The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Those high grade intersections seem to indicate that they are homing in on the source. Another huge porphyry (1km strike and open) with even higher Cu grades than Racecourse and gold to boot (that could even be a separate system?). The Bushranger project is sitting on a beast of a discovery.
Can't wait for the resource estimates, results of the modelling and the 'for sale' sign to officially go up... there is light appearing at the end of the tunnel.
Come on CB- Bring it home. Giddy up
Should be close, it's taken a year.
For me, the most important part of that RNS...
"This will be in addition to the updated Racecourse mineral resource estimate which is close to completion."
Ahh, makes sense, I maxed out my isa at 5p bed and isa, hindsight....
TDoubleu - The 4 trades adding up to £80k aren't all sells but 2 sells and 2 buys... just me and the missus doing a bed and ISA each.
No change.
Some big bets being rolled over. Somebody keen to hold on.
Ask didnt move after those big sells. Stayed at 3.17p
That's some big offloading! £80K sold at 3p, seems a mistake to me, we shall see.
Days like this its worth remembering what Jezzo's article said......
"With the penny juniors in the mining area falling off a cliff on Friday with massive drops across the board, we are starting to see capitulation. While it is painful to watch your investments dropping by double digits daily, this is where wise investors make their fortunes. The market will rocket higher just as soon as those silly investors who used margin finish selling off the last of their investments just to meet a margin call.
These sorts of opportunities only come once in a lifetime. Prepare yourself to rake up the falling fruit. This is a quote from Basic Investing in Resource Stocks.
"Weak hands buy at tops and sell at bottoms. Strong hands buy at bottoms and sell at tops. It's vital that investors remember that at every top there are 50 reasons to buy, and at every bottom there are 50 reasons to sell. That's what makes them tops and bottoms."
I think just giving my wife away for free would generate a lot of extra cash for investing :)
Steve!!!!!! Wife, Kids yes DOG NO.
Are you sure your wife, kids and dog didn't list you on e-bay Steve, when this fell from 8p to 4p .. and they've gotten no bids so far .. and now it's 3p they're not expecting any bids for a long while yet ?
Going to list the wife and kids on eBay… got to find the funds to buy more shares at this price. Got a dog too if anyone is interested?
Hi joeman yep I did say that,
>>> was based on the Original JORC resource
The point there I was making, was that there surely would have been some kind of evaluation from the initial drilling of phase 1 to see if the potential was there to increase the resource in the first place to justify wether or not a conceptual study was worth doing. Otherwise, they could have released a conceptual study ‘before’ phase 1 even started.
That’s water under the bridge now, and yes 30k+ metres of drilling later with long runs of porphyry grade mineralisation, it not difficult to see the potential profitability. Also the financial evaluation from phase 2 at RC must be positive if an extension of the early recoverable high grade parcel is not deemed necessary now. That is, that ‘if’ the current financial modelling showed it came up short, then they would certainly want to embark on the extra drilling to bolster the numbers from the high grade crown.
Simply cannot see that they would choose not to do the extra drilling if the financial evaluation was disappointing.
Howzap, the model delivered at the end of phase 1 took absolutely nothing from any drill results that Xtract have made. It was based on the original JORC but using a different cut off basis.
It was an attempt to show how close the resource already was to being economic.... and we wait now knowing we have over 30km of drilling now being modelled to add to this .... and knowing that most of the cores were a success.
I know this will be a far more comprehensive pit/scoping study than the original existing one, which was released only a month after the completion of phase 1 drilling. Now wether or not that is anything to go by as the study would have been started during the first phase as was based on the Original JORC resource, But it would have made sense to had started it after some evaluation at least of that first phase I would have thought. There would also have been 8 weeks turnaround of assays to add on so it was definitely not a full phase evaluation. However, it has been been 8 weeks now since completion of phase 2, and within that the very last holes into Rc (53&54) to infill a gap in the model, which saw the assays expedited and returned on the 27th July. So that makes it now 11 weeks since then. What does this mean then? Who knows! The only conclusion I can realistically draw from this is this post could literally be mistaken for a drunken ramble as it skewed of in a different direction to what I intended when I saw a squirrel in the garden and now literally can’t be arsed to edit it.
Off to the pub now :-))
Andrew - I think it is eminently wise to prepare ourselves for potential delays and to patiently await the news as per the timescales you suggest.
Unfortunately, I appear to be as impervious to wisdom and patience as a duck's arse is to water. Give me the news now!!! ;)
“The pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter'”
Timescales stated in the report may well slip, but as they were stated in an RNS they are more likely to only slip a bit compared to forward guidance stated in an interview. CB “shoots from the hip” in interviews, but he will have to be more circumspect with statements in an RNS.
It wouldn’t surprise me if we don’t get the Ascot / RC reports until Jan 23 rather then before end of the year as stated. I would be surprised if they are later than 31 Jan tbh.
Irrespective of the exact time scales, the three big news events coming imminently / shortly / in Q1 2023 are :
1. FB first income declared
2. RC open pit mining study
3. Ascot mineral resource estimation
When that happens I would expect a substantial rise in SP to near or above previous high.
Momentum then building continuously in readiness of the buy-out (probably Q2 / Q3 IMHO)
Andrew, my on going fear is that we are once again waiting on predicted time-scales. The pessimistic side of me says that in Jan/Feb '23 CB will update us to say that these studies will be released 'shortly, imminently, by the next quarter' ( Delete as appropriate ). I am a LTH in XTR and also have a small but now rather fruitless stake in BZT.
Just in case we did get a large cash payment, is there any chance of a merger between BZT and XTR, for example offering shares in XTR for control of BZT ?
Devnull,
That looks to be a good price you got there. Would like to top us myself as soon as funds become available.
Glad to see I am not alone -
04-Oct-22 10:08:34 3.275 91,329 Sell* 3.20 3.40 2,991 Is a Buy from me!
>null
Part 2
"Using the 2008 playbook risks selling commodities at the bottom of a cycle, missing huge potential returns over the coming decade.
That's because, when investing in natural resource equities, the commodity capital cycle is more important than the broader economic cycle."
"The key point is that even if we were to go into another recession, it doesn't necessarily mean that commodity prices will fall in lockstep, as they did in 2008. In fact, they (and resource equities) are likely to hold their own and do quite well, because unlike in 2008, commodities are undervalued...
he radical undervaluation of commodities and commodity related equities is greater now than it was back in 1929, and the level of capital starvation is just as great. History tells us that commodities could again be an excellent place to seek high returns..."
"G&R's Commodity Prices/ Dow Jones Industrial Average chart shows that there hasn't been a better setup for commodities than now, over a time frame spanning 120 years. Especially when you consider the current rout in the stock market and the pummeling juniors are taking.
With the penny juniors in the mining area falling off a cliff on Friday with massive drops across the board, we are starting to see capitulation. While it is painful to watch your investments dropping by double digits daily, this is where wise investors make their fortunes. The market will rocket higher just as soon as those silly investors who used margin finish selling off the last of their investments just to meet a margin call.
These sorts of opportunities only come once in a lifetime. Prepare yourself to rake up the falling fruit. ...
"Weak hands buy at tops and sell at bottoms. Strong hands buy at bottoms and sell at tops. It's vital that investors remember that at every top there are 50 reasons to buy, and at every bottom there are 50 reasons to sell. That's what makes them tops and bottoms."
I personally can't think of a better time to pick up deeply undervalued and high-quality junior mining companies that are poised to capitalize on the decarbonization and electrification trends that are central to the new economy...."
https://www.kitco.com/commentaries/2022-09-29/Strong-hands-buy-at-bottoms-and-sell-at-tops.html
"It's not an exaggeration to say that copper is essential to decarbonization; nothing happens without it. "
"Although the copper price has retreated from a record-high $5.02 a pound, reached in March, the bull market for copper remains fundamentally intact — bolstering the case for investing in companies that mine the orange metal and exploration companies ("copper juniors") that explore for it."
"Again I have to ask, where are we gonna find the copper?
The obvious answer is, mine more, but that is easier said than done.
Bloomberg New Energy Finance (NEF) estimates that in 20 years, the world's copper miners must double the amount of global production — from the current 20 million tonnes annually to 40 million tonnes — just to match the demand for a 30% penetration rate of electric vehicles.
This is a tough ask considering some of the world's largest mines are seeing depleted copper reserves and lower ore grades, so it would be difficult for global production to even maintain a 20-million-tonne-per-year pace."
"Fitch expects growing deficits from 2023 onwards, peaking at 9 million tonnes by the end of the decade, as demand accelerates, "mainly driven by consumption related to the green transition."
The firm also sees steady improvement in prices over the next five years, with the metal returning to its March peaks above $10,000/t in 2027 and $11,500 in 2031 as "a long term structural deficit emerges."
"About 20% of Barrick Gold's production now comes from copper"
As Bristow has said ""Copper is probably the most strategic metal, and it's geologically related to gold," he said. "So if you want to become a world-leading gold company in the fullness of time, you are going to end up producing [copper]."
"The expected shortfall in copper supply and the inability of recycling to fill the gap, measured against robust demand for copper from both traditional and so-called "green" applications (mainly electric vehicles and renewable energy) bodes well for companies exploring for copper. After all, they are the owners of the world's next copper mines."
I monitor level 2 every day and usually provide a summary on telegram at close (with L2 screenshot). The share price often falls on days with more buying than selling or roughly breakeven. As long as the MMs can get relatively even buys and sells over time and the volume is minimal, they can move the share price around to generate activity (which is how they make money). Given how quickly it spikes when volume increases, It could go up rapidly once news starts to flow.
Of course, if you are buying, its a great share price :)