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The point I was trying to make was that the JORC is normally updated to understand what to do next geologically. Continuing to drill more before updating the JORC could have been a complete waste of time and money if those proximal targets turned out to be uneconomical to recover as they fell under the eventual cut off grade.
I anticipate those proximal grades to be around the 0.15% in that respect.
>> If a prospect doesn't work out then NO massive hole in balance sheet.
MB - Your hero and saviours lack of DD @ Eureka cost us (that includes you if you are actually invested) Almost 1 million!
Https://twitter.com/TradeflowM/status/1679380572571877377?t=GFSqD6m6b4DACQ2ZssLXkQ&s=19
JS, your decision to sell some, appears to be based on just your own ideas, and not the facts reported through RNS. Or you simply haven’t interpreted the information correctly.
Xtract had to decide at some point to deliver to Optimal a resource that they believed could work. That is, they closed it off. From then the JORC was updated by measured group, this contains the crucial information for Optimal to complete the updated feasibility study and economic evaluation.
The updated JORC resource for RC has a cut off grade of 0.1%CU that Measured group based on the grade and tonnage curve, higher copper price, the increase in resource from phases 1 and 2 drilling, but it is also based on the ‘21 preliminary study which suggested at that time before any of phase 1&2 data was known, that mining to 0.15%Cu cut off could produce a positive economic return.
So with the economic cut off grade known, Optimal then identify that the proximal targets outside of the pit shell could further improve the economics.
As for huge disappointment, how can you possibly make that statement without seeing the full development options that will include Cap and Op costs to determine NPV/IRR
Reason you give for Manica is weak, choosing what CB said over mining JV agreement details and the DFS as a bottom line. But at least the fact you only sold a portion means you must still have some confidence in the BOD to deliver.
You have been negative for as long as I can remember so hope BR can deliver for you off the back of the income now from Africa. Good luck
I sold down a portion of my shares because:
1) I don’t feel any of the drilling at Bushranger substantially improved upon what was already known. I also believe comments about it remaining open in multiple directions contradicts previous comments. Bushranger has been a huge disappointed and misrepresented by CB. The only way it becomes valuable IMHO is if the copper price goes up considerably, but there are other less complicated ways to benefit from such a move that don’t require paying salaries and costs while we wait it out.
2) Manica production & revenue below expectations. Again CB overstating in interviews relative what has subsequently transpired.
So overall the two biggest projects have underperformed to date. African Pioneer looks a lot cheaper in comparison to XTR at the moment as XTR doesn’t have a potential game changer while AFP has three of them (but without a steady cash generator like Manica). I would be a lot more heavily invested in AFP if I could take CBs comments at face value.
And the links i just posted may not work :(
No worries, glad to help . also bio-leaching at boa esperanca .https://www.google.com/maps/place/Manica,+Mozambique/@-18.8965102,32.9363178,720m/data=!3m1!1e3!4m6!3m5!1s0x192c97db33d9d3a3:0xb693b17dbcb3a211!8m2!3d-18.9438274!4d32.8648538!16zL20vMDltMTZm?entry=ttu
Thanks NG, looks like I need to brush up on my google earth skills…..
Guy fawkes area,https://www.google.com/maps/place/Manica,+Mozambique/@-18.8756731,32.8838144,739m/data=!3m1!1e3!4m6!3m5!1s0x192c97db33d9d3a3:0xb693b17dbcb3a211!8m2!3d-18.9438274!4d32.8648538!16zL20vMDltMTZm?entry=ttu
Https://www.google.com/maps/place/Manica,+Mozambique/@-18.8664285,32.7856636,374m/data=!3m1!1e3!4m6!3m5!1s0x192c97db33d9d3a3:0xb693b17dbcb3a211!8m2!3d-18.9438274!4d32.8648538!16zL20vMDltMTZm?entry=ttu
Jamsiescakes, you should definitely blush ;) . If you go on google earth ( manica moz ) put satellite view on, you can search omnia or mmp and even the workers accomodation , the picture is out of date but you can see the concrete bases, crane and thickener . It's actually labelled as manically work shop i think . cross reference with mozambique mining cadastre ( search explorator)which shows the outline of our tenement. the plant is a few klms nnw of the fairbride pit .
StoogeSchoolView "I doubt very much the bashers would recognise clear guidance. And its Kakuyu. At least show some respect to the projects that have been acquired to provide value for genuine shareholders. Another clearly not invested here."
You really are pompous self obsessed blowhard, Little Wing has been here forever unlike you, show some respect ? And still rolling out the "not invested" tripe. Must be page one of the "how to be a boiler room stooge" book.
You make me laugh !
Hi NG
Perhaps I’m about to embarrass myself here, but how do you know the the plant is a few Ks from the pit? I don’t recall seeing anything on this?
Also check out slide 27 of the below deck, which shows they are targeting 30k oz per year or approx 80kg per month (also the timeline is a little of, but no comment on CB abilities to stick to timeframes…...). I do appreciate this isn’t an RNS but it seems what the company expected and expect now are a little different. I have no problem with things changing but I expect to know what’s changed and why.
https://xtractresources.com/wp-content/uploads/XTR-Presentation-14.10.2021.pdf
Cheers
James
I hope nobody considers me part of the "he can do no wrong" crew, if it even exists ? . Kalengwa and Eureka were monumental ***k-ups , no arguing with that , Colins fault ? not entirely . Surely the measure of any ceo should not be making mistakes but having the ability to negotiate that error and set the appropriate course of action to overcome it . There is still plenty of scope for improvement at manica , cast your eye over google earth to the satellite projects that are expanding nicely . Will more mistakes be made ? of course ! but having a seasoned board at the helm comforts me with the knowledge those mistakes/errors will be taken in the company's stride .
Have you considered LW it may well be that 80-100 kg per month will be easily in reach once a new flotation circuit is added. Could CB have been making those predictions based on those figures? Bit sly yes, but he’s a wiley ole fox.
Besides that gold output is only limited to what head grades can be fed into mill and not maximum throughput up to nameplate capacity. So may well achieve that from higher grade stockpiles if they choose to run it through instead of blending with the lower grade ores. But with strict protocols in place it certainly points toward a consistent average grade being supplied to mill.
Don't ever recall Bird stating it would be that high LW - But he definitely mentioned 80-100kg on numerous occasions.
Talking of XTR's forward policy, I wouldn't write off Bushranger too quickly. Try reading this article:
https://www.mining.com/web/friedland-warns-of-a-copper-train-wreck-as-supply-stalls/
“We’re heading for a train wreck here,” the founder and executive co-chairman of Ivanhoe Mines Ltd. said in an interview at Bloomberg’s New York headquarters. “My fear is that when push finally comes to shove” copper can go up 10 times.
Imagine that, if Copper is suddenly valued at $80,000/ton. It happened to lithium not so long ago and the price certainly hasn't gone back to pre-spike levels.
Personally I think that Mr Bird should give Anglo American 'the bird' as soon as possible and get rid of them for good and then get a mid-tier company (like the ones Colin has dealings with in this other companies in Africa) to farm in to the whole prospect. Get one of them to commit to spend $15 to $20 Million for a 50% stake and drill the rest of this asset and get a proper JORC.
When you were doing your research did you take into account the original figures were for a plant adjacent to the pit?And then consider the new plan which involved trucking the ore a few kms down a probably unsurfaced road to the new plant ? All this was bound to affect the overall productivity .
The "possibilities" given were circa 100kg + for FB. Im fairly sure 100 -120 Kg but I will try to find that podcast.
He definitely did not say 50-65kg a month which is what it looks like we will be getting.
What revenue xtr's bank account will see god only knows. Colin has not been transparent and the "he can do no wrong" crew on here know it.
Littlewing, this connects to the thread from yesterday that seems to have been removed , i have listened to all the podcasts that you and everyone else has, but i don't recall a single time when i was told what to expect , only possibilities .
I doubt very much the bashers would recognise clear guidance. And its Kakuyu. At least show some respect to the projects that have been acquired to provide value for genuine shareholders. Another clearly not invested here.
Colin must give clear guidance at the AGM as to what shareholders can expect now with BR. How can anyone invest here with the uncertainty of BR overriding anything else XTR does ? Kakyyeowee or whatever its called is all well and good but not what people will come to XTR to invest in. manica is now providing revenue at last which is good but it is NOT at the level we were told to expect. So some honesty at the AGM is required now.
MB, the conversation in the april podcast suggested that potentially in 12 months kakuyu income could match manica income and ergo XTR income could be equivalent to the present market cap .This is the only recollection i have of kakuyu income being mentioned . Happy to be corrected !
Where was this mentioned mb ?
FB is the absolute key to the successful sale of BR, it will fund more exploration if needed and it will make AA think twice about a decent offer if the story unfolds to our advantage.
The AGM is going to be interesting, as is waiting for the sweetener RNS.