Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Roast boys interviewing Bird today.
Apparently they get shares in exchange for these interviews? so don't expect a grilling
Steve. At the time it wasn't being sold to us as RC, Ascot, Footrot et al. It was all about RC.
I'm sure if we drilled the whole of Australua we would get to many many multiples of 2mt. But would that make it a world class asset?
3card - A valuation of 35-40p is not ramping for a resource of 2mt at RC, plus Ascot, plus Footrot, plus other targets/licences. Colin set the expectations and people dared to hope.
As others have said... get the thing sold CB so we can move on.
Have to say, I feel the need to look into the legal ramifications of what Bird has been, verbally, informing the market.
I just can't believe he can just say whatever he wants....
There won't be any point in exercising options at 10p if they only sell at 12pish due to taxation.
Depending on the person's tax liability.
So maybe not so much more dilution to come?
Agree L520 - Just get it sold and no more of your bull-**** Bird
Terrible result (compared with expectations set by Bird).
But it doesn't just condemn Bird. It also condemns the usual rampers on here who for many months vilified as trolls, anyone who dared to question their fanciful valuations of up to 35/40p.
Seen it so many times on AIM.
Well done to all the team in Australia.
They have taken a resource of 71mt to 500mt.
Get it sold for 10-15p and I'm gone!!
Hopefully Colin doesn't exercise any more of his options.
1.1mt doesn't trigger the AA buy-back clause, so that will have to wait until the modelling is complete and they can declare a 'decision to mine'. The wait continues.
Hopefully most investors will eventually see a ROI from this but it will be short of expectations and poor reward for the risk taken.
'Anglo Buy-back option
Under the terms the Bushranger Acquisition agreement, if a deposit of greater than 2 million tons of contained Cu equivalent (e.g. 450Mt @ 0.45% Cu equivalent) is ultimately identified, Anglo may buy-back 80% of the Racecourse deposit at fair market value as determined by an Independent Expert in accordance with the JORC and Valmin Code.'
Would have been exciting if the grade was double the amount that has been reported :-((
I doubt there'll be an interview based on that, no way to spin that! - He should be ashamed of himself the way he's sold this!
3 percent of in ground value in still 250million.
am I correct in thinking Anglo wont be interested now as the original deal was if we had 2 million tonnes of contained CU they may buy back up to 80% of the project ?
Guess its a dress the bride situation now ?
From August copper futures have risen from $3100 to just under $3900
Maybe slightly less resources than estimated but copper mined will
Gain 30% based on current rise plus forecasts for copper price heading over $4k in the coming weeks
Firstly, I thought this was going to be a new updated JORC using a revised JORC 2017 or something?
Secondly, wowzers! What happened to the almost nailed on 2MT with Ascot being the cream topping?
I fear a drop sadly, but a chance to reduce your average. :-( :-)
What a difference between 500@,2cueq and 600@.3cueq.......
I actually think it's quite reasonable. It's a lot of copper, nice higher grade at the top for an irr that's decent, then move into ascot get that higher grade , finally if economics allow dig dirty to get the lower grade stuff.
The main annoyance, is how long he s taken to put this out. He obviously considers it not great but it should have been out 3 months ago! He's essentially just put the company on care and maintenance.
Anyway I did sell some (not because of the projects -purely down to lack of confidence in colin) but hope we will get back to a decent price.
Bottom line is 1 million tonnes of copper in an easily accessible, mining friendly location, in the most mining friendly country. Add enough 300m tonnes with ascot and it's got to be worth more than the current market cap.
Bird, you are so full of ****!!!!!!!!!!!!
Not drawing any conclusions until I see the MRE for Ascott. Interestingly absolutely no mention of the matter of AA in next steps. Colin keeping his cards close to his chest ?
It’s a huge amount of copper in a top jurisdiction, it’s open pittable reducing costs, it has a high grade core to facilitate early capex payback, and it will sustain a long and profitable LOM. Certainly should be valued far in excess of XTR’s whole Mcap. Add on some more tons from Ascot and I think we should be looking at 12-15p for BR. Then there are the African assets of course
My thoughts are..... still worth over 10p.
Maybe with ascot 15p.
Not what was expected thanks to Colin but still a good project and license area.
I'm sure there a lot of interest in our license areas now.
10p is too low for a resource estimate of 2mt but not 1.1mt.
It was very generous of you Andrew to refer to this revelation as a 'managing expectation problem'. It is not the how I would phrase it.
Quick maths…..the 191mt @ $8000/tn and at 0.22% copper with a 4% NPV and $1.2 USD on the forex is still worth c.£100m. Over x3 the mcap today. So whilst not the immediate ten bagger everyone’s been hoping for still a good resource. And that’s without the deeper lowers quality that CB says it could be extended to and without ascot. As said below, we’ll see what the market thinks shortly
Ob.
"we are working on the maiden Mineral Resource for the Ascot Prospect, which we expect will significantly increase the overall mineral inventory on the Bushranger Project"
May end up with 1.4m if lucky 1.5m
I think I now know why they added more options at 5p and not 10p
I wonder if those that thought that 10p buy-out estimates was far too low still think that? Buy-out should still be multiples of current sp IMHO
Looks disappointing to me. Was expecting a lot more to be honest. U
Interesting how market will react
Nothing like what CB had implied, but still a big resource.
As ever, expectation management is CBs problem.