from the AGM.... re. Mejillones. Colin and Jan both spoke about the next step being a piece of work that was required - pre-feasibility study maybe (I cant quite remember what they called it). Colin said the good thing about this was that the cost of the study was minimal $300k I think he said (my memory is bad, but maybe it was cheaper). I liked Jan's bullishness about the project in that he said if the feasibility is favourable they wont be giving it (some) away on the cheap.... Colin seemed pretty confident about the project and obviously knew more about it than Jan given it came from Polar Star... Im quite excited about its prospects given the tone of Colin and the AGM....
hi ya drif ...... just reverted back to " Affe " notes from the AGM to answer some of your questions . LOM ..... life of mine ....... Exploration underway, drilling up reefs ahead of us with view of maximising mining and extending Life of Mine. LOM, 3years at present but looking to extend via drilling to 8 to 10 years, will take 6+ months to get results! drill rig is hard to hire but have one now . Can't find where Jan Nelson says XTR share price will be in check for about a further year but the AGM notes state 12 months . Now I take that from the original loan agreement date December 2013 . Since Polar Star demanded XTR have suitable funds in situe before agreeing to the earn in agreement to acquire the remaining 85% of the Chepica project . As of the 24 February 2014 according to the final results XTR own 25% of Chepica . Since then a further 2 gold mines have been opened up plus mill modifications to accommodate increased throughput . Gold over the period has remained around $1,300 oz with grades improving , volumes improving $850 production costs per oz could easily have fallen dramatically meaning more profit for XTR . The Mejillones phosphate project, Chile is the most likely next stage project since it's already 100% owned by XTR and is in ongoing discussions in order to bring in a strategic partner . I totally agree Jan Nelson is a responsible CEO who would not take chances but we've owned the Mejillones phosphate project as long as the Chepica project hence not so much of a risk since he's had time to go over all the options and some related to it .
Mav2 ...... As you rightly say we are due an RNS soon as stated at the AGM with regards to cash owing to Polar Star, Polar Star 'payoff' timelines, should be announcement in about 1 month via RNS. ....... that should be around now time .
Good post, II idea buying I expect JN has explored this idea. Our Jan will very soon after he proved half year profit a 'full deck of cards' from there other projects will depend on the LOM extention for any funding from Chepica reserves. JN has said he expects the XTR share price to be in check for about a further year, Im still unsure what the start date of the year was but its far from over yet! Jan is going to play our projects safely, I think we may have 6 months till the future comes clear and a project emerges, either way I see Meijiliones popping up middle of next year at earliest as we have a solid CEO who does things safely, after all cash is king in short supply and at 12% expensive.
many thanks RB-heath ....... with the sale of part of our GOS holding bolstering our financial position by a future £1.2 million we're in a much better financial position than we were way back on the 9th April 2014 . Allowing lea way for not only negotiations with a partner to provide capital to develop Mejillones but maybe and it's a big maybe , to go it alone .
With Chepica firmly established with four mines and the mill upgraded to cope with the increased throughput the earn in agreement we have with Polar Star might be bearing fruit not only with the speeding up of purchasing the 100% ownership of the project but an income that will allow Jan Nelson and his team to look for a cheaper loan agreement other than the 12% charged by Yorkville if credit was required . This is also another reason why Jan Nelson might be thinking of taking on Mejillones alone . After all we own it 100% just need to develop it .......P.S ........ . I did take on " drif " idea of bringing in another ll for funding but ...... wow ....... that would be even better ... hence not to get to carried away I kept to a logical way to obtain funding to develop Mejillones alone .
Good point there on JN and wanting paying soon, I have posted many times that he is aiming at just one thing, Chepica and a september half year profit, there after he will want to see a good 10years life added to chepica, just piece of mind for XTR and future profits. If a new project does come to life, Im pretty sure it will be not before September and any cash needed may come from a funding exercise with a new II and no PI dilution. All IMO.
Excellent posts. I often forget about the potential significance Melijones could have here. We have gold profit coming but could also get a juicy RNS any day on Melijones. Securing a strategic partner to develop our "potentially significant asset" could be very beneficial to share holders. You can bet Jan will have some friends in that field who wouldn't mind working with him. Good things are coming here. Can't think of anything that might depress this share price. I can think of lots of thing that could push it up. The bottom is well established. We haven't fallen below the current sp since Jan took over in may. We have lingered around this SP a while, whilst the transformation of XTR has been taking place. I suspect things will get very interesting here soon. Jan will want paying for all his hard work and as he doesn't take a salary you can bet he'll be doing his upmost best to raise the price with SP enhancing news.
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