Been a very quiet time for TAM, SP has held up well and seems like any selling has been readily snapped up on cap increase as per the following:
The movers and shakers within the Deloitte WA Index for the month of August, were Tanami Gold NL, Exco Resources and Matrix Composites & Engineering, which experienced significant increases in market capitalisation of 160%, 75,1% and 61,7% respectively.
Tanami Gold NL announced the successful completion of its A$63,7-million pro-rata renounceable entitlements issue, which will aim to accelerate the development and exploration at the recently acquired Central Tanami gold project as well as strengthen the companys financial position by reducing external debt.
The company has also seen favourable results from updated mineral resource estimates for its Western Tanami gold operations, announcing an increase of 31% to 554 700 oz. Jones noted that as a result of these events, Tanami Gold achieved an increase in capitalisation of A$108-million, to close the month of August at A$175-million.
The rise in the POG has been offset by rising $Au and in real terms you can see from the following that Oz Gold has decreased in value somewhat, would no doubt be worse if POG was static.
Finally, chart pretty much confirms buyers happy to take up what has been offered up on the sell, could be attributable to the Sun Hung Kai effect as the largest holder increase their holdings recently.
Any good news from here on and some drilling news may be coming soon you would think, could see another leg up.
Just my opinion, always DYOR but good luck all.
TAM Price at posting:
69.3¢ Sentiment: LT Buy Disclosure: Held
