Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Hi all,
Unfortunately, I am away today and cannot make the AGM. I appreciate everyone has their own thoughts on questions that need answers - I have a few that I feel need answering.
"Would he tell AA to shove it if they offered 10p tomorrow?"
"Does he think his lack of reliability and tendency to exaggerate in terms of forward guidance is at all responsible for the market not believing future success at xtract and therefore a low share price?"
"What timescales does he have for achieving shareholder value?"
"Does he believe his strategy of acquiring small scale projects in Africa will provide shareholder value in the short to mid term, and if so how?"
"Can he justify a salary increase of 30%+ in the previous year, given the dramatic fall in the company's share price and zero return in shareholder value?"
AGM won't be livestreamed. It wasn't last year, don't see why it would be this year. Looking forward to hearing feedback from those that go. Please try not to let CB waffle on!
The salary increase is a kick in the teeth given the fall in the SP and us all knowing how thinly he spreads himself across his multiple companies. Pro rata, CB must be on the equivalent of well over half a million... which is outrageous for a company delivering no shareholder value.
CB needs to provide some sort of plan with timelines re Bushranger as it is now a year since phase 2 drilling completed. When will we get the updated economic study and what are the options thereafter e.g. trigger AA buy-back clause, more drilling, PEA, PFS, mothballing, or what?!? Timelines?!?? Seriously... the silence is deafening.
Hi Steve
Completely agree. There has been zero progress at BR in 12 months apart from one report commissioned, which was then paused to include a second one.
12 months is a long time but diddly squat has progressed. We need a timeline. We need a project plan. This isn't a scouts camping trip - this is a multi million pound company and we have the right to better communication and stakeholder management, ESPECIALLY if the management pays himself 30% more!!!!
Are you going today?
Reading some of the drivel on here one would think these bashers think they would do better !
Colin and the board have done exceptionally well in difficult circumstances so a little more respect should be shown. What have these bashers ever achieved apart from no doubt causing management wherever they have worked a big headache ?
Time to get a grip and support the work being done on shareholders' behalf.
>>Colin and the board have done exceptionally well in difficult circumstances
And what have they done exactly OSV? - Please elaborate...
All Bird has done since he's taken over from JN is spend 10's of millions on projects that have turned out to be worthless. Let's not forget JN spotted and bought Manica.
So, please, once again - How has Bird bought shareholder value in the last 10 years?
It's bzt AGM today at 11, I wonder how much fun that one is?
Has anyone noticed how, generally, OSV gets just 4 likes? - How many members on the BoD again?
Sure feels like you’re clutching at straws Gixxer-600.
I wouldn’t go buying yourself a deerstalker hat anytime soon…
Like magic, after I write that, number 5 pops up!
I'm more of a beanie man JDAU
Hi Benhowell - I had to work today and can't make the AGM. Probably just as well... I'm not in a good mood!
This whole shareholder value is getting annoying now.
What is Colin and co expected to do in the middle of the worst recession for decades when the share price is solely dictated by supply and demand for them. If buyers are not there and ready to invest then their only option is to have gone into limp mode to ride out the trough.
Ok there is now revenue that could underpin a base line, but that has not been officially reported as cash in bank yet ……
The fall from 7p is touted but the many LTH’s that have continually moaned, had plenty of chance to rebalance or get out at that point as you were no doubt all very aware of Colin’s ‘apparent’ over optimism long before BR acquisition, yet he has been continually accused of lies and BS since. (Mostly unfounded I might add)
It’s funny how no holders moaned when he was using that ‘apparent’ BS to drive the share price up to 7p. Ignorance is obvious bliss when getting swept along with the herd.
HZ - Who's going to sell , in volume, when Bird is telling shareholders that he'd 'tell em where to stick it' should AA offer 10p?
I'm for more drilling at Bushranger, but I'm also for it in a controlled and timely fashion.. and in the circumstances - coffers pretty bare and POC not meaningfully progressing - I'm ok with this break we've had in Bushranger drilling activity.... and I'm for a smallish - 2m USD but LITTLE/NO MORE than that at this stage.. as that is far from an insignificant amount for a company the size of Xtract ..which also has a great opportunity to further invest to build out Manica to make it more profitable again and for more years again too - next phase Bushranger drilling campaign starting in nov. ish...and after that a further period of taking serious stock.
Generally, for a relatively small company to have already spent 10m USD plus on Bushranger and the market currently valuing the asset at zero is absolutely awful.. and if anything like that zero valuation was to be the case after 2m ish usd more is spent there, then it should be far from a given that more again be spent .. etc..
(Including POC hopefully being higher in mid 2024 and the asset being further proven up by then too, I very much hope that this share price clearly reflects at least a few pence a share value attributable to Bushranger in approx. a years time, of course)
Just listened to the 13 dec presentation on YouTube again and Colin say 2mt could be the bottom end of this thing.
We ended up with 1.3mt.
Needs addressing today!
Hi lucky that presentation was before ascot was identified as the lower anomaly, when it was considered that racecourse had a 3k+ strike length, before it was closed off south with weak mineralisation. Not forgetting the lower western lobe on the original em survey that AA did.
There is very likely well in excess of 2mt and potentially there could be far more than the 1.3mt already classified that did not make it into the JORC. No one can say that he was referring to a 2mt JORC that is the difference.
RC still open ended to provide couple or three hundred more Mt of ore and ascot is open in most directions that could host another 4-600mt
He speaks a lot with reference to its potential rather than the status quo.
Howezap - I don't think it is unreasonable to link large pay rises to delivering shareholder value.
TBH, instead of increasing shareholder value, CB has actually lost us value each time he has opened his gob over the last 12-18 months because what comes out smells like BS. And it smells like BS because he is spread too thinly across his companies, doesn't have a comm's strategy, wings every interview, makes errors, and sets expectations that he then fails to deliver against. Recession didn't do that... CB did.
A bit harsh to accuse LTH's of being herd followers because we want a return on investment before the board start rewarding themselves.
Hi Steve 30k pay increase for delivering fairbride as a sustainable profit making operation that will provide minimum £4m annually to grow assets and to cover operating costs going forward is fair reward. Are barely at bottom line with production in relation to DFS and the company is already self sustainable.
Hi Howezap - Let's agree to disagree on this one.
For what it is worth, I still think Bushranger will come good... so I'm definitely not following the herd!
I don't, he talking of buying blue sky projects in africa as BR was a disappointment. He said could take to24/25 to get BR sold. He said manica has maybe 4 years but then someone behind said we like to think more like two. With the tax they pay, it doesn't make this company MCAP look cheap at all. Maybe 6 million a year for a few years. Once converted to pound and remove tax....absolute joke.
People at the agm are delusional.