Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I fully agree with the decision to sell Manica. Even with the reasons given regarding, the various risks and being a minority partner aside, xtr are not in a financially viable strong enough position to buy into the next mining phase with the current level of market capitalisation and the dilutive effect that raising at these levels will have on the ongoing share price for current shareholders.
Typo: Should read: and the whole lot of folks are not pleased? To me , at least, $15m sale of Manica is a bird in hand rather than possible.....as one reads. But I do accept that not everyone thinks the same.
How
Yes, in mixing the XTR licence near Kobold, the Bezos/Gates copper discovery and in the same sentence about JORC or MRE meant for Silver King could have been made clearer by naming the project.
Lots of grumbles else where about AIM co's NOT selling their projects and here XTR has SOLD MANICA for $15m and the whole lots of folks are not please. An interviewer yesterday said it is not easy getting money out of Africa. So the Manica $15m sale is NOT SMALL in M & A terms for Africa esp Momz. I am pleased it was sold but others have different ideas LoL.
Now, on to the next potential sale for Bushrangers as Mr C.B said that "it is an ACE" and "it will be a mine" and there is interest , so roll on. Fri, 5.4.24. DYOR. NIA.
A small correction for your post News, re XTR Zambia
The licences in the western forelands were not subject to Glencore initiating an internal MRE from drilling, that was at the latest Silverking project acquisition.
The previously acquired 2 licences in the western forelands however, have seen
Exploration initiated, with the recent acquisition of a major historic database created by Anglo American plc which has enabled a cost-effective and fast-track programme estimated to save as much as US$1.5m in early exploration costs.
Silverking is in the same localised region as Kakuyu so there are now 4 highly prospective licences which includes both in the western forelands nr KoBold and other Tier one miners.
Could be another to follow that was mentioned at GM that captainbob relayed. Watch this space.
Michael Bond [Verified]: "EVERY ANALYST I SPEAK WITH IS BULLISH COPPER."-4.4.24.
Michael Bond: Commodities Accounts Mgr, S & P Global Market Intelligence. https://twitter.com/Michael_Bond/status/1776079329338036530
[Embedded: "COPPER HITS A 14MTH HIGH. A SUPPLY SQUEEZE with STRONG DEMAND lifts price back
OVER $9,000/t mark, further INCREASES seen as LIKELY, could we see $12,000/t. From the article: "Copper bulls can see a record PRICE OF $12,000/t via FORBES Asia."
NOBODY POSTING ON THIS XTR FORUM, 5.4.24
Interesting.
I wonder what is happening at Kakuyu ? It seems to have gone quiet, the last updates indicated test drilling, ramp extensions and even early ore deliveries but we have heard nothing for 6 months now. Similarly, has Bushranger been mothballed or is more work on going ?
Link: https://twitter.com/robert_ivanhoe/status/1776092568968970527 Fri, 5.4.24
Embedded link to Bloomberg article.
COLIN BIRD, CHAIRMAN/CEO OF XTR:
Yesterday's XTR RNS on Zambia JV next to Sino's buy next door for $58.5m @65% share now appears to look very timely. This JV is about high grade copper given it is next door to the SinoMine buy. Also, a lot of geophysical etc work has been done by Glencore and they said needed follow up ie warranted.
BUSHRANGERS, AUSTRALIA
This appears closer now in view as it is also mainly copper in a Tier 1 jurisdiction.
XTR ZAMBIA
Near the Kobold huge copper discovery, Zambia on the West Forelands. No drilling has been done yet so the JV yesterday as above in Zambia is of a greater clarity therefore as Glencore has drilled and has an unofficial JORC.
MANICA
Sold for US$15m vs £8.5m XTR mkt cap.
DYOR. NIA. Fri, 5.4.24.
What's the odds on a good 'ole Sunday roasting for CB this week ?
"Oh aye, intercepts of 50m grading 5.47% copper from 55m you know"
"Did I tell you that the mineralised body was identified with evidence on surface suggesting possible stockwork or disseminated copper minealisation between 2 Breccia pipes ?"
"Gates and that Amazon chap are just across the road Kevin.... well just about..................."
Go get'em Col.
NicetoMichu DrMicho ...
Not relations
And all I've got in response to your below post is Gordon Bennett to Gordon Bennett's modus operandi
Quick look and yep Gordonbennett has moved onto todays next daily riser....
Https://twitter.com/CopperBullish/status/1775707460965474497 [From Forbes].
Relevance: XTR has Bushrangers, Australia, a copper project primarily with some gold.
XTR has the new JV in Zambia next door to Sinomine's 65% stake for $58.5m buy in on 24.3.24.
XTR has a JV in the Westforelands, Zambia near Kobold, the Bezos/Gates big copper discovery.
Https://www.forbes.com/sites/timtreadgold/2024/04/03/copper-bulls-can-see-a-record-price-of-12000t/
(thanks to Jarv55 on a n other board for this link)
Lucky, Glencore were targetting for tier 1 projects, and so the orientation of, and drill target spread were not optimal to what would have been seen for identifying a snaller resource. Glencore had just drilled each of their targets with 1 hole.
The drill data spacing for the mineralisation style does not need to be as close or anywhere near as deep as seem at BR where mineralisation spread was very unpredictable due to porphyry typical dissemination or spatter of mineralisation.
Outlining an inferred resource on Zambian licences will be far simpler and cheaper in a nutshell as Breccia, Skarns etc are easier to predict.
"Distinguished by HIGH GRADE SUPERGENE enrichment-similar to nearby KITUMBA DEPOSIT. Former open pit and u/g mine extends to ===ONLY 70m.== Based on historical data inc intercepts of 50m grading 5.47% copper FROM 55m.
Ground geophysical surveys by G L E N C O R E in 2012 identified a no of high-priority TARGETS ===WARRANTING FOLLOW-UP. In particular , ==800M== from the MAIN Silverking mineralised body was identified with evidence on surface suggesting possible stockwork or disseminated copper minealisation between 2 BRECCIA PIPES.
Xtract will EXPLORE-----DEPTH EXTENSION--- 2ND PIPE & GENERAL AREA. JV: Should an inferred resource GREATER THAN 500 000t of contained copper be reported, ANY SUBSEQUENT SALE of the project to a 3rd party will result in an equal share of the disposal proceeds between the parties." [JV up to 70%].
SILVERKING ADJACENT TO KITUMBA.
"SINOMINE SAYS TO BUY 65% OF ZAMBIA KITUMBA COPPER MINE."-14 Mar 2024. [PRICE $58.5MILLION].
Comment: So, Glencore themselves stated the above. DYOR. NIA. 4.4.24 Xtr +10% AT 1.2P to buy [spread]
Look back at my history, been here over 6 years. I'm not a de ramper, but a fool who's been contributing to your salary.... I suspect.
Truth hurts doesn't it Mr or Mrs xtract employee.
Hey, Lucky, are you going continue writing a post a minute of claptrap here?
Waste of space.
Not surprised when this is below 1p tomorrow evening.
It is comical watching the traders jump in, pump it and then moan about the spread because they can exit with as much profit as they would like lol
Just looks like another project a major rejected.
Reminds me of bushranger.
What makes anyone here think that 1.5 million spent over two years is going to find anything meaningful that glencore missed.
Just looks like another project needing millions spent on exploration. I'd be happy if we had 15 million to spend.....but we don't. Its being drip feed to us, of which £400k will go straight into colins pocket over three years. Not to mention the rest of the board and employees.
Actual spread is 1.035 - 1.145 + 0.11p
About 10%
Get buying, when it jumps to 2.5p you'll be wishing you had.
And I need the money.
Ripley,
The huge spread is making this much higher risk than most are willing to take. When you need to see such a big climb just to see the share price reach what you paid, never mind what needs to happen to get back more than you paid you can't blame people for not buying. Then with no trades there is less interest so we sit in limbo.
All very sad.
14 posts to 11am
Spread 20% fell back to 0.83p 2/4/24
Back to 1.1p today just two days on .
Bid 1p Ask 1.2p
Likely the staged equal payments will just start as roll on in quarterly payments with immediate effect as the deal is done for disposal.
The cumulative fundamentals here seem clearly significantly better than the current market capitalisation.. and even including AIM on its knees and this sector therein more or less the same and allowing a discount for the 'Bird effect' on top too, this would be more fairly priced if it were currently somewhere in the 1.5p to 2p range
IMHO & DYOR
To answer Gordonb
“When does the 15mil payments begin to roll in?”
Xtract Parties are to be paid a further US$3.325 million in cash to settle all monies due under the Mining Collaboration Agreement from MMP to Xtract of which US$2 million has already been paid.
The $15m will be paid in cash in regular staged payments by the Buyers over the period to 1 March 2027
As for Linconlite you need to do your own research to understand that you have described the business model of just about every junior in the exploration mining sector.
So with significant income from staged payments up to 2027 and at the least $2m cash in bank you cannot put xtr in that same basket.