Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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https://masterinvestor.co.uk/commodities/gearing-up-gold/
Never a truer word spoken! - So how about Xtract Resources (AIM:XTR) where I and many others were truly misled by CEO Colin Bird’s over-optimism about the size of its Bushranger copper deposit in New South Wales.
Hi iceberg I feel many were hoping for a little more than that on RC/Ascot from you. Pre-concentration, amenability, effect it could have on NPV and cut off grades, importance of reducing carbon footprint and environmental impacts, pathway to DtM with PFS.
There is clearly so much that your valued contribution could have helped assure holders of their continued belief in the project in what has been a very anxious time over the previous 5 months of your obvious and unnerving absence.
Drill Footrot? 4-5k metres of drilling would be far better utilised improving NPV and increasing resource from here on.
That’s the geologist in you!
Nice to see this share price firmly back in the 2'sp now... and great to see Iceberg back posting here too
Indeed his and Andrew's recent posts got me thinking more broadly about how this s/p might get back into the 4 to 5p sooner rather than later - most peoples averages here are more 5p ish, I'd guess and so 2 to 3p range is only a start back for them - and it will take more than Africa Gold to get to 5p ish here in q2 for eg, I'd guess
So I offer : A month and a half ago - 7th March - it was stated in RNS - not interview BUT RNS - ''Therefore, we have initiated a study to determine how effective ore pre-concentration could be at Bushranger and will then feed those results into the final open pit economic modelling.'' and it was also stated in the same RNS that ''Mineralisation from four drill holes from the Racecourse Prospect has already been submitted for ore pre-concentration analysis''
So Optimal were perhaps already decently in train in this study by early March, I'll offer.
(Given CB soon after that RNS - via Pr roast podcast granted - showed clear signs of confidence in the potential for meaningful business case value add for Bushranger from pre concentration, i'll also offer this as back up to the view that Optimal pre concentration study work was generally already decently in train by early March)
It will soon be May.. and so outputs from that study back to xtr might reasonably be expected soon enough? .. and IF there was categoric 'good news' in those outputs, CB might not be able to help himself but to update specifically on this Optimal study feedback - hopefully va RNS - and so 'meaningfully good' Bushranger news could be with us in May is a guess I'll throw out there here/now...
Can you stay in the car park longer please? as your comments and thoughts were a very fair and excellent synopsis .
Thank you.
I am stuck in a carpark waiting for 20 mins. So thought I would post a few thoughts.
1. RC/Ascot. Still need to wait on Birds timings I am afraid. We will get there in the end.
2. Footrot. I’ve had a few looks at this. Basically not enough information. If it were my company I would find a good porphyry professor and pay him xxxk to write a 5-10 page report on it. You need to understand the timings of the fault creation and how the deeper rocks were both formed and displaced. It will almost certainly contain copper/gold imo but so much movement has take place it will be difficult to find without say 6-12 drills and trial and error.
3 new Zambia project. Looks good- but is very “bird” like. It could be a fantastic project with lots of potential, excellent grades and a good extension to LOM. However it could also be pretty worthless. We’ve been down the road of bulk samples etc etc with Eureka so until we get actual results and good info it’s difficult to say more. Some much needed independent analysis would be nice.
4 African gold projects. We need the magical/mythical profit in the bank figures for the market to get truely excited imo. Hopefully this isn’t far away. There are alot of side issues also effecting how the market is pricing it such as LOM - extensions- sulphide processing - mmp plans for it.
Overall not much is priced in with current commodity prices, “The bird effect”, however as the raw non disputable figures are released we should improve.
Bird mentions XTR and we drop......What a surprise! :P
That's about £470,000 worth of gold sat on those scales!
Probably a very good move. Says on RNS fees etc.
Makes the impact directly to investors not MM’s 1st.
Ps nice to see the gold bar (ours)
Pss I don’t do twitter !
For someone who said, a few times, that he didnt think twitter was appropriate to promote his companies, he's definitely had a change of heart :)
https://twitter.com/ColinBirdMining/status/1648618153314746368
>> When is the RNS updated expected?
Plant upgrade? Not due yet, but a decision will need to be made in next couple or three months so as to be in a position to have upgrades in place when the shallow oxides have been mined and are into the transitional ore.
Incidentally, further upgrades to increase capacity of plant could also be looked at to reduce LOM hinted at by CB
When is the RNS updated expected?
Can hear Zak's update tomorrow breaking out the 2.25p resistance and back up to 3.5p over the next month.
Agree with others, I think no hidden news here, just PI's waiting for the 'bottom' before re-investing....
"Na nothing brewing, is just the fundamentals that are now beginning to show company worth"
This is also my view. I would be surprised if these buys were from a leak or if we had RNS tomorrow. Volume decent but not exceptional.
However, the fundamentals that are probably driving this rise are imho ALL from FB future income. I don't think many will be buying on any of CB's predictions on Bushranger... just yet ! Plenty of unknows in that asset and we may find, soon enough, that its only going to be economical at a higher POC. Maybe, maybe not, but there is risk in that assumption esp with CB's history !
In short, this has been massively oversold and now logic is being used rather than emotion and FB income is driving the sp back to a level that is nearer to future predicted FB income valuation (circa 3p, maybe 3.5p)
Of course AIMHO (Cue RNS tomorrow then :).
Small point worth repeating regarding JV agreement at Kakuyu.
As Xtract have already paid back Oval the cash for pre stripping and previous mine work directly up front. Rather than taken from cash flow by reducing our percentage until paid back. Those first revenues will be at full 60% return to Xtract. ??From ‘23 presentation ?Xtract refunded US$90k to JV partner for historic pre- stripping work and a further US$60k for the first month of pre-production mining.
Something decent could come from there, CB has been quite reserved almost playing it down. I think it was Ben who first mentioned it.
Good news would be nice but the rise has been sustained for a good 2 weeks now. I think we were massively oversold here on Bushranger news, with no appreciation that a share price higher than current is justified on gold production alone.
Smells like a leak, 20% with no rns? Not complaining!
…is a funny thing. I’ve spent my days since Bushranger wondering just which RNS it will be which will light the fire under the share price. All it took was a month of silence! Albeit from a low base. I’ll be sitting tight for another 18 months or so in the hope of realising full value here.
Na nothing brewing, is just the fundamentals that are now beginning to show company worth. We still have first gold pour from Kakuyu to follow and updated conceptual study re-worked from findings of pre-concentration study that will give a firm economic assessment of RC pit going forward. That could really kick things off. Plenty of important news to follow to drive market cap up and on. It’s only just started.
Wow great rise today again...surely something brewing behind the scenes.
Correct but somethings up as I mentioned months ago CB has been on radio silence or has been told to maintain silence.
I don't begrudge anyone selling either, but I think they will regret it, soon enough.
Thankfully the substantial increase in income soon from FB is, is not reliant on CB's forward guidance :)
Well it’s just jumped up again
A44
There hasn’t been that many large trades on the sell side. Probably some investors cashing in a few squids for the hols or bills.
After all the BS Bird has fed us the last few years I begrudge no one selling.
TBH, I'm tempted to just bail at this price myself!