, however a search of their entire website turns up one reference to Blackmans, not Blackman, and it's under "Mount Magnet Gold Exploration Project", then under "Geology and Mineralisation", then in the eighth paragraph, last line, it says, "The eastern margin of the Mistico Formation is bound by the Lennonville Fault, a north-south trending fault/shear zone that controls the distribution of a number of small gold deposits along its strike within the northern half of Ramelius’ land package, ultimately heading northwards towards the Blackmans deposit and further north towards the township of Cue."

So, yeah, they appear to own it, but they're not very interested in it. In terms of mines, the only one that comes close is in NSW - see here: Blackmans Mine (Blackfellows Mine; Breakfast Creek Mine; Breakfast Reef), Wisemans Creek, Westmoreland Co., New South Wales, Australia (mindat.org) and that ain't it, as it's in NSW and RMS' mines are all in WA and they (RMS) do mention the Blackman deposit near Cue, which is in WA, but it has never been mined, so it's not very significant.

Don't know if that helps @edgescape It seems to me that George Sakalidis has been in or around the industry for a few decades, but has never done anything particularly noteworthy during that time, so in terms of backing management who have a good track record, I can't find one for Mr. Sakalidis.


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edgescape
3 months ago

@Bear77

Thanks for that detailed analysis

I only got as far as you on the information about the Monty Copper and Blackmans Gold Deposit.

I don't mind when directors leave out details on what they did way back in another life. But it is a bit of a worry when they try and embellish some facts in their resume which doesn't have a hard reference.

Anyway I found a few things late last night but only got around posting now. For the Dongara Mineral sands, these are a few references I can find that go back to a company called Magnetic Minerals:

Magnetic Minerals from Sheffield resources - talks about the takeover of Magnetic Minerals by Ticor in 2003

Mining News.net - Dongara Mineral Sands, unfortunately behind a paywall

Gold Fever Continues to Spread - The Age Barry Fitzgerald

Garimpeiro's interest is not with what Iluka is doing in its home base but with what Image Resources is up to.

It has the same management team that worked up the Dongara mineral sands deposit in the basin for Magnetic Minerals into something Ticor thought worth buying for $24 million in 2003.

Applying the same ground magnetics techniques, Image has outlined at least 36 kilometres of potentially high-grade mineral sand strandlines within its Bidaminna project.

So perhaps all roads lead to Magnetic Minerals

But there is not much detail I can find in this company.

The reason why I'm keen on this one is the release of their PFS and an oversubscribed raising of 90c.

Magnetic is also planning a DFS at some stage next year.

But I'm holding off for now till more details on the management can be revealed or the share price floats back to 90c.

Alternatively we could bring this guy into a Strawman meeting?


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edgescape
3 weeks ago

@Bear77

Despite questionable management, I think we are about to be proven wrong on MAU. This diagram of the latest drill results looks very promising

c3af448647b1d279063c52a34c02d838e68206.png

Don't know but I think Lady Julie could be bigger. Ok it is deep but the fact that the width expands as you deeper is good.

Also has potential similarity to Karlawinda.

Proof that geology > management. But you have to give management credit for already advancing towards DFS.

Some interest also from potential lenders

b0fbe9d55665362eb235c29b2f65459c2db8fb.png

Moved fairly quick after being slight under $1 last week

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Bear77
3 weeks ago

I'll have a better look at that when I get back @edgescape - just heading to bed ready for an early start tomorrow - leaving for two weeks with family over in WA. I won't be online much during that time - but I'll be back, coupla weeks.

I don't want to hold any speccies while I'm gone - only large companies that won't half in price on a capital raise - I'll be looking back down the smaller end towards the end of July - and hopefully my biggest loser (Swoop - SWP) has had their regular July rebound and I'll get rid of them at a better price. Lesson learned. Way too much thesis creep with that one - timeframes got blown out way too far. Good management at previous companies, but bad management at this one; must be their retirement plan company. SWP I'm talking about now, not MAU. I've sold them IRL, just want to offload my SM ones now - at higher prices, which I think we'll get, but I'm only giving them another 3 to 4 weeks. Then bye bye Swoop either way.

Anyway, have a good one y'all, while I'm away.

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