Lunnon down again on lacklustre drill results
I'm out for now. I think I still broke even if I include my first trade
Doesn't look like there is much between the Foster Mine and Conqueror(Goldfields)
I think Lunnon should drill closer to the Goldfields boundary but they seem to be mucking about too much around the Foster Mine. Maybe do a Mag survey of Defiance West??
Red circle is approx area of the latest drill holes
[not held]
As mentioned previously, Lunnon Metals has started looking at potential for Gold on their Nickel tenements.
So at a market cap of 58m, you buy a company with:
1. 20m in cash reserves raised at higher prices giving an EV of 38m (ok I bought when the market cap was 52m on morning of 2oct)
2. Nickel/ Base metals project with NPV leading to FID for free
3. Interesting gold intercepts of more than 10 m at Lady Herial near surface
4. Surrounded by large multinational gold companies such as Goldfields
5. Camp scale opportunity ??? with prospects short distance from each other.
6. Director buying including the CEO on market.
7. Company restructured with CFO not replaced
Can't believe I sold at $1 for a profit and now can get this at 23c with gold potential!
Or the majority thinks this is not worth anything and I am totally incorrect for swinging back into LM8.
There are exclusion zones for gold exploration by Goldfields. And nickel is in the dumps with the BHP closure. Maybe that's why it's still not getting attention
[held]
Lunnon released the Baker PFS highlights
Not surprisingly it is tiny but it is one small step. Massive IRR though.
Next steps are offtakes
[held]
Don't wish to speculate but....
With a sneaky rally in the share price on no news last few days and finally breaking through $1 today, I can't help but think that Lunnon could be a takeover target.
Lunnon definitely in the right neighbourhood with Mincor
Is however tiny compared to Mincor.
[held]
Probably like everyone else I don't spend too much time reading off the quarterly reports.
So I decided to spend some time on this one which I hold and saw that they want to put some LTI and STI plans to the AGM.
From the most recent presentation, they are aiming to get a reserve established within the next 12 months. Don't know about everyone here but I think getting 15KT reserve shouldn't be that hard on a resource of 900KT contained nickel? Usually I ignore the AGMs but if I'm still holding by March 2023 I will oppose.
I bought thinking this had good management (former WMC alumni) and they really hit the ground running increasing their reserves of a former mine to what they are currently. But not sure now.
[held]