Major shareholder Silver Mines sells $206k in shares on market
TMZ has confirmed that its major shareholder Silver Mines had sold $206k in shares on market at 6c per share, leaving them with ~58.6m shares (9.98% of TMZ).
With such a large shareholding we would prefer to see Silver Mines exit via a block trade whereby someone buys their entire shareholding via one transaction as opposed to continuous selling pressure on market, which may put downward pressure on TMZ’s share price.
Generally, major shareholders who own >5% of a company will need to lodge any changes to their shareholdings within ~2 business days. With the first sale being made on the 11 March we will be watching to see if Silver Mines continue to slowly sell on market over the next few weeks.
In the meantime, TMZ is working on updating its mineral resource estimates across its deposits as it aims to reach the milestone combined 100 million ounce silver JORC resource.
The updated resource estimates are objective #1 in our 2022 Investment Memo for TMZ, to view the remaining two objectives we have set for the company in 2022 click here.