SPQ - Superior Resources Limited

[shasta]

Superior Resources Limited (ASX code SPQ) is an ASX listed public Australian company that is exploring for copper and lead-zinc-silver deposits in northern Queensland, Australia.

Found this low EV resource play, with a host of 100% owned greenfield projects/prospects

Market Cap @ $0.075 = $5.7m (only 77m shares listed & low liquidity!)

Cash (end Sept Qtr) = $2.6m

Listed Investments: DYL (U308) 7m shares @ $0.29 = ~ $2m

Leaves an EV of just $1.1m for exploration on the following projects:

Dajarra Project (Cu,Pb,Zn,Ag)
Inca Project (Phosphate)
Myally Project (U308,Mo)
Nicholson Project (U308)
Victor Project (Cu)

Elizabeth Prospect (Diamonds)

SPQ has rolled a few prospects into the above projects, so they may contain base metals & be referred to as a different name to the above!

Recent Presentation:
http://www.superiorresources.com.au/SuperiorLimited_files/news_files/news_r_files/spq_presentation_oct2010.pdf

For more details on ASX announcements & drill results see http://www.superiorresources.com.au/

ASX Chart:
http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&allinfo=&asxCode=spq

Disc: Nil held

[percy]

Well looks interesting to me,so brought a small parcel at 7cents this afternoon.As always thank you for your research shasta.

[shasta]

Well looks interesting to me,so brought a small parcel at 7cents this afternoon.As always thank you for your research shasta.

Got to figure ~$1m for all those projects seems cheap!

The DYL investment should do well over the next year or two, remember Paladin (PDN) have a stake in DYL as well

[shasta]

Got to figure ~$1m for all those projects seems cheap!

The DYL investment should do well over the next year or two, remember Paladin (PDN) have a stake in DYL as well


SPQ gets a mention on The Australian, heres the extract...

So, apart from the companies we mentioned on Monday, we saw an announcement from Superior Resources reporting that drilling had intersected a thick horizon of moderate grade phosphate at its Wills project near Dajarra, the town that was once one of the world’s great railway stations for loading cattle for coastal markets. Seventeen of the drill holes returned assays of between 1.7 per cent and 18.3 per cent phosphate. No high grade phosphate was intersected. “The area is now considered to be adequately tested,” the announcement said. The company now seems to be pinning its hopes on a new area it has under application.

Full article:

Pitfalls waiting for Potash & Phosphate

http://www.theaustralian.com.au/business/mining-energy/pitfalls-waiting-for-potash-phosphate/story-e6frg9ex-1225971370622

[percy]

I saw that article about 20 minutes after I brought.Thought here we go again another share goes into the long term wet and forget portfolio.You know the definition of a long term hold? A short term hold that did not work out right!!!! I brought yesterday at 7cents and today some went through at 7.5cents with very few shares on the sell side.
As you pointed out $1m for all those projects seems cheap! I agree and look forward to seeing what happens. I noted when I brought that it is a very thinly traded share.

[shasta]

I saw that article about 20 minutes after I brought.Thought here we go again another share goes into the long term wet and forget portfolio.You know the definition of a long term hold? A short term hold that did not work out right!!!! I brought yesterday at 7cents and today some went through at 7.5cents with very few shares on the sell side.
As you pointed out $1m for all those projects seems cheap! I agree and look forward to seeing what happens. I noted when I brought that it is a very thinly traded share.

I see DYL got speeding ticket today

Tight capital structure & low market cap, so any decent news, drill results etc & SPQ could double & them some very quickly!

[shasta]

I see DYL got speeding ticket today

Tight capital structure & low market cap, so any decent news, drill results etc & SPQ could double & them some very quickly!

SPQ still very much off the radar, even though its up a little to 7.9c (Small profit for ya Percy)

There 7m shares in DYL are now worth $2.66m, which makes the EV around just $1m!!!

SPQ has some uranium projects very much early exploration, but it seems the DYL investment is getting overlooked

[percy]

Thank you shasta,I am enjoying the ride.That DYL investment they hold is up 33% in just over a month.

[shasta]

Thank you shasta,I am enjoying the ride.That DYL investment they hold is up 33% in just over a month.

I should have picked SPQ in the ASX comp, SPQ's projects could easily command a SP 15 - 20c, especially when drilling results start coming out, the current market cap is a joke.

SPQ is the lowest EV play im following, i have a list of approx 15 -20 of them, i posted a new thread for GES, the 3rd cheapest EV play & later tonight i'll post a new thread on the 2nd lowest...

Stay tuned...

[percy]

I should have picked SPQ in the ASX comp, SPQ's projects could easily command a SP 15 - 20c, especially when drilling results start coming out, the current market cap is a joke.

SPQ is the lowest EV play im following, i have a list of approx 15 -20 of them, i posted a new thread for GES, the 3rd cheapest EV play & later tonight i'll post a new thread on the 2nd lowest...

Stay tuned...
I stayed tuned all night.!!! To make up for loss of sleep I will only be able to stay tuned until 9.45 pm to night.

[trackers]

Lol Percy I was/am also tuned in for this :D

[shasta]

Lol Percy I was/am also tuned in for this :D

I thought last night was Friday, oops will post a new thread up during the weekend!

[percy]

I thought last night was Friday, oops will post a new thread up during the weekend!

Look forward to it.!!!

[shasta]

Look forward to it.!!!

SPQ - Decemeber Quarterlies

Market Cap @ 7.9c = ~$6m, with cash/shares in DYL worth $4.8m

Activities Report
http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=228419

Some phosphate drill results are promising

Cashflow Report
http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=228418

Good to see admin/wage costs are quite minimal & most of the money is spent on exploration/drilling (albeit on a small scale)

[percy]

SPQ - Decemeber Quarterlies

Market Cap @ 7.9c = ~$6m, with cash/shares in DYL worth $4.8m

Activities Report
http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=228419

Some phosphate drill results are promising

Cashflow Report
http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=228418

Good to see admin/wage costs are quite minimal & most of the money is spent on exploration/drilling (albeit on a small scale)

Very pleasing.I see all the 236,000 shares on offer at 7.9cents were taken out to-day leaving the next seller at 9cents.

[shasta]

Very pleasing.I see all the 236,000 shares on offer at 7.9cents were taken out to-day leaving the next seller at 9cents.

A whole 50,000 shares ($3,210 worth) changed hands today, dropping the SP from 8c to 5.5c (surprised ASX/ASIC didn't send a notice given the % drop in 2 trades)

40k @ 6.9c
10k @ 5.5c

Someone got a bargin, depending on how much of the $2.4m cash they have left, EV is well under $1m

Hopefully it was a shrewd investor from ST that got an old order filled

[shasta]

SPQ - Quarterly Report

http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=231367

Many projects, just not much news being generated

Cash = $2.3m
EV = $0.4m

[shasta]

SPQ dropped from 6c to 4.6c on just 80k traded, someone wanted out!

Cash @ $2.3m + DYL shares 7m @ 17.5c = $1.2m,

MCap $0.046 = $3.5m

EV is nothing.....

Gotta be worth more than nothing!

[percy]

Thanks for the comments shasta.I added to my holding buying 20,000 at 5.1cents yesterday.

[shasta]

SPQ - One Mile Mining Lease Drilling Starts

http://stocknessmonster.com/news-item?S=SPQ&E=ASX&N=234188

Cash @ $2.1m + DYL shares 7m @ 14.5c = $1.0m,

MCap $0.071 = $5.5m

EV = $2.4m

Nice to see some drilling action at last, looks to be in a good area for Cu/Au deposits.

Has held its own throughout the market turmoil too!