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...available on V O X - reiterates much of the same info as the interview with TW but in a more condensed interview.
Again, gives a look at production timelines, worth a listen if you want more than bb speculation.
From the current hard rock processing Fabrication Progress report:
18 metre diameter Bolted Thickener - 100% complete.
MIP400-6 Flocculant Plant - approx 80% complete.
MIP Feedbox - 100% complete.
So does not look like there is much more to do once the final components arrive Next month?
I don't dispute that we are clearly making progress and moving forward. I can't see how the mine wont be built and that income will substantially improve and therefore the SP will rerate.
I am just have very sceptical it will happen this year.
A fair point A4444.
We do have some evidence of progression in the latest images though. If the fabrication progress report is to be believed then they are pretty much done with that phase of the operation. Without re-reading the RNS in terms of timelines one could assume the manufacturing was part of this process ,say 4 months to fabricate 4 months to assemble? (I should highlight that he makes two different statements in terms of timelines in each of the TW interviews however ,both are for completion this year)
It's all guesswork, as usual, but my personal hope is that we are up and running and through testing before next years rains are upon us.
I think the RNS says that the adjacent licence contract will commence next month. so production maybe in 12-18 months time ( Exploration holes to be drilled, plant to be procured, built, commissioned etc etc).
But, as i said, certainly a move in the right direction.
I’ve heard the view that as MMP are building the plant these timescales should be more reliable than CB’s. The problem with this view is we don’t know what was the conversation between MMP and CB re timescales. Did CB give his own ‘interpretation' on these timescales? The red flag for me was how the 8 month lead time in the RNS miraculously changed to 4 months – which meant the original completion date didn’t slip.
No one seemed to question this remarkable 50% reduction in build time. I hope I’m proved wrong with my Q1 income timescale but I’d be amazed if it happened this year.
I agree that a placing is very unlikely as I think the CIB + ‘contribution’ from alluvial income should just about see us through to HR income – assuming we do get it in by Q1 .
I know CB isn’t great with his deadlines but it states in the RNS that work on the adjacent license is intended to start next month so hopefully this should be before 2021/22.
In yesterday’s interview with TW, CB mentioned a capex number of around $1m for guy fawkes (no mention of Boa in the interview). There wasn’t any talk about the Moz gold plant as I’d guess if this could be modified you would say plus it sounds like they will get another group to work the license.
There was some good information in yesterday’s interview (broadly consistent with what we know/have been told) and some nice sound bites (my favourite was when he stated that it looks like we have made a discovery at eureka), for 99p it’s defo worth a listen if you have a spare hour or so.
Anybody that has been invested here for more than a few months will know that the alluvials are a mere side-show ( although nice to have some income, however small).
Much more interesting that a second contractor is interested in mining the non-Fairbride hard rock and is likely to be on board at some point in Q3 ( This is the "low hanging fruit" previously considered to be a distraction to the main Fairbride mine)
For those not familiar with mining terminology, this may help:
Gold ore is considered free-milling when it is easily liberated by grinding and separated from the other minerals. A more technical definition is that you are able to recover over 90% of the gold by a conventional gravity-cyanidation process with low reagent consumption. Free-milling gold can be further classified into low grade and high grade which helps determine the most economical and optimal gold recovery method.
I wonder if the gravity milling plant seized from Moz Gold can be cheaply adapted to do this job?
We have not heard much about the adjacent licence, so to find that a contractor is being lined up to mine it is certainly a surprise ( one for 2021/22 i should think).
Altogether, I think that a relatively low-key RNS could be the start of some serious developments for Xtract and the sooner we lose the alluvials distraction, once hard rock income has started, the better.
Nothing mentioned is great in itself and probably drawn out time lines involved, but moving in the right direction on multiple fronts and good enough for me to have had another top-up today.
Each to their own...
Which is ofc completely your choice NTMY.
I disagree with your thoughts on timeline slippage in terms of HR. Not because I think Bird has changed his ways but I think the ordering, manufacturing, transportation ,and assembly of plant has little do with him.
There may well be a cash call down the line in order to get the copper plays up and running, Bird has discussed this already on Winnifriths podcast. This ofc will be dependant on the course he chooses to fund the operation.
People seem to disagree with you pyo88 lol
Really lucky that sold yesterday for small profit will buy back in when it's down to 1p which it will be, P.I.T.S. yet again
A fair few sellers will fall from the tree during MM shake out opportunities. All par for the course. As new buyers come on board this will strengthen ready for the huge rerate and rewards.
to put my money where my mouth is, I sold a chunk more this morning Gixxer
and indeed if I was fully loaded on these I'd probably skip the saying it out loud part on this BB, but I'd definitely still be thinking placing ahoy :-)
But if you're a strong believer in the future here any s/p weakness that might occur from here could be seen as a good buying opportunity !
I still believe this will come good 'in the end' and Andrew's guesstimated timeframes are the ones I trust most.. so I'd be a keen buyer here again in the early 1's p in August/ September for eg :-)
If its 2p in August/September then great for long suffering longs too.. and I'm still half decently long holding here too..
The drop seems a bit harsh considering very little selling. Good news is the rainy season is over and the hard rock plant is progressing well. Look forward to the new contracts getting signed and some more mines getting up and running. Just viewing the pictures on the website gives you an appreciation of the size of the plant and how much work is involved.
Interesting take NtMY - I'm sure it's got nothing to do with the fact you sold a chunk of your holding here recently...?
'saw me fall foul of the temptation of selling plenty of these previously known as dogs '
a lot of potential going forward here granted .. and many moving parts too now.. altogether, my instinct is that, given previous form, little will be delivered to schedule and given the alluvial q2 likely being a 'little disappointing' too, I'm guessing there'll be a placing here at a good discount to s/p at that time sometime very roughly around August/September
Not great RNS but only to be expected given Covid & the rainy season impacting the majority of company’s regardless of industry sector, not tanking as much as normal when Bird releases RNS, if we can hold support at 1.30 & build from there I won’t be that disappointed, I’ve still hot a long way to short so what’s another couple of years matter.....
Alluvial results are, unfortunately, what we've come to expect and anyway become more redundant as we move closer to HR production.
Good to see some news pics on the website, showing hard rock kit being manufactured. The biggest surprise is they're up only a week later than Bird predicted...shocker! :)
Also good to see equipment completion %'s - Looks like most of the kit is ready to ship.
Drop this morning looks a bit overdone, no big sell off , so far....
Obviously poor production figures, but some serious cash in. From memory this pretty much cleans out the stored gold (based on my calcs). With the parts only being delivered 2 weeks back I’ll expect Q2 production figures and gold sold to be poor.
Will be interesting to see if anything comes from guy fawkes, he mentioned this in the interview yesterday. Capex of around $1m and lom around 3-4 years, hopefully it will be a similar sort of deal to FB but just implemented more quickly.
Good to see the pictures on the website of the manica plant being constructed, along with similar timelines in RNS to what’s been mentioned in recent interviews. With build time of 4 months this should be operational by October/November.
chuffin Nora ...a little disappointing my posterior... those alluvial results are very awful..
...at least he had/has some gold in reserve to sell...
CB is now selling alot of the previously mined gold to boost income. I'm still sticking to my Q1 prediction of HR income. If correct, it looks likely we could be out of income / very little income for a few months and will need to rely on CIB or sell more of the unsold Gold.
That should not be a major problem for a couple of months.
I know CB is talking about other sources of income coming on stream later this year, but with his forward guidance timescales I would not be too confident with those predictions. They may happen, but this year??
Hopefully many will see past these alluvial figures and look at the big picture and what should be happening here over the next 9 months.
· Total alluvial mining contractor gold production of 14.52 Kg for the quarter (equivalent to approximately 467 ounces)
· Total of 4.06 Kg (equivalent to approximately 131 ounces) attributable to Explorator
· Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$508,573
· Mining on the adjacent licence to be contracted to another Chinese group based on similar terms to the agreements currently in place
· Discussions in place with a group to mine the Guy Fawkes and Boa Esperanca free milling small hard rock deposits
· Manica hard rock continues to progress and all aspects of operations advancing satisfactorily
Colin Bird, Executive Chairman said: "The results are a little disappointing for the first quarter based on the rainy season, but particularly the effect of the Coronavirus on spare parts delivery from China. We continue to experience low grade together with high overburden stripping. The spare parts arrived 2 weeks ago, and operations are already showing a significant improvement, despite tough operating conditions.
We intend over the next month to commence a further contract with another Chinese group on an adjacent licence. The agreement with the group will be similar to existing agreements in place.
We are actively engaging with another group on working the Guy Fawkes and Boa Esperanca small hard rock deposits. These deposits have indicated free milling gold at good grades. Preparations are underway to ship major components for the Fairbride gold project, once border restrictions are lifted, which is expected the middle to late June 2020. The equipment will be accompanied by the necessary lifting equipment for installation."
Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 March 2020, 31 December 2019, 30 September 2019, and 30 June 2019 are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs. The Company currently expects that at current rates of activity, the alluvial mining contractors will conclude their operations during the latter part of the current year. The Company's current focus is to progress the Manica hard rock operations.
Xtract Resources to double or more?
By Tom Winnifrith for HotStockRockets
Tom Winnifrith writes: I am a shareholder so feel free to ignore all of what follows. If you really want to understand why I bought Xtract (XTR) listen and watch the audio and video interview out late last night with Colin Bird HERE. But if you can't afford 99p this is a tip we produced 11 days agyipping the shares at a 1p offer. They are now 1.5p-1.6p.
- South Africa to downgrade lockdown measures to level three on June 1.
- This means a full reopening of all manufacturing, mining, construction, financial services, professional and business services, information technology, communications, government services, and media services.
Good news , hopefully this means we can start shipping HR kit out to Moz next month!
If the AGM is going to be held in June then we really do need to have an update this week, together with the final accounts.