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Don't forget LW, there's lots more potential at Manica. In a recent interview CB mentioned a talk he'd had with the geologist working there - "There's gold everywhere you look" I believe was the statement!
The 23% cap to Xtract is the reason why more exploration drilling should take place imo.
This from the 29 May agreement.....
The Company and MMP have agreed to incorporate a gold mining exploration special purpose vehicle, on a 50:50 owned basis, and with a monthly budget to be agreed by the parties from time to time.. The costs of exploration shall be divided on a case by case basis. Each party may submit a project exploration plan to the other party for review. The reviewing party may elect to contribute up to 50 per cent. of the costs of exploration on that project and will be awarded participation in the project on a pro rata basis with its share of the costs.
My understanding is that we can increase our cut of other potential income to 50% assuming we contribute 50% of the costs.
If I've understood that correctly, then that's a good reason to continue drilling??
tbh I dont feel that further drilling at Manica should be high on our list of priorities as the deal that has already been done with MMP caps our potential revenue from there at what looks like anywhere between 13% (guy fawkes) and 23% (fairbride). Any cash we spend should be aimed at securing higher returns (possibly Zambia and Australia). The 13% - 23% deals were necessary but we now need to aim higher if we are to be spending the long awaited revenues.
Hi CE, I was one of those, now LTH, who bought in at a 'premium'. If I recall correctly the MCap was around £46e6?!. As pi@@ed as I've been with CB missing , pretty much all, deliverable's since then I averaged down heavily and even broke even for a short period this week.
I've always had faith in what we have at Manica and was happy to hear CB state there will be further drilling undertaken there when funds allow. Manica + the other projects we have means I have changed my plans of selling, and escaping XTR, once even. It looks increasingly like decent profits may be achieved next year should CB keep the news flow coming...
Good luck to all LTH - it's been a messy ride on this one for sure!
P.S. what ever happened to Lord Snooty? - I hope Mrs Snooty didn't bury him under the orangery for flogging the family silver to buy XTR shares.
At the moment it is looking like a re-run of yesterday with large orders being filled - can sell over one million shares for 2.06p but have to pay a premium for a measly 50,000, I hesitate to say it, but could this be the start of that long overdue re-rate in SP?
CB paid 2.85p not so long ago, and it looks like even those trades may soon be in profit?
Sadly, still a long way to go before some of we LTHs are in a similar position - some of us paid the equivalent to around 10p, back in the day, maybe a bit optimistic at the time? True, isn't hindsight a wonderful thing!
Call me foolish (and I am sure that many will), but i am beginning to think that CB may actually get the SP back up to those heady heights of yesteryear. I have waited a long time, i can wait a little longer...
2.05 p for me to sell some just now.. and in the spirit of giving I've just put a tranche in the money markets pocket to help those who want to buy around here !
Fool that I might - or might not - be selling down at these levels, these are double my money levels and eeh by gum, nowt wrong with a tidy profit in this game..
( still got some left as a basis to build out to a hopefully even quarter decent sized position again.. although my 1.5p target is getting further and further away.. but great to see the long suffering here getting a break for a change here )
RNS Number : 8481X Xtract Resources plc 02 September 2020
For immediate release
2 September 2020
Xtract Resources Plc
("Xtract" or the "Company")
Change of auditor
The Board of Xtract Resources Plc ("Xtract" or the "Company") has appointed PKF Littlejohn LLP ("PKF") as its new independent auditor with immediate effect.
The Board has approved the appointment of PKF as the Company's auditor for the financial year ending 31 December 2020. The re-appointment of PKF for the financial year ending 31 December 2021 will be subject to approval by shareholders at the next Annual General Meeting of the Company to be held in 2021.
In accordance with Section 519 of the Companies Act 2006, the Company's previous auditor, Chapman Davis LLP, has deposited with the Company a statement confirming that there are no matters to be brought to the attention of the Company's members or creditors.
Further information is available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Director.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.
CE,the Aussies 1.25p shares doing great at present think I'd be cashing in a few if possible. If split 17 ways probably be no TR1 required on selling,plus the 16 people owe the guy with the job nothing.
Only 17 shareholders in Prospectore and if they have confidence in Bushranger, why would they effectively short XTR - particularly as one of them will be appointed to the XTR BoD? It is obvious that CB has great confidence in the Bushranger asset, whether or not the first 25% tranche of payment shares are sold will tell us what the Australians think of it. Flipping the shares already, before getting Australian Government permission for the deal would be a bit risky IMO. Much more likely that those 17 investors will be trying to build a decent position in XTR, so as to maximise their returns on the sale of Bushranger.