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I see Solg is a bargain atm:
Don't worry about what you paid and what you dreamed..
That mob are laughable full stop. Nothing personal, just business.
I think you're all just average punters, whereas howezap is a very talented dishonest bs'er.
Don't worry about what you paid and what you dreamed...just compare xtr to 20 other little companies trying to do the same copper porphyry thing. This mob are laughable compared to what you can buy for half as much. Nothing personal, just business.
I’m in exactly the same position, Steve. Have had to refinance as well, as I’d hoped to be able to take profits before now to fund a project. But I’m still holding on to every share. I don’t know what the Sp/Dividend will be when Bushranger is sold, but I’m confident that it will be multiples of the current SP - so there is no point in bailing out now. I await the end-game with eager anticipation!
£150 of shares sold in 5 hours of trading today... tells me the investors are still here.
No new PI's will take a look at XTR until there is some significant news released that prompts them to take a look. As for II's, they may be watching but won't even bother trying to enter at this price and with such low volume... can you imagine what any significant sort of purchase would do to the SP? They may as well wait for news (less risk) and then look to build a position from the profit takers on the way up.
I must confess to being one of the investors that was somewhat upset at the delayed timelines (I had allowed for a significant amount of slippage but clearly not enough!) because I had overcommitted in XTR using money ring-fenced for something else. Instead of selling though, I have done some 'financial restructuring' of my own and now sit in the 'happy to wait' camp. The news will come soon enough and the painfully long wait will all be forgotten.
Keep the faith and GLA
Total drilling in the IOCG deposits at The Little Eva project just recently sold, includes 1,470 drill holes for 208,637m. Most of the drilling was done by RC. Cheaper, as the drill compiles cuttings instead of core so gets bagged at surface and go straight for assays. Whereas Diamond core, used exclusively in both xtract phases at BR can be analysed on the surface for geological and mineralogical structure more suitable in porphyry modelling, with the extra handling increasing the expense.
So it’s not too difficult to understand why Eureka pit extension drilling and IOCG theory exploration is not planned yet. It could be extensive and costly. Could be combination of mostly RC with DD as well. As the pit will be further developed eventually to the north west and at depth it will require more drilling with tighter density data points due to deposit type and to increase the probable/proven ore reserve potentially in a first development phase to increase the overall pit size.
Could well then see some initial deep drills to establish what and if is down there and extent of IOCG if so. Results here could open up the project considerably if a larger discovery is found to then have its own plant developed to process on site.
Financed, funded in house, or with a similar business model to Manica used. There is huge potential mid to long term, just need to get that regular income in the short term first to kick start the project.
Half year report,
>>>No further exploration was undertaken at Eureka during the period pending consideration of options for possible future development.
Very Interesting. Just hope the excitement from them earlier assays that highlighted the potential different deposit type was warranted and the project doesn’t follow in the same way as kalengwa if profit cannot be turned from transferring ore off site.
Will we get some news this month or next? I thought maybe with the recent assay results RNS that it might be the start of a news flow.
Agreed..... new investors/new money will flow in when the news starts to flow out.
If there is no volume (just 480k yesterday, with 270k buys), then investors plainly haven't gone anywhere - they are holding on to their shares. What we need are new investors and that is likely to follow news on Fairbride, the Racecourse and Ascot MREs and the mine model.
It just looks like investors have gone . The question is will they return and will they return to the conventional markets.
Hi IWTO
Cheers, value your opinion, would agree with you that a more detailed costings update should or could improve the economics.
Pound for pound, one would assume in most instances the IOCG would be more profitable due to grade and easier to separate. But the reality of a far longer LOM for a porphyry deposit with more consistent grades in bulk make for easier mining, less ongoing plant modifications for different ore type and a long mining operation over decades that do ride out commodity cycles a lot easier.
Let’s just hope the numbers do stack up!
Howezap, yes higher capex can be recovered more quickly from higher volumes of ore going through the plant. Only thing is, based on the last figures we saw, BR’s opex per lb of copper is much higher than Eva’s too. I admit I haven’t studied Eva in detail other than to note their cash costs per tonne seem very low. So I stand by what I said - the higher throughput at RC at higher opex would not compensate for the higher capex, in comparison with Eva. Of course it all depends on updated detailed costings so currently this is all IMHO.
CB has the right individuals in place across all his companies with the specific capabilities, values, and experience to move them forward. If he couldn’t keep on top of his workload, he would do something about it, if it was to the detriment of that company.
He stepped down from jubilee metals as he felt a more suitable candidate with different set of skills would be better for them in the next phase of their evolution as a company. CB admitted his skills are more appropriate to companies which are at an earlier stage of their development. So he did something about it, he’s not daft.
Having to second guess what’s going on is obviously not just confined to just xtract then.
The lack of clariry over in another of CB's companies isn't helping the XTR cause. Over stretched maybe.
All on hold until Cu price recovers somewhat, as it vastly improves the poker players play.
>null
Hi Butlerman, there is an arguable point that the pit model in particular with its financial evaluation will be held until after AA have been approached, as this will form the basis of the ‘decision to mine’ option. If AA pass, on the option to buy back in then there will be a full on marketing push and a webinar will potentially be integral to it as they ‘position the project in the global market.’ If they decide they want back in then we could see a news blackout out until conclusion.
Then on the other hand, Colin will not want to go into any negotiations with a poor market cap, as he has stated previously “its better to go into negotiations with a strong market cap than apologising for a weak one.” If this is maybe still the case now, then a full reveal including a webinar and anything else at their disposal to drive the market cap up may happen before AA are approached.
I’m open minded on this one, can see both sides.
Anyone else got a take on this?
I’d love to have this too, Howezap. But having such a revealing presentation available to the open market, and potential suitors, all at the same time, may risk giving too much information away, and thus impact any financial negotiations with buyers. All just IMHO. I am not saying this won’t happen, but it would surprise me if it did.
Most recently reported from BR
-Last of racecourse assays
-Completion of phase 2
-Metallurgical test work results
-Last of Ascot assays
Are we soon going to see the results of IP/EM surveys?
They are literally the last piece of the geological supporting evidence. So if it does not follow in the next couple of weeks, would it be fair to suggest that another webinar could be planned to reveal the revised conceptual pit model and show the full extent of both exploration phases along with an analysis on what surveys are showing.
Why wouldn’t they this time round?
Red just means below the mid-point, it doesn't mean sell. Based on level 2, everything after 9.45am at 3.407p or higher is a buy.
I think that the sells listed today might well be buys. My top up this morning is shown as a sell.
This does seem to be well under the radar at the moment. Looking to recoup some portfolio losses with this company.
GLA
Good find on the Harmony deal by Prof Cheese!
Andrew4444 your calculations were spit on for a first pass comparison.
I don't think a major would balk at a billion dollar capex at RC vs 600 million at Eva copper project when the contained copper at Racecourse is at least 2 times, and with possible further multiples once the porphyries at Ascot and possibly Footrot are added in. As someone mentioned, the payback is also faster.
Good morning Xtractors!
Good potential from Ascot yesterday. More exploration would certainly be required to understand the more concentrated mineralisation along sub vertical zones. The long strike indicates large volumes. Look forward to the maiden JORC Resource.
For Cygnus, each porphyry does indeed have its own emplacement style and geochemistry, depending on its timing, magmatic evolution and fluid expulsion, and geological stresses present in the country rock, to name but the main factors.
Capex, nearly double, no issue. Of course plant needs to be bigger, due to sheer volume to process.
At 87% Recovery rate about the same.
Basically Racecourse will return Capex and probably similar quantity of Cu/Ag to eva over the initial 6-8 years, rather than 15 years, from near surface higher grade material, it is unlikely we have pierced all the higher grade zones, or thickest areas of high grade within the deposit either.
I find following article interesting, though there are no specifics, it nicely debunks the grade is king philiosophy, when it comes to copper.
https://www.prnewswire.com/news-releases/why-the-global-economy-deems-copper-porphyry-as-one-of-the-worlds-most-valuable-deposit-types-301539259.html
Hi IWTO, wouldn’t the economics and potential to return CapEx be far greater with the sheer scale of RC alone, which would proportionately increase due to increased size of operation, footprint, facilities and logistical requirements. It has more consistent grades in bulk. Higher grade early recovery phase that will see CapEx recovery from 4-8 years.
Eva is made up of 12 small deposits ranging from 0.7mt with the largest, little Eva, still being only 100mt. 7 of these are included in the current mine plan. Most deposits are IOCG with mineralisation being veined networks or breccias. Others are copper only stratabound type. So recovery of concentrates from these sulfide deposits can be easier to separate and can be more profitable, but nowhere near as abundant as more desirable porphyry deposits, which can be processed at lower cost making them very economical to mine.
These really are two completely different animals after all.
David and Goliath!
Andrew, your calcs look right but note that the capex for the Harmony project is less than US$600m. For BR Mr Bird has already suggested it’s at least $1bn and likely a lot more. That’ll change the calculation quite significantly. Plus BR’s cash flows will be over a longer period and discounted more on average. Still, it’s a very encouraging comparator.
Another glaring point from that,, these portfolio managers are referencing their interest in mid to long term outlook. What we have in BR will likely be a far shorter term to realise a big chunk of value for its shareholders, will continue to be in a strong financial position with remaining quality assets having the scope to be further developed. So Xtract will ‘still’ fall into the mid to long term interest of these fund managers and investors alike.
You hear repeatedly from portfolio managers to analysts in the resource sector about the mid to long-term prospects of copper and gold in particular.
If you can stomach the short-term volatility there is a strong case to look for value right now in companies that have been literally thrown out with the bathwater and are between 50 and 80% down from highs of 18 months ago. Have good assets and have been either lucky or clever enough to have had a last raise in the last year that will see them over and through this micro bear market in the resource sector and potentially for the next 12-24 months.
What I’ve just heard now and similarly a couple of times from various other podcasts, if it’s a quality junior with quality assets that has a quality management team and is in a position to not need to raise capital they are ‘all’ very interested indeed.
HELLO!!
What I find really positive is that companies in this position wouldn’t necessarily have been sold off so much because the market sees there is no financing overhang. So with the timing of fairbride start up being late, we have seen Xtract being dragged down, Potentially further than it would have done if it were already at maximum production. So there is even greater upside potential there too, once the full fundamentals are there for the market to digest.
Just a case of when will it be time to roll out the great Xtract PR marketing machine soon.