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News next week once the placing shares have hit the market! Watch this space & chill
Wouldn't it be a great concidence if XTR were able to announce some good assay results and CB was able to do an interview for Bushranger assay results followed by an interview for GLR commencing drilling in the KCB.
The problem here is not investors setting their own unrealistic timeframe expectations. CB said the assays take about 6 weeks and that they'd report each hole individually (until recently)... that set the expectations and they have not been met.
Some will have sold because of the delays whilst others (like me) impatiently hold because we believe it will come good. Doesn't mean I have to be happy or silent about the missed milestones and the lack of an explanation from the company - it would only have taken a sentence or two to reset the expectations they created.
Assays RNS could drop at any time, and it's a lot more likely now than a month ago obviously.
Patience is something few possess, ( me included) that's why the SP has drifted to the mid fives, I haven't bought any more, nor sold any.My average is lower than the SP so I'm still in profit, with hindsight if I'd traded the share i'd be about £20k better off but I felt it too risky and now is a time that's it's FAR too risky to trade as CB is too fond of the after hours RNS and the mid morning RNS and the unexpected afternoon RNS for PI's to get caught out on.
If you miss this train when it pulls out of the station, you'll miss out on all that fruit and veg Colin has been taking about.
I have never ever invested in a mining explorer where private investors have not complained about the speed of things.
Unfortunately it comes with the industry.
It's one the reasons why so many lose money in mining stocks..they give themselves false ideas of timescales become impatient and sell. Or take the CEO at their word and sell.(this isn't aimed at anybody here)
Imo you've constantly got to keep the bigger picture in mind and only sell it something fundamental happens, if you need to make money by Sept or Christmas then mining stocks will be a complete pain in the backside.
The statement in the phase 1 completion RNS on 6 Apr under ‘highlights’ states
· Assay results from hole BRDD-21-002 onwards are expected to be received in batches over the coming weeks and will be reported as they are received and collated
Whereas, is the same RNS, but under ‘drilling summary’ is contradictory, stating-
(BRDD-21-002) are expected shortly, with results for the remaining completed holes to follow in batches. The Company will report on the assay results as they are received and collated.
So one could assume the former is correct in the present circumstances , and we are not expecting hole 2 to arrive separately and very late.
There really nothing that can be done as the labs are backlogged, we will just have to wait our turn-
James - A full-time CEO would obviously have a lot more time to do things like develop and implement a comm's strategy to keep investors on board (and bring in new blood) which may then have resulted in less equity needing to be surrendered during the last placement. They'd have more time to work on developing and implementing the eventual buyout negotiation strategy - or free up to CB to focus on that. They could be more hands on re the day-to-day management of things like commissioning and chasing assays (other companies have dealt with the backlog issue by contracting outside of NSW or give them "a big back hander and get the bastard job done") and planning and overseeing the phase 2 drilling programme.
Yes, I think the lack of updates is a sign CB is spread too thin and it is only going to be more challenging for him as things ramp up (phase 2 being twice as big as phase 1 and the need to make preparation for buyout negotiations). I think CB has done a great job getting us to this point but another pair of hands would, IMHO, be a sound investment in order to maximise the eventual return.
Has CB perhaps fallen down one of his many O'les?. These assay results had better be world class good, or there will be a riot after all this time. Not to mention fecked off investors who supported the £5.5m placing and CB himself who will be done on his own money at 5.7P.
FFS, just give the Lab folk a big back hander and get the bastard job done. Money talks baby.
Hi Steve
I accept that CB has his faults, good news seems to flow more quickly than bad for example. However if you look back through the last 4-5 months RNSs, interviews it’s hard to believe a solely dedicated CEO would have kept us investors better informed? So for me I don’t get how you conclude “CB is simply spread to thin” other than frustration that the assays haven’t been released or we haven’t been told that the hole 2 results are now expected a little longer than shortly.
Cheers
James
andmillsy - Thanks for that. It is reassuring to know that the delay in releasing the assay results is almost certainly caused by backlogs at the labs. I still think it is poor of XTR not to inform shareholders... presumably GML told theirs?
I also get it that making a decision on whether to release assays as they come in or in 'batches' may be a dilemma, but once you have made up your mind and announced it to the market, you set expectations and if plans need to change then you need to reset those expectations.
CB is simply spread too thin and it is a concern as the company enters the most crucial 6(ish) months of its' commercial life.
If the labs are overloaded, it makes sense that the drill teams are too, which is probably why CB did a fund raise earlier than expected so he could lock in the drill teams for phase 2.
Did a bit of a search for delays in lab assay results in NSW and got this from Feb but I imagine it is still the case
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2821-cse/aucu/92305-inflection-resources-provides-drilling-update-from-northern-new-south-wales.html
"Assay results have been significantly delayed over the past few months by a resurgence of exploration activity across Australia and in particular in the Lachlan Fold Belt of NSW. "
I also found this quote interesting from a Canadian source https://resourcemaven.ca/blog/why-so-slow-labs
"But even once the numbers are in hand, companies have to figure out how to announce them with clarity and impact. One hole at a time or wait until several holes testing a particular target are available? What if the labs given them partial results from a few holes? What about one results from each of three zones, with the other holes from each zone still pending?
There are no right answers to these questions because it depends entirely on the project and the results. I just want to point out that it’s not as straightforward as: Get results, Release results."
Other news hits on this topic gave "Assay results from Gateway Mining's (GML) wholly owned Gidgee Gold Project in Western Australia are stuck in an industry-wide assay laboratory capacity shortage"
It will depend on the relative amount of works for the labs in the respective parts of Africa and Australia. Because one is overloaded, it doesn't mean the other one is too.
At risk of sounding negative, why is we get assay results from Africa in weeks but wait months for results from Australia? I am afraid more clarity is needed. I am pleased with this latest development though.