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Dani will know the situation better than Jeffreys Henry LLP.... why should she ask them ? Get with the program Jezzo....
Shouldn't you be asking Jeffreys Henry LLP Twinklie ?
It was there decision not Howezaps.
Why change auditors….,
>>> Jeffreys Henry LLP, the Company's former auditor, has advised Xtract that Jeffreys Henry LLP does not have sufficient capacity to satisfy its regulatory requirements in respect of its audit engagement with Xtract and on that basis will therefore resign as auditor.
Yes, looks like it. As far as I can tell BZT and AFP didn’t change auditors but have also not announced AGM. Pretty sure all have a December year end.
Why change auditors at the last minute before AGM.
Did someone say - some of - his other AIM listed co's are delayed in having the AGM too? If yes, they don't have involvement with MMP (i guess) ? (Maybe they've changed Auditor too ?)
Third parties, the new name for cronies ?
Andmillsy... I think that too. I hope this is not yet another "celebrated" Colin deal that does less than we were led to believe for shareholders while third parties benefit. That seems to be a pattern with his deals.
I suspect the delay is due to audit delays due to challenges with completing financial statements as definition of net profit with MMP is still not finalised and hence XTR P&L for 2022 can't be finalised.
I sincerely hope this is addressed quickly and that they provide the promised financials with Q2 23 production reporting. This should have been there from day 1 of production imho.
Understood he deserves to feel the anger/annoyance.. but he reads this BB and no doubt does feel it a lot of that by now, I'd expect.
He'll want to have a clearer view on likely income in second half 2023 .. and off the back a clearer view on a plan re next phase BR drilling .. and if he has both in approx a couple of months time and finds a technically legit way to hold off doing the AGM until then.. then there will be more forward view value gained from that AGM that way than having it at end June imho..
(venting anger at him is worthwhile .. but getting this s/p up requires positive momentum in growing revenue /potential revenue from the the assets.... and there is a clear path to doing that imho.. but more patience required, alas)
It would be quite good if the CB actually told us why, just saying.
Colin once said, "no news is good news", maybe a straw we can cling to with vacuum of late?
Nothing since April 3rd, is that a record for silence for this share in the last 2/3 years? All starting to feel a bit iffy now
>>>Delay in finalising the financials
Delay in audit reports due to non-availability of auditors because of resignation, death, incapacity to sign or such other valid reason
The auditors were changed, reported 29mar. Wether a couple of months since is enough time for them to finalise their report, could that be one/the reason?
Hi Dani
I am not sure. Personally I don't think there are any positive reasons for not having the notification received already. Looks like Colin's other companies haven't given notice either so makes me think no specific positive reason for XTR (eg, acquisition/buy out etc). Assuming there isn't a good reason, we will need to add this to the list of questionable management examples imo.
Interesting vid on cut off grades
https://www.youtube.com/watch?v=eClNGc2nWY4
A key point to take from it is that the average grade should be at least 100% more than the cut off grade across the ‘whole’ resource. So with current racecourse estimate of 512Mt @ 0.22% CuEq with a cut-off of 0.1% CuEq is clearly in that range.
Compare with 2018 scoping study from caravel with a then resource of 662Mt @ 0.28%Cu with a cut-off of 0.15%Cu. Just shy of that. Obvious difference is caravel is predominantly a copper deposit, whereas Racecourse is made up of other precious metals, but, has the higher grade shallow parcel that will be subject of an initial CapEx payback mining phase that caravel doesn’t really have.
BR also has Ascot and does not allow for any of the improvements from resource optimisation yet.
Have been looking across many other high tonnage low grade mines in operation with many of those sharing similar ranges in their average resource/reserves being around just a 100% higher than their cut-off grades. Not forgetting that when these mines were started the price of copper was a lot lower with taking into account inflation since too.
CB’s past comments that BR compares favourably with other projects around certainly seems to be a fair one.
From change of auditor RNS only a couple of months ago.
…… The re-appointment of MAH for the financial year ending 31 December 2023 will be subject to approval by shareholders at the next Annual General Meeting of the Company to be held in 2023.
You couldn`t write the script for this fiasco, no news of AGM and total silence, after all the hype we`ve had in the past and now look at the share price.
A44 we may get a RNS saying theres a delay to AGM for reasons other.
So No AGM calling notice. This must be against the rules . No explanation / reason why delayed.
I've had enough of this now. He's nearly 80 and has to go.
I'd support a vote of no confidence tbh
He's treating us with contempt and like fools.
If he's retired l expect the share price to rise !!
Such low volume of trades
it's taken me all week to try and buy 200,000 shares and still 39,000 outstanding, order being split up into smaller chunks
probably my own fault for putting an upper limit of 1.6 on it - but I don't want to pay more than that, as I calculated so that I average down from over 5p down to 2.2p
yeah,yeah last of the big spenders me😆
100m Lebanese Pounds Andrew ?!
If he has, suddenly, retired - it's no doubt down to the fact he's too cowardly/ashamed to meet F2F with SH's after all the BS he's been feeding us!
‘Natural calamity’ 🤦♂️😂