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Hi James
Hope to join you at the AGM and to receive clarity.
As you've rightly highlighted before the quarterly statement on production and sales really aren't fit for purpose and they don't (easily) allow the necessary reconciliation.
I missed your post on AF when I posted mine but similar perception
"But probably best not to listen to podcasts anymore other than for fun and rely on Empress for the factual information"
The problem with that statement..... is that it's true:)
So dont believe what our ex chairman says in interviews but rely on info / updates (re FB) from another company !
Flipper56 I think there needs to be a thought around succession planning and I don't frankly see anyone in the current directors as being Colin's successor but this comment would apply to his other companies equally.
The expenditure on directors remuneration is in note 10 of the annual statement. Please remember when looking at this that the bulk of spending is on share options and these will only be realised above a strike price of 10p.
The RNS related to the share options is below
https://www.lse.co.uk/rns/XTR/award-of-share-options-m86nqgci5sa5gs0.html
Eduard Victor name was a surprise.
Not sure as a non exec what Alastair Ford is doing other than audit and remuneration committee. The statement also states "Retirement by Rotation In compliance with the Company’s Articles of Association, Alastair Ford will retire by rotation at the Company’s forthcoming Annual General Meeting and will offer himself for re-election."
I will hang on and hope to be able to buy at 3.5p following Ricks advice. I think copper is near a low or getting close.
I also noted the point about Manica production being 5 years, then 3 years, looking to extend it .................. . I felt the annual report for AFP was far superior and professional despite mixing up his Companies (I assume). He probably wrote the XTR report after. I agree paying lots of money for a new CEO wouldn't help. Do we need more projects above what we currently have ?. There seem to be good people on the ground, I have faith in their abilities. But probably best not to listen to podcasts anymore other than for fun and rely on Empress for the factual information.
Appreciate the sentiment Steve, my view however, is that Colin - with a track record of selling mines - will be the one at the negotiating table. We have teams in place doing the 'heavy lifting' within the various subsidiaries so I'm not sure I agree with the view that CB doesn't have enough support. I'm also reasonably confident CB has solid strategies in place re our various assets (including an exit strategy for Bushranger), it can't be helped if we found a new resource (Ascot) that has extended the timescales due to the desire to further explore... any other head honcho worth their salt would have made the same play as CB if they were in the driving seat, so why should we pay another wage for someone else to make the same decisions?
I'm genuinely interested, what is it - specifically- that those posters calling for a dedicated CEO think said person would be doing to earn their keep?
Agree that its Copper price led. However, that price is not being driven by fundamentals, rather by wider market sentiment. LME inventories are only slightly above 5 yr lows, and are the lowest they've been for this time of year in the last 5 yrs. Fundamentals will catch up eventually.
Had a slight feeling a while ago we would see these prices. A little lower is possible. These prices are unwarranted and certainly not in line with company value. But a share price is only worth what someone is willing to pay for it.
This is when people need to keep calm and look for the best price for them to buy more or get out if that is their preferred option. The sp is now down nearly 50% on the highs of only a couple of months ago. Has anything changed that warrants a near 50% drop, certainly not in what we have going forward imo.
The drop in copper price is a big one, we need to keep an eye on that as recessions follow big drops in copper prices. That will be scaring some into selling. Plus CB has become quieter and quieter over the period which is not helping. You can't stop him talking about great news, but when comma drop off this leads to people getting jittery quickly. Good posters were bickering yesterday which is so unusual for this board. If you believe in xtr you are in the right places, if you have doubts you get an exit strategy like gixxer has. Good luck all posters
JDAU - Without good comm's keeping the SP strong, and a well thought out exit strategy for Bushranger, Xtract is vulnerable to being held over a barrel and shafted sideways. I'd be more than happy if they paid someone £100+k to avoid that.
CB has done a great job getting us this far but he is simply spread too thin and needs support.
I agree with Taverham . It is the falling copper price causing the sharp drops. Until this stabilises the SP will remain in the doldrums . From $4. 80 down to $3.50 per lb is a big jolt over a month or so
I agree I think Colin has too many companies on the go to devote enough time for each
In fact the last company he bought shares in the market was at the end of May was Tiger Resources TI R his vehicle which he obviously has plans for.
But good time him to spend his bonus on buying XTR
Jezzoo, I feel like I say this almost every time the "we need a ceo" gets brought out the bag.
I appreciate your view, you're entitled to it, but it has to be said: all of what we have currently is down to CB
- he's got us this far...
We have various income streams either currently operating or coming online in the immediate future (managed by teams on site/contractors), we have development on our Lachlan fold project down under being managed by the team down there.
It seems to me like our projects are being managed just fine, even if the timescales means we have to wait patiently.
What would paying someone 100k+ per annum bring to the table? - We'd still be at the behest of the sometimes glacial pace of mining.. A dedicated CEO isn't going to make a blind bit of difference to the amount of gold processed in SA or the speed of drilling/lab work in Australia.
CB still has my unwavering support as a long term shareholder - my view, for what it's worth, is that a CEO taking the reigns is a fairly pointless expenditure considering the model under which extract operate (royalty streams and/or exploration which is managed by teams on the ground) - 100k+ a year for someone else to ring those teams for an update and update the market? No thanks.
I said yesterday that the poor comm's has knocked at least 25% off the SP... make that 40% now. "Jeez" sums it up.
Hi Andy
If we assume that all unsold gold relates to Q4 2021, we know that the cost of gold produced was $338/oz (per the unaudited production report). Converting this to GBP at the Dec closing rate of 0.74 gives around GBP 250/oz of cost. if we divide the 177k by this 250 we get around 710/oz. Per my tracking which is based on the quarterly production updates from this should be more like 880/oz so not a million miles away but still significant. I assume my tracking sheet is wrong or that some of the unsold gold wasn’t due to XTR (I plan to attend the AGM so will try to get clarity on this).
Looking at the chairman’s report he notes that FB will continue for 5 years, but this is reduced to 3 years on page 66 or 67. Quite a difference in value when you are talking about GBP 4-5 million per year on a 35million market cap company. Again it would be good to get clarity here.
The directors renumeration was also interesting, the guy Alister Ford isn’t cheap….. And CB bonus was quite attractive (100%), I am fine with someone getting a cash bonus when in a cash generative business but not so convinced its appropriate here, I would have thought his option would have been sufficient to motivate (along with the disposal incentive the company has put in place).
Cheers
James
As always, theiceberg nails it with his view on the situation this morning.
The key point I think is that CB is spread too thin across too many companies, we need a CEO, something I never thought I'd say as it smacks of jobs for the boys but in this case I think it's necessary move.
A man half his age would be exhausted with his workload.
I feel like the cat that got the cream
What an opportunity to top up
This is still going in the direction set out in it's path therefore no readon not to top up at these prices. Make oe break. Work or retire. 50-50 chance here. Great odds. May even bounce back today.
Re strategic report - an auditor would require support for any statement. Given the summary hasn't (TBD the motive for that) been released, I don't think he could be any more positive even if he wanted to be.
I dont think this drop has anything to do with the release of the yearly accounts yesterday. There wasnt am immediate drop or loads of sells on the opening bell. It looks highly likely its the drop in POC that has spooked some .
Fundamentals are unchanged and we have alot of income coming by October.
I am not sure that the chairman's report was so much, 'not positive enough', it was more rushed and boring. It's the problem we've discussed before, Colin has quite a few companies and so has a few of these to write, he seems to be somebody who remembers he's got to write the report the night before and so puts out the basics and then grabs a whiskey.
It's a shame as there is much to shout about. Good Revenue (more than most companies when they sell an asset). Worldclass exploration speed in Australia. The forming of development of a major national asset area in Bushranger. We've had a reconsolidation of resources (nobody had any value for Kalengwe (or whatever it's called).
Triple digit growth in the manica revenue.
Finally No more finance needed (how many exploration companies can say that).
This year, we've continued to see strong growth in revenue and seen the massive milestone of Manica (empress) reaching production.
I am not sure why Colin can't simnply say - "Our African projects are being managed by other people (and are doing very well), we are looking for more african projects to do the same thing with. We are looking to get a partner on board to do the same with Eureka. As a company our internal focus is Australia - with the exploration being fully paid by Africa!"
Tell us with certainty when the model will come out. Tell us the actual strategy for Ascot. TBH there is so much that can be done.
At the end of the day, the revenue will eventually speak for itself and Bushranger will, but I appreciate it's painful atm and made worse by a Chairman who doesn't seem to have the time to dedicate to the company.
The drop has certainly created some liquidity - volume much higher than recently. Copper/Gold down. Don't see any material justification in the accounts. Overdone IMO. GLA.
Is it the whimpers selling or the london boys getting there bonuses setup for half year results. Letting some with money get in cheap here I believe.
sighhh
Copper price falling explains much of the problem here imv.
I agree Oliversydney, this looked like the best thing since sliced bread with all the positivity coming out of the interviews from Colin and now we are dropping again under 4p, so I hope he does another Zak interview and stops the rot. I won`t be selling now but certainly not enjoying the ride at present.
Why all the biggish sells ?
RNS coming ?
Under 4p now
As a long term holder I had such high hopes for this share but must admit those regular interviews with Zak Mir in which Colin was so euphoric about everything seemed rather over the top
I was not impressed by announcing the annual accounts after hours and the chairman's report was nowhere as positive as all the interviews so not surprised about the sell off
I am not selling as still sitting on losses but only hope Colin will still deliver