CEO Nikolas Perrault
and Chief Operating Officer Declan Costelloe at Colt Resources
, Stock Forum
) purchased a total of 150,000 shares during three days into Nov. 1.
Executive Chairman Richard Placide Quesnel
participated in a debt financing that likely will give the wealthy Quebec miner and financier 4.4 million shares, or about four-fifths of a Colt senior-note financing first announced in July 2013. That note financing is still in process, largely in Europe.
Mr. Perrault is in Munich
this week at the gold show there.
Colt, when fresh insider reports come in early next week, might already have seen even more executive purchases. We see this week two days, Monday and Tuesday, that began trade with 90,000 and 95,000 shares changing hands, respectively.
Colt, one of our TCR 8, is now involved in Middle East property-watching -- Iran, Pakistan and Afghanistan. We learned of that development October 28, one market day before the start of the executive buying.
More to come. Colt is active in Portugal, where it has gold and tungsten projects. The price of tungsten is performing well in recent months.
See ferro-tungsten price chart at Infomine.
Takeaway: Resource investors have little to cheer this year (and last and the one before that). Still, TCR research shows that prospecting and mining costs are decreasing rapidly in most jurisdictions. Drill rigs, for example, are easily available and at prices 30 percent and 40 percent lower than two years ago -- in Nevada, in Colombia, in much of Africa and in parts, but not all, of Canada.
At the same time, in the debt and equity markets, investors in October and November appear willing to pay "up" for resource company paper. This is one way of saying the best juniors -- ones with enough cash to continue operating for three more years -- already have hit bottom.
I intend to continue purchasing Colt shares -- which this autumn thanks to its outsized market gains has become our third or fourth largest position here at home.
Off to New Orleans.
Skylar, age 17, scored 4 times
in this semifinal water-polo match
... we won. Something to cheer.