We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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Something really put TW off Xtract, remember he has a web of contacts, yes he hates Novum, a certain Novum employee, has attacked Sanderson historically but was there something else he gleaned ?
The question is who are MMP, when the initial deal was announced I did a search and found their address to be in some gated residential development more suited to holiday accommodation, I did not think anything of it but am now wondering, there are no details of directors and the photos on the website are going back to 2011, the website has not been updated for an age either.
In an interview with Zak Mir earlier this year Bird leaked out that Mutapa were a consortium of financiers/business folk based in London, as ever with everything XTR the matter is unclear.
I have stated in an earlier post that I will never invest in any Colin Bird controlled company again, I am sick to the teeth of all the inconsistencies, delays, dilutions and jam tomorrow promises - not forgetting what TW said about the city advisors.
I suspect there are issues concerning the hard rock well beyond COVID, I also suspect that the supposed increasing revenues are yet another pipe dream, in fact I would not be surprised if the proposed $1m a month free cash from Zambia and Mozambique comes to zero by this time next year.
Who knows about Bushranger, I re-iterate if the deal was so good then why has the share price tanked and not surged like UFO, for example, they acquired a Copper/Gold project in October, their shares multi-bagged.
Thankfully I do not have a large position in Xtract, my patience has come to an end having waited 3 years for Bird to deliver some value, is it ever going to happen, probably not.
I hope I am wrong !!
So were we paying Tayanna that 2.7m contract fee ? I thought we were dealing with Sino ? Omnia pulled out of our alluvial collaboration so where do Tayanna fit in ??
Seems Tayanna were used for the Alluvials:
Xtract Gold Mine
Tayanna were the principle mining contractor on the Manica Green Fields Project for Phase 1 of 4 of the Alluvial Gold Mining project.
Commencement Date: August 2016
Duration: 10 year project for the life of the mine
Contract Value: US $2.7 million
Further to that. We were being told in Aug that they were working on the tailings dam and yet in an RNS dated 8th Oct were being told that MMP is in the process of signing a deal to have the work done by a 3rd party:
· Tailings construction contract agreed with Tayanna with dam construction to commence within 7 days of signing the agreement
· Tayanna have commenced mobilising earth moving equipment to site to optimise construction time and to commence clearing and topsoil removal as soon as possible"
Has this deal even been signed yet?
A4444 - IMO Bird rarely provides a 'full and honest update' which is one of the main reasons the SP is not recovering from all time lows.
In terms of the latest 'misunderstanding' I quote from a recent interview:
"that project [FB] should have been going now but it's been delayed because of corona virus. Shouldn't have been delayed other than the fact that some of the biggest parts, long lead items are down in SA. SA has had a nasty bout of corona virus, as you know, and that has locked up the materials and locked up the equipment. But you know we haven't let the grass grow under our feet there's been work on tailings dams, work on foundations" goes on to say we're 4-5 months from production (2-3 now I assume)
Ref :V@xMarkets Aug-25-2020 - v@x/media/5f44f9209f98da001bbc4b20/?context=/listings/LON/XTR
From sharetalk interview Oct-18-2020.
I'd like if I may take this opportunity to erm....I'm going to blame myself here Zac I've probably presented a misconception, the misconception is we're ready erm... but all of those big pieces of plant and the tower crane are down in SA. Erm....That doesn't really explain the situation properly." [Goes on about our %] "put yourself in the position [of MMP] would you be building a whopping tailings dam and spending all the cash to do it, would you be doing a big pre-strip of a new open pit. both of these situations are cash consuming and their won't be much change out of $5e6. so I guess they were waiting for the border to open.
So, to me there a clear indication we've been lied to by Bird; Explicitly:
- "But you know we haven't let the grass grow under our feet there's been work on tailings dams, work on foundations"
- "put yourself in the position [of MMP] would you be building a whopping tailings dam and spending all the cash to do it, would you be doing a big pre-strip of a new open pit. both of these situations are cash consuming and their won't be much change out of $5e6. so I guess they were waiting for the border to open."
Now, aside from Bird 'misleading' us and blaming C19 what doesn't add up is what MMP have been doing since the deal was struck. From my post (dated 9Nov) quoting an RNS " "commence construction (as demonstrated by the placement of an order for the CIL), as soon as possible but in any event no later than 1 November 2019". According to that MMP should have already been making preparations for the equipment to arrive? In fact they had, at least, four months prior to lockdown......
Maybe CB is reluctant to give a full and honest update now as he knows that if he does then two things will happen:
1. SP will fall
2. Shareholders will then know that he has not been completely honest with his previous comments.
Just a thought...
Despite there being quiet good news flow recently, this has dried up a little.... and given the crucial point in proceedings ..... I think we deserve another update.
Get on the phone to the contractor Colin, ask them for an update and then let us know.... its not too much to ask.
I suspect the aussies will be hanging around for bushranger to develop, so at least we won't have masses of selling from them. I just can't get my head around the delay for FB! The borders are open, you can travel across with a test..... So I am suspicious as to what's causing the real delay!
lots of its ands and buts with this co but very little progress in improving share holder value maybe a change in management would help.
I think its too early to know if there is a funding problem or indeed any other major reason why we havnt had any news re parts movement. However, if we don’t get news soon then it would appear that there is a problem that CB has not informed shareholders of?
If so, then this would, imho, show that CB had been very deceptive (I’m being kind using that phrase) with his comments prior to the borders opening. He repeatedly said that once the borders are opened then ‘we’re off’ and the only issue was the borders being opened.
Well the borders have been opened for nearly 2 months now.
I’ll give him until xmas before I come to that conclusion (that's assuming no news by then). CB could, potentially, have made one BS comment too far for many shareholders.
I hope I'm wrong.
Wonder what the Aussies think of his management as they own a big wedge of the company now
He specifically mentioned the tailings dam construction not having commenced as it would be a multi million $ investment.... I took it however that the balance of plant was complete, although I cant find a reference to everything being complete, the lists on the website suggested many many months ago that the workshop fabrication and was nearly there
It wouldn't be that much of a suprise with CB track record at Xtract,he seems to have been stretching the truth on all the African projects development, can't wait for the comments on Bushranger over the coming year
I floated this concern a few weeks back... ie Is there a payment problem somewhere that is stopping the plant being shipped ? MMP did seem to agree easily to the low hanging fruit being allowed to be farmed by another operator which made me question it. Im a little concerned that they may not be able to fulfill the contract the FB ?
Are we sure MMP have actually purchased all the required components to build the mine,something CB said about commiting funds some a few weeks back
I'm not confident either, but I am hoping for some progress update shortly. We should be informed on production start and I would love to know how MMP are progressing with the main project.
I'd be surprised if there is additional revenue in last quarters results, but hopefully they can state that production has commenced...... on at least one of the other contracts..... am I being too optimistic?
Getting so bored of waiting for the alluvial update.
I really hope it comes with additional revenue from the hard rock mine or at least an update on progress. According to the RNs it should be up and running now!!!
To be fair.... just over 300k is ridiculously cheap for ORCP considering what must have gone in to producing the results stated in their RNS.... nobody can have made money from that sale..... unless they are hoping for/expecting multiple sp rises for the shares they received in payment.
So difficult to compare ..... maybe it was a stress deal.....for them
I've done the comparison. You must be a rookie if you can't see the difference between Bushranger and the licences picked up by ORCP, POW and RRR
We could do with some good figures or news. We seem to be stuck in the xtr cycle of share overhang again causing the SP to drift a fair bit lower. I'm really not sure anymore if we will ever see a rerate as the equity placements and dilution seem to out pace any awaited news. Lets see what Q3 brings...
Has anyone compared the consideration Bird paid for Bushranger to other deals AIM juniors are acquiring in Australia, most are paying a fraction of the price, look at the low cost deals RRR and POW have done in country, the most recent Aussie licence acquisition was by ORPC .
ORCP paid £90k cash and issued 42m shares (worth circa £220k) with the same number of warrants with a strike of 1.1p - double the current share price. Their project is close to a world class gold mine.
Bird handed the sellers of the Bushranger licence 100m shares, a consideration of £1.25m, that is a high priced bet that may or not pay off, Bird thinks the deal is a great one, if so why has the share price dropped 30% since the deal was announced?
2020 has been yet another woeful year for Xtract shareholders.
Thanks. Do you know (or point me in the direction) of how much they are spending on each of their projects over the next 6-12months? The Bushranger April 2020 presentation proprosed $2mill (aus or usd?) budget for the 1 year programme. Not sure how much of that was spent prior to XTR taking over
They have just raised 650k in placing, and have interest free loan facility of 1m for the very purpose.