Bustling mining investor Tolga Kumova has invited 100 of his closest mates to come over on Saturday to watch his beloved Magpies take on the Eagles in the AFL grand final.
But ahead of the hoped-for Magpies victory, and some beers and a BBQ with steaks that bend, Kumova’s attention in the past couple of days has been on last year’s boom copper-gold-zinc float, Alderan Resources (AL8).
Floated at 20c a share in June last year on the strength of its Frisco project in Utah, Alderan raced off to a staggering peak of $2.40 before beginning a long slide to a low of 22.5c ahead of its recent rally to 27c.
Alderan went into a trading halt on Wednesday ahead of completing a placement, expected to raise $3m or so at 20c a share. So it is a case of back to the future for Alderan. It’s effectively starting again.
Kumova holds 14% of the stock and was a buyer before and after that $2.40 a share peak. He is also expected to emerge as the main backer of the placement, with some renewed enthusiasm for Alderan’s Frisco project to boot.
The renewed enthusiasm is based on the fact after spending some $10m on exploration, Alderan is finally drilling the Accrington copper-gold skarn prospect at the multi-target Frisco project after being held up by the receipt of drilling approvals under Utah’s overlapping State and Federal claims system.
Accrington is where Kumova first got excited about Frisco after kicking a lot of green rocks on the surface when scouting the project before it came to the market in the Alderan float.
It was another Syrah (SYR) moment for the former Syrah boss and major shareholder, a reference to the first time he set eyes on what has become the world-class Balama graphite deposit in Mozambique. Syrah was a penny stock at the time and is now worth $750m. Read more +
