RE:EGR.... Here is a question for anyone to answer.I'm liking this company more as time goes by and I get time to do more research. They got their web site together quickly, brought in a new Director and Advisor this week, and I see a new symbol on the OTC this morning.
Still having difficulty getting shares on OTC. Shares are scarce since the consolidation down to 16 million outstanding with only about 10 million float.
The existing investors are the right ones. Crescat Capital has Quinton Hennigh on their staff. In 2019 I bought into Eskay Mining for $.07 US$. Quinton got into Eskay in 2020 and I sold the last of my position in March of this year at $2.68. He is not shy about commenting on companies that he thinks have good prospects. I also like having investors in Germany. I have a position in Tudor Gold which has a large following there and that's always been a positive.
Difficult to follow the track of the Kaminak/Goldcorp stock. It almost appears that Gambier bought or optioned some property from Kaminak for 3.5 million shares (pre consolidation). Then Goldcorp bought Kaminak, then Newmont bought Goldcorp. So those shares could well be in possession of Newmont at this point, but I don't see it on sedi.ca - still showing Goldcorp (perhaps as a Newmont subsidiary?). Either way having them as a shareholder at >5% might be interesting given the acquisition activity in the area. Kirkland Lake was acquired and Wallbridge offloaded its nickel operations to Archer (that distribution of Archer shares to Wallbridge shareholders is coming up). There's a lot going on in this section of the world.
As with most consolidations, all options and warrants are now priced well out of the money. As such, I'm not looking to see any dilution from that side. Of course, that also means the company will not be getting any funding from exising option/warrant holders either.
I'm guessing that next year will be used to do a thorough job of exploring Detour West with some scanning and sampling. I'm not expecting to see any drill activity until 2024 or so if they find any good targets. In the meantime, the low share count gives the new team some flexibility in terms of finding new opportunities, which are definitely out there. This has been a tough market to raise money and some companies are selling properties and royalties for low prices, or abandoning claims that are not core. I just saw Millrock give up eight royalites to Osisko for $1.2 million including the Oweegee Dome - now being explored by Sanatana - which I really like as a prospect. That must have been a very tough decision to make.
So for me the best case is that folks begin to notice that the stock is undervalued relative to the quality of the Detour West property, and that management takes its time and locates the best targets on those claims. This seems like a good time to get in with the reboot, something like the Teuton Resources in 2015 or the Eskay Mining in 2019.
Do your own Due Diligence. GLTA. Doug