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"No matter what spin the bulls here try to put on it The market has given its verdict"
Just 0.7% of holders have sold
You could buy at 3.1p two months ago before this news came out
3p to buy now
This is not a mass exodus as its all now crap
In the many years I've been in here I've understood CB to be good at following up a bad news RNS - when he eventually has to release such an RNS .. his pref is to bury as much of the bad as possible, granted - with a good news one... or, at very least, I'd offer that I have no recollection of three bad news RNS's on the bounce here.... so hopefully at least one of Ascot or Africa Gold has much - or some even - good news available to be RNS'd soon....
On Vox Markets now!
Aeris
I think you raise a fair point.
CB must have known that RC was 1.1M for some time, but in the most recent interviews he was not rowing back on his superlatives ie World class, tier 1 etc
He must have known that this result was not consistent with his narrative
CB had to release this news at some time before xmas (according to the half yearly RNS timescale) so now is as good as time s any.
Maybe FB news will be out soon so to act as cover for this??
Agreed, the old **** has been sitting on this info for months and continuind to BS the market.
Shameful....
No matter what spin the bulls here try to put on it The market has given its verdict
Cost more to get out the ground....
The team - and Colin - would have known a year ago from the drilling, visuals and assays that they had received that the contained copper would be much closer to 1 million tonnes than 2. 500 million tons of rock has been the mantra since last Christmas. They just needed to apply the grades (most of which they had so were able to do)
A year ago Colin was at great pains to tell Zak Mir that this was "not a 10p ore body"
I can't imagine this shock to the share price is in anticipation of a fundraise.
So why release this news now
That's why no one is interested, will got more to get out the ground with todays costs than the resource is worth...
Maybe in a couple of Millenia when its discovered again by aliens visiting.
Well that' s that then.... another project CB ????
IF CB decides to drill a 3rd campaign to take us to Q3 23 the best option is to sell up when it's announced and come back in 9 months as the SP won't move ( down probably if it does) until then.
I for one would do so, the only people who will be getting any jam in the interim would be the BOD.
CB said he expected to have the resource report done before Xmas 22 not 23.
To say I'm not surprised in the least says it all for me.
Joeman1 , it was a joke!
I'm reading open pit mining study early 2023.... repeated a couple of times... can't find the 2032
"· A higher-grade core of the Racecourse mineralisation extends from near surface to relatively shallow depths and contains 191Mt @ 0.33% CuEq, reported at a cut-off of 0.2% CuEq"
so 0.6mt right near the surface to shallow depth
That on its own must be worth 4p absolute min even at 1% inground value . Probably 6p
Cygnus
I take your point re 0.4mt Ascot and 2% in ground value, and you may be right, but I was looking at worst case scenario with my assumptions. I think, after what has happened, its better to assume very low results rather than decent or good results/ expectations.
Btw, just up the road at cadia another mine had a PFS (last month) and they used $7700 POC in their model so I think this is more accurate than $8K POC unless we get a massive move soon in POC soon.
My "out of left field" guess is that CB may be doing a Liz Truss type of U turn soon and decide that P3 drill campaign is now needed after all and the FB money will be used to do this?? Maybe we will need to drill those "sweeties in the Box" CB was going to leave for the major??
In addition, he may also want / need to wait for POC to rise further, so my Q3 2023 buy-out comment yesterday may not be that far off the mark??
Cygnus
All that depends on a number of positives coming together. Ie timeliness/deadlines, POC, successful drilling campaign and no more dilution. Cash coming in won't cover drilling. If any one of those failed then it would not be worth the wait to see if we will make a profit on our investment.
"The price of Cu $8k/T"
Dont forget that the Copper price still has +25% to be added when China eventually comes on stream proper.
I wonder whether the RNS writer has dyslexia. Did he/she mean to write :
We expect that the open pit mining study will be completed early in 2032?
As with all of you, I was disappointed at this mornings news however, to listen to some of you one would think the administrator had been called in. Really not sure some of you have the mental stoicism to be investing in exploration companies. That said...
Andrew444, looking at your numbers I think it's quite reasonable Ascot could be 0.4MT, The price of Cu $8k/T and the % figure 2% (yesterday there was talk of a lot more but considering todays figures 2% is more realistic). Multiply those out you get almost 20p. The resource may not be of interest to AA considering it did not get to 2MT but that may just clear the way for more exploratory work to mature RC, Ascot & the other anomalies. Yes, that means delay and I know many here want to move on but low level exploration financed via our African resources could lead to a geographical porphyry region ripe for the plucking just when the Cu price launches. It just means waiting although the sp could be very in the short term allowing it to be very advantageous in the long term.
Andreww didn't you say it would be in tatters if he didn't get over 1.5mt?
Dibs - There are also approx 50 mid-tier miners in Australia.
Gixxer
If it is not sold by end of 2023 for 10p min then he I agree with you. CB's rep would be in tatters
Confirms my 10p prediction... just need it doing sooner rather than later or shareholder value will erode with chasing a few more tons.
But Andy, who in their right mind is going to buy the 58th best porphyry project on offer? Remember those Ambrian reports where they compare dozens of copper mobs and their likelihood of being bought out? Go re-read them...today's numbers would barely register.
Well I was dropping hints lol
Very very wishful thinking jezzoo. The SP will simply carry on doing what it’s been doing the past several months, stagnate. There is no catalyst for a rerate. The boss has zero credibility now in the market after continually claiming they had in excess of 2mt of copper. It’s barely 50% of that claim.
I confidently forecast Bushranger will never be mined and it will never be sold. Majors will not be interested, not worth their while. Grades are borderline economic.