Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Dani... where would you say the main source of knowledge regarding your XTR investment is ?
Cb was paid around £190k at xtr per the 21 accounts from my reading , inc a significant bonus - plus a lot of options ( hope my reading is correct , they are on xtr s website)
Obviously 22 accounts yet to be published nearly 6 months after year end
I think Dani needs a secretary with access to the XTR data room...............
It's a full time job answering her questions...
Not that I answer any.
"What's his salary here anyone know?"
Yes I do.
Too much :)
Anyone remember the character Bebe Glazer in Frasier ?
I'll just leave that here...............
Ma
Forget AA for now, $5 or $2.
Do you understand how resources are JORC classified?
This will help understand your ‘not joining up’ comment and infill drilling requirements to gain greater geological confidence required for upgrading resources.
Mega machines, bigger shovels, dual train delivery conveyors, bulk ore sorting, plus many many other plant and mining methods are all type of resource optimisation that will be looked at in more detail as the project matures and not be just the extra drilling to increase the resource. At the moment it is still in relatively early stages as racecourse is still not fully delineated. Maximising the resource is the first and foremost step and optimisation follows on along with infilling to increase the current 50mt that has been upgraded to indicated so far.
Improving on the economics will come from so many different aspects. But, because huge operations that BR has the potential to be, they are heavy front end loaded, although nowhere near as high a start up CapEx as an underground mine. Generally requiring something that will ultimately give them an economic kick start. Boda was considered an underground mine but more recent high grade breccia zone to surface is what will make start up viable with an open pit. Racecourse has the high grade part of the resource that the model is looking to be based on.
The awaited conceptual study is still just a snap shot of where we are at, let’s wait and see what economic assessment it shows and where further improvements will be made as the project advances toward a pre-feasibility study that is required to back up a financing plan that can show AA in accordance with DtM option.
CB is 80 in November
Clearly now lacking drive and enthusiasm, well for XTR anyway, past his best and time for him to retire imho.
We need a younger, more focused and dynamic CEO to take this forward now.
Very much looks like CB has followed BJs way & at same time fck. up many with his upbeat talk.
Enjoy
Forgot to mention the money would be returned after a sale of BR. whenever that happens.
Interesting post cyberiarchas and much appreciated.
CB watching, waiting and figuring for months on end around now is a valid strategy in my mind (in the current circumstances) ...Not least as there is progress being made and revenue being banked ongoingly via licenced Manica Operators (and coffers incrementally filling back up is very important here in 2023)
So the future strategy of Xtr including re Bushranger is perhaps currently still in - slow - train of being figured... and that potentially allows CB to meaningfully take on board shareholders feedback in this window too.. via upcoming AGM ....or via other channels too ...eg if a small action group of PI's posting here and holding say 1% + of this co. shares came together and asked CB for a call/meeting on strategy he might well accommodate.. and I guess he glances thru these boards still too .. and can hopefully figure how to use the filter on Ma Baker and more easily find good content posting like that one of yours ! )
PS; sure plenty of shareholders are - rightly- angry/downcast at the moment, but I hope the AGM Q&A's for eg are far more focused on xtr arriving at a good strategy going forward from here than tearing CB to shreds for past over bull ish/sh+ted ness
Sell the whole Co. for 5p/6p and if thats impossible at the moment CB should put in £30 million of his own cash in other words a 3p divi for everyone. I'm not joking either !
Look who's stalking now.
Look it up
Also look up the correct spelling of "porphrey" lol !
All you do is ask everybody questions !
Cyberiachas... agreed. my vote would be on funds returned to shareholders as his track record in the next shiny thing deal has served shareholders badly.
Bushranger as currently advertised is not of any interest to anyone.
The grades and the volumes are too low.
Copper at $12k per ton, further drilling from manica proceeds to increase the resource and potentially the addition of concentrator tech could change that, but that will be 2 years time if at all.
hence 1.4 to sell here right now
I think our ownership of Manica is currently worth maybe £25-£30 million which might be more reflected in the share price as and when full production is announced.
Unless there is a high degree of confidence that further drilling at BR will lead to a big change in the viability of the resource, then manica income should be invested in something more worthwhile eg further exploitation of what is a very large gold resource at Manica or funds returned to shareholders.
That is the big question for me at the shareholders meeting. Colin does not have a huge stake in XTR (maybe 2 or 3% without options?) unlike in AFP or GLR for example (8 or10%) so given the misdirection on the potential of this project in 2022, its time for him to listen to shareholders as to what they want, as for example, people on this board taken together hold multiple times his stake and now need to be listened to with regards to strategy.
It would be good to hear something from the Board regarding their proposed strategy into 2024 so that this can be discussed and if necessary challenged at the AGM.
Jamesiecakes... totally agree. my view is that there is no point in getting excited about what the icing on the cake looks like if you cant afford to bake the cake.
Hi Howezap
Don’t forget that the prelim study was without Taxation and a discount of 8.4% was used. I understand that they have used this rate as it was suggested by the consultant however it’s clearly not realistic to how a buyer will asses the project. I do not work in mining but at a guess I would assume that the buyer would run their model at 3-3.5/lb copper long term, 10-12% WACC, include tax in the calc and still want to see robust economics.
Point I am trying to make is that we might see a reduction in the break even copper price (NPV8.4 = 0), if they update the original model with new technical inputs with the original assumptions but for me we are going to have to see a drastic improvement to show BR is viable or at least a clearer pathway to viability. Based simple on the MRE it’s hard to see a big change in economics from conceptual study so for me we really need to see a big improvement from the ore sorting and the fact CB has gone silent suggest it’s not quite the result he hoped for (this assumption is based on his history).
That said I hope you are proved correct
Cheers
James
Ma - the $5 lb is the figure fron the original jorc from memory - l remember it in Icebergs write ups.
True about AA but they still have control at the moment.
I can't remember the near neighbours but the Chinese were one l think. Until AA relinquish their rights it doesn't really matter at the moment.
$5/lb will come down with the resource optimisation measures that the preliminary conceptual study recommended.
Concluded it may go down to $4/lb with last round of drilling (phase 2) and tech work.
Would see further reductions with next round of optimisation drilling (phase3) as the economics improve with further increase in resource that optimal have already recommended, alluded to in the interim report.
TIR had their AGM in June last year, XTRs was at the end of August, he did several AGMs over two days XTR, Bezant and Kendrick not sure on the others, but TIR didn't seem to be one of them.
Ma - AA want projects where copper can be produced at under $2 lb. I think the original Bushranger feasibility showed profitability at something like $5 lb. Until we know the new price metrics the project is a no go for AA - unless they change their metrics. Other companies near by would be in a better position to develop it ?.
In the TIR RNS today Colin said their AGM will be late July or August. Doesn't he have the AGMs of his various companies on the same day ?.
Careful Gixxer... the Bird Ultras are already in meltdown.
I was here YEARS before you Dani and I’ll be here long after you’re a distant memory .
I’m not going to filter you, just ignore you as you aren’t worth the time it takes to type the time it takes
Every village has its idiot but it takes a special person to be every villages idiot.
" The Board expects to publish the Notice of the Annual General Meeting as soon as practicable thereafter and a further announcement will be made shortly."
Pretty poor grammar which could be interpreted in two ways - My money is on another announcement separate to the AMG RNS.
Any money on that announcement being Bird is stepping down?
Ma >> ●fastforward dec 22 and we have jorc 1.1mt copper racecourse
Whoa! there hold your horses no pun intended. Probably the single most important thing to date has been the conceptual study on the initial 71mt JORC resource. The exercise of which to many, seemed rather pointless at the time but is par for the course in resource building. The preliminary study was necessary to be done to follow up on the original 71mt JORC resource, classified from the work done by Anglo prior to acquisition. A JORC is normally done or updated to understand what to do next geologically. Whereas the ‘preliminary’ study needed to be done simply to follow up on that JORC and show there is the potential for a mining concept and more importantly, what is needed to be done next to improve on those economics with mining consultant guidance and recommendations. I believe all of those recommendations have been successfully reached with phase 2 drilling , and the awaited study will show there is a viable mining ‘concept’ with more critical recommendations on where resource optimisation can be further improved upon and what inputs are required for a pre-feasibility study.