Top ten ideas from the Noosa Mining Conference
A week has passed, and the general market correction provides some value.
During the previous week, I made the winter pilgrimage from cold Canberra to not so cold and sunny Noosa Heads for the Noosa mining conference.
How terrible :-)
This year The Viking I went early to catch the Concours d’Elegance of classic cars. This free event is an added bonus for those able to stay a week, enjoy the conference, the networking, and some general R&R. Mostly, I pulled up well.
One word of warning… Negronis on the balcony, with a glorious view, can lead to a bit of a sleep-in the next morning. I missed the early talks on Thursday.
However, the sunsets are truly glorious.
I don’t get paid to plug the event, the venue, or the town.
Some places just sell themselves.
However, I do have a word of warning for DMC Delorean drivers.
You are sure to get stopped by the Police, so they can arrange a test drive.
The Noosa conference is great for small and mid-size mining companies, since you have a series of short talks, with every company presenting. There is also a floor of exhibition stands to meet management, in a very congenial atmosphere.
I like it because it is both affordable and casual, but comprehensive.
The organizers do a splendid job on the program, with live streaming for remote attendees, and a library of post-conference videos to peruse. Due to the way the disclosure rules operate, there is usually an ASX announcement, where you can efficiently locate and read the presentation, even while listening to it.
These are all a huge plus for someone like me, who has spent decades traipsing along through CBD hotels to find the venue room and survive sitting in a windowless room.
For the benefit of free subscribers, I include a handy reference workbook with a list of all companies that attended, the most relevant ASX announcement, and the return over the period from market close prior to the conference, to last Friday close.
There are hotlinks in this file to the presentations and video library.
I have ranked the firms by total return from 16-Jul-24 through 26-Jul-24.
The immediate price reaction is sometimes of interest. However, on this occasion there was a major global correction last week, so perhaps less so, this time. The average return was -6.59% across 65 companies, so that is a markets effect.
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Top ten ideas from the conference
I listened to all 26 of the talks on the first day, and many of those on the subsequent days. However, I did not listen to every talk, nor talk to every company.
For this reason, I am presenting these ideas as highlights in different categories. The categories are chosen to reflect how I think about investment screening:
Commodity
Management
Opportunity
Generally speaking, I like to position in my favored commodities. The quality of the management and execution is also significant.
Finally, opportunity can come in many different forms. Regular readers know that we have a contrarian approach, when it makes sense to swim against the stream.
I also keep an eye out for such opportunities.
This might be in a commodity that is weak, like rare earths. It could be a management that appears to be in positive transition. It could also be pure value, from neglect.
The top ten ideas I present cover these bases.
Read on for more detail.
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