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Missed all the fun today am very late arrival to the party.
Some points of own if not already been mentioned, they didn’t choose the money shot, to drill deep down the throat of the gold intercept, which we believed they may do, going by the last mention in the audited report.
>> We have drilled a further 8 holes into the area, with varying results and our last hole assays, at the time of writing this report, (38-39) had minimal copper intersections, but had very significant gold intersections, with higher than previously experienced molybdenum values. The lithology leads us to the opinion that the true porphyry may be deeper, and we will therefore drill a further hole to test this prognosis.<<
Choosing instead, the last drill to target extension at depth of mineralisation around the discovery hole 35 to add to resource model it would seem.
It is clear though they are going to test the higher grade gold at both Rc and Ascot. And looking to delineate the extents of Ascot now too. I’m happy with that, it was always a bit wishy washy to suggest just sticking 5or 6 holes into Ascot. Particularly if the extent of mineralisation increases further south than what’s been drilled with 49 at the southern extent of the currently defined extent of ascot, showing locally strong porphyry related mineralisation which is indicative of that theory.
No mention of conceptual pit model, does that mean the 2mt is expected to be the minimum reached when both the updated resource from RC and the maiden resource from Ascot are tallied? Without the necessity to go down the decision to mine route?
Again, from audited report,
>>We intend to rework the conceptual model, with the benefit of more definitive grades, metallurgical test work results and tonnage disposition.<<
In that case, is it likely it will not be reworked until after phase 3 when further drilling to the high grade crown can be assimilated.
Fair do’s NrM my guess at phase 3 being 10-15 holes estimate would be simply ****ing in the wind with likely drilling needed to achieve now planned.
Sit on hands and accumulate.
Just saw this on the Rambler board:
https://www.bloomberg.com/news/articles/2022-08-04/copper-worth-nearly-half-a-billion-dollars-goes-missing-in-china
However, just because it's gone missing (presumably stolen) doesn't mean that it's not meeting demand so in the in the bigger picture - no change!
Wow, you’d think that CB just declared 1mt. What a difference a week (does / doesn’t) make.
After lots of talk on BB about phase 3 and the initial scope, this has been outlined (thank you CB). Other than that, it’s all much of a much and in line with expectations.
The reduced risk (and therefore value) of the gold crown(s) should not be underestimated - especially in current climate and given any loans are only going to get more expensive in the course of the next couple of years! Speed of paying back a loan with a high density crown will be…. worth its weight in gold (sorry, long day)
Don’t get me wrong, it is frustrating that the model was pushed back, but I’d planned to give it until post AGM before venting (maybe even half year update) and I’m expecting more clarity over the coming weeks and maybe even a model or two.
At $50k-$100k coming into the coffers per week, sit back and chill. CB is a master of stories and I’m sure one will be constructed when the time is right, maybe you’ll even see a big bus with $100k per week plastered down the side of it parked up outside the AGM.
I suspect we’ll see models and news of gold flowing through shortly to try and break the 8.4p mark. If we do then we’re onto two drills for phase 3. Otherwise, it will be 1000’s of cuts and another year of drilling.
Only negative bit that I took away from today is Footrot wasn’t in phase 3 outline, so unless there’s a chunk of gold in assays, I’m not holding out much hope for Footrot (hoping to be proved wrong)
(repost from Telegram)
Seems to be a lot of unhappy shareholders, but not sure why, Seems to be more impatience than anything else. Since CB made his prediction on model release time, etc, we have had the largest European war in 75 years, a global recession, high inflation, a global food crisis, crashing commodity prices, etc. The whole AIM index is down 40%+.
I can't understand why shareholders want Colin to just ignore all that and press on as if nothing had happened. Reading CB's comments on BZT, he plainly thinks this is a terrible market and good news is wasted.
We have income, which puts us in a great position because we can choose to be patient and wait for the market to improve before declaring a resource. We have a lot more drilling results, including positive results to the south of Ascot. Finally, if we decide to wait, we can spend that income on building up the resource while we wait.
What do people think Colin should do instead? Declare a resource now and go to AA in the middle of a recession with low copper prices?
Thanks for the replies.
When AA sold the BR licenses in 2017, surely the Valmin clause would have been included to protect their interests. If we can walk away why have it ?
Also if you look at current parameters then I can't see how the project will look that good. Energy prices in Oz have gone through the roof, diesel is expensive, cost of capital etc all going up yet the copper price is going down.
Given how much money Colin is currently costing me across his companies I hate to be defending him. But I can see an argument for delaying a BR sell. And in the previous podcast he did mention maximising shareholder value.
Same on PANR !!!
Don't wish to rain on the parade but that trade flag TNCP seemed unusual
There are some comments on other couple of boards about these type of trades at the same time e.g. BEN, ZPHR, AGL, CGO all big volume at 15.55.
I'm none the wiser about what TNCP is having looked at London Stock Exchange. Its a Non Price Forming Trades...
You can't see trade type / flag on LSE for example but you can see it on London Stock Exchange.
Please don't take those tickers as cross ramps - basically everything is a bag of crap at the moment !
If that is a CB buy it would bode well for news at the AGM, isn't there a 10 day minimum exclusion on director buys prior to news that could affect the SP ?
Of course. Distracted.
All director buys even £100 must be declared.
Could be.
It fits with his last size buy about a year ago. Similar.
23-Aug-21 Buy Colin Bird 3.50 GBX 2,054,700
Only when a purchase takes a total holding past certain boundaries. eg 3%. So, not necessarily.
We will find out in due course as it has to be declared, right?
Just my gut but I think it was a Colin buy.
If so, someone is confident :).
(3.45p has been buy and sell price today)
I have to admit that I like CB and think he is a hard working and shrewd chairman. However he has not made me any money as I have a large holding in BZT and as far as I can see the future at BZT is hugely determined by copper price.
Here at XTR we are less vulnerable to current copper prices given our African gold resources which will only increase in value as the current market crises continue. Lets not pretend that the future prosperity of XTR is in ours or CBs hands ... we are in the grip of two increasingly desperate dictators one of which is intent on destroying his neighbour and the other has unleashed a massive property slump which has torpedoed the copper price. Xi Peng is also looking to destroy his neighbour . These two thugs have an enormous influence over world events and the world economy. And we are all worse off because of them.
I have a great respect for your opinion Iceberg, your last post makes sense, I just wish I had the same faith in CB sometimes.
My frustration would align with that, why make promises that people weren't pushing you to make, I doubt it increased the share price much but I do think it had a strong negative effect when the self imposed targets weren't met.
I also worry about looking for better market conditions, I have a feeling that what looks bad at the moment is going to look like calm waters compared to next year, if we are waiting for the market to improve I think we are waiting until 2024/25, if I had known that I would have sold a few 100,000 shares at 6p and left the rest in here and not checked again for a couple of years.
Hindsight will make you a million in a week. Holding tight and we'll see what happens.
I'm not too sure that the frustrations are down to SH wanting to cash out quickly - and now finding that they have to wait longer.
I think it maybe down to the fact that the direction and process keeps changing. One minute its just a few holes in ascot to give an indication, with RC model soon - then its phase 3 + areas outside ascot and RC.
The statement "It wont be a death by a thousand lashes" has not aged well :) That's exactly what is happening.
And where's the interim report we were promised months ago in an RNS? Is that down to poor market conditions?
I suspect CB will be blaming many issues on "Poor market conditions" like he did previously with covid.
If CB has all this under control and all this is a part of a grand plan involving delaying tactics re sale, then he is playing a blinder and got a lot of people fooled !
On balance, I still expect this to turn out OK, in the end, but CB does make life hard for himself with his "shoot from the hip" comments.
IMHO
Cygnus,
You may have a point. I have seen quite a few comments( not on this board) about CB selling Kalumbila for much less than he could have achieved . A different project and different times but...
The iceberg you make a good argument for me being wrong and fair play if I am
I think that is an excellent analysis.
I have an extremely large holding here and have been waiting patiently for RC to realise its potential. Luckily I am not desperate for cash at this present time like you say some may be. Yes it is frustrating but I am optimistic things will come good in due course. We have a good and increasing revenue stream, so must be value to be had whatever. I do not post very often, but follow these boards religiously.
Cela..
Prominent hill, the 5th largest copper mine in Australia, produces 61kt of copper a year. Even at 2 Mt, that would be enough for over 30 years.
Even the largest copper mine in the Australia only produces something like 170kt. Which again our license could do for 11-12 years of we get 2MT.
That idea that we need 3-4mt - enough to be the biggest copper mine in Australia for a couple of decades is not right.
Don't get me wrong I would love that much, but anything over 1mt would be a massive copper project, powering several decades at a respectable 30kt a year. Even at today's copper price that would generate nearly a quarter a billion a year in revenue.
We 100% have far more than this last scenario. The value for xtr must be more than the 10-20m that it's currently got on our mcap.
I think the frustration seen on this board today stems from shareholders wanting to cash out quickly and then finding it's not going to happen as they hoped. That's led to all sorts of accusations, many of which I think are unfair. Yes, expectations were high that this would happen but put yourself in CB's place. If Ascot had never been found then RC would be on the table soon and we could all be happy. But with Ascot still being an unknown quantity how many of us would say "don't care", sell and move on. What if Ascot is as valuable as RC? I think CB is getting abuse while possibly playing a clever hand. By delaying presentation of the model he is allowing Ascot to be further explored, improving the RC financial model due to shallow drilling and allowing the Cu price to rebound. A win/win situation. The price is the abuse he is collecting for missing deadlines. If it means that my shares eventually are twice the value then I'm happy to wait.
I know not all shareholders can, or are willing to wait but as Boris said " them's the breaks".
>>I don’t think your get a response
A response stating that would be the least they could do then!