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In better news, copper really is on a run, $9540 and rising fast.
Bush Ranger is getting close to viability ?
Maybe why he doesn’t want to go there again.
Even as far back as when Auroch minerals produced the feasibility study for fairbride, xtr put it under review. This was primarily toward the initial mining phase but the same risks will always be there.
Mining consultant Daan van Heerden of Minxcon had said: "The Manica study has produced a robust project targeted toward simplicity and predictability. We concur with managements approach to the concession and agree that the previously announced hybrid approach might have led to enhanced capital and operating risk."
Hybrid approach was surface then going straight into underground mining.
Point being risks are real and is not smoke to justify selling up just to go chasing rainbows. Could argue management were reluctant to go UG from day 1
Like Chepica you mean ?
And yet he still did it.
Net ‘present’ value unfortunately Jez
CB has been so clear in reiterating that they have no intention of or want to go into underground mining for good reason. It presents far more dangers in comparison to mining on the surface. You don’t have more serious issues such as air loss and cave-ins, workers don’t have the extra regulatory processes of operating machinery UG.
There is risk of fires, floods, collapses, and toxic containment. Fires can be caused by short circuits or friction from defective bearings; collapses can result from induced seismicity or blasting, with toxic containment being from ventilation issues.
Far too risky for xtr to be going into, without any input into design and mining strategy operation as a minority partner. This just the long shot , there’s no guarantees they can keep a consistent feed going from the transitional ore with current set up to make the upgrades needed.
Manica was a dumb purchase in the first place. I totally agree. That's why I was negative on XTR under CB's leadership whilst others got caught up in his fantasy world emerging gold producer nonsense. Seems some folk still cling to that idea.
The best, and only, way for CB to reestablish his tarnished reputation here is through drilling success in Zambia, his home turf, as it were, where he has had a previous commercial and geological win. Bushranger I put on the backburner, dependent as it is on sustainably higher Cu price than we have today, although the signs are looking much better, with the recent metal rally.
All other possibilities require(d) extra cash that XTR doesn't have until the Manica sale (thank the lord). Has any of you seen how desperate it is out there in AIM-land to raise fresh equity capital via placings? Are you lot happy to have funded a next capital injection at Manica at 0.5p/share? Cloud cuckooland investors we have here.
Over to you, now, CB. Deliver the Zambian drilling schedule.
Didn't the company know that from the beginning ? Wasn't that the whole point ?
" Lets spend six years to get the 'ard rock stage and then not do it because it'll mean we need to fund it."
" Oh by the way we'll be needing some more funds to carry on preparing the ground for someone else to benefit later "
CB should be negotiating with the buyers to increase payments for the purchase because their revenue is increasing exponentially. Give us more per month and pay it off early.
You mean a gold mine which doesn't need a huge upfront capex requirement in order to build future revenues at scale...possibly?
Yes imagine.
Imagine how happy this board would be if we owned a gold mine!
All I can see is a green box.
Might I enquire, who are you expecting to answer this question , Mr Kwadoku?
I mention this only because you've been asking it for such a long time now.....
I was hoping you'd eventually show some initiative and look back on the annual reports and work out yourself and heads us up.. but I'm now losing hope of that ever happening either....
PS: I won't be attempting to answer this ever, and while dangerous to speak for others, I get...I'm confident that Mr Old School Values won't be offering an answer to this Q, ever.
This is delusional. People been saying this for years, but the truth is rather more stark...
Colin Bird’s AIM record (as of March 24):
Time he became CEO of BZT- SP 0.5….now 0.02 (over 95% down)
Time he became CEO of XTR- SP 10...now 0.9
Time he became CEO of Galileo 7.38...now 1.0
A lot of money has been paid by private investors to fund these ‘companies’ but the more interesting question is how much money has been paid to Colin Bird, over these periods?
Hmm....
How right Mr CB was when he said Bushranger is not a 10p - a share - mine:
For the last 2 ish years the xtr.l share price values it at approx. a 0 p mine
But, hopefully, in due course, 0p will be proven to be too harsh a verdict
ps: 3p or 4p a share sale event for the Bushranger in 2024 or 2025 would be ok by me now
It’s ok captain, I’m sure CB will be forever noted for saying ‘this is not a 10p’ mine. As long as he sticks to that, then happy days.
I am hoping they are fending off, (in the nicest possible way) all thos daily calls, "can we buy it now before the price goes up".
NTM you are quite right the spread when actually buying shares is well within the published spread. I have just purchased some GLR at 1.07 . There is a 4% spread 1.03-1.07 which seems reasonable. Buyers should not be put off by what the LSE publishes, just go by the prices transacted.
I would like to think that if these cu and au prices are sustained for a week or two it should encourage a lot more buyers
If Mr Colin Bird can't make something out of Bushranger at USD 10k ish per tonne then plenty here will be in contact with AA themselves ! (not the Anglo American AA)
At the rate copper is rising will the company be in contact with AA and other prospective purchasers of our (near) tier one copper mountain in Australia ?
Or are we waiting for them to come to us ?
$9450
Gold is flying now $2352.
Should be plenty of profit coming out on Manica to pay our (fixed) payment.
How's the SP reacting ?
More seriously I guess the generally very wide spread here - seemingly, but I expect you can often get prices decently inside the spread to narrow it in reality - is MM's being very cautious re short term traders here, like Mr Gordon Bennett..
And when they narrowed the spread a bit this arbo some sells came in smartly.. My guess is some the new to the board recent ramper posters here, having bought immediately after that latest RNS, were dumping today.. just to move their cash elsewhere; this when the tightened spread made it ok in their minds for them to press the sell button..
Generally, we need buy and hold players coming back in here to give good foundations to this s/p pushing sustainably up.. and so far in 2024 such have been in very - very - thin supply, alas..
(Why? A combination of factors I expect.. Mr Zap has outlined these already.. but the one and only Mr Colin Birds reputation absolutely is a potent one of those imho.. it many not all be justified, but .. etc )
I did a test sell with £500 and it cost me 10% so I'll wait until we have a spike and sell and buy back.
Perhaps the deliciousness of that pear was spoiled by memories of Mr Colin Bird's Bush Ranger copper porphyries fairy tales coming flooding back, Bob.... And you're mind set worsened again when you lit up your after dinner Cigar.. and you thought I've 'ad enough of the Old Bird... and dumped some just to calm the mood :-)
NTM,
Nope, been enjoying steamed Pomfret and a nice ripe pear. Still holding strong, why would you think it was me?
Was that you dumping punchily into the close CaptainBob ?