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“our main asset has been sold for less than previously offered”
To be fair on valuation now, the price is reflective in that the first stage ‘mineable’ ore has already been depleted by about 50%. With many more millions being needed to be spent to tap into the sulphides and transitional ores.
It’s a completely different proposition now, to before when the feasibility study wasn’t even done. A lot more difficult for a project to be valued without an NPV.
Could well argue that the price offered in 2016 was over valued as was just based on potential and what the buyer was willing to pay and how much they wanted it.
Https://www.lse.co.uk/rns/XTR/disposal-of-manica-gold-project-for-us175m-e2l0lbeow2nube4.html
What was the previous offer for Manica Ben ? and when was that, I don't remember that.
Thanks Older. That explains somewhat the apparent delay with Oval. It does bit explain the complete lack of update for Kakuye.
We have a cracking set of licences now with regular cash and a potential jackpot in Oz waiting for the copper price to make it highly desirable. I just would like fast progress.
It is 4 years now since BR was acquired and a lovely PPT was released showcasing potential. 2 drilling campaigns have not led to any value for shareholders, our main asset has been sold for less than previously offered and there has been no other exploration of note.
I hope the JVs fare better than Eureka, Kalengwa and Kakuyu
I don't know really, puts people off buying to trade and also traps all the buyers over .95p
It's possible they know something that we don't IE and RNS or a podcast over the weekend or both.
There has to be a reason otherwise why stifle trades ?
What's thier intention?
95-1.20 ??
26%
manipulation ?
Just a tad.
@Ben,
The ink from signing the JV agreement with Oval has only just happened.
If you follow a similar time line for Bushranger from the initial project MOU through signing the JV and then onto first drilling, you had from June 2021 to end October 2021, and another 6 weeks for first drilling to take place. Clearly, there was much detailed analysis by his team of available prior mapping and drill intersections, to hit the ground running 6 weeks after signature. After that, you know as well as I do that XTR's PR trail went into overdrive (with "News" commenting regularly on each hole's importance).
I would like to think that a similar degree of geological analysis of past results has already been undertaken at Silverking, resulting in a similar 6-8 weeks wait from now, for the drilling programme announcement, and start up. We'll see.
Colin just retweeted about copper price at 14 month highs.
Current price $9359 per tonne. Price for December '25 is 9560.
Very glad we are well above 9k. Over 10k would really help the BR Business case, especially if before end of the year.
I can see what Colin's doing. Positioning his "stable" into a position of power in a region which has delivered on a huge scale before. The issue is we do actually have to drill the licences and then show a positive business case for digging it up.
Since August 2023, "acquiring a database from AA" and "receiving Glencore's historic drilling results" doesn't equate to much exploration.
What is taking to long to actually do anything? The August 2023 JV RNS promised groundwork in a number of areas. Have they been done?
Two years with Kakuye - has anything been done?
Eureka was mothballed.
Kalengwa ditched.
Colin, you can't just horde the licences like a fat kid with the cookie jar...
About $2300 an ounce.
All time high apparently.
Is there any on the Zambia licences ?
Whats the price of gold at the moment?
Olderandwiser:
Not cynical that would imply opinions and not facts.
And secondly,it's people that ramped this share whilst selling that helped to get many of us into this situation in the first place. It might pay me to be like those people but being snide isn't really me.
For what it's worth, I AM giving him the benefit of the doubt (again)
Did you notice that I was being (kind of) supportive until the company stooge came along ?
That's the kind of person I'm talking about.
Thanks for the tone of your post though, you got your point over without resorting to belittling self important bot quotes.
Jezzoo, you come across as a cynical paper lossmaking shareholder here. Am I right?
Whilst I have every sympathy with your plight and psychological knock, it might pay you financially and mentally to adopt a more positive attitude given the strategic change for XTR in Africa recently and give CB the benefit of the doubt (again).
Just saying....
A few things that betray your real feelings though Old Thingy Doodaa.
The words "resilient" and "supportive"
Also if it's only " a handful of small holders and non holders that fail to understand the wonderful opportunity that the company is now well placed to seize."
Why aren't the majority sending the SP throught the roof with frantic buying ?
When will it occur to you that your posts have a negative effect here because you are about as transparent as Smirnoff.
The resilient supportive shareholders support the company's direction as it places itself for the copper demand and upturn.
It is a handful of small holders and non holders that fail to understand the wonderful opportunity that the company is now well placed to seize.
I fully agree with the decision to sell Manica. Even with the reasons given regarding, the various risks and being a minority partner aside, xtr are not in a financially viable strong enough position to buy into the next mining phase with the current level of market capitalisation and the dilutive effect that raising at these levels will have on the ongoing share price for current shareholders.
Typo: Should read: and the whole lot of folks are not pleased? To me , at least, $15m sale of Manica is a bird in hand rather than possible.....as one reads. But I do accept that not everyone thinks the same.
How
Yes, in mixing the XTR licence near Kobold, the Bezos/Gates copper discovery and in the same sentence about JORC or MRE meant for Silver King could have been made clearer by naming the project.
Lots of grumbles else where about AIM co's NOT selling their projects and here XTR has SOLD MANICA for $15m and the whole lots of folks are not please. An interviewer yesterday said it is not easy getting money out of Africa. So the Manica $15m sale is NOT SMALL in M & A terms for Africa esp Momz. I am pleased it was sold but others have different ideas LoL.
Now, on to the next potential sale for Bushrangers as Mr C.B said that "it is an ACE" and "it will be a mine" and there is interest , so roll on. Fri, 5.4.24. DYOR. NIA.
A small correction for your post News, re XTR Zambia
The licences in the western forelands were not subject to Glencore initiating an internal MRE from drilling, that was at the latest Silverking project acquisition.
The previously acquired 2 licences in the western forelands however, have seen
Exploration initiated, with the recent acquisition of a major historic database created by Anglo American plc which has enabled a cost-effective and fast-track programme estimated to save as much as US$1.5m in early exploration costs.
Silverking is in the same localised region as Kakuyu so there are now 4 highly prospective licences which includes both in the western forelands nr KoBold and other Tier one miners.
Could be another to follow that was mentioned at GM that captainbob relayed. Watch this space.
Michael Bond [Verified]: "EVERY ANALYST I SPEAK WITH IS BULLISH COPPER."-4.4.24.
Michael Bond: Commodities Accounts Mgr, S & P Global Market Intelligence. https://twitter.com/Michael_Bond/status/1776079329338036530
[Embedded: "COPPER HITS A 14MTH HIGH. A SUPPLY SQUEEZE with STRONG DEMAND lifts price back
OVER $9,000/t mark, further INCREASES seen as LIKELY, could we see $12,000/t. From the article: "Copper bulls can see a record PRICE OF $12,000/t via FORBES Asia."
NOBODY POSTING ON THIS XTR FORUM, 5.4.24
Interesting.
I wonder what is happening at Kakuyu ? It seems to have gone quiet, the last updates indicated test drilling, ramp extensions and even early ore deliveries but we have heard nothing for 6 months now. Similarly, has Bushranger been mothballed or is more work on going ?
Link: https://twitter.com/robert_ivanhoe/status/1776092568968970527 Fri, 5.4.24
Embedded link to Bloomberg article.
COLIN BIRD, CHAIRMAN/CEO OF XTR:
Yesterday's XTR RNS on Zambia JV next to Sino's buy next door for $58.5m @65% share now appears to look very timely. This JV is about high grade copper given it is next door to the SinoMine buy. Also, a lot of geophysical etc work has been done by Glencore and they said needed follow up ie warranted.
BUSHRANGERS, AUSTRALIA
This appears closer now in view as it is also mainly copper in a Tier 1 jurisdiction.
XTR ZAMBIA
Near the Kobold huge copper discovery, Zambia on the West Forelands. No drilling has been done yet so the JV yesterday as above in Zambia is of a greater clarity therefore as Glencore has drilled and has an unofficial JORC.
MANICA
Sold for US$15m vs £8.5m XTR mkt cap.
DYOR. NIA. Fri, 5.4.24.
What's the odds on a good 'ole Sunday roasting for CB this week ?
"Oh aye, intercepts of 50m grading 5.47% copper from 55m you know"
"Did I tell you that the mineralised body was identified with evidence on surface suggesting possible stockwork or disseminated copper minealisation between 2 Breccia pipes ?"
"Gates and that Amazon chap are just across the road Kevin.... well just about..................."
Go get'em Col.
NicetoMichu DrMicho ...
Not relations
And all I've got in response to your below post is Gordon Bennett to Gordon Bennett's modus operandi
Quick look and yep Gordonbennett has moved onto todays next daily riser....