The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The market also didn't like what was said in the interview regardless of Colin's hurt feelings. Yup I heard the bit about getting a partner too.
Where does say "we need a partner?" FFS, just listed to the interview.
The message is quite clear - they can prove 2MT but need to spend 5-6 million on drilling. On the other hand, they are very comfortable with 1.1MT figure, Ascot and the decision to mine which will trigger the option.
If AA does not buy, they will be talking to other parties.
That's all there is really. No wonder he is gobsmacked by these bulletin boards.
Nicetomichu: “bad news was priced in a lot at the previous 3 odd p levels too. So, I believe there's a considerable overreaction here”.
Agree with both statements, if you’re viewing share price as a pure reflection of asset value. But on AIM it very rarely is that. And certainly not in the aftermath of big news. It’s driven by instinct and emotion, and crucially by the simple determinant of whether there are more buyers than sellers or vice versa. The RNS reported a good big resource. Disappointing grade overall but with higher grade bits. Top jurisdiction. In a vacuum, a decent result. But… It was never going to get the AIM punters excited. Which means: no buyers. And of course there would be some sellers. Therefore: price down.
Remember him saying we definitely won't JV!
Latest interview....we need a partner!
What a 48 hours can do when you don't manage expectations from the bat. As a few have said today, it's the words of the boss himself that has got us in trouble.
It's rather frustrating that what would normally be a success story was overshadowed by some ham fisted PR coordination.
Still holding but as previous poster said - blood pressure up.
Andrew. Impressive forensic skills. Just had a quick listen to the podcast. Didn't sound as bad as the shareprice reaction. But then left with the question - so where are we now ?. Are we going to mine BR ourselves with a partner ?.
Think l better go back to sleep until the next RNS or my blood pressure will also be exploding.
This is a good illustration of what annoys me about CB. Gas lightning and no accountability:
Todays interview at 5m .20 sec
https://audioboom.com/posts/8201622-midweek-takeaway-with-colin-bird-executive-chairman-of-xtract-resources-aim-xtr
"If I just went chasing THIER magical 2mt..some people have got it in their head that the 2m is magical.. "
Interview last year at 45 secs in
https://www.share-talk.com/colin-bird-executive-chairman-of-xtract-resources-xtr-l-interview-2/
"We feel that that magical 2mt which triggers the Anglo option is very achievable"
So last year HE used the term magical, then today he implied it was the SH who used the phrase and is critical of the term.
Its a minor point in substance, but illustrates his inability to take responsibility and moreover, try to blames others.
Btw, the full interview last year has not aged well. Best not to listen to it all as it may cause offence :)
How to join this elusive telegram group?
If anyone wants to message me I'm on the telegram group as Charlie zzz
I do recognise the good moves Colin has made to move the project along in Oz and get Manica up and running, but I feel he needs to hear that this latest chasing of new rainbows is not acceptable to many significant shareholders and he needs to listen to that :)
Empress Royalty have paid 3 million dollers for a 3.35% Royalty over manica gold production.After 96,000 ounces have been produced the royalty reduces to 1.25% for the remainder of the mine life. Xtract have I believe 23% of the gold produced as well as alluvial gold contracts on top market cap 21 million pounds with bushranger and 8 billion pounds of copper as a side dish.
Looong time ago CB could have been the perfect Snake Oil Salesman. Let's face it some of us got caught at 20 p ,encouraged by his perfect sales speech, some at 7 or 10 etc etc. It's obvious XTR it's a share only good for people skilled in trading ! All the massive recent purchases will find a buyer at a slightly higher sell price and the traders make a living! Nothing wrong with it ,I am just surprised that day after day, month after month,
year after year some investor want to make you feel like an idiot if you don't buy continuosly on the dips in order to become the millionaire that they think
will be one day. WAKE UP ! The only one making money out of this magic snake oil potion is : you know the name. No offense to any one just so fecking upset one more time
clearly not with shareholders' interests.
Let's also remember that CB, and most of the board, are Part Time.
Galileo, waiting for news, Bezant, waiting for news, Ken, years away, AFP, not much, TIR, different arena.
Where are CB's, and the Board's, priorities?
"clearly any excess funds should be used to maximise Manica or improve the resource estimate at Bushranger
Completely absurd to be doing anything else"
Agree totally Cyber. Quite apart from anything else, time is hardly on CB's side at nearly 80
Fair play to the iceberg it didn't take him too long to rumble that there is a massive trust issue with Colin.
A4444 - We need someone in between the likes of AF and CB. Someone who promotes the company, who has CB's enthusiasm but doesn't go over the line and make unrealistic comments bordering on BS.
Sounds like theiceberg ..
I felt his anger/frustration towards shareholder reaction was insulting tbh. It was him and his comments that created this situation. They were never "nearly there".
Only needs 10% for an EGM, I'm in...
howezap - That may be what he meant but there was no 'pre' prefix used.
Plenty of anger and angst playing out around the xtr.l s/p in the last two days, somewhat understandably, granted.
But I'd encourage people to take some thinking time to look rationally at the assets xtr.l has:
As Andrew says : ''The crazy thing is, we have now got a very big copper resource with a great 0.6mt near surface Cu.''
And, very importantly too, we have a Fairbride 'Ard rock gold revenue stream in the process of fully kicking in over the coming months, that will last for many years and should be worth 2.5p to 3p a share on its own, by bearish - not bullish as 5p plus bullishly imho - definition.
Also, bad news was priced in a lot at the previous 3 odd p levels too.
So, I believe there's a considerable overreaction here and the s/p has gone to too low a level now ... and when things calm down I'll be looking to add some shares to my holding here.
Imho & Dyor
He was referring to the conceptual Mining study, which will be pre feasibility level, ‘not’ a DFS
Stevemocal, It's funny how CB now says we require FS to take to AA when a year of so ago he brushed such requirements aside with some comment about it being so obviously lucrative they would jump on it and thats not how they do business down under.
More delaying tactics.
Well and truly been caught with his pants down this time, can an EGM be called if enough SH complain about his stewardship and methods ? We need somebody to realise the value here without bluster and inuendo, we need a straight talking CEO who the eventual buyers will trust because that's something that hasn't been taken in to consideration.
Would you buy a copper mine from this man ?
We need a clear and concise statement from XTR and no more CB hype. He should retire and let someone else try and repair the damage that has been done, hopefully someone to get this mess sold and we can all move on to something better. GLA
Stevemocal... this is classic Colin can kicking. It suits the way he operates that there is no definition to where we are at regarding the steps and timeframe. I really do fear for shareholder value here now as he has just given himself free reign to delay this ad infinitum. He really has led us a merry dance.
CB had also mentioned he'd not talked to AA yet. IMO, based on the results to date, I'd assume AA would not be interested and that a company already Lachlan based would be far better suited.
With that in mind an 'informal' chat could be the best way forward now? Possibly naïve to think AA would let it go that easy tho even if they were not overly interested. I'm sure they didn't get as big as they are playing nice.
Maybe we give them the other licences or something?