The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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3cardbrag re. By "outstanding results ", do you mean brilliant or overdue or both? lol
The (overdue) outstanding results are notwithstanding, as the hope is, they may well be brilliant results. So yeah, why not both meanings although the jury is out at the moment gone awol ;)
I believe it's still too early for CB to be damn sure of what he has at Bushranger, beyond him being damn sure he has at least a good chance of making at least a multi tens of millions pounds asset on sale value worth of commercial discovery there.... and potentially a lot more on sale value than that too.. and that's fair and reasonable at this stage of the journey.
Also there's lots of potential in the other assets in the Xtr stable too .. and the s/p has plenty of room to grow into off the back of all the afore.. hopefully... and maybe even probably.
imho
Andrew,
I interpret that as CB better be damn sure of what he has ( and it needs be on the positive side of mediocre).
Howzap re ". I am considering now, It’s a strong possibility we could have the fully updated 3D model presentation released once all outstanding results are in."
By "outstanding results ", do you mean brilliant or overdue or both? lol
Colin does have a habit of shooting from the hip.
It's impossible to bring out a mineralization model without having the drill results...so it was always going to be once the results are in.
However this is different to a geological model which will be based on core analyst and will say where the inner\outer altrration, intrusion, quartz shell etc ....my guess is that the 6 weeks comment probably applied to the geological model.
I think the delay is simply because CB saw the SP reaction (30% fall over next few days) to H1 assay results, which were decent, so he has decided change his approach and release all phase 1 assay results together, probably with supplementary notes to ensure there can be no misunderstanding of the “big picture” this time.
If this theory is correct, I’m not expecting the assay results until end of the month – ie 2 weeks time.
That may also give CB enough time to release the IP Survey results at the same time??
After all CBs comments in interviews, his recent big buys and expansion of drill campaigns, it would be unbelievable to think this all would have happened unless CB was damn sure of what he had.
1) CB will have had XRF results on the other samples before they went for assays, so he will have a broad idea of the likely results.
2) He extended the IP survey from 4-6 weeks after it started due to promising early results
3) He did an early raise and announced a 20,000m diamond drill program to ensure he had two drills lined up once the modelling was done.
4) He wants to drill to 1500m
5) He spent $120k on shares for XTR in preference to his other companies
6) He was very positive about XTR when doing recent interviews for his other companies.
The delays in assay results are frustrating, but a delay by itself doesn't indicate bad results. There could be a number of different reasons, from overloaded labs, to CB being distracted by his other companies or simply a decision by CB to announce then all together. The latter would be particularly useful if he can combine the 3D model with the phase 1 drill holes and the planned phase 2 holes.
Additional evidence
CB was very excited, about the quality of the core, when drilling hole 3. I'm pretty sure it was a photo of core from hole 3 that was added to the website.
I have come to the conclusion that drill 2 wasn't up to much. The important question is did all the other drills back up a significant find. I have not come to a conclusion on this.
1.Assay results very late - could be for a number of reasons
A. Waiting for further results to lessen the effect of 1 poor result.
B. In order that Bushranger investors don't adandon XTR until phase 2 starts.
C. In order to allow time for some other project ( Manica, Eureka?) to distract from any poor.news.
D. To allow for a significant 'news bomb'.
E. Genuine lab delays.
F. CB has a history of delaying bad news as long as he possibly can.
2. The share price is sitting below the placing price but as Iceberg pointed out it looks suspiciously like some placing shares changed ownership at exactly the placing price on Monday - presumably organised by the broker.
3. CB has been very quiet.
Interested to hear any other views that deviate from the 'news bomb' theory.
Do wonder if this method of news delivery is part of the bigger picture too. As colins responsibilities and commitments increase among his directorships, he is managing his time more efficiently.
Come 6-12 months time when xtract will potentially be a 250-500m company, them commitments and responsibilities will increase considerably.
At some point the management structure may change.
Sooner or later??
>> It’s a strong possibility we could have the fully updated 3D model presentation released once all outstanding results are in.
Yes, I am also leaning that way now. It would make sense to package the IP survey results with the phase 1 drilling results and the phase 2 drilling plan.
Have had this blinkered view that we should be getting some interim results, but as this week goes on with no sign of that happening and some good reasoning and comments from some of the members. I am considering now, It’s a strong possibility we could have the fully updated 3D model presentation released once all outstanding results are in.
Reasoning makes good sense as will give a complete overview of the exploration programme to date. The presentation will then have maximum impact when reported.
Any reference to hole 2 assays ‘expected shortly’ statement in the hole 1 assay RNS would be superseded by the ‘reported in batches’ statement in the later completion of drilling phase RNS.
Agree with stevemocal a simple heads up in the IP survey completed RNS or other would be welcome to clear up any confusion surrounding this and appease us more impatient shareholders.
It is a bit frustrating not knowing for certain, But hey ho, however this is reported I am happy to sit and wait even though my hard earned spondoolicks are stagnating!
It looks like it's not just the Jezzoo that's moaning eh Prickly, judging by the posts here.
We don't all have the ear of CB as you claim to have, oh to be a superior being such as yourself.
lonestag - It is nearly 6 weeks since the phase 1 drilling programme was completed and nearly 14 weeks since the 2nd hole finished. Assay results were meant to be released as received/collated but it appears it was later changed to 'batches' (whatever that means). But hole 2 assays were expected a long time ago, even if the subsequent ones were to be 'batched'. An RNS to clear things up and reset expectation would be most welcome... I would have thought that the conclusion of the IP survey would provide the perfect opportunity.
Anyway, 5 days without a drink (that is an eternity for me) so I think it is beer o'clock. Here's to a 7am RNS... cheers!!
perhaps he meant a model railway?.
'It will be 14 weeks on Friday since it was reported hole 2 finished and there has been no word (RNS or inverview) to explain the delay. '
Agreed and if I recall correctly the following day CB stated a complete model would be available in 6 weeks.
Well said Steve, never a truer word was typed on this subject. 100% right. Its a simple ask really. or you would think so.
Drilling ops finished in 6th April-its been 5weeks-or am I reading rns wrong?
https://www.londonstockexchange.com/news-article/XTR/completion-of-phase-one-drilling-at-bushranger/14925130
Hi Prickly - Here's hoping CB can make some time for an RNS in the next day or two to confirm the geosurvey has finished and to reset expectations re the release of 3D modelling and assay results.
It may seem like people are being impatient but we were told by CB it was approx a 6 week turn around time for assays. It will be 14 weeks on Friday since it was reported hole 2 finished and there has been no word (RNS or inverview) to explain the delay. It is understandably making people twitchy.
How about an action group for us here chaps ?
Name: XTRAG (if s/p goes badly from here we can change that to XT RAG)
Chairman : Caveat Emptor
Senior Executive Officers: Andrew and Iceberg
Executive officers : X Y Z ?
(Teaboy: Fathertedfeck)
Ha Ha Prickly, no worries, i was ofcourse Joking. Anyway, it could take 6 weeks for him to reply to your text!.
To be fair, it was poor management of timings expectations from CB. What he should have said at the beginning of this episode was, Shareholders will appreciate that Geo Labs have sizable back logs, so therefore XTR's hole 2 or ongoing batch results will likely be announced in Late MAY / early June. If we get them sooner we will of course update the market. A very simple professional concept to utter those simple words... But did that happen?, did it feck!.
He said shortly / imminetly for a reason... That being to prop up the share price at circa 5.5p to get the placing away... and you can take that to the bank my friends. Fact!. I don't care either way, provided we haven't been sold a pup. i want 8p-10p after the next RNS minimum. It was at 9p months ago, long long before all of this. Drive on Sir and get this fecker nailed in please, good and hard, before we all shortly / imminently fall asleep
Millsy
We dont publish our reports on the BZT BB (apologies to XTR for using this space) we do however include any shareholder on our membership circular post meetings which gives full notes of the discussion. I will put the BAG details on the bb. so you can join. Seems like the natives are getting restless here....
indeed, " Soon not yet "as they say in Snow white and the goblin tooth fairy. Lets just hope they haven't fecked up the assay testing and they need to start from scratch!. FFS!, imagine.
Wow everyone is very impatient . And no I will not send CB a text Papaduke . Primarily because he would ignore it or tell me to b....... off . Just remind me .. what was the SP six months ago.? And I wonder how many more multiples will have to be before the Jezzo is stops moaning .
Thanks Prickly helpful perspective to share. Not intended as "cross ramp" but will there be an update you share on the BZT board ?
I am long on Colin Bird :)