NXM - Nexus Minerals

[finicky]

Improved volume today, +25%, gap up, intraday break of localised resistance at 25c.
While the price is well out of the most recent downtrend it is yet to overcome a longer interpreted downtrend line currently at 30c. Looks fairly good to me but suggest the risk @ ~30c is there.

Held
Hold

Daily

 

[frugal.rock]

Chart update.

 

[finicky]

@frugal.rock @Miner I was looking at NXM over the w/e.
It seems to me a prospective chart for a possible swing low; or a lower probability bottoming out.
Weekly chart - I take the earlier venturing into the upper bb band as constructive, also the s.p flattening out with mild momentum divergence. Also the recent brace of small bodied candles.
I have lost interest in NXM, so haven't followed the company's activities or developments.
It's neighbour Ozaurum (OZM - also held) is cheaper by every measure but doesn't have as good a chart imo.

Held

WEEKLY

 

[Tyre Kicker]

I don’t think OZM has quite as good results/ground as Nexus Finicky.

 

[finicky]

First MRE out: 175,000 ozs, 46% indicated, constrained to a feasible and economical open pit limited to 200m below surface. Grade is 2.1g/t and 98% metallurgically recoverable. Could get bigger with higher gold price. Surrounded by Northern Star Carosue Dam infrastructure and milling operations .
Conceptual exploration target of 480 - 790k ozs @ 1.5 - 1.75g/t

Held

 

[finicky]

Lol, smashed. Down 41% early trading.

 

[Miner]

Lol, smashed. Down 41% early trading.

smashing continued like Big Bash -!
have cleared the position some weeks back however

 

[finicky]

Would have been tempted by the chart of this gold explorer once.
Forgot to mention that I sold out of this for a loss at end of FY23 - bought at avg 0.25, sold at 0.057
At say $40 per inferred/indicated oz the maiden MRE of 175kozs for Crudader-Templar could be worth say $7m to a buyer like Northern Star looking for a convenient satellite open pit resource grading 2.1g/t with high recoverability. Course the rub is you'd need to have faith in statements of management.

Not Held

WEEKLY

 

[finicky]

NXM up 11% on a day of mixed up and down for gold stocks. Not in a frame of mind to chase it. If interested, suggest do a bit of crude reseach into the deal NST did with STK for the acquisition of the Millrose resource and tenement near NST's Carosue Dam operations.

Not Held

 

[finicky]

Bought 50,000 @ 0.047
Taking the tack that their Crusader-Templar deposit should attract a buyer as gold price increases.
As posted above, maiden resource of 175kozs @ 2.1g/t, 98% recoverable from 200m depth limited open pit(s), almost half the jorc resource indicated. Looks like a broken up long skinny deposit to me (1.6 km strike) so strip ratio might detract - don't know. Trust in management a huge concern for companies like these and it's managment from whom I'm drawing my info. Anyway, with gold price soaring, succumbed to the punter's urge. Like the chart as a spec.
Northern Star paid $176/oz to Strickland Metals (STK) for its Millrose deposit and tenement in what superficially looks like a similar set-up? My calc.

Held
Gold spec

DAILY

 

[Chipp]

Bought 50,000 @ 0.047
Taking the tack that their Crusader-Templar deposit should attract a buyer as gold price increases.
As posted above, maiden resource of 175kozs @ 2.1g/t, 98% recoverable from 200m depth limited open pit(s), almost half the jorc resource indicated. Looks like a broken up long skinny deposit to me (1.6 km strike) so strip ratio might detract - don't know. Trust in management a huge concern for companies like these and it's managment from whom I'm drawing my info. Anyway, with gold price soaring, succumbed to the punter's urge. Like the chart as a spec.
Northern Star paid $176/oz to Strickland Metals (STK) for its Millrose deposit and tenement in what superficially looks like a similar set-up? My calc.

Held
Gold spec

DAILY
View attachment 173584

The spec side of gold should be taking of soon if gold price continues , will put this one in the spreadsheet with EV of approx $60 per oz . Do some work on the metrics .. cheers

 

[finicky]

Picked in the April comp, although it might take longer to kick, if it does.

. Looks like a broken up long skinny deposit to me (1.6 km strike)

To be sure, but subsequently noticed that the "mine contrained" MRE of 175kozs is shown as the three black cross hatched areas on this diagram. Much smaller and discrete, densely drilled, 200m depth.

 

[maxtoday]

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02795831-6A1202775

They still have cash though...
but damn, a really shot down to 60c..

 

[finicky]

Up 9% today.

Rebaiting the hook for hoped for acquisition by a major is how I'm seeing it.
Updated the MRE using another consultant. Increased the resource by 70% (46% indicated) for what is now envisaged as a larger single pit shell instead of several pits. However this will mean a higher strip ratio and mining through lower cut-off grade material. They've gone from 1g/t gold cut-off in the previous MRE for three pits, to 0.4g/t cut-off for one pit in this new plan. Lots of waste dirt/rock and inclusion of low grade ore. They are assuming a significantly higher gold price than present to make this viable. Sketchy?

"The MRE has been reported within a pit shell based on an AUD$3950/oz gold price (approximately 11% above recent gold price levels of AUD$3500/oz)"

Held
Not sure I'll hold it long now.

 

[finicky]

Frittered away a bit more on NXM:
50,000 @ 0.052 almost filled.
Been watching it for a double up, with ambition then for a half sell and free carry on remaining half.

Just seeing it as prospective for a swing low given that it's retraced not far off 2/3rds of the recent scorching rally. It is not far off potential minor support/resistance. Selling volume is higher for middle of the day but might be capitulatory?

Spec
Trading stance

DAILY

 

[finicky]

Just posting on this because I picked it for very sparse reasons in the July monthly competition. I also continue to hold 100,000 shares mostly in the hopes of a much higher gold price (confident) and as an acquisition target (pie in the sky).

Their revised MRE from a second consultant based on a single open pit, a close to the bone cut-off grade of 0.4 g/t, more strip and a higher AUD gold price of $3950/oz is testing credibility.

There are weak reasons for the chart: price and main momentum indicator are at, or near prior lows and the last two weekly candle bodies are small after a downtrend. That's it, that's all I've got

WEEKLY

 

[finicky]

Picked again in August.
Chart has to break one way or the other.
Could take months.
To break down all it needs is nothing - no news - it won't hold up in thin air.
To break up it needs news, such as a new brownfield discovery or pie in the sky - acquisition by a nearby producer (NST).

Held
Trading stance

DAILY

 

[finicky]

Even NXM getting a bit of action in response to the gold price. A company that self admittedly needs a A$4,000/oz gold price for a feasible large open pit. Close to a Northern Star operation.

Price had broken above recent resistance but might not be significant for such an illiquid stock.

Held
Trading stance

DAILY

 

[finicky]

Sit down for this ..
... more pause

At 0.05 intraday I have entered profit territory with NXM, up 20 bucks!

Held
Trading stance

 

[finicky]

Just a token weekly chart of NXM for the September monthly comp. It gives an appearance of a double bottom but a real longshot to suggest another rally over a one month time frame. Last week's candle not promising. But the company's got things going on close to some of Northern Star's operations as covered in previous posts and you never know when they'll announce a paydirt drill strike or assay?

Held
Trading stance

WEEKLY