Undervalued and ready to take off for Landore Resources.
“…we need to leave a lot of exciting stuff for other people, otherwise they just won’t come in…”
Take a look at the recently beefed up photo gallery on the Landore Resources photo gallery and you’ll see a picture of a groundhog nestled amongst the drill samples in the core crib.
It’s a cute rodent without assay analysis credentials, but is perhaps a pertinent symbol of Landore of old for those investors who know the repetitive nature of the Groundhog Day movie of 1993 starring Bill Murray. It’s about the path to redemption featuring the same characters, the same story, the same dialogue, same old, same old and then ‘Boom.’
The ‘Boom’ moment has happened and Landore Resources is a company in transition. It’s updating its archaic website, but hopefully keeping the groundhog picture in. It’s adding more non executives, there’s talk of additional executives and succession and less prosaic and more proactive language relating to dual listings, timelines to mineral resource estimates and recognition that battery metal opportunities demanded by the modern world may be driving this traditional company.
Chief executive Bill Humphries (not Bill Murray), far from feeling bullied by impatient investors, is welcoming the transition. He is however holding out for the best value from assets originally found decades ago and those recently discovered and those being pursued as in this month’s RNS.
“…We have a broker who’s valued the gold at £67 million and that doesn’t taken into consideration the fact that there’s almost the same value sitting there in nickel and copper. In fact the rate it’s going up, it’s going to be a higher value in a couple of months…”
And for that reason Bill and the board isn’t willing yet to “onsell a company that we don’t know what’s there.”
Listen to Bill tell Sarah Lowther about when investors may find out just what is ‘in there’, casual conversations with Xstrata, why the core crib, groundhog or not, could contain Christmas gifts for shareholders, and why Sarah thinks the brokers need a kick up the backside.
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The author was remunerated but does not hold shares in the company