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Howezap: yes, i understand they wanted to join them up but it seemed to me that that pipedream quickly faded. Two close by porphyries seemed like a good consolation. If the extra time and resources had been invested in finding the crown of Ascot we may well be talking about BR having 1.5 or 1.6 MT of inferred copper. Still, water under the bridge.
“never did understand that ploy....”
Before Ascot was identified as a seperate porphyry the vision/dream was that the potential size or amount of the racecourse open pittable material would extend all the way through to, and to include the southern anomoly (Ascot). With the disappointment that the grades between southern RC and Ascot were too low to see them join up RC and Ascot as a 3km long single mining concept. If so the economics would have been far stronger toward the overall financial performance of the model due to economy of scale, that has been recently released.
So was very important indeed.
Xtr now need to get the best economic performance out of the financial model from the material just from RC which is why Ascot material has not been included at this time in a mining concept due to it being isolated.
Far more drilling to Ascot and RC may change the dynamics but won’t be for xtr to do.
The volume traded here remains utterly, totally and completely appalling -we're still talking, on average ish, 10k gbp ish a day - resulting in this stock moving up or down 5 or 10 per cent on a few grand more buys than sells or sells than buys ..
If even 50k gbp worth of buying here for a day or three my guess is this could spike 50 % + in short order..
.. and such a day or three will come along sooner or later, I'd expect.. RNS driven probably.. but POC - and POG to an extent too - keeping rallying alone might find some few with decently deep pockets willing to buy in decent size here.. and volume begets more volume...etc.. and the AIM market generally is less dead in April than it was thru winter imho..
Further drilling in BR in 2024 at least should absolutely not happen imho ..
Jezzoo, assuming we are in a good financial place, I would not mind some drilling to firm up Ascot which was pretty well ignored in the report that put the dampers on BR. We never did find the sweet spot of Ascot as all of the drilling went to finding the bridge between Racecourse and Ascot - never did understand that ploy....
Cygnus7:
I think it's zero ATM, once we get to $11k it will atart to be of interest but then so will many other "marginal" value potential mines. I still think we eventually sell for multiples of the current Mcap.
When that will happen is at the mercy of POC, Colin Bird and the world economy.
Unless we make a fortune in Zambia I don't think we will spend any money on drilling at BR.
On the point of the price of copper per ton, does anybody know if the mining industy uses:
US ton = 2000 lbs
Long ton (British) = 2240 lbs
Metric ton = 2204 lbs
I image it's the uS ton but would like confirmation - thanks.
Yes Jezzoo, BR may soon be back on the agenda. What would that be worth I wonder and should the coampany spend any more cash on it?
Hopefully Colin will update the market shortly on Zambia drilling schedules and any BR news now he has resumed RNSing.
The option to go UG was a backstop option if the company could not identify better value creating opportunities elsewhere.
Hopefully the markets will evaluate the new opportunities to reflect better in the SP what has been achieved.
In better news, copper really is on a run, $9540 and rising fast.
Bush Ranger is getting close to viability ?
Maybe why he doesn’t want to go there again.
Even as far back as when Auroch minerals produced the feasibility study for fairbride, xtr put it under review. This was primarily toward the initial mining phase but the same risks will always be there.
Mining consultant Daan van Heerden of Minxcon had said: "The Manica study has produced a robust project targeted toward simplicity and predictability. We concur with managements approach to the concession and agree that the previously announced hybrid approach might have led to enhanced capital and operating risk."
Hybrid approach was surface then going straight into underground mining.
Point being risks are real and is not smoke to justify selling up just to go chasing rainbows. Could argue management were reluctant to go UG from day 1
Like Chepica you mean ?
And yet he still did it.
Net ‘present’ value unfortunately Jez
CB has been so clear in reiterating that they have no intention of or want to go into underground mining for good reason. It presents far more dangers in comparison to mining on the surface. You don’t have more serious issues such as air loss and cave-ins, workers don’t have the extra regulatory processes of operating machinery UG.
There is risk of fires, floods, collapses, and toxic containment. Fires can be caused by short circuits or friction from defective bearings; collapses can result from induced seismicity or blasting, with toxic containment being from ventilation issues.
Far too risky for xtr to be going into, without any input into design and mining strategy operation as a minority partner. This just the long shot , there’s no guarantees they can keep a consistent feed going from the transitional ore with current set up to make the upgrades needed.
Manica was a dumb purchase in the first place. I totally agree. That's why I was negative on XTR under CB's leadership whilst others got caught up in his fantasy world emerging gold producer nonsense. Seems some folk still cling to that idea.
The best, and only, way for CB to reestablish his tarnished reputation here is through drilling success in Zambia, his home turf, as it were, where he has had a previous commercial and geological win. Bushranger I put on the backburner, dependent as it is on sustainably higher Cu price than we have today, although the signs are looking much better, with the recent metal rally.
All other possibilities require(d) extra cash that XTR doesn't have until the Manica sale (thank the lord). Has any of you seen how desperate it is out there in AIM-land to raise fresh equity capital via placings? Are you lot happy to have funded a next capital injection at Manica at 0.5p/share? Cloud cuckooland investors we have here.
Over to you, now, CB. Deliver the Zambian drilling schedule.
Didn't the company know that from the beginning ? Wasn't that the whole point ?
" Lets spend six years to get the 'ard rock stage and then not do it because it'll mean we need to fund it."
" Oh by the way we'll be needing some more funds to carry on preparing the ground for someone else to benefit later "
CB should be negotiating with the buyers to increase payments for the purchase because their revenue is increasing exponentially. Give us more per month and pay it off early.
You mean a gold mine which doesn't need a huge upfront capex requirement in order to build future revenues at scale...possibly?
Yes imagine.
Imagine how happy this board would be if we owned a gold mine!
All I can see is a green box.
Might I enquire, who are you expecting to answer this question , Mr Kwadoku?
I mention this only because you've been asking it for such a long time now.....
I was hoping you'd eventually show some initiative and look back on the annual reports and work out yourself and heads us up.. but I'm now losing hope of that ever happening either....
PS: I won't be attempting to answer this ever, and while dangerous to speak for others, I get...I'm confident that Mr Old School Values won't be offering an answer to this Q, ever.
This is delusional. People been saying this for years, but the truth is rather more stark...
Colin Bird’s AIM record (as of March 24):
Time he became CEO of BZT- SP 0.5….now 0.02 (over 95% down)
Time he became CEO of XTR- SP 10...now 0.9
Time he became CEO of Galileo 7.38...now 1.0
A lot of money has been paid by private investors to fund these ‘companies’ but the more interesting question is how much money has been paid to Colin Bird, over these periods?
Hmm....
How right Mr CB was when he said Bushranger is not a 10p - a share - mine:
For the last 2 ish years the xtr.l share price values it at approx. a 0 p mine
But, hopefully, in due course, 0p will be proven to be too harsh a verdict
ps: 3p or 4p a share sale event for the Bushranger in 2024 or 2025 would be ok by me now
It’s ok captain, I’m sure CB will be forever noted for saying ‘this is not a 10p’ mine. As long as he sticks to that, then happy days.