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Time will tell on Manica, gold is UP and going higher.
The choices were the devil or the deep blue sea. That's the corner CB painted us into.
We've gone from a potentially bigger return albeit a difficult one that would cost in the short term to blue sky dreaming in Zambia that AA have already had their fingers in ( ring a bell ?)
My investment here is a fraction of what I put in when CB was telling us that BR would me the making of us all, when it gets back to even CB can take his gamble and stick it.
I not currently supporting anything as CB has had my money and spunked it already, he's not getting any more from me.
Amd as far as the majority shareholders are concerned, they are in the same boat as the rest of us but for more money, they are informed as us when it comes to what CB will find as he doesn't know either.
I'm sitting it out like the rest but it doesn't mean I have to like it.
Meanwhile half a PENNY looms large.
Means it’s time to carefully decide if you want your continued investment to support what is now essentially an exploratition play for now, to see a return if you had previously invested for Manica or evaluated your longer term investment strategy centred around its income.
Before you decide to part company and put your money into your next favourite play, consider that ‘now,’ with guarantees of ‘all’ income to budget activities and meaningfully advance the remaining projects old and new, without the real risk of more serious dilution that will be necessary to buy into the next phase of Manica. At current MC, it will not be achievable regardless. Also, considering the overwhelming majority that voted in favour of the disposal would have certainly meant that take up to raise capital investment for Manica would have not been successful anyway had they continued.
Can all be guided by the interests of the majority shareholders that the company have gone in the right direction.
OSV @16.10 made a fair point.
Nobody knows.
What does this actually mean?
She's not that clever Billy, trust me !
Jezz it’s just the PR team putting you off the scent!
Only happens when someone questions CB’’s actions and justifications as they don’t need people wissing on his strawberries.
All of a sudden said posters have a ‘Have a Road to Damascus’
PMSL
?????
000h zap
don't answer twonce
you waiting for go-ahead from buzz**** friend of yours❓❓❓❓❓
Zap
Can I pick your brains on silver fox
Good news
have grown up well and proper
so
No more Larkin about from GOG⁉️
In fairness to Mr Colin Bird, his MMP agreement worked out better than Moz Gold one .. so he's going in the right direction is the way I like to look at things contractual here !
(A trip down memory lane for those longer termers here:
Xtract to make an initial convertible loan of US$400,000 to Moz Gold
· Loan and interest at 30% per annum, to be repaid over 5 months
· Xtract has the right to convert the loan at any time into to 25% equity interest in Moz Gold
· Xtract has agreed to provide a further US$300,000 convertible loan to Moz with the right to convert for a further 10% interest in Moz Gold)
The MMP agreement was a license to screw us over basically.
CB should have employed MMP as contractors to process the aluvials at Manica and paid them on results that XTR produced not the other way around.
We were no longer in charge of our own gold mine because it was too much like hard work when CB could just sit back and take whatever they decided was due after the capex they controlled.
I try not to think how much money we should have had out of Manica.
POG is increasing but I suspect MMP would have found a way to keep showing that costs were going up so we would not have benefit from this increase (or only slightly).
I am convinced that the main reason CB sold manica was that he eventually realised that MMP had shafted us with AISC criteria and what could be considered as costs. The agreement had more holes into than swish cheese.
CB's comment in an RNS that he encouraged MMP to keep AISC below $1000 was a very strange comment in an RNS. Almost saying to shareholders "its not my fault" profits are not higher.
Actually it was CBs fault as he agreed the deal and arrangement. A royalty agreement like others have with MMP would have been much better.
Don’t think Manica was a bad decision, it needs further investment that is now not viable for the company with current market capitalisation.
From acquisition of Manica, through to first gold pour. The board would have already been looking toward the second mine phase and where the company would need to be positioned financially in terms of a ‘desired healthy market capitalisation to warrant the necessary, dilution to shareholders that would occur with the investment necessary.
So the whole PR drive aimed at driving share price up throughout phase 2 of BR likely had an alternate strategy, which is not unreasonable to imagine!
With the global downturn, a major contributing factor to current level of market cap, the risk v rewards for entering into the next development stage are now too unfavourable.
The company will certainly have required access to further capital. So at a £40-50m market cap, the company would have greater access to capital and to be in a position to absorb any unforseen costs that could incur.
Once CB stated that he is going to stop worrying about the share price, the decision to dispose of Manica may have already been made.
Continuing would have decimated share value.
Manica was a bad, bad investment by CB and I am sorry for all those PIs who invested money, time and psychological support for XTR during those years of watching, waiting, praying for a positive outcome. I was there part way along that journey but got disillusioned with the constant delays and weather blaming.
Honestly, I think the decision to sell up and get real cash out of the situation over the next 3 years (if all goes to plan) is the very best solution, especially if the drillbit in NW Zambia does its thing. I know it means pinning faith in CB and his geologist team again, but they didn't do too badly at BR, did they? True, not the big sale to AA that everyone hoped for, but for a while it looked like a strong chance of proving up enough Cu. Surely BR has residual value and with a stronger Cu price in the next global upswig, a cash sale can be concluded. A value support to the sp here, with all to play for on the upside, cashed up, in NW Zambia.
I'm back in.
“ Being so out of step with the majority would be a sign to exit I would have thought unless already not a holder of course”
I voted against and I hold 6m shares. Does that mean I have to
Sell?. What’s that saying ‘a bird in the hand is worth 2 in the bush’.
Who had an asset that was producing and should under pinned the SP. If we for the money from the sale upfront I could understand. But no you did $h1t you have let them have it on the knock
For 3 years. Have you notice the gold price????????
Furthermore who’s the stupid pr4t who signed the deal in the 1st place not to cap capex on deeper mine. Xtr knew this years back but dined out in revenue.
CB is more akin to an ambulance chaser!!!!
From what I read, it has been very dry this year in Zambia. So shouldn't be long until the various companies start drilling, rumours start and punters take their chance.
Actually NtM you have a point, based on those figures I could crash the SP in a day just by selling my holding .
Then buy it back and double the SP !
I might just have a go at that.
Ps 11k ish gbp total - buys and sells - transacted here today is kinda par for the course in 2024.. if any big holder/s that annoyed you, OSB, took your advice and tried selling their holding off into such volume, this s/p would be a lot closer to half a p than 1p in short order imho
Why else would I be bothered Howezap ?
If I didn't have skin in the game why would I bother venting on this ineffectual platform ?
I'm just venting and it feels good when it ruffles a few feathers.
It's an irrelevance as to getting my money back either way but I can so I will.
...for calling him Old School Rodney a while back.
One of Rodney's two GCSE's was in Maths... and as Mr Joel Silberstein is Accountant/Finance Director, the Rodney nickname better belongs to him, in fairness.
So who in the Xtracters World might OSV sit still had me thinking?!
And while walking through Kendrick Mews recently I saw light:
Those Heritage - very upper end - Classic car showrooms all alongside HQ xtr.l - maybe all owned by Peter Bradfield Ltd.. maybe some only owned by him ? - got me wondering if, punter that he is, Mr Colin Bird has taken an interest in some shape or form in that/those Vintage Motors Businesses...
And your tie in to xtr.l is off the back of this, OSV... A Mr Bradfield or such like.
So, long story short, I'd now like to correct my previous offering and go with Boycie instead of Rodney for you.
Giving us :
Mr Colin Derek Bird
Mr Joel Rodney Silberstein
Mr Herman Aubrey Old School Values Boyce.. aka Old School Boycie
This time next year........You know it makes sense !
What, real money Jez? 😬
I’ve just added another few million more xtr shares to my fantasy portfolio
If only we owned a gold mine .......
Afternoon Birdy ole boy.
I didn't mention a vote I just want you to pull your wrinkly old finger out of
whatever you've currently got it stuck in and get me my money back.
Get on with it you old tart !
An over whelming majority of shareholders voted for what they wanted.
Being so out of step with the majority would be a sign to exit I would have thought unless already not a holder of course.
Bird got what he wanted so it's back to FU shareholders until next time I need your vote ❎