The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Back to basics, great simple overview of the different deposit types and the typical grades expected from ‘quality’ assets.
Worth a butchers to swot up anyway, but particularly relevant from 25mins for the doubters that have the opinion that grades are poor across BR
https://youtu.be/tTlf9t2OAoI
Thanks Steve knew I’d heard it at some point was prob a repeat quote of the comment I read more recently I was thinking more of.
Agree ZM nice way of putting it. To just comment on fact from RNS if Colin didn’t do these podcasts would make for a very dull sterile bulletin board.
Count me in as being on that same page Cygnus. CB’s recent podcast quote of no phase 3 regardless, implied a sale sooner rather than later but, could well have been just giving investors what they needed to hear at that time. No worse than what Colin has done to keep investors interested previously along the way. So, I’m in no hurry for this to be sold early. It still remains potential to be a once in a lifetime opportunity.
Good for you - but it burst my bubble a little...
I did have a good average but it went up when I continued buying as the sp appreciated and thought that it would never see those prices again. Still, mid 3's which if this works out will be well worthwhile.
Cygnus
Very, nearly lowest for 2 years
I got a bit more at 3.09p 5 Oct
I wasnt going to as my average is low 2p's, but thought sub 3.1p was too good to miss
I may be thinking the same again at sub 3p :)
The only thing I would add to my last post is that with the sp the way it is now, well, I took the opportunity to have quite a big (for me) top up right at the end of Weds (I think it was) and the sp I got was 3.155p which seems to be the lowest price paid for the last 2 years! It has only increased since, so currently feeling smug but plenty of time to get egg on my face.
Steve, I think you and I are in the same boat.
Some of the frustration on this board lately seems to come from investors who wanted to make a quick buck and move on. That is your right of course but I'm happy to wait if it means an increased financial reward.
I was at the AGM. Colin stated something to the effect that he wanted AA to say no, so we could go to the wider market, and AA would have 30 days to decide once we stated the 'decision to mine'. I think howezap is remembering one of the 30m video presentations where Colin stated that if he was AA, he would be making an early offer.
If I was being Machiavellian, I might think that Colin didn't want any more drilling on BR at the moment, despite very good indications from the last Ascot surveys and money in the bank, because he wanted to force AA into a decision without the additional information available. Its a little risky, given he might give it away more cheaply than intended, but if he gets past the AA hurdle, then we have complete freedom in 2023 with money from FB and probably rising copper prices. I think that scenario would be my preferred option. I'm happy to be patient and the short-term share price is irrelevant as we don't need finance.
I love this back and forward. Can you imagine the onlooking entertainment it givers to those who are actually involved.
The only tougher task than being an Xtract investor trying to work out reality from such ambiguous information is a radio astronomer examining a signal on an oscilloscope that came from a star that died 10 billion years ago to work out what its composition was.
As I wasn't at the AGM I cannot say whether Johnswan or howezap is right. Although from the reports, I don't recall anybody commenting on Colin saying AA would not be interested - unless it was in terms of other companies may be better matches to the resource in its location.
But howezap's explanation makes a lot of sense regarding Colin's reticence to shout about BR in its latter stages. To be honest, I had forgotten (did I ever Know?) about AA's option to make an early move. Hope you're right mate.
JS. Maybe it was before the AGM then I did make it clear I wasn’t certain as I didn’t attend.
CB suspecting they are not interested in a lesson in futility where a legally binding agreement is concerned. They will nether the less be crossing all the T’s etc to still put the most quality data pack together conceivable. Nothing will be taken for granted leading up to hand over of the all the data.
Basic business and engineering practice.
“ At AGM (I believe) it was noted that Colin said ,“if I were AA, I would make an offer.” (Words to that effect without checking)”
What are you talking about? He said he did not think that AA will be interested, which is the complete opposite of what you’ve stated.
A reminder that there are two parts to the agreement, the first is AA can come in early with an offer before, 2mt is declared by xtract. If that happens all work will stop and a sale will be based on the current asset. Not much attention has been paid to this option but I’m sure it’s there for a good reason, and certain xtract have given this consideration since maybe the latter stages of phase2. Hence, not willing to give any running totals of rock mass or CuEq as the phase went on, ( something else that was confirmed they couldn’t do in previous podcast with Zak) with the agreement in place. Without the binding agreement this would have played out so differently and there would not have been the perception of CB holding back because results were bad, as any junior would be actively marketing their project throughout an exploration phase giving ongoing rock mass estimates etc
Colins comment in interview regarding do we do a third phase to get to 2mt, could well have been a bit of smoke to keep AA guessing to potentially give the company a last bit of breathing space to get the conceptual mining study completed as this would not be started until after the updated mineral resource (JORC) was completed for RC.
At AGM (I believe) it was noted that Colin said ,“if I were AA, I would make an offer.” (Words to that effect without checking)
I can only come to a conclusion from this that if they came forward with an early offer, they would pick up BR cheaper than if all the modelling and pit studies were complete. So looking at it in that respect further weight is also added with the, “we are number crunching so you can’t talk about it.”
There is also a much bigger picture now than wether or not there is 2mt proved up. Early indications are up to further 2 maybe 3 porphry below RC with either an extension of the main body now to the north east or a further porphry. Then with Ascot and having indications there are 2 separate gold centric systems below. There is also Footrot with further potential that the 7km corridor between them is fertile.
Another reason, and why the IP and Em have not been shared with the market no doubt.
Chin up
Jazzoo, naughtygordie is using simple sarcasm. Not always easy to convey...
On other matters, I'm happy to sit and wait. Some of the delays are due to Ascot turning up and causing a delay in that it needed to be assessed. Happy with that. If that makes me a fool, fair enough. But it also make make me a lot of money, also happy with that.
Jezzoo, I think it was humour, tongue in cheek, ironic.
The majority of investors know all that, if they didn't they should.
Inconvenient ? I don't get the meaning of your post.
it must have been painful for some watching this asset get larger and larger with every drill, taking longer and longer, being kicked down the road , and then to top it all a new porphyry was discovered, how inconvenient can you get ? ;)
I was so lucky to have sold out of this just under 6p at a profit . Was a very difficult decision with all the hype associated with most AIM companies .
Sadly it looks like xtract stands more for xtracting shareholder funds than mining .
Clearly no external interest in the land or its contents . Current income will not cover ongoing expenditure and Bird will be looking for more capital injections and the dilution in due course . Got to really congratulate him , he really is the master of disaster .
I wish you all only the very best but I will never touch a Bird business again .
"It will all come out in the wash " as my old Mum used to say. We make our decisions on what is laid out before us. Some of us are au fait with copper porphyrys, some of aren't. The one's who aren't have to rely on what the company tells them is happening. It's reasonable to expect to be told the truth as is reasonably possible. We are dealing largely with the unknown until it isn't the unknown IE it's been drilled and assessed, so time scales can and will slip. We are have been led to believe we have entered the end game and by it's very nature it can't be played out in public.
CB will do what likes and maybe that's why there is doubt but we are at a point were will we will find out very soon whether we were wise to give him yet another chance to make us money or at least get back some of the money we have lost believing him in the past.
It's up to you Mr Bird, please do your best to deliver to us what we came here for.
You make a lot of incorrect assumptions, you clown. The only thing I am frustrated about is the misleading comments and statements made by CB. Timelines and resource. Resource because nobody realistically expects us to be anywhere near as close to the 2MT as CB claimed we were.
how can we have been misled about the size of the resource when the size of the resource has not been released ?
>> Shareholders are entitled to vent their frustration on boards like this
LOL. So your investment is doing badly (from your perspective), so your solution us to try to make other people feel bad about your investment too? Have you considered that complaining about your own investments becomes a self-fulfilling prophecy? People are selling and pushing the share price down because you are constantly telling them to sell? I believe you - because no one would ever make that up :)
Its seems that yourself and several other serial complainers have been invested with CB for many years. Did you suddenly realise recently it was a bad investment, or that CB is apparently misleading you? Did you not notice on the other fifty occasions he was optimistic? Or maybe his optimism is fine when the share price is rising?
The reality is that you have had countless opportunities to buy and sell over those years, when the share price was both high and low. You decided to buy and hold. No one forced those decisions. Blaming CB now after all those years, when you chose to remain invested throughout, is self-delusion. Yes, it can be hard if you feel you made a bad decision, but blaming someone else for your decisions - especially when you have had many, many opportunities to change them - or standing by them and taking responsibility instead, says a lot about someone's character.
BTW I am happy with my decision to be invested here and added quite a lot more in recent weeks. I might be wrong, but if it does turn out to be a bad decision, I am certainly not blaming someone else for it.
Always the same from cheerleaders on these boards. If an investor is unhappy with how things are going he’s accused of not being a shareholder or being a shorter, troll etc.
Wrong. CB has badly misled shareholders over timeframes and size of resource. Shareholders are entitled to vent their frustration on boards like this, just as much as the cheerleaders are entitled to wave their pom poms. What I am most unhappy about is being misled by statements and comments made by CB. He has gone very quiet regarding Xtract and I fully expect this project to be sidelined.
And BTW I would be furious if Colin published an economic model or tried to sell right now. Unlike most of the short-attention-span-brigade, I actually have faith in my own decisions and the patience to wait for the right time to sell.
I see we are back to a board full of complainers. If you really are invested (and I seriously doubt it for some), then do you think your investment is best served by constantly denigrating your own investment?
Who exactly are you complaining to? Are you trying to persuade other investors to sell and reduce the share price? Do you actually think the company will change its strategy because you are complaining? Is it simply a childish desire to stamp your feet in public with no regard for consequences?
You made a decision. Even if you think it was wrong, at least be adult enough to take responsibility for your decisions and don't try to blame everyone else. If you think there are better investments out there, then sell here and buy there. If you stay, then you must think this investment at this price is the best place for your money.
Its a shame because this used to be a really good board. Now its just trolls and serial whingers. Telegram is the only place left with actual decent debate.
After being here many years and hearing it all before I liken Bird to an unscrupulous used car salesman. He's sold you a dud vehicle, and is a master at spinning you bul1**** just to get rid of you to then chuckle behind your back when you're appeased by his words.
Not just at XTR, but across all companies he's involved in it's generally a shambles, He cuts corners and does not carry out DD in a manner that should be done. So many failures he's over the years, and every one was a winner according to Bird...
The, possible, saving grace we have with the BR project is the team down in Aus. To date, IMO, they have done a fantastic job and I imagine the upcoming reports, whatever the final value, will have been diligently compiled! (I hope they keep him away from it as much as possible)
Not long to wait, the reports should be 'immanent' but don't expect him to explain/apologise for his previous misleading statements.
GL to all invested!