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The only thing I would comment Andy is that he described the study just before christmas as "Recently commissioned".
Now there must be time savings made by using the same consultants to prepare this as they used to prepare the first model on the original JORC as all that information stays in..... but is 3 months enough time to refresh the original JORC with all that new drilling and assay information? Im going to maintain some hope that it is delivered by the end of Q1 but I can understand why you might think Q2 is more likely.
GLA
Copper is now considered to have recovered to an adequate level to support NPV that will be used toward the eventual process of valuation.
Considering the project will be looking to be worked toward pre feasibility, there will be a fairly comprehensive drill programme ahead required to support that and complete the further testing elsewhere that has been suggested.
At present there are only 50mt of indicated resource that can support an initial early mining phase to pay back CapEx and show profitability. Indicated or measured resources can ‘only’ be considered toward a PFS.
The reasons for waiting any longer to release what is, an updated study would be on the premise that fairbride has not or is not reaching expected production levels. To build up from revenue and have the funds in place to cover the contractual obligations of a further drilling programme. Or, ominously to see a further fund raise if that income is not as expected.
Once again depends on wether you are a half glass empty or half glass full kind of person. ;-)
"I guess the question is: 'when is early in the year' for the update on the open pit mining study"
In the last roast interview 2 weeks ago CB quickly said " I don;t know when the economic study will be completed" I took that as meaning it won;t be this quarter.
I suspect the ES will not be released until CB thinks the time is right, rather than when its completed and ready.
I don't expect it will be released until Q2 and probably mid / late Q2 when POC should be higher??
It was only 4 months back on 30th September that it was stated in half year report prior to the resource statements being released, that the updated study was due by end of ‘22.
They have likely been dragging it out and the study is already completed. They would have benefitted from waiting, until now, as market conditions, particularly precious metals are showing to be increasing in demand. Hence early into ‘23 the recent forecast.
Maybe soon, after CB has rounded up operational updates across his other companies. It will allow him to concentrate then, on plugging the updated mining study with hopefully a webinar presentation to showcase the project.
It’s an important news release for the project and the company after 2 years since drilling commenced in Oz. Let’s hope the market likes it.
>>generally remained true to facts.
Sorry that’s nonsense what I meant to say was the company have generally remained on track with ‘aims’ that have been stated in those RNS
Yay, welcome back Lukewarm Lenny! We’ve missed your pearls of wisdom!
>>Its a case of being honest with his shareholders !
I fully understand your reasoning LW although in response I would say is that ‘all’ information released to the market via RNS is honest and generally remained true to facts.
Just ……,. But only if you can afford to suffer a total loss.
Well done Colin , master of disaster .
Kalengwa is not worth anything to shareholders. Its not a case of damned if he does damned if he doesn't. Its a case of being honest with his shareholders !
There is no reason to remove Kalengwa from the website as it technically it is still on the company books , they have just parked it up for whatever reason, to prioritise other activities elsewhere. Costs spent have been stated as being impaired, it doesn’t mean these have been written off either.
The website was updated with some new pictures of Fairbride only a few weeks ago! And besides, If you consider the flip side of the coin, there could simply be an air of confidence in the company and are happy with current development of assets and don’t feel the need to drip feed the market with constant bits and bobs.
CB is damned if they do and damned when they don’t.
Mistakes are bound to happen if you regard a company with a £17m M/cap as just one of your part time jobs instead of employing someone to look after your (and our) interests in it.
The potential here is a big secret as far the world's investors are concerned.
Disappointing if not surprising.
Not too sure if leaving Kalengwa on the official Xtract web site is an example of the company being economic with the truth, but probably more a case of the tardiness and unprofessional nature of the company not updating the website.
I doubt there are many or even anyone looking at the website who is not familiar with Xtract and therefore they will know the situation re current projects.
The company is implying that some of these projects are still active and of value to potential investors in XTR. The company choses to keep Kalengwa for example on the official Xtract web site. Why is that ? An image that the company is doing far better at creating shareholder value is portrayed ? Economic with the truth at best.
Xtract Resources Plc is a United Kingdom-based resource, development and mining company. The Company focused its activities on its Bushranger copper-gold exploration project in Australia and copper-gold exploration projects in Zambia. The Company’s projects include Bushranger Copper-Gold, Eureka Copper, Kalengwa Processing Copper and Manica Gold. The Bushranger Copper-Gold project is located in the Lachlan Fold Belt (LFB), New South Wales, Australia’s, a copper-gold province. The Eureka Copper project, comprising of approximately 345 hectares, is accessed by an approximately 100 kilometers (km) dirt road from Kabwe, west of the Zambian Copperbelt district. The Kalengwa Processing Copper project is located in the North-western province of Zambia approximately 800 km north-west of Lusaka and 400 km south-west of Kitwe. The Manica Gold project is situated in the Odzi-Mutare-Manica Greenstone belt, with an approximately two million ounces of gold previously mined in the area.
Will it start giving ASAP
CB having a PR drive of his various companies, with podcasts in fairly quick succession-
Kendrick 1st feb
Galileo 3rd feb
African pioneer 6th feb
By the weekend could he have rounded up the rest with Bezant and Xtract following release of the updated study one wonders!
So a seasoned explorer didn't know beforehand that it needed 3m worth of gear ?
Smelly.
Eureka remains an enigma, no mention for ages, so far not heard anything to suggest it will not be progressed.
So with what I just read is Eureka a no go for Xtract does anybody know please they did put out drilling resin September 21 so figured it must still be progressing but not had any more news on it .
The net result of these deals see nothing for shareholders but somebody is benefitting somewhere as cash gets shifted. Am I correct in thinking the deal with Kalengwa was at the same time as another of Colin's interests BZT ? Was the XTR deal done in some way to ease BZT in ? Is Eureka connected with that somehow ? Does Joel act for both XTR and BZT ?
Then there was the MozGold fiasco. I thought at the time that we didn't get a good explanation for giving cash to them after being told the benefit of having a stake was because Colin thought the alluvials were worth having a more direct interest in. We have had no where near what we were led to believe from the alluvials and yet that deal was done losing us money.
Manica wont give us a penny until MMP themselves declare a"profit". It almost seems like the aim is to use XTR to facilitate deals to benefit others.
We really do need to see some sort of shareholder value delivered Colin. The SP is marking the deals done to date as a fail.
I suspect within the next 12 to 18 month months CB will be saying
" that around 3m worth of equipment was required to progress the Eureka project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they we never intended to put that sort of cash up front."
I got impression at AGM in 2021, that around 3m worth of equipment was required to progress the Kalengwa project, and that XTR were not therefore going to progress the project due to "uncertainties", and fact they had never intended to put that sort of cash up front.
Edit. Sorry, shortly after the high court judge dismissed the application to dismiss the 2019 injunction the results of XRF were released. The Court papers were handed over some time after on site. Does not change the observation though as I’m sure the company would have been aware of the application.
Just an observation….
Shortly after the conjunction was restored with the handover on site of court papers, Xtract published the xrf results from the 6 previous recon holes drilled.
https://www.lse.co.uk/rns/XTR/reconnaissance-drilling-results-kalengwa-kafeqtwin222tiy.html
Colin Bird, Executive Chairman said: "Our JV agreement for the Kalengwa pit area allows us to mine and process material 500m either side of the old open pit……….
Just seems an odd comment to state, like he is distancing the company from any wrong doing on Xtracts part at least.
>> I cannot believe the Xtract BOD are ‘anything’ but blameless.
Ask yourself if it is likely that uk listed business would sink over 300k into a project that they ‘knew’ had a court directive in place that stopped all mining and exploration activities?
Doesn’t make sense, gotta be legal proceedings if is the case. Could be a way to leverage greater control or toward a overall buy out of eureka??
Just looking a bit further into the kalengwa saga if is of interest to any unfamiliar with what’s gone on.
Initial reports in Zambian media of the mining/exploration ownership dispute, where there was a response to the market by xtract in oct ‘20
https://www.lse.co.uk/rns/XTR/comment-regarding-zambia-media-reports-ydfyagthppx9udd.html
Below is what followed in ‘21 shortly after Xtract had drilled 6 recon holes.
https://m.facebook.com/themastzambia/posts/euro-africa-kalengwa-mine-director-warns-kpz-directors-of-contemptby-staff-repor/2988142031443834/
The one stand out bit is that the lawyers of KPZ were aware of the 2019 caveat that stopped any activities at the mining site.
Once trust has been compromised in business ……
I cannot believe the Xtract BOD are ‘anything’ but blameless