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If anyone wants to message me I'm on the telegram group as Charlie zzz
I do recognise the good moves Colin has made to move the project along in Oz and get Manica up and running, but I feel he needs to hear that this latest chasing of new rainbows is not acceptable to many significant shareholders and he needs to listen to that :)
Empress Royalty have paid 3 million dollers for a 3.35% Royalty over manica gold production.After 96,000 ounces have been produced the royalty reduces to 1.25% for the remainder of the mine life. Xtract have I believe 23% of the gold produced as well as alluvial gold contracts on top market cap 21 million pounds with bushranger and 8 billion pounds of copper as a side dish.
Looong time ago CB could have been the perfect Snake Oil Salesman. Let's face it some of us got caught at 20 p ,encouraged by his perfect sales speech, some at 7 or 10 etc etc. It's obvious XTR it's a share only good for people skilled in trading ! All the massive recent purchases will find a buyer at a slightly higher sell price and the traders make a living! Nothing wrong with it ,I am just surprised that day after day, month after month,
year after year some investor want to make you feel like an idiot if you don't buy continuosly on the dips in order to become the millionaire that they think
will be one day. WAKE UP ! The only one making money out of this magic snake oil potion is : you know the name. No offense to any one just so fecking upset one more time
clearly not with shareholders' interests.
Let's also remember that CB, and most of the board, are Part Time.
Galileo, waiting for news, Bezant, waiting for news, Ken, years away, AFP, not much, TIR, different arena.
Where are CB's, and the Board's, priorities?
"clearly any excess funds should be used to maximise Manica or improve the resource estimate at Bushranger
Completely absurd to be doing anything else"
Agree totally Cyber. Quite apart from anything else, time is hardly on CB's side at nearly 80
Fair play to the iceberg it didn't take him too long to rumble that there is a massive trust issue with Colin.
A4444 - We need someone in between the likes of AF and CB. Someone who promotes the company, who has CB's enthusiasm but doesn't go over the line and make unrealistic comments bordering on BS.
Sounds like theiceberg ..
I felt his anger/frustration towards shareholder reaction was insulting tbh. It was him and his comments that created this situation. They were never "nearly there".
Only needs 10% for an EGM, I'm in...
howezap - That may be what he meant but there was no 'pre' prefix used.
Plenty of anger and angst playing out around the xtr.l s/p in the last two days, somewhat understandably, granted.
But I'd encourage people to take some thinking time to look rationally at the assets xtr.l has:
As Andrew says : ''The crazy thing is, we have now got a very big copper resource with a great 0.6mt near surface Cu.''
And, very importantly too, we have a Fairbride 'Ard rock gold revenue stream in the process of fully kicking in over the coming months, that will last for many years and should be worth 2.5p to 3p a share on its own, by bearish - not bullish as 5p plus bullishly imho - definition.
Also, bad news was priced in a lot at the previous 3 odd p levels too.
So, I believe there's a considerable overreaction here and the s/p has gone to too low a level now ... and when things calm down I'll be looking to add some shares to my holding here.
Imho & Dyor
He was referring to the conceptual Mining study, which will be pre feasibility level, ‘not’ a DFS
Stevemocal, It's funny how CB now says we require FS to take to AA when a year of so ago he brushed such requirements aside with some comment about it being so obviously lucrative they would jump on it and thats not how they do business down under.
More delaying tactics.
Well and truly been caught with his pants down this time, can an EGM be called if enough SH complain about his stewardship and methods ? We need somebody to realise the value here without bluster and inuendo, we need a straight talking CEO who the eventual buyers will trust because that's something that hasn't been taken in to consideration.
Would you buy a copper mine from this man ?
We need a clear and concise statement from XTR and no more CB hype. He should retire and let someone else try and repair the damage that has been done, hopefully someone to get this mess sold and we can all move on to something better. GLA
Stevemocal... this is classic Colin can kicking. It suits the way he operates that there is no definition to where we are at regarding the steps and timeframe. I really do fear for shareholder value here now as he has just given himself free reign to delay this ad infinitum. He really has led us a merry dance.
CB had also mentioned he'd not talked to AA yet. IMO, based on the results to date, I'd assume AA would not be interested and that a company already Lachlan based would be far better suited.
With that in mind an 'informal' chat could be the best way forward now? Possibly naïve to think AA would let it go that easy tho even if they were not overly interested. I'm sure they didn't get as big as they are playing nice.
Maybe we give them the other licences or something?
Gixxer - Good question re getting out from under the foot of AA. That surely has to be the decision to mine but I've just re-listened to the podcast because CB said we couldn't formally declare a decision to mine because AA would want to them to "Show us the figures, show that you've got a feasibility study, show that you're moving towards financing etc, etc". If all of that is required before even triggering the buyback clause/process (and we are back to guessing because none of us have seen the terms of the contract) then we have a way to go yet before we could get this onto the open market.
CB needs to set out the steps for triggering the buy-back clause and provide a timeline that can be reported against. People simple don't trust them to just get on with it now and that means we need more visibility of what is happening.
Steve
I think its CB's baby and he wont let anyone else take the lead. They maybe too honest :)
Many years ago the much maligned Alistair Fiord did his one and only interview for Xtract. We all, including me, were amazed at the lack of promise and hope he had in the interview. We were all addicted to CBs BS. AF was not very complementary about the alluvial Gold income and said we hope to start doing some "proper" mining.
On reflection he was just being honest, factual and no spin. CB never let him do another interview for Xtract again
We need someone in between the likes of AF and CB. Someone who promotes the company, who has CB's enthusiasm but doesn't go over the line and make unrealistic comments bordering on BS.
I just can't help wondering where the sp would be now if CB had given forward guidance of 1mt to 1,5mt and we had delivered the same good result of 1.1 mt from racecourse.
The crazy thing is, we have now got a very big copper resource with a great 0.6mt near surface Cu.
Rightly or wrongly, I'm tempted to say, years of CB's BS has just caught up with him...and he's paid for it with interests (well we have ).
Agreed Steve
It really is time CB just fecked off and retired, what ever he had in the past seems long gone, it's just hot air. Almost desperation, especially with talk of buying new assets, to revisit past achievements.
It needs to be put on the open market as we'd get a better price from companies nearby. The problem is how do we, cheaply and quickly get out from under the foot of AA??
Andrew - I roughly calculate that for every word spoken by CB in those interviews, it knocked £5k of the MC. Where's a dose of laryngitis when you need it?
In all seriousness though, this come back to a point made multiple times by multiple investors here... CB is too stretched to do the PR properly. And it isn't just CB that I've got the hump with... don't other board members have a voice? Why wasn't anyone advising him that putting out a lower than predicted resource estimate would be a disaster without having the modelling to at least prove it is commercially viable and a that a payday is not far away? Or telling him not to keep overstating the likely size of the resource and to focus more on making the case that it will be commercially viable whatever the size? It's a collective shambles.
Gixxer-600,
Totally agree with your comment re accountability. Zak and Roast do not and will not hold his feet to the fire, metaphorically speaking! Either self interest or just weak.
Be careful what you wish for re shareholder groups. In my experience you get what CB wants to tell you and very rarely answers questions. I honestly don't believe you would have heard any different should such a group have existed for XTR shareholders.
My question "would be what the heck are our non-executive directors doing", surely their role is corporate governance!
I really think we are at the stage where he needs to be held more accountable. Is there not a group of shareholders, invested in another company, that have monthly update meetings with him.
Something similar is sorely need here now....
I'm still gobsmacked that he brushed aside the talk of 2MT, and tied to accuse us SH of a lack of understanding, when he's on camera/audio for months stating we were there....
I agree Bushranger has been stated as having multiple targets identified by the scans.... but yesterday's mineral resource was Racecourse. And it is just a big pit.
I'm annoyed by how far off 2MT we ended up, but from here there is most likely many multiples of value to be added to the shareprice....of which we won't really know the details until the mining study is complete.
The copper isn't going anywhere and the large amount 0.5 to 0.6% at 100to 200m below ground will drive the NPV calculation.
I definitely don't see any sense in selling that news at a loss, which many people must be doing. At this price 2.5p I'm back down to break even but with the knowledge that Manica alone is worth 3.5p.....
I hope the sellers find something worthwhile to put the money into but I still think good profit will be nailed on here.
Good luck
I do have a channel or two so I will make it happen, please be in touch if appropriate