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Yes thanks andmillsy for finding the proof that I wasn't just making it up.
Good to see also you got an apology and a thank you even if I didn't and even though it was my comment that started the investigation into CB's salary increase.
Love a level playing field !
>>Unfortunately not HZ it was base salary.
Thanks Andy am trying harder to understand more on the corporate side.
Don’t know what you mean Dani didn’t invent to give impression my verbal thrashing was aimed at you other day.
Xtract are looking for not only brownfield projects within a couple of years to production but greenfield large scale exploration projects too. Hence the 2 new Zambian licences acquired recently.
So why look any further?
Under buy back to AA, all 4 licenses will be sold back
Freed from the agreement, away from AA on the global market, no binding agreement will be in place to keep grouped together, however, an acquirer would likely ‘want’ to negotiate on them too though.
The other reason they could want to get a no from AA. If they decide to take it back then it would likely go to third party consultancy valuation where it would be valued in accordance with the VALMIN code, which as part of the broader Australian regulatory environment, which places certain constraints on the valuation process and is very specific on how such values are presented.
Understandably, Xtract would want to present BR in the best light and to want its value aligned to those inflated expectations on copper prices to return the best value to shareholders. I think is less likely to happen under the Valmin code if sold to AA
Zap
Know am digging a bigger hole (excuse the pun)
but AR*E said to dear C🎯l
was a typo
cruella 😭😭😭
Zap
Love ya loads but am losing will to live and SUPER scared of burning bridges with you like I did INDIRECTLY with dear C🎯L
I called him an AR*E
so
Please reword your last post in layman's term
cruELLA❣️
If xtract can get a no from AA by negotiating out of their contract one way or another, then there would be no binding requirement other than immediate financial gain to sell on the other tenements along with EL5574.
Lachlan belt is a highly prospective region
Just 10km north west of BR Legacy minerals hold a tenement called Rocky project and had undertaken preliminary test work there last year.
From Legacy
>>A recent assessment of Rockley-Gulgong Volcanics by the Geological Survey of New South Wales (GSNSW) found that the ground within EL8926 is some of the most prospective for porphyry-related copper-gold deposits in the Rockley-Gulgong Volcanics.
Is just another reason why they could want to get a no from AA
Talking of BR, I cannot see a company the size of Xtract being able to just walk away from 1.3 MT of copper in such a good location. Something will have to give even if it's just a sell on to another exploration company - which I do not wish to see.
Remarkably, we are one of the few companies of our type on AIM making money which gives us options. Personally I would like to see:
Some further shallow holes in the crown of RC to firm up more copper from inferred to indicated - to ensure a purchasing miner can get their money back therefor enhacing the value of the prospect.
Further exploration of Ascot as this would be the primary source of any 'new' copper to be added to the existing 1.3MT.
And lastly, some exploratory holes into the western lobe which is currently assumed to be a porphyry but for which we have no 'hard' evidence. The purpose here (assuming success) would be to say to a purchaser "here's something for you to work with in the future".
Hopefully African money would allow this to happen although I could see it taking a year or two.
Cygnus
Unfortunately not HZ it was base salary.
https://xtractresources.com/wp-content/uploads/Xtract-Resources-AR2022.pdf
Lnking it to cash generation may be an idea linking to profit would just play into the provision they used in the half year.
See note 10 to year end report. It's salary rather than bonus. There was a bonus taken in 2021.
Regarding CB pay rise.
From H1 report
>>Segment results represent the profit earned by each segment without allocation of the share of profits of associates, central administration costs including directors' salaries…………
Could that mean his salary is linked to profit share
I think we were very close to a raise at the turn of the year. So I'm kinda heartened if they used a loan to bridge this squeaky a#@e period instead of dilution.
It's getting past time though for publishing the study results imo. Even if they show that we need a copper price at 10k..... at least then we will be able to see what we are aiming at
What payrise did he get in your opinion then Duella ?
Agree Jez. Unjustified.
Good morning my besties
Really good answers this AM . Thanks Ben for clearing up BR SITUATION
JEZ
shut the DUCK up about dear C🎯l 30k payrise FFS
Grafting at the moment. Will comment later
Yet CB got 30% pay rise.
Some disconnect !
"Cash/gold position"
I was surprised to see a £45k loan provided to Xtract in the most recent Galileo financial statements.
The silence is deafening.
Personally I would have spent our gold profits on drilling BR to hopefully increase the resource to at least 2mt, you never know we might even hit some ground worth digging up without running it through a grade optimiser.
This would be much more favourable in my mind than rainbow chasing in Zambia.
The copper price is sticking ATM but I think it will move up significantly in the next 18 months.
The smell regarding our up to date cash/gold position is getting stronger.
Where are our profits Colin ?
We need to know.
Ps. I am disappointed the two experimental drill holes into Footrot came back as negative. Forgot about Footrot being joined up to Racecourse - it appears from the two holes that there isn't anything there worth looking at (currently). In an ideal world, would like more holes there but need to focus on Racecourse/Ascot at the moment.
Many contrasting views at the moment about BR. Do we need to drill it out more or not? Some say yes, others say no - wait for Cu price to rise.
What is clear is current situation not good enough for buyout. Sp is low as confidence of Colin sorting a deal is extremely low. Either we drill or Cu price rises significantly. Can't get out of AA buy out option as we have neither 2MT proved up or the ability to call their bluff with the DtM option. Colin always been guarded on the actual specifics of this - like many other things, which annoys me hugely.
Wish we could get news on many fronts - complete lack of clarity across all projects and strategy too. CB seemingly lost interest in promoting us and telling the wider market we are in profit and doing well. Bizarre.
Dani,
BR covers the whole district. That is the name for the district, IE the 4 licences we own currently.
Buy back option is for licence EL5785 (I believe code is correct. This includes Racecourse, Ascot and Footrot (and other potential targets as per April 2020 presentation - still the best document to view 3 years later, how depressing).
You can't split the licence. If Racecourse goes, then Ascot and Footrot go too. The other 3 licences could be explored though although no indication of targets apart from proximity to Racecourse etc.
Hope that's clear.
Zap
Love you essays in reply to my yes no question ⁉️
Missed that bit about Footrot not being joined up
Just asking could XTR keep Footrot to develop further on down the line?
Ok another question for you
What is next stage for BR
News? When?
Ask cos dear C🎯l said about getting AA to say Nay to project when POC is low and that there are 3 other contenders interested or looking at BR
IS this still the case❓or have I got my notes all muddled up?
Thanks as always
Dani🌹
It may be that they are confident pre concentration alone will be enough to get the economics to where it needs to be. He also said (from other attendees) that there are other ore sorting companies out there that they could look at. I’m sure the hope would be to increase economic return of the higher grade too, which could reduce the CapEx payback period.
One thing that I have realised just recently is that they had gone to the trouble of testing Footrot, knowing that it would not join up, so is unlikely it would have played a part of any initial payback phase being standalone some 7-8km away. Yet they haven’t tested the large western lobe next to Ascot with either a reconnaissance drill or from extending the IP lines when the survey was carried out in phase 2.
https://www.rns-pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf
You would think there would be increased impetus now to understand what is down there as not only would it dictate how a conceptual mine design would be planned around it, but it could also, If there is the potential there, similarly to Ascot and RC’s shallower high grade zones, to be included in any CapEx payback phase if needed.
Still too many questions we don’t know the answers to for me remain. But importantly there is clearly that continued optionality.
Hello zap
At AGM dear C🎯l said
BR will become a mine and no more drilling for BR
Is this still true in your opinion?
Only factor we are waiting for is rise in POC and lower interest rates - is this correct?
Thanks
Building a new mine has become an increasingly difficult proposition anyway with new environment, social and governance requirements which have added significantly to CapEx costs.
Recent volatility has made it worse with higher interest rates pushing up the cost of capital and increasing Op costs. As has been said, rates will come down.
Can’t stress enough the challenges that new projects around the world will be up against to meet newer ESG requirements which are likely to include electrification, green energy and low water usage, toward getting its permits and financing. A new mine will need to be carbon neutral and will likely only be allowed to be developed if there is green energy supplied. This is where the significance of the bulk ore sorting comes into play, the advantages of it include improving resource utilisation, reducing environmental footprint, increasing feed grade, reducing energy and transport costs, reducing water and chemical reagent usage and minimising tailings.
The other relevant factor toward wether BR will go on to be developed is jurisdictional. The NSW climate and energy action plan is seeing a boom in the energy system change to 100% renewable which already has around 53% transition of total generation capacity in the state.
These are the factors that will help make BR very desirable when a decent enough economic performance can be shown with the influence from BOS , that will utilise the resource and the bulk low grades.
The future looks good, but I guess the question is how long do we have to wait ? :)
https://www.mining.com/web/us-steps-up-efforts-to-access-africas-critical-minerals/
https://www.reuters.com/markets/deals/miners-seek-partners-copper-assets-ma-heats-up-2023-10-11/
I'm expecting poc to be $12K + in 2 years and by then interest rates will be lower than now
However, the sale value will be nothing like CB implied and will take a lot longer.
Https://www.mining.com/web/miners-seek-partners-for-copper-assets-as-ma-heats-up/
A good point and made on the mining.com website today.