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Just now I've actually wondered if you're a brilliantly disguised shorter OSV, who is trying to wind up the likes of LittleWIng and Gixxer etc even further to get them to dump hard here around now out of annoyance.. and meaningfully further undermine a s/p that has already been smashed.
I have no interest in dumping any of my holding at anything remotely like the current s/p .. but if there was one poster here who'd goad me into doing that in some shape or form, it's you.
I remind you that CB and his Board/Bored mates have spent north of 10m USD on Bushranger and the market currently values that punt in the zero to minus range
(That's too harsh a valuation by far by the market, I believe.. but the s/p in the market at whatever moment in time is the benchmark this game is played against)
I see we still have oldschoolgump with us.
I have to say, I thought ole Forest would have expired with the AGM.
Alas it's not be.
Given that the value of the Company is with Manica, it is debatable how much value BR and the various Zambian efforts have added, if any. On that account hasJan Nelson created the value and not "the board". I am positive given Manica and the rising gold price but respect all opinions.
No they haven't because every shareholder has the right to speak their mind whether you agree or not.
Perhaps if the "board" invested some of their pennies now the company is "onwards and upwards" they will benefit from the "value being created" that would give everyone a bit more confidence!
Down 10.5% but 4.3% of that was left over from Friday close due to the u/t trade. Real 10% fall on Friday was shown as 6% due to u/t trade .
So today a real fall of circa 6%. Not great but not the blood bath some thought after some negative comments post AGM.
In late afternoon I could sell 500K at 1.43p. No big sells though.
I will wait until Friday before claiming "panic over" but so far most seem content to stay on board.
Well hopefully the rest of the moaning minnie bashers will soon be gone. Absurd that they should benefit from all the hard work that the board have been doing to put the company on a sound footing moving forward after some of their ridiculous posts. Onwards and upwards for the shareholders who chose to support the value being created.
Copper and gold prices on a roll. Sentiment must improve soon ....surely.
Got you, thanks Andrew
Thanks JC
Sorry, should have said conceptual study (below is the RNS).
https://www.lse.co.uk/rns/XTR/bushranger-conceptual-open-pit-mining-study-c05hq78ws9qagfq.html
Hi james
Sorry I should have been clearer.
I'm looking at a higher POC than currently , hence the 2025 time horizon when POC should be well over $10K.
I'm not saying 3p at todays POC.
Hi Jamies, can you direct me to that conceptual model, was it in an RNS at that time?
Hi Andrew
I agree that BR must be worth something, however the conceptual model that was released in 2021 wasn’t a million miles from what we have as a high grade core eg it was 162m tonnes at around 0.33% (assuming I’ve not made a mistake with my calcs). This only worked at 5/lb and it didnt really work as it was a low discount rate (No buyer/valuer would use 8%) and was before tax. So it’s hard to see how just using the high grade stuff is going to prove a viable project at todays prices and capital costs etc.
Clearly there is still a value to it (in my opinion) still exploration opportunities, if copper goes to the moon it’s worth a bunch, technological advances (different ore sorting etc) etc etc.
I’m normally more optimistic than you (Manica income) and you’re normally more correct than me (Manica income) so I’m hoping the latter continues with your “optimistic” BR numbers.
Cheers
James
That's me out at 1.42p. Bird's 30k pay rise while shareholders were watching their money disappear was the final straw.
I hope remaining shareholders do well.
A more pessimistic view would be to just ignore all the low grade at BR and just assume only the high grade is of any value (I'm not saying that's true but I'm being pessimistic).
This high grade doesnt need ore sorting
192mt at 0.33%cuEq = 0.63m
At very low assumptions of $6K POC used in a buyers calc (it was $7700k POC used for cadia assumptions ) and just 1% inground value, that would work out at $38M value. That's about 3.4p at current 856M shares in issue.
Call it 3p to be even more cautious
FB must be worth 2p min when market actual sees the income results in RNS.
The final return here will not be anything like what CB said and "just" 3 years late (assuming buy-out 2025) !! - but I would not be selling at this price for the above reasons.
To avoid any misunderstanding, I'm not saying that everyone will be making money here as I am aware that 5p is broadly many people's average here- but explaining why I would not be selling at this price.
AIMHO
DYOR
Market makers in no rush to take on stock.
Fill or kill for just 100k at 1.5p rejected.
There is 755,000 measured and indicated resource open pit at manica, gross value $1.48 billion
plus the underground resource estimate of a further 472,000 ounces, gross value $920million
plus the additional extensions for further exploration
all per march 2023 company presentation on the xtr website
a lot to go after and we own the lot
Needs to tell is how much is in bank now really, should have asked I guess.
I believe the figure CB mentioned at the meeting was 500k and also a 1m ? Not sure if that was £ or $
I agree that it would seem strange to need a raise for that amount with the FB income coming in. May be thats why CB did not say we would definitely need to raise .
Need to look back at original agreement with MMP, must say I thought it was only for 230k Oz via open pit?
Very much agreed cyberiachas
A 5% or 10% raise at a valuation of say £20m doesn't seem to make a lot of sense if we are generating say £4million net from manica p/a.
I'm happy for a chunk of that profit to be reinvested in Manica to maximise what is a really substantial gold deposit.
The focus should be on making the most of this asset, getting clarity on the net income and judicious investment of the profits.
I'm personally pleased that spending on BR will be limited to building out the model for the time being. Revisit when copper is consistently over $10K and at least we shouldn't be a forced seller with good gold income.
If that question was directed at me fosters .. the answer to your question is: NO I'm not saying that ..
(I'm saying the current market price for an xtr share says that the current market valuation of Bushranger is zero or minus, in my mind at least... but the market price for xtr shares changes all the time.. and peoples interpretation of what the breakdown of the s/p is across the assets of the company varies too.. )
PS: as reported in feedback from the AGM.. xtr will get its already agreed share of future sulphides processing revenues at manica whatever, as long as that processing capability is built out .. it can increase that share by adding some money into the kitty for the build out the sulphides processing capability there..
"From what was said by people who were at the AGM, Colin emphasised the need for a further placing to pay for blue sky projects ?."
He didnt say we would definitely need a placing to fund the purchase of any other projects.
He said that he thought we could fund the purchase from income but if something too good to turn down was available we may need to part fund that with a placing. That was my understanding.
I really hope he doesnt go for any new projects but if / when he does the amount of funding will be small beer and that's assuming we cant fund from income. (which is possible)
CB will no doubt be driving up the sp before any placing (If required) or just after good news has been announced so I suspect it will be done above 2p and for circa 5% to 10% .
Thats assuming we do have a placing and that was not stated as definite at the meeting.