I'm with you on that one scouser. I keep having a peek at the share price half expecting to see it at 0.14 or 0.04 ,that will tell me whether they have sorted the mess out. A few others on here don't seem concerned about the re-financing , but I am.
The Operational Update had nothing to do with debt it was about our Earn-in-Agreement with Polar Star . As you would already know Xtract Resources paid US$250,000 for the right to walk away from the Earn-in-Agreement at any time . If the Earn-in-Agreement options are non negotiable Mr.Jan Nelson has the right to say " deals off with Chepica project " which would be very harmful for Polar Star . As for Xtract Resources they would own all the new equipment and with Mr. Colin Bird as our Chairman have another gold mine already lined up .
Information with regards to US$250,000 paid by Xtract Resouces for discharging its obligations under the Earn-In Agreement can be found in the MoU on Gold & Copper Project in Chile , date 17th Oct 2013 , RNS Number : 7371Q
I'm still in shock from the recent operational RNS. I can't believe that we are in such a precarious state. It's certainly put a dent in my mood. XTR have only just got going surely the creditors will cut us some slack.
The one we want is ...Its now back on track as per notification of last weeks RNS, January will hit the required detail and this will continue February onwards as planned. Additional to x we have now started to move towards y with all the equipment we have at the mine and not needing to make any substantial purchase of extra additional equipment. Grades are above average as are volumes recovered in the mine and look forward to the coming months ahead.
sham189 ........... funny how you made the same mistake I did . It's a total of US$2.4 million between December 2015 - December 2016 making each quarterly payment equal to US$600k . Then the Chile copper / gold mine project is 100% Xtract Resources owned and who do we owe this money to ....... well I'll tell you Polar Star .
We still own a considerable amount of GOS shares in relation to our market cap and as for the £150,000 still owed to us by Mines Global ('MG') on the transfer of all licences to finalise the Mejillones Phosphate Deposit sale , well you missed that one too . With sales of concentrate from the gold bearing rock producing 4,500t of concentrate for December and a forecast 4,500t for January you certainly have overlooked that fact Xtract Resources have a huge revenue stream in relation to it's market cap .
When we were selling concentrate from copper bearing rock to the Chile gold refinery we were getting paid 3.5g of gold equivalent per ton . Making a clear US$105 " profit " per ton of concentrate . The 400 meter reef of gold bearing rock our concentrate comes from was quoted at between 60 - 80g of gold per ton . The other mines Colin and Nelson have been identified as gold bearing ore with grades higher than this , off cuff 105g of gold /ton hence I'm surprised your lack of research has led you to believe what you wrote . We've a draw down facility already paid for with YAGM to the tune of US$5 million of which two tranches have been drawn down , one for US$300,00 the other for US$750,000 charged at 12% per annum interest . Leaving scope if need be to advance work on either Colin mine or Nelson mine prior to full throughput achievement from Chepica mine .
The most recent RNS does clearly state " It is now expected that the Mine will be cash flow positive in February 2015 " hence with tonnage forecast at 4,500t for January it appears revenue from this quantity of concentrate is enough for most to be happy with . Alas Mr. Jan Nelson is a professional and one of the top mining experts who would rather see his new processing plant working to capacity from one mine even if the others have shown higher grades during test drilling .
You lot, company has to fork out 2.5 millions to pay creditors, and from December 2015 they would be paying 2.4 million every quarter.They have already sold all of other assets one by one. Plus they have operational costs, looks like a end game to me
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