Jep - I remember your question and his answer. Clearly Joel felt he couldn't go into detail about funding and he was being vague to say the least, but my impression was that Chepica will provide the income stream against which the company can secure funding for the Uranium project. So yes Uranium will be part of the funding, but that funding won't necessarily have to come from a share issue - which is what we're all worried about. Good post and thanks. Also found this dated Nov 1st 2013 of the Global Oil Website:GLOBAL OIL SHALE STARTS DRILLING CAMPAIGN IN JULIA CREEK, AUSTRALIA
Global Oil Shale Group Plc (“GOS”), the specialised oil shale mining and processing company, is pleased to announce the start of the drilling campaign to prove up to 100 million bbls of the oil shale reserve for Phase 1 production facility in GOS’s Julia Creek license area in Queensland, Australia. The current drilling campaign for 5,000 m to be drilled is first part of the bigger more comprehensive strategy to continue in March-April 2014. Anton Eiguine – Investor Relations Tel: +44 1534 88 6644 e-Mail: firstname.lastname@example.org
Thanks mate. Just to clarify. If you look at the presentation from November we won't be in revenue stream in May! We will be in profit from chepica! Slight and more positive difference. Revenue (income) could be as soon as January....
Sorry its taken a while to type but wanted to get my thoughts straight before I reported back on the presentation
Like Riff I too was disappointed not to see Jan there and Joel probably didn't come across as the most enigmatic speaker, but when I had a chat with him afterwards he did admit this was his first time as a public speaker so we have to cut him a little slack - Also Jan spends most of his time in South Africa while he is London based.
During the presentation and the questions afterwards the one thing he couldn't speak about was how they were going to fund the projects. But here I have to disagree with Riff in that I specifically asked in the Q&A session if the revenue stream from Chepica which starts in May would be used to fund the Uranium plant Construction as the timelines given meant that the revenue started before the feasibility study would be completed.
He answered no the Uranium plant would form part of the funding agreement - although he did intimate that the Phosphate plant would be funded from the Gold revenues.
The Gold Mine is due to come on stream income wise in May 2014 and is forecast to be $1.4m/Month and $17m per annum.
When I spoke to Joel and the PR Girl afterwards it was the Uranium project which we talked about most, in the presentation he said that after the Due Diligence then there would be another 4 months in which a feasibility study would be conducted before the Construction of the plant.
We talked about clients for the Uranium and obviously the South African government would be a major client but Joel then went on to explain that both the US and Russia would be scaling down their Uranium production over the next few years so bringing this plant on line could be at just the right time.
We talked about the Share Price and both agreed for a Junior Minor any form of Revenue would see a Hike in the Price, which is why they wanted short term turn-around projects.
GOS wasn't mentioned at all....!!!!
So in the end and overall I was quiet impressed in the direction the company is going and the timelines to get there...its now just about the funding!
Am I invested in XTR - NO
Do I want to be - Hell Yes especially if Revenue Income is due in May
May buy just a couple of million in the next few weeks just to be invested and then see where the funding agreement takes us....
No one cares that Colin Bird is an executive at Polar Star or did I miss something thats already been noted. It has huge implications to the Checpica deal happening and if you think about it perhaps Polar Star couldn't raise the capital to operate so they farmed out to XTR while still realising a nice % to fund other operations...its genius!! Im excited to see where this goes.
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