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10p not looking so daft now... if only. I do feel our chance has come and gone now (for the foreseeable future anyway).
I am not sure what the electronic version of "bottom drawer" is, but I feel like it will be the case for the foreseeable future. Looking for a multi mineralized system might be laudable or maybe CB just doesn't feel we would get the type of valuation that he wants in the current market (accepting long term pricing but I doubt no pricing would give say $5lb which he may want). Neither bad reasons for CB to hold back from selling BR but probably means topping up shares on weakness. Feels like JLP revisited from 15 years ago.
‘I believe’ the geophysics was too strong to ignore
In defence of Colin he has he has only ever said the target is to talk to AA. Previously was made clear that reaching the 2mt was very important to the company and to see what AA wanted to do.
That, is a big resource in itself, a huge milestone some 5 or 6 times increase of the main inferred resource. Now with very strong evidence that the area is multi mineralised with multiple porphyry, some below and some outlying, the intention is to prove they are there and mineralised. The company shouldn’t be expected to stick to a verbal target with ever changing resource potential and geological understanding since target for talks were set at the turn of the year.
I am not in any doubt talks would have been put back anyway without the geo political and economic downturn, as has been stated in reportRNS
>> In general, our exploration activities in Australia have been extremely encouraging and without a doubt we have discovered a major system, well beyond our original expectations.<<
I do think many will be appreciative in the end,I include myself, when a deal is done. Of the hand holding and ‘perceived’ underarm tactics along the way to keep us all interested and importantly, invested. But quite frankly I don’t believe he has done so, the geophysics was too strong to ignore, and once the high grade precious metals were found it changed the project potential considerably from there.
I agree that this board is blessed with some very well informed posters and Millsy is one of the best. I am grateful to him and Iceberg and the many others who interpret and give their measured views. I hope they will turn up at the AGM as CB and his team are always very prepared to answer any thing thrown at them . I am hoping for a breakdown what our total African income is expected to be over the next few qtrs. Gold prices have been steady and should bolster the SP whilst the future of BR is debated. Is our annual income from Gold now expected to top $5M this year?
Andmillsy.. you are an extraordinarily good researcher/ poster, in fairness..make that extraordinarily squared !
And always much appreciated by me ( an d many othrs here too, no doubt)
People ask me why don't I do more of my own research, instead of generally hoping form bulletin board to board offering mostly cr+ppy jokes - at least 25% of my jokes are not c+appy imho - only.. and I offer back that when there are posters who are hands down more capable than I am then it's best I just accept my limitations and be thankful for such quality posters.. and this board is blessed with more than its fair share, thankfully..
Here's to all long and strongs doing very well here, in the end.. and me getting to 50% of my jokes being crackers, in the end.
I wonder what the historic total spend has been.
NtM
Took a look at Annual Reports to try and figure out what has been spent on BR
All spend at BR is capitalised this excludes central costs e.g. director salaries etc. There is a breakdown in the annual report of additions to intangible assets.
2020 spend £1,383k including £1,290k purchase of Prospectore
2021 spend £4,270k presumably all drilling, assays, geo phys, geologists etc
2022 estimate at 2021 run rate until 31/7 £2,500k this might be a bit high as we have been one rig for most of this period from memory.
So about in the range of £8Million.
NtM... perhaps there is the making of a new religious faith with that answer...
I can really see now how these CEO's can run Aim companies for so long as people are happy the be p!ssed on and told its raining.
he didn't say what year.. he never does, in fairness
It is a surprise screen because Colin said we are selling in April/ may and if he misses it, it will be by a month.
What do we have exactly after Phase 1 and Phase 2 ?
Towards hedging LittleWing, how about dropping the 'enough to justify' and instead just 'Phase 3'
(Apols, I'm guessing that's not the answer you're looking for either)
I agree with Egg & NTM, this seems to be a crisis generated by shareholders rather than CB. Yes, CB is not blameless but he does have to operate in the real world and promises made with the best intend can get sidetracked by world events and good fortune! Who wants to ignore what could be additional resources just so that CB can say he kept his promises?
Agree gixxer, I know I have been angry lately and it's not that I don't believe In the company or bushranger or even Colin getting us a fantastic deal when selling BR. I think we will all make substantial gains but for God sake stop telling us its soon or next month etc
If it's going to take a year then say that, if its going g to take 2 years then tell us that!!!! And if you do t know Colin.......then don't say anything!!!!!!
Colin has been hinting about phase 3 for ages. Few believed me when I said this earlier. It really shouldn't have come as a surprise to anyone , so it seems strange to me that the reaction now seems so strong. As for admitting the 2MT or whatever, this is difficult to call as it may not be in Xtr's interest to trigger the AA buyback condition until after phase 3. Maybe we are short or maybe Colin doesn't want to take any actions or release any information which may definitively prove we have the 2MT . I have no idea, but I suspect with the delay the SP will remain under significant pressure until something major happens. Even if Colin/other board members made a major buy I have suspicions that this may just provide temporate relief. my guess is those with major shareholdings here will have to wait a while before they become multi-millionaires
"More than ever now Colin your shareholders are looking for clear transparent forward guidance." - "What I have come to believe with Colin is that his communication is not poor but intentionally opaque... as that is the way he operate" A couple of very pertinent sentences LW.
Some of the LTH's may recall the big speech Bird gave when JN resigned. (I wish I could recall which platform he gave it on). It was along the lines of 'From now on I promise openness and transparency from the BoD, good or bad.
We've seen precious little of that, the same old story of missed deliverables, the moving of goalposts and many 'misunderstandings'. With Bird it's always someone's/something other than him that's preventing the long awaited SH value. In the recent BZT interview he's taken no responsibility for the SP drop. It's 'market forces' or 'impatient investors'.
Now't to do with his his own misdirection & constant missed deliverables, ofc no PI would sell because of that!
The fuss is that it is unclear if shareholders are going to be in the loop about what has been achieved with Phase 1 and Phase 2.
It is just as feasible that we are short of a sellable resource (either too low a tonnage or too low average grades) as we have actually found "billions of $ of copper and gold". The announcement of Phase 3 does not answer the fuss. Its purpose could be to bail out an over promise under deliver scenario (XTR history). Colin has mentioned the 1000 lashes just a bit too often for comfort (did Shakespeare write that Colin protests just a little too much ?). If its the troubled world that has scuppered any deal that Colin was close to pulling off then we should be told that rather than the vague "oh these markets are really bad". What I have come to believe with Colin is that his communication is not poor but intentionally opaque... as that is the way he operates. The problem may be that it worked in the past but it may not work now. The seemingly "no point in giving out good new because the markets are bad" have contributed to the SP weakness and yet it is somehow then deduced that a Phase 3 announcement is good news ? More than ever now Colin your shareholders are looking for clear transparent forward guidance. This market will not reward otherwise. So... what do we have exactly after Phase 1 and Phase 2 ? The answer is not "enough to justify Phase 3" btw :-)
If you're with Halifax you can vote via their online chat system. Pretty straight forward, 5mins...
https://m.youtube.com/watch?v=h0nLuf8KREQ
Actually, if you listen to the Alistair ford interview with the benefit of hindsight, he's spoken more truth in that video than Colin had to date.
Remember, commodity prices were not as high then as they are now.
He said any meaningful revenue from manica would not come for quite some time..... he was correct. He said manica revenue wouldn't fund extensive exploration...... correct again it hasn't and only with the commodity prices increasing will it now help fund bushranger.
It didn't fund the nearly ten million spent to date!!
I vote to have aliater ford be interviewed from now on!!! Why? Because you won't like what he tells you but he will be honest!!
Well said Egg.
And with the African Assets easily valued at v approx 2p of the share price here, around now.. you could fairly readily say the market is currently valuing Bushranger somewhere in the 10 to 15 m gbp range....
(Towards taking whatever positives when the going gets tough: That's more than has been altogether spent on it so far, at least..(I think)
Altogether, my guess is that the market is wrong and the top posters here are right.. but it's usually not about completely wrong versus completely right .. more about degrees of wrong and right.. but even half decent degrees of right can still be plenty profitable for most bets in play here.
PS: I hope to be doing my bit by topping up decently here Sept/Oct time
Anyone who is wanting to vote in a specific way at the AGM you need to vote before 17 August if voting electronically or at least that is the deadline for the way in which I voted via Broadridge.
Agenda and voting
https://xtractresources.com/wp-content/uploads/Xtract-Chairmans-Letter-and-NoM-July2022.pdf
1. Accept accounts
2. Re-elect Alastair Ford
3. Reappoint Auditor
4. Authority to issue shares
5. Pre-emption rights
My shares are held via Fidelity and the process to cast your own vote rather than allowing your custodian to vote on your behalf was surprisingly straight forward and requires registration via Fidelity with Broadridge.
Also a reminder to send a note to info@xtractresources.com if you plan to attend.
Can’t see what all the fuss is about. Okay we have missed CB targets, but the world has changed. We have found a massive mineralised system and fired around 50 holes into it and found billions of $ of copper and gold. If this share was worth £200m I would be worried, but it’s not it’s worth £29m - bonkers/ crazy. I’m terms of risk / reward ratio , it’s has to be on of the best on the AIM. Buts it’s the AIM very one knows the game here. Let’s get Phase 3 underway and add more value. Happy to wait a little longer than try and sell something that isn’t quite there yet especially in the current market.
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!