Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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What do we have exactly after Phase 1 and Phase 2 ?
Towards hedging LittleWing, how about dropping the 'enough to justify' and instead just 'Phase 3'
(Apols, I'm guessing that's not the answer you're looking for either)
I agree with Egg & NTM, this seems to be a crisis generated by shareholders rather than CB. Yes, CB is not blameless but he does have to operate in the real world and promises made with the best intend can get sidetracked by world events and good fortune! Who wants to ignore what could be additional resources just so that CB can say he kept his promises?
Agree gixxer, I know I have been angry lately and it's not that I don't believe In the company or bushranger or even Colin getting us a fantastic deal when selling BR. I think we will all make substantial gains but for God sake stop telling us its soon or next month etc
If it's going to take a year then say that, if its going g to take 2 years then tell us that!!!! And if you do t know Colin.......then don't say anything!!!!!!
Colin has been hinting about phase 3 for ages. Few believed me when I said this earlier. It really shouldn't have come as a surprise to anyone , so it seems strange to me that the reaction now seems so strong. As for admitting the 2MT or whatever, this is difficult to call as it may not be in Xtr's interest to trigger the AA buyback condition until after phase 3. Maybe we are short or maybe Colin doesn't want to take any actions or release any information which may definitively prove we have the 2MT . I have no idea, but I suspect with the delay the SP will remain under significant pressure until something major happens. Even if Colin/other board members made a major buy I have suspicions that this may just provide temporate relief. my guess is those with major shareholdings here will have to wait a while before they become multi-millionaires
"More than ever now Colin your shareholders are looking for clear transparent forward guidance." - "What I have come to believe with Colin is that his communication is not poor but intentionally opaque... as that is the way he operate" A couple of very pertinent sentences LW.
Some of the LTH's may recall the big speech Bird gave when JN resigned. (I wish I could recall which platform he gave it on). It was along the lines of 'From now on I promise openness and transparency from the BoD, good or bad.
We've seen precious little of that, the same old story of missed deliverables, the moving of goalposts and many 'misunderstandings'. With Bird it's always someone's/something other than him that's preventing the long awaited SH value. In the recent BZT interview he's taken no responsibility for the SP drop. It's 'market forces' or 'impatient investors'.
Now't to do with his his own misdirection & constant missed deliverables, ofc no PI would sell because of that!
The fuss is that it is unclear if shareholders are going to be in the loop about what has been achieved with Phase 1 and Phase 2.
It is just as feasible that we are short of a sellable resource (either too low a tonnage or too low average grades) as we have actually found "billions of $ of copper and gold". The announcement of Phase 3 does not answer the fuss. Its purpose could be to bail out an over promise under deliver scenario (XTR history). Colin has mentioned the 1000 lashes just a bit too often for comfort (did Shakespeare write that Colin protests just a little too much ?). If its the troubled world that has scuppered any deal that Colin was close to pulling off then we should be told that rather than the vague "oh these markets are really bad". What I have come to believe with Colin is that his communication is not poor but intentionally opaque... as that is the way he operates. The problem may be that it worked in the past but it may not work now. The seemingly "no point in giving out good new because the markets are bad" have contributed to the SP weakness and yet it is somehow then deduced that a Phase 3 announcement is good news ? More than ever now Colin your shareholders are looking for clear transparent forward guidance. This market will not reward otherwise. So... what do we have exactly after Phase 1 and Phase 2 ? The answer is not "enough to justify Phase 3" btw :-)
If you're with Halifax you can vote via their online chat system. Pretty straight forward, 5mins...
https://m.youtube.com/watch?v=h0nLuf8KREQ
Actually, if you listen to the Alistair ford interview with the benefit of hindsight, he's spoken more truth in that video than Colin had to date.
Remember, commodity prices were not as high then as they are now.
He said any meaningful revenue from manica would not come for quite some time..... he was correct. He said manica revenue wouldn't fund extensive exploration...... correct again it hasn't and only with the commodity prices increasing will it now help fund bushranger.
It didn't fund the nearly ten million spent to date!!
I vote to have aliater ford be interviewed from now on!!! Why? Because you won't like what he tells you but he will be honest!!
Well said Egg.
And with the African Assets easily valued at v approx 2p of the share price here, around now.. you could fairly readily say the market is currently valuing Bushranger somewhere in the 10 to 15 m gbp range....
(Towards taking whatever positives when the going gets tough: That's more than has been altogether spent on it so far, at least..(I think)
Altogether, my guess is that the market is wrong and the top posters here are right.. but it's usually not about completely wrong versus completely right .. more about degrees of wrong and right.. but even half decent degrees of right can still be plenty profitable for most bets in play here.
PS: I hope to be doing my bit by topping up decently here Sept/Oct time
Anyone who is wanting to vote in a specific way at the AGM you need to vote before 17 August if voting electronically or at least that is the deadline for the way in which I voted via Broadridge.
Agenda and voting
https://xtractresources.com/wp-content/uploads/Xtract-Chairmans-Letter-and-NoM-July2022.pdf
1. Accept accounts
2. Re-elect Alastair Ford
3. Reappoint Auditor
4. Authority to issue shares
5. Pre-emption rights
My shares are held via Fidelity and the process to cast your own vote rather than allowing your custodian to vote on your behalf was surprisingly straight forward and requires registration via Fidelity with Broadridge.
Also a reminder to send a note to info@xtractresources.com if you plan to attend.
Can’t see what all the fuss is about. Okay we have missed CB targets, but the world has changed. We have found a massive mineralised system and fired around 50 holes into it and found billions of $ of copper and gold. If this share was worth £200m I would be worried, but it’s not it’s worth £29m - bonkers/ crazy. I’m terms of risk / reward ratio , it’s has to be on of the best on the AIM. Buts it’s the AIM very one knows the game here. Let’s get Phase 3 underway and add more value. Happy to wait a little longer than try and sell something that isn’t quite there yet especially in the current market.
Missed all the fun today am very late arrival to the party.
Some points of own if not already been mentioned, they didn’t choose the money shot, to drill deep down the throat of the gold intercept, which we believed they may do, going by the last mention in the audited report.
>> We have drilled a further 8 holes into the area, with varying results and our last hole assays, at the time of writing this report, (38-39) had minimal copper intersections, but had very significant gold intersections, with higher than previously experienced molybdenum values. The lithology leads us to the opinion that the true porphyry may be deeper, and we will therefore drill a further hole to test this prognosis.<<
Choosing instead, the last drill to target extension at depth of mineralisation around the discovery hole 35 to add to resource model it would seem.
It is clear though they are going to test the higher grade gold at both Rc and Ascot. And looking to delineate the extents of Ascot now too. I’m happy with that, it was always a bit wishy washy to suggest just sticking 5or 6 holes into Ascot. Particularly if the extent of mineralisation increases further south than what’s been drilled with 49 at the southern extent of the currently defined extent of ascot, showing locally strong porphyry related mineralisation which is indicative of that theory.
No mention of conceptual pit model, does that mean the 2mt is expected to be the minimum reached when both the updated resource from RC and the maiden resource from Ascot are tallied? Without the necessity to go down the decision to mine route?
Again, from audited report,
>>We intend to rework the conceptual model, with the benefit of more definitive grades, metallurgical test work results and tonnage disposition.<<
In that case, is it likely it will not be reworked until after phase 3 when further drilling to the high grade crown can be assimilated.
Fair do’s NrM my guess at phase 3 being 10-15 holes estimate would be simply ****ing in the wind with likely drilling needed to achieve now planned.
Sit on hands and accumulate.
Just saw this on the Rambler board:
https://www.bloomberg.com/news/articles/2022-08-04/copper-worth-nearly-half-a-billion-dollars-goes-missing-in-china
However, just because it's gone missing (presumably stolen) doesn't mean that it's not meeting demand so in the in the bigger picture - no change!
Wow, you’d think that CB just declared 1mt. What a difference a week (does / doesn’t) make.
After lots of talk on BB about phase 3 and the initial scope, this has been outlined (thank you CB). Other than that, it’s all much of a much and in line with expectations.
The reduced risk (and therefore value) of the gold crown(s) should not be underestimated - especially in current climate and given any loans are only going to get more expensive in the course of the next couple of years! Speed of paying back a loan with a high density crown will be…. worth its weight in gold (sorry, long day)
Don’t get me wrong, it is frustrating that the model was pushed back, but I’d planned to give it until post AGM before venting (maybe even half year update) and I’m expecting more clarity over the coming weeks and maybe even a model or two.
At $50k-$100k coming into the coffers per week, sit back and chill. CB is a master of stories and I’m sure one will be constructed when the time is right, maybe you’ll even see a big bus with $100k per week plastered down the side of it parked up outside the AGM.
I suspect we’ll see models and news of gold flowing through shortly to try and break the 8.4p mark. If we do then we’re onto two drills for phase 3. Otherwise, it will be 1000’s of cuts and another year of drilling.
Only negative bit that I took away from today is Footrot wasn’t in phase 3 outline, so unless there’s a chunk of gold in assays, I’m not holding out much hope for Footrot (hoping to be proved wrong)
(repost from Telegram)
Seems to be a lot of unhappy shareholders, but not sure why, Seems to be more impatience than anything else. Since CB made his prediction on model release time, etc, we have had the largest European war in 75 years, a global recession, high inflation, a global food crisis, crashing commodity prices, etc. The whole AIM index is down 40%+.
I can't understand why shareholders want Colin to just ignore all that and press on as if nothing had happened. Reading CB's comments on BZT, he plainly thinks this is a terrible market and good news is wasted.
We have income, which puts us in a great position because we can choose to be patient and wait for the market to improve before declaring a resource. We have a lot more drilling results, including positive results to the south of Ascot. Finally, if we decide to wait, we can spend that income on building up the resource while we wait.
What do people think Colin should do instead? Declare a resource now and go to AA in the middle of a recession with low copper prices?
Thanks for the replies.
When AA sold the BR licenses in 2017, surely the Valmin clause would have been included to protect their interests. If we can walk away why have it ?
Also if you look at current parameters then I can't see how the project will look that good. Energy prices in Oz have gone through the roof, diesel is expensive, cost of capital etc all going up yet the copper price is going down.
Given how much money Colin is currently costing me across his companies I hate to be defending him. But I can see an argument for delaying a BR sell. And in the previous podcast he did mention maximising shareholder value.
Same on PANR !!!
Don't wish to rain on the parade but that trade flag TNCP seemed unusual
There are some comments on other couple of boards about these type of trades at the same time e.g. BEN, ZPHR, AGL, CGO all big volume at 15.55.
I'm none the wiser about what TNCP is having looked at London Stock Exchange. Its a Non Price Forming Trades...
You can't see trade type / flag on LSE for example but you can see it on London Stock Exchange.
Please don't take those tickers as cross ramps - basically everything is a bag of crap at the moment !
If that is a CB buy it would bode well for news at the AGM, isn't there a 10 day minimum exclusion on director buys prior to news that could affect the SP ?
Of course. Distracted.
All director buys even £100 must be declared.
Could be.
It fits with his last size buy about a year ago. Similar.
23-Aug-21 Buy Colin Bird 3.50 GBX 2,054,700
Only when a purchase takes a total holding past certain boundaries. eg 3%. So, not necessarily.
We will find out in due course as it has to be declared, right?
Just my gut but I think it was a Colin buy.