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I think he has but fair play to him not to keep coming back and telling everyone how terrible this investment is now - like some.
He probably realises the time scales are much longer now and far too long for him to wait , which is fair enough. His last comment was that he thought this would be economic and also said that ...
"but anything over 1mt would be a massive copper project, powering several decades at a respectable 30kt a year. "
I get the impression theiceberg has left the building......
We now have a lower market cap than Gallileo Resources. Who would have thought that would happen last year with all the positive spin from Colin Bird but now needs to restore
Confidence
Progress on Kakuyu it seems. A nice diagram which might be interesting to iceberg etc. Eureka removed from the website completely. It seems Colin does just like the latest toy to play with and that it Kakuyu at the moment.
Big opportunity missed with the website update as Bushranger still has the same waffle it had 3 years ago. 71MT@0.44 etc etc. Nothing about recent developments. Still has the April 2020 presentation at the bottom for crying out loud.
If you are going to update the website, put new information on it! That the April 2020 presentation is still the most interesting and informative document about Bushranger is quite frankly pathetic.
Hi Dani I would add to my late night drunken ramble that inferred resource ‘can’ be included in a PFS but not to support one. As we have been informed that AA will want to see we are heading toward financing, it is a fair assumption on my part that the resource, particularly what falls inside the outlines of the open pit will at some point be upgraded. Any financier will want to see probable or proven reserves before any considerations to evaluate, toward financing a project. All projects follow a particular pathway and BR is no different.
It has been noted previous, coming from Colin that although they need to show an ability to finance (20%) they do not need to have funds in place.
I’m sure it will be sold outright and that is the intent still, if that option arises from whoever. But the option to bring in a bigger partner to develop it can not be ruled out completely if a deal is beneficial. But historically, juniors that go in with majors get shafted one way or another and end up being diluted out.
The Xtract web site seems to have undergone a major upgrade. Worth looking at the gold projects in Moz and the copper project at Kakuyu. Is there now real progress ?
whoosh
I'm more inclined to see things your way Pinocchio. If Victor Meldrew dabbled in stocks he would feel right at home investing in XTR.
We can deduce from that either,
1 Gold is down,
2 It is still raining or
3 FB is still not up and running.
:-)
In challenging times.
https://twitter.com/ColinBirdMining/status/1636361398791073806?t=xLWDkqKSAU0ELI_rZKMu0g&s=19
Wrong board surely.
There's quite a special one brewing, imo. Collective mining cnl.v drilled 359m from surface of 3.3g/t au, or roughly 2% copper equivalent. This is the kind of deposit your Anglo's etc want to buy...$200/ton Rock from surface sure outshines $20/ton rock. Their other holes have been good-to-great also, but this one is shockingly good. Not only but also, the top 30m from surface were 30m of 8g/t oxide. Oxide!!! (ie free money.) And the bottom 40 odd meters were over 5 g/t, ie 3% cueq. The address is middling-to-ok, but the tier one trajectory is bloody obvious. Quarter bill $can mkt cap, more holes in the lab all mineralized to depth of 350 odd, deeper drilling comes later.
Ymmv, Nia.
Just for balance, at the ‘21 AGM Colin gave the first real indication of the task in hand by stating they were looking at taking on some small mining operations in Africa through JV’s ‘to pay toward the drilling efforts in Oz’
Within that growth strategy, it is to identify projects that are within two years to production.
If members cannot see by now, that the 2mt hook and tie a bow round it and sell it approach was just to try to manipulate the share price by driving up the market cap to reduce any further dilution until the point that there is meaningfull income from Fairbride and other sources contributing. Then they are simply ignoring or just not seeing or understanding the bigger picture.
Even if 2mt was hit, without any viability study to support it, AA or any other major would still not have likely taken it on.
Majors buy success, and large bulk tonnage low grade porphyry deposits are more cost sensitive as they require lower cut off grades to be economic than other ore type high grade deposits that can be profitable at much higher cut offs so there are potentially less risks involved.
Dani
Yes is highly likely a PFS will be commissioned as is a minimal study level that determines whether a probable mineral reserve ‘is’ economically viable. Only mineral resources that are drilled to at least an indicated JORC can be included in a pre feasibility study. It is only indicated, or measured resources that can be converted to a probable mineral reserve for this.
So the likelihood is that the PFS will be based only on the initial shallow higher grade mining phase to return CapEx without any of the remaining inferred resource included at this time.
Infilling will eventually be required within the majority of the 225Mt but this can be quite progressive as are shallow boreholes. So the JORC statement can be updated again with all the additional resource included from here on.
I don’t see it likely a partner will come onboard up to that point, xtract should be in the position to fund any of the ongoing drilling and other technical work including the additional mett test work planned at Ascot, if Ascot is included in the initial mining phase, also the cost of a PFS too.
Now they have made a commitment to mine all the work will be aimed toward that commitment. So a slog to PFS, see if AA want to take up their option. If not then they will look to sell to others still, with that commitment to enter into a Joint Venture. But that does ‘not’ mean that a deal for the whole project will not be struck by AA or any other interested party.
I've seen what Colin thinks Is imminent, I wouldn't like to know what taken his time looks like.
What is worth pointing out amidst all the speculation today, is that it is not this, updated conceptual and financial study that really matters. it will be the resulting Pre Feasibility Study.
When the updated study is released it is just the next step and a decision point that the company will act on, from the direction that’s given toward maximising the NPV
There is huge scope to improve on and increase what there is already.
I'll take 5p tomorrow lol looks like iceberg was right Colin haha
I agree with Ma Baker that 9/10 p hostile bid here is having an absolute laugh.. given we're at 1.5 p ish now, I'd say a 7.5 p bid tomorrow would find widespread acceptance amongst the many with averages in the 3p to 5p range here
10p will do me fine !
Wanna buy mine Mabaker ?
We need a hostile bid from someone with the patience and capital (re future copper price) to throw in an offer for BR and Fairbride as a well. Say 9/10p a share. Its a nice dream anyway.
Andrew, the comment "5 years or 30 years" seems rather flippant to me considering that question has already been answered in the original open pit mining study almost two years ago: 9 years LoM = positive NPV.
Looking to the future of the project, the figures are likely to be greatly improved upon via the methods discussed.
LW I completely agree with you, hence me drawing attention to the fact that within the original open pit study there's a positive NPV assuming only 9 years mine life.
Ref: https://www.lse.co.uk/rns/XTR/bushranger-conceptual-open-pit-mining-study-c05hq78ws9qagfq.html
The previous conceptual pit study doesn't take into account that LoM can be added to significantly via adding volume of ore (which we have done as a result of the drilling campaigns) and we already know there's a situation where the Capex (which is likely to reduce) and Opex (which is also likely to reduce) works for the project (based on the detailed assumptions) then I don't understand how it's not pretty obvious that when LoM is added, and the operating efficiencies are improved, then the NPV becomes considerably more attractive, dare I say, even viable.
"I would say it depends on how quickly that CAPEX can be paid off"
Thats the $64,000 question or should that be $640M question.
5 years or 30 years?
Hi JDAU... I would say it depends on how quickly that CAPEX can be paid off.
wow.... we are back around to AGM time in 3 months again..... surprising how fast the time can fly even when navel gazing