Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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The full report is on website, looks like cash costs for Manica will be 800/oz
The vote does not mean we sack him - it is an official means of letting him know we are not happy though! - Something has to be done, we cannot allow him to keep lying to us!
I'm interested where £5m cash went to in 2022?
most if not all BR drilling was completed by the end of 2021 - although there was a £2.5 m payables balance at end 21 presumably for BR drilling costs.
That's still £2.5m outflow from a company that wasn't really doing a lot as MMP were setting up manica? maybe money was thrown in there for further drilling etc
will be interested to see board remuneration
no mention of near term income from zambian copper
hoping that we have accrued significant cash/gold stock in 2023 to date, would be interested to know our current cash position.
Its time for this company to spend as little as possible on overheads and new ventures and start accruing funds from Manica to show the market that we got at least one thing right.
I should think so at the moment, but who would we get to replace him ? Who chooses ?
We could just end up with a stooge anyway.
If you look across the boards at the other companies Bird is involved in it's the same story, zero trust in this man's ability to deliver. - In fact that's the one constant, he's useless at delivering on his forward guidance. IMO nothing he says will have a meaningful impact on the SP, apart from him leaving.
Are there enough large holders here who would support a vote of no confidence?
Just a thought.....
If CB just made a statement that we will now just focus on FB to develop (work on sulphides) and BR and NOT acquire any more small projects for the foreseeable future, I wonder what would happen to the sp?
CBs track record in zambia with us, is appalling and the worry is that he keeps going on treasure hunts with the FB income and just squandered it.
There really is great potential here imho and a lot to like , but I'm worried it wont be delivered because its CB at the helm.
Andrew, I sincerely hope we get this in RNSs going forward.
A clear, breakdown of our earnings, a guarantee we won't need a raise and a strategy for how to spend the income to generate value for the shareholders would be very welcome.
I very much doubt such a logical and clear method of communication is desired or even possible with Colin unfortunately. We shall see. I keep my fingers crossed.
The can has been kicked so far down the road its like a piece of tin foil flapping in the wind.
Ben
I am sceptical of CB#s forward guidance in interviews but this is in an RNS.
I think we will hit between 65 and 70 kg. Maybe 80 to 100kg in an interview is in reality 65kg to 70kg
68kg is 2186 troy oz
$1900 POG less $700 costs = $1200
$1200 x 2186 x our 23% = $600K = £475 K a month profit pre tax
When we start to get this confirmed in an RNS, surely the sp will start to rise?
It already would be doing if CB was not in charge
>>the results of this work are expected in the 3rd quarter of 2023
didn't brid state they were due in april/may? - he's so full of **** it beggars belief...
*translation*" Don't hold your breath, it'll be the last day of September, and only if copper is over 10k"
So Colin, not much progress at all really then ? Yes thats right Kevin, you've got it.
Gixxer, admittedly he didn't state maximum 65kg but as Andrew has pointed out, his forward guidance seems to be getting lower and lower and just simply less and less accurate.
"We are looking at an increase in production.." means diddly squat. I'm looking at 4 beds in Dulwich, but doesn't mean I'm going to do anything about it.
Like Andy has described, I honestly feel like most of the projects have been mothballed for 12 months. Manica desperately slow to get into pre-production then ramping up, Colin calming up with his gold in the nooks and crannies story again and again, BR completely slid off the radar. It's been 11 months since drilling finished. 11 months for one report! He commissioned it, so the rest of the BOD haven't been doing anything...
Their fees are taking the pi** as well. It's not like they are actually earning their corn and justifying such wages.
He bemoans the economic headwinds but I feel it's convenient and merely an excuse. The market doesn't believe him, his increasingly rare podcasts or unfortunately for us, the possibility of a BR sale. He needs to come out with more progress before the AGM. He and his pals have done very little.
>>the results of this work are expected in the 3rd quarter of 2023
didn't brid state they were due in april/may? - he's so full of **** it beggars belief...
"we are looking at an increase of production and a steady dry season rate of not less than 65kg per month."
80Kg to 100kg as previous guidance is not less than 65kg so we may still do that :)
In all seriousness hopefully we will be at 70kg. Nothing like Cb implied but still decent.
But we need that confirming into actual profit in an RNS!
Well, how many of them has he bought that have come to nothing?? - Despite claiming, several times, his DD is thorough they always seem to come to nowt.
Maybe he's finally learnt.....I doubt it.....
Quite a lot has been done in fact in these 12 months.
Eureka written off £1m hit
Cash down from £5m to sweet fa
BR mothballed for 10 months
Need the full report to try and understand how Fairbride has benefitted XTR in 2022 but the selective posting of elements of the accounts doesn't help but hopefully the full audited report with auditor statement should be on the website soon.
"Your company is well placed to take advantage of its current asset base and shareholders can rest assured that management will not make hasty decisions to acquire new inferior projects. "
He obviously took on board comments across the boards about buying in haste and repenting at leisure !
"Sounds like Colin has spent the last 3 months writing this and putting his feet up in Portugal eating pastel de natas. Nice life if you can get it.
Would like some news of actual progress please Colin..."
Not much chance of that, it's getting to the torrid season in the Algarve.......
Too 'ot to work !
Upon reviewing those cash flow projections for the forthcoming twelve months, the directors consider that the Company is not likely to require additional financial resources in the twelve-month period from the date of approval of these financial statements to enable the Company to fund its current operations and to meet its commitments.
>> Administrative and operating expenses of £3.03m (2021: £3.31m)
This is a bit of a joke though - Maybe drop the massive salaries especially as it seem they are working at about 20%, if that!
>>Manica at 60kg / month. Maximum 65kg. - Not sure where you read Maximum.....
"we are looking at an increase of production and a steady dry season rate of not less than 65kg per month."
Eureka dropped.
BR waiting for ore concentration results. Results due in Q3. The wait continues on this. "potentially viable"
Kakuye - doesn't sound like much has been done in months. Apparently someone found some cobalt.
Manica at 60kg / month. Maximum 65kg.
Written in black and white that we are 23% profit.
But we only have 190k in the bank. (As of year end)
Sounds like Colin has spent the last 3 months writing this and putting his feet up in Portugal eating pastel de natas. Nice life if you can get it.
Would like some news of actual progress please Colin...
Just published, not read it yet !
Maybe re-read the post that you effectively misquoted by selectively leaving out the part which makes it clear it’s a post about XTR.
It’s normally advisable to read a sentence in full.
Maybe read the post he was replying to?
"Why has AA bought into ARC and their exploration project in Zambia for a fairly considerable sum when they could take on BR ?."