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Cortexlux

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24/09/18

17:42

Post #: 35806922
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Originally posted by catscatscats ↑

Morning all.

Like you, Im sitting on a massive paper loss and Friday was an urge to dump and run. I sold a small part of the position purely to cover the extra money I threw in before drill results but still sit in quite heavily.

My take. The company is not worth half that it was 2 weeks ago. If the company did not have a drill plan ahead of it for the next few months and $2.7m in the bank, different story, but we're not out of options yet.

Forget the last few months for a second . . if we were looking at another stock with a drill plan ahead of it . . at a glance right now . . would we think it was oversold given the prospects at Iron Mask etc etc?

It's not the fault of the MD that there wasnt enough cobalt in the ground. There was no ramping up by the MD, they reported everything as it was. My only regret was that the signs were there that this was a duster earlier (very empty first release and the rush for airbornes) and a few of you even said that "hey this first drill report looks pretty dusty" . .maybe that could have come sooner so the fallout wasnt so dramatic.

The concern now is the general ground. Strong Polymetalics, old reports of existing grades and 10tn samples with 10% cobalt, chip samples turned out to all be nothing. So where does that leave any other site which shows the same? . . . . then balance that against the other drills going on in the area that are showing strong returns already. Some of them are pulling cobalt from the ground already.

So here's my take

They have 6 sites to drill. They've drilled one. What is the chance of all of the sites being dead? Probably not that strong . . it's a matter of how long you are willing to hold whilst the news flow dries up again.

What can they do?

Come out of the blocks with reports on the Polymetalics, a plan on Iron Mask et al.

What can we do? At this price, it's probably a bit of a bargain given they still have money and a drill plan ahead . . and reset the clocks on Iron Mask etc.

At this SP . . would you buy in if you had just seen this from the outside looking in? Probably. Someone did, that's why 17m shares just traded. New people saw this would recover.

Hope that's OK to add. It's been an awful week for all but we're back again next week.

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I fully agree with you catscatscats. Let's not forget that MEI owns Midrim. Drill results reported at the begining of the year reported high grade CU-NI-PGE.
Therefore, a possible turn arround if all 6 Co drills turn sour, could be to refocus on this ressource, particularly Ni, a ressource that will be more heavily requiered for the production of future 811 batteries.

MEI MCAP is now 7m.....this stock is IMO really undervalued. Patience and faith will pay!

MEI Price at posting: 1.6¢ Sentiment: Buy Disclosure: Held
6 Upvote

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Last 9.4¢		Change 0.001(1.08%)		Mkt cap ! $222.2M

Open	High	Low	Value	Volume
9.3¢	9.5¢	9.2¢	$286.0K	3.065M

Buyers (Bids)

No.	Vol.	Price($)
8	419952	9.1¢

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Price($)	Vol.	No.
9.5¢	22882	2

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No.	Vol.	Price($)
5	1773521	0.011
11	2924000	0.010
6	4510000	0.009
7	2258300	0.008
1	142857	0.007

Price($)	Vol.	No.
0.012	620532	3
0.013	1998837	5
0.014	926384	7
0.015	670000	2
0.016	1179000	5

Last trade - 16.10pm 29/11/2024 (20 minute delay)

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Back up the truck, page-16

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