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I feel the reason CB doent do robust DD is because he's obsessed in finding another Kiwara quickly and knows time is not on his side . I wonder if his approach would be different if he was 30 years younger??
He seems to treat these acquisitions like someone buying lottery tickets. He thinks the next one could be the big one !!
Reading the presentation today, it seems hes not going to stop buying more lottery tickets. Understandable really ,as the shareholder's are the one's paying the cost of these tickets :)
You would really have to be cynical to believe their DD was not done correctly. At the time up to signing you would certainly hope all was well. - You're right HZ, so why wasn't this picked up on?? (We found out post purchase it was all over the news)
- The thing is HZ, a pattern has formed and there's a common denominator here...CB. 1 or 2 feck-ups, fine, this is mining after all! - But you've got to admit he seems world class at picking up a new project that can't deliver anything, we just lose money. In fact the only project we've made money on was one that Jan Nelson bought!
Look at the pattern here. show DD to you?
- Buying a mine in the middle of nowhere and then realising, years later, that it's not going to be viable as it's too costly to transport. Poor DD in my book.
- Finding out your partner is some sort of mafia boss and it's been all over the news in Africa. Poor DD in my book.
- Giving 450k to a diamond miner to get him started on out alluvials only to find out his...wait for it...diamond mining plant is useless for gold alluvial mining. Poor DD in my book.
A big find, Odyn knows how many years ago, was all well and good but Bird using us and our money, as risk, just to show the market and his ego that he's not a one hit wonder...
I say again, it's long overdue you took a step back Bird. We need someone at the helm that cares about the company and it's shareholders.
>Proper DD is done to ensure that you know that the partner is not dodgy or in debt !
You would really have to be cynical to believe their DD was not done correctly. At the time up to signing you would certainly hope all was well.
It is ‘only’ a presentation and >>>does not constitute, or form part of, an admission document, listing particulars, a prospectus, a circular or any other documents relating to the Company.
It certainly doesn’t supersede the latest in RNS statement that no further was done there pending consideration of options for possible future development.
That’s not particularly enticing for new investors, to showcase a project that is parked up for whatever reason. So prob best not jump the gun and assume it is dead and buried just as Kalengwa is not either.
The gushing about the now dead deals done at the time by Colin show him to be either clueless or purposely misleading.
Kalengwa
Kajevu
Eureka
Moz Gold (so lucky to work with them).
There is a word for purposely misleading but best not upset anyone.
This presentation by Mark Mills explains it clearly. Copper starts 16 minutes in.
https://www.youtube.com/watch?v=sgOEGKDVvsg
"Can’t blame their DD process for a partner being dodgy and in debt."
Yes you can.
Proper DD is done to ensure that you know that the partner is not dodgy or in debt !
Howezap
Partner DD is one of the starting points before you do any deal with someone…. Maybe things came to light/changed after the deal was signed which can happen obviously. My frustration isn’t so much failed project (Moz Gold apart which was a shocker) I expect that in this game but the way shareholders are told about failed projects, surely a presentation not mentioning a project isn’t how we should find out it’s no longer a focus (or hidden in the annual report). CB promised walks and all which is the least he can do, but sadly I dont believe he is doing this.
On a more optimistic note I thought the deck looked good and there was some information I didn’t know
Cheers
James
Is very likely the deal between xtr and KPZ has soured opposed to potential returns from Eureka after the fallout from Kalengwa They were production ready to resume transferring ore for processing at Eureka after all.
Kajevo yes, was dud after only sporadic mineralisation came back so it switched focus onto Eureka.
Can’t blame their DD process for a partner being dodgy and in debt. (A big if so - granted)
Otherwise is a good up to date presentation.
-LoM Extension drilling at Manica finally scheduled in for first quarter.
-Confirmed we are now receiving 23% of op cash flow.
-Kakuyu is close to receiving immediate cash flow.
-in ‘process’ of acquiring further small scale ops and persuing others.
From growth potential of small scale mining ops.
>Opportunity to convert small-scale mining operation into longer- term larger scale operation that can justify a stand-alone processing plant.
With all the BS seemingly evaporated, when are we going to get some real news regarding anything positive or was it all just hot air coming from those podcasts?
Disappointed if Eureka is dead as it looked like the only thing stopping it from being a money spinner was that RC was absorbing all of the teams time.
Agree with that Lucky!
I've lost count of the presentations and new projects. I've also lost count of the times we've heard the words potential, due diligence, imminent, share holder value etc etc
Anyway, I've been staying away for a while and it's been bliss. I'll stay away a bit longer until the next RNS with promises.
Have a good weekend all.
So..
Kalengwa Dead
Kajevu" known as the "Matrix Project". Dead
Eureka Dead
All in Zambia
The mission statement in presentation.... Establish a small-scale sustainable copper mining company in Zambia
If nothing else, you have to say CB is persistent :)
No doubt DD was not done as well as CB implied for these projects, but he will have to go along way to match the incompetence and lack of DD on the Moz Gold fiasco. The diamond miners (sic) realised in a couple of months that alluvial Gold mining was not like Diamond mining and the wrong plant had been used to process our type of Gold. Too fine I think??
You'd have thought CB would have checked that with Moz Gold first :)
Tbh I'm not interested in any other projects apart from FB and Bushranger. And I'm not interested in presentations, promises and mission statements or CBs excited interviews now.
I now just want to see results. Hes had long enough.
FHAJ, they can win!!! Deliver shareholder value! Stop talking about it, stop presenting it.....deliver it!
>>Eureka now dead and buried - Seems so.
Only a few weeks ago Bird was going on about how much due diligence he and his team do..... Looks like you need to get a new team Bird, your track record at XTR for taking on projects that go nowhere is the only thing that's world class!
Everyone moans about lack of investor relation content. They provide some (albeit am awaiting some PR to flag it is actually there!!). Can't win...
Definitely not seen it before. Good factual information and might even bring in some new investors now that sp is in the doldrums!
Trying hard to polish turds I see!
I thought eureka was a potential iocg?
Typical cycle from xtract.
No good news, nothing good has happened......update the website or do a presentation to keep the shareholders chasing the carrot!
Confirmed in latest presentation.
Not seen this before - anyone else realised it was there ?
https://xtractresources.com/wp-content/uploads/XTR-Presentation-Feb2023_v2.2.pdf
"mistakenly" as in "accidentally on purpose" ?
Colin has made misguiding an art form.
Could be just adding both the high grade parts of RC and Ascot together then mistakenly adding that 225mt total high grade to the 512mt JORC total of RC which is 737mt The total of both JORC is 599mt
Iceberg alluded to the fact that a major will only pay for what is included in the JORC.
So it would be an assumption then that all the 2mtCuEq would have to be drilled out to be included in the JORC to trigger the buy back.
Agreement does state a valuation will be in accordance with JORC and Valmin code.
In that podcast from 19/12/21 CB mentions they might decide to drill the part of the resource that didn’t have enough drill hole information to support the tonnage, (unJORC’ed) This could be additional to the JORC, if not to upgrade. But they can push the margins out further as stated to increase too.
>>>The Measured Group report also concluded that, as the mineralisation increases in grade and width down plunge, the area north and down plunge of the currently defined mineralisation is a clear exploration target and represents an opportunity to significantly increase tonnage
Think was estimated an additional 2-300mt possible plus additional from Ascot.
Yes it was his blog I was thinking about.
https://icebergshares.blogspot.com/2022/11/xtr-jorc.html
Could it be the 730 was re RC alone and Iceberg's 1billion was for RC and Ascot?
Bottom line is that we may have more than just what the JORC shows?
I recall he mentioned 'un-jorq'd' material in his blog, it was 'the fatal flaw' in Steve's calc. But not explicitly the 730.
"or his he including material that couldn't be mentioned in the JORC? "
Didnt Theiceberg (or may be someone else) mention this before and that was the conclusion??
Not 100% sure but that rings a bell.