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If that is a CB buy it would bode well for news at the AGM, isn't there a 10 day minimum exclusion on director buys prior to news that could affect the SP ?
Of course. Distracted.
All director buys even £100 must be declared.
Could be.
It fits with his last size buy about a year ago. Similar.
23-Aug-21 Buy Colin Bird 3.50 GBX 2,054,700
Only when a purchase takes a total holding past certain boundaries. eg 3%. So, not necessarily.
We will find out in due course as it has to be declared, right?
Just my gut but I think it was a Colin buy.
If so, someone is confident :).
(3.45p has been buy and sell price today)
I have to admit that I like CB and think he is a hard working and shrewd chairman. However he has not made me any money as I have a large holding in BZT and as far as I can see the future at BZT is hugely determined by copper price.
Here at XTR we are less vulnerable to current copper prices given our African gold resources which will only increase in value as the current market crises continue. Lets not pretend that the future prosperity of XTR is in ours or CBs hands ... we are in the grip of two increasingly desperate dictators one of which is intent on destroying his neighbour and the other has unleashed a massive property slump which has torpedoed the copper price. Xi Peng is also looking to destroy his neighbour . These two thugs have an enormous influence over world events and the world economy. And we are all worse off because of them.
I have a great respect for your opinion Iceberg, your last post makes sense, I just wish I had the same faith in CB sometimes.
My frustration would align with that, why make promises that people weren't pushing you to make, I doubt it increased the share price much but I do think it had a strong negative effect when the self imposed targets weren't met.
I also worry about looking for better market conditions, I have a feeling that what looks bad at the moment is going to look like calm waters compared to next year, if we are waiting for the market to improve I think we are waiting until 2024/25, if I had known that I would have sold a few 100,000 shares at 6p and left the rest in here and not checked again for a couple of years.
Hindsight will make you a million in a week. Holding tight and we'll see what happens.
I'm not too sure that the frustrations are down to SH wanting to cash out quickly - and now finding that they have to wait longer.
I think it maybe down to the fact that the direction and process keeps changing. One minute its just a few holes in ascot to give an indication, with RC model soon - then its phase 3 + areas outside ascot and RC.
The statement "It wont be a death by a thousand lashes" has not aged well :) That's exactly what is happening.
And where's the interim report we were promised months ago in an RNS? Is that down to poor market conditions?
I suspect CB will be blaming many issues on "Poor market conditions" like he did previously with covid.
If CB has all this under control and all this is a part of a grand plan involving delaying tactics re sale, then he is playing a blinder and got a lot of people fooled !
On balance, I still expect this to turn out OK, in the end, but CB does make life hard for himself with his "shoot from the hip" comments.
IMHO
Cygnus,
You may have a point. I have seen quite a few comments( not on this board) about CB selling Kalumbila for much less than he could have achieved . A different project and different times but...
The iceberg you make a good argument for me being wrong and fair play if I am
I think that is an excellent analysis.
I have an extremely large holding here and have been waiting patiently for RC to realise its potential. Luckily I am not desperate for cash at this present time like you say some may be. Yes it is frustrating but I am optimistic things will come good in due course. We have a good and increasing revenue stream, so must be value to be had whatever. I do not post very often, but follow these boards religiously.
Cela..
Prominent hill, the 5th largest copper mine in Australia, produces 61kt of copper a year. Even at 2 Mt, that would be enough for over 30 years.
Even the largest copper mine in the Australia only produces something like 170kt. Which again our license could do for 11-12 years of we get 2MT.
That idea that we need 3-4mt - enough to be the biggest copper mine in Australia for a couple of decades is not right.
Don't get me wrong I would love that much, but anything over 1mt would be a massive copper project, powering several decades at a respectable 30kt a year. Even at today's copper price that would generate nearly a quarter a billion a year in revenue.
We 100% have far more than this last scenario. The value for xtr must be more than the 10-20m that it's currently got on our mcap.
I think the frustration seen on this board today stems from shareholders wanting to cash out quickly and then finding it's not going to happen as they hoped. That's led to all sorts of accusations, many of which I think are unfair. Yes, expectations were high that this would happen but put yourself in CB's place. If Ascot had never been found then RC would be on the table soon and we could all be happy. But with Ascot still being an unknown quantity how many of us would say "don't care", sell and move on. What if Ascot is as valuable as RC? I think CB is getting abuse while possibly playing a clever hand. By delaying presentation of the model he is allowing Ascot to be further explored, improving the RC financial model due to shallow drilling and allowing the Cu price to rebound. A win/win situation. The price is the abuse he is collecting for missing deadlines. If it means that my shares eventually are twice the value then I'm happy to wait.
I know not all shareholders can, or are willing to wait but as Boris said " them's the breaks".
>>I don’t think your get a response
A response stating that would be the least they could do then!
Just because they have 2m tones doesn’t mean it’s a done deal as low grades means lots more manpower and effort to extract meaningfull amounts that AA might see as too exspensive to mine but at 3 to 4 m it would be a goer to cover the lower grade
I don’t think your get a response - not because they don’t want to, but because they probably can’t. It’s rare to get commercial contract details confirmed in writing. Unless the answer is looked over by a lawyer it opens up a can on potential worms for the company.
I sent the following to try and get some clarification of the AA agreement:
Hello,
I wonder if you could clarify some parts of the AA buyout agreement.
As I understand it: A party 'blinks' and puts a valuation on the table. If accepted, a deal is done, subject to due diligence.
If not, it goes to a 3rd party 'expert' valuation. If the valuation is accepted by both parties the deal is done.
If not, it goes again to a 3rd party valuation - The furthest away from this, revised valuation, pays fees.
I'd like to know what happens should one party reject the second valuation.
- Is the contract with AA void?
- Does the second valuation have to be accepted?
- Is there some sort of arbitration or does it go to another expert for evaluation?
Kind regards
Dr JJBrown
I sent this email about 5/6 times before I received a read receipt - Null response.....
Interestingly, I had a read receipt with 5mins for my AGM registration.
Is this the same buy-back that may have just been kicked into the long grass ?
ZM - I believe CB may have said that they don't have to accept the valuation of the independent valuer but I don't believe that can be true and think he must have muddled his words.
AA can obviously decide not to buy at the price the independent valuer determines to be a fair market rate and that will be that in terms of the 'once only' buy back opportunity. But ProspectOre (now Xtract as new lease owners) committed to allowing AA to buy back at a fair market rate and agreed to the methodology that would determine that rate... I don't see how they can reject it.
Of course, none of us have seen the actual contract and there may be something in there that gives them a get out. I just doubt it. What is the point of a buy-back clause that is unenforceable?
Flipper ... it is my understanding that the AA 'agreement' gives them first refusal and they can offer a price. If this is rehected by XTR it goes to an independant valuation using the valmin method. But XTR is not compelled to accept this either. If rejected, AA has lost their advantage and the asset can be offered on the free market to allcomers. So regardless of the current copper price (I think most grown-ups realise that a valuation based on today's copper price rather than the implicit value of a shrinking world resource in much demand that will only come on stream in 10 years time when availability and demand will have become more under pressure) it is in AA's interest to offer an attractive price at the outset. Mining companies are scrabbling to secure assets to mine as this is the only way to secure their future existence. Timescales are measured in decades unlike most business models. XTR is not going to mine this thing. But someone will want to have it for that. I'm very interested to hear views that support or refute the above.
Some strange comments below...
I've only read the RNS to me it looks very good (they don't always i promise).
We've tied off Bushranger (by my calculations it will come in at around 1.5-1.6mt CUEQ)
We have finished drilling on Ascot for now, which is enough to give us something like 300-600mt CUEQ - the drilling isn't as extensive and we need to know the assay results.
There is rightly a focus on the 2MT - however their is no doubt now that we have two of the bigger copper-gold projects on the Fold, all in the same license. Combined they are of national size and importance for Australia.
all of this is pretty much 18 months of drilling-exploration.
Looking in more detail, Colin seems particularly impressed with the deeper Ascot drill. He's tried to play down expectation in visuals recently and we could have something special there.
With no need to raise money - lots of gold income, with the JORC's on the board, there is little doubt column inches will be forthcoming. With everthing that XTR has on such a small budget and team, I still remain firmly convinced its significantly undervalued. Whatever the price is in this well below par market.