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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’ 🤦♂️😂
If he has retired, I just hope whoever takes over will be open and not full of hype, unless of we get some truly positive news which takes us much further North. GLA
"we have sold to AA"
Sorry Andrew but I dont have a price tag.
aww s#@t ..... I left the label on the sole of my new Clarks shoes.....to £59.99 it is chaps.....apologies...my bad
"Some reasons for extension of AGM are:
Mergers & acquisitions"
Silly me. Of course that will be it :)
Next RNS should be confirmation we have sold to AA for circa £100M
Apologise Colin !
Either way we should get some sort of comms to provide reasons why.
Complete lack of respect to shareholders from Bird....And who's surprised?!
... must be the heavy rains in Africa.
Reasons for seeking extension of AGM
Some reasons for extension of AGM are:
Mergers & acquisitions
Delay in finalizing the Financials
Delay in audit reports due to non-availability of auditors because of resignation, death, incapacity to sign or such other valid reason
Loss of data in computer due to virus/system problem
Natural Calamity
Change in financial year
Non availability of shareholders which may result in absence of quorum
Non-availability of directors on the valid grounds. For instance, sudden death of Directors and consequence of this the limit of directors goes below the minimum requirements of directors.
Confiscation of Books of accounts by Income Tax Department, Serious and Fraud Investigation Cell or any other Government officials.
Has CB decided to retire and not tell anyone?
Would it make any difference ?
Unless we get a calling notice today, the AGM can't be held this month. 3 weeks notice is required
I just don't understand this as there is a legal requirement for the AGM to be held within 6 months of end of year account period.
Covid flexibility (can be held later) does not now apply.
Has CB decided to retire and not tell anyone?
MTN, I would argue, therefore, that his way is not good enough. Unfortunately he is the Executive chairman of a PLC, IE. He needs to answer to his shareholders once a year. If this lack of any direction or action whatsoever is purely down to his decisions, then he's chosen a mighty odd time of year to go AWOL / choose the inadequate plan of action. I hope he's ready for the barrage of disgruntlement heading his way at the AGM.
Should add- this has been happening all week.
Anyone noticed a lot of UT coming through at or around 1.6p. Normally see them when volume is big... which it hasnt been. Wonder if we will see a large trade clear soon?
I can only offer you a comparison Ma,
My go to example is Caravel, who without any income have seen their project progress from share placements through to pre development stage and with the latest $15m fund raise to get to DFS and final funding, making it almost $30m raised since their scoping study in 2018.
After, that initial scoping study showing Au$1.1B NPV and IRR of 20% leading up to their revised study in Nov ‘21study, there was stagnation in the ‘share price’ (not MC) due to that overhang and dilution, for some time it was as much as 50% down. It wasn’t until the March of 21 that see the share price really start to appreciate once it looked clearer there was a strong business case for the project.
Resulting in approx 300% increase in their ‘share price’ since then, with a Au$115m current MC ( not allowing for dilution)
The ability for Xtract to fund exploration through income will no doubt have a positive effect on an investment case from much earlier on in the projects evolutionary cycle in comparison
''if he can't get news out quicker or analyse results quicker, he needs to move aside or hire someone more competent''
I'd suggest, Ben 'owell, it's plenty more about what he chooses to do versus what he can do.. he continues to ongoingly 'manage' info. flow here as he sees fit.. granted, he's stretched extremely thinly across all his interests too ..
Altogether, CB does it his way full stop