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Zap
Can I pick your brains on silver fox
Good news
have grown up well and proper
so
No more Larkin about from GOG⁉️
In fairness to Mr Colin Bird, his MMP agreement worked out better than Moz Gold one .. so he's going in the right direction is the way I like to look at things contractual here !
(A trip down memory lane for those longer termers here:
Xtract to make an initial convertible loan of US$400,000 to Moz Gold
· Loan and interest at 30% per annum, to be repaid over 5 months
· Xtract has the right to convert the loan at any time into to 25% equity interest in Moz Gold
· Xtract has agreed to provide a further US$300,000 convertible loan to Moz with the right to convert for a further 10% interest in Moz Gold)
The MMP agreement was a license to screw us over basically.
CB should have employed MMP as contractors to process the aluvials at Manica and paid them on results that XTR produced not the other way around.
We were no longer in charge of our own gold mine because it was too much like hard work when CB could just sit back and take whatever they decided was due after the capex they controlled.
I try not to think how much money we should have had out of Manica.
POG is increasing but I suspect MMP would have found a way to keep showing that costs were going up so we would not have benefit from this increase (or only slightly).
I am convinced that the main reason CB sold manica was that he eventually realised that MMP had shafted us with AISC criteria and what could be considered as costs. The agreement had more holes into than swish cheese.
CB's comment in an RNS that he encouraged MMP to keep AISC below $1000 was a very strange comment in an RNS. Almost saying to shareholders "its not my fault" profits are not higher.
Actually it was CBs fault as he agreed the deal and arrangement. A royalty agreement like others have with MMP would have been much better.
Don’t think Manica was a bad decision, it needs further investment that is now not viable for the company with current market capitalisation.
From acquisition of Manica, through to first gold pour. The board would have already been looking toward the second mine phase and where the company would need to be positioned financially in terms of a ‘desired healthy market capitalisation to warrant the necessary, dilution to shareholders that would occur with the investment necessary.
So the whole PR drive aimed at driving share price up throughout phase 2 of BR likely had an alternate strategy, which is not unreasonable to imagine!
With the global downturn, a major contributing factor to current level of market cap, the risk v rewards for entering into the next development stage are now too unfavourable.
The company will certainly have required access to further capital. So at a £40-50m market cap, the company would have greater access to capital and to be in a position to absorb any unforseen costs that could incur.
Once CB stated that he is going to stop worrying about the share price, the decision to dispose of Manica may have already been made.
Continuing would have decimated share value.
Manica was a bad, bad investment by CB and I am sorry for all those PIs who invested money, time and psychological support for XTR during those years of watching, waiting, praying for a positive outcome. I was there part way along that journey but got disillusioned with the constant delays and weather blaming.
Honestly, I think the decision to sell up and get real cash out of the situation over the next 3 years (if all goes to plan) is the very best solution, especially if the drillbit in NW Zambia does its thing. I know it means pinning faith in CB and his geologist team again, but they didn't do too badly at BR, did they? True, not the big sale to AA that everyone hoped for, but for a while it looked like a strong chance of proving up enough Cu. Surely BR has residual value and with a stronger Cu price in the next global upswig, a cash sale can be concluded. A value support to the sp here, with all to play for on the upside, cashed up, in NW Zambia.
I'm back in.
“ Being so out of step with the majority would be a sign to exit I would have thought unless already not a holder of course”
I voted against and I hold 6m shares. Does that mean I have to
Sell?. What’s that saying ‘a bird in the hand is worth 2 in the bush’.
Who had an asset that was producing and should under pinned the SP. If we for the money from the sale upfront I could understand. But no you did $h1t you have let them have it on the knock
For 3 years. Have you notice the gold price????????
Furthermore who’s the stupid pr4t who signed the deal in the 1st place not to cap capex on deeper mine. Xtr knew this years back but dined out in revenue.
CB is more akin to an ambulance chaser!!!!
From what I read, it has been very dry this year in Zambia. So shouldn't be long until the various companies start drilling, rumours start and punters take their chance.
Actually NtM you have a point, based on those figures I could crash the SP in a day just by selling my holding .
Then buy it back and double the SP !
I might just have a go at that.
Ps 11k ish gbp total - buys and sells - transacted here today is kinda par for the course in 2024.. if any big holder/s that annoyed you, OSB, took your advice and tried selling their holding off into such volume, this s/p would be a lot closer to half a p than 1p in short order imho
Why else would I be bothered Howezap ?
If I didn't have skin in the game why would I bother venting on this ineffectual platform ?
I'm just venting and it feels good when it ruffles a few feathers.
It's an irrelevance as to getting my money back either way but I can so I will.
...for calling him Old School Rodney a while back.
One of Rodney's two GCSE's was in Maths... and as Mr Joel Silberstein is Accountant/Finance Director, the Rodney nickname better belongs to him, in fairness.
So who in the Xtracters World might OSV sit still had me thinking?!
And while walking through Kendrick Mews recently I saw light:
Those Heritage - very upper end - Classic car showrooms all alongside HQ xtr.l - maybe all owned by Peter Bradfield Ltd.. maybe some only owned by him ? - got me wondering if, punter that he is, Mr Colin Bird has taken an interest in some shape or form in that/those Vintage Motors Businesses...
And your tie in to xtr.l is off the back of this, OSV... A Mr Bradfield or such like.
So, long story short, I'd now like to correct my previous offering and go with Boycie instead of Rodney for you.
Giving us :
Mr Colin Derek Bird
Mr Joel Rodney Silberstein
Mr Herman Aubrey Old School Values Boyce.. aka Old School Boycie
This time next year........You know it makes sense !
What, real money Jez? 😬
I’ve just added another few million more xtr shares to my fantasy portfolio
If only we owned a gold mine .......
Afternoon Birdy ole boy.
I didn't mention a vote I just want you to pull your wrinkly old finger out of
whatever you've currently got it stuck in and get me my money back.
Get on with it you old tart !
An over whelming majority of shareholders voted for what they wanted.
Being so out of step with the majority would be a sign to exit I would have thought unless already not a holder of course.
Bird got what he wanted so it's back to FU shareholders until next time I need your vote ❎
There is need to first understand the difficulties and real risks in transitioning to underground mining before anyone should even doubt the decision to offload Manica. Let alone, the financial risk burden that can spiral ‘toward’ getting the feasibility study, along with the next mining phase’s NPV that will determine the next development stage. (Upgrade or new) Also, being in a JV as a minority partner who have already shown to be difficult to get monies owed from (Quoted by CB) citing questionable Op costs. Is essential to go into a JV with expectations aligned.
Mines are formed around their natural foundations. So in optimising the NPV for that transition, they will be dictated by natural characteristics and not just follow a predetermined development path or design for an UG mine as there isn’t one.
It really isn’t a straightforward process. It’s not a case of agreeing to build a new plant or upgrade and then design an underground mine around it.
To determine an NPV for the mines next phase, they need to design the UG mine. The crown pillars (rock left in situ for natural support) would ideally be located where there is rock with low economic worth or is barren as these areas are not mineable in the next phase. So obviously there is need for a lot of deeper drilling than the known resource. This all needs to be determined before designing, that optimises the NPV and toward the feasibility study.
Would Manica have been sold anyway?
I would be confident in saying that the disposal would have happened regardless of activities or commitments elsewhere.
crawl back under your stone and wait for evolution to deal with you !! what a ****** !!
Yes idiot! I know what it says! It ain't gonna happen....... moron! Same as the 10p options aren't going to happen.....that was in an rns, it must be true! I've just bought a lottery ticket I am definitely going to win this time.
"Where do these idiots come from" this is what Colin must think every time he gets paid lol 😆
Which bit of this do you not understand ? Taken from the January RNS announcement of the disposal of Manica ?
If there is any breach of these security provisions or the late payment of any of the amounts due to be paid by the Buyers under the MMP Agreements that is not rectified within 14 days, then: (i) all outstanding amounts will become due and payable; (ii) interest will from the date of the breach accrue on all unpaid amounts at the rate of 2% per cent per month compounded monthly on the last day of each calendar month; and (iii) the Buyers irrevocably grant to the Seller (or its nominated representative) an option to acquire the Mining Licence and / or all the issued shares of Explorator for US$1 such option to remain valid until all amounts including accrued interest due under the MMP Agreements have been paid in full.
Christ where do these Bulletin Board cr-p-heads come from ?
Perhaps you should wake-up, do some reading of the default clauses in the SPA between Buyer and Seller and then come back and apologise.
Idiot !!
There is no way in hell that the 40+ million mine will be bought for £1.
I think it's about time xtract holders wake up!
At least the rising price of gold will ensure that our royalties are paid in full and on time. If they don't we get the mine back for the price of $1.