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Hi Jez It’s not that grades are uneconomic. That is such too vague a statement. US$10,000 was a targeted price for copper to see the resource of this nature to be economic from as far back as the ‘21 conceptual study, and is evident that has not changed.
The economic limits of the deposit were initially calculated as part of a pit optimisation assessment using Deswik's pseudoflow module.
Using Deswik’s pseudoflow instead of the usual Whittling open pit optimisation software, with Deswik’s they have to calculate the revenues and costs for each block in the block model themselves, so have more input control. Potentially they could have been too cautious in overestimating those CapEx and OpEx costs, hence now why these are seeing some further optimisation as they fine tune the model as well as extra metallurgy to increase recovery rate.
I agree with everything you say NicetoMichu, especially the Bird will do what he likes bit.
Nothing I say on this BB will make the slightest of difference but it makes me feel better to vent knowing the old git reads it to judge how easy he's getting away with it.
I got it, hence the reply !
Irony doesn't seem to work here.
PS: A more general point I feel I should make here:
While I'm not overly enthused by this strategy of selling out on Manica to focus on Copper Exploration only, I'll counter that by saying that I don't think the skills of Mr Bird and his team 'mates' were suited to involvement in an ongoing African Gold production company situation. His and his 'mates' skills lie far more in the Exploration Space, and especially Copper Exploration ; so I'll just accept the latest strategy and park any thoughts I had on 'Not Nice to Michu' Mr Bird off the back of his non marketing of Manica.
I still have plenty of concerns here, but understand that Mr Bird has done what he likes as a rule previously here and I expect will readily find a way of doing what he likes going forward here too.. and outsiders to the Bird gang such as Ben 'Owell, myself and plenty of others posting here wouldn't be able to knock this Bird/his mates off perch, even if we tried 'ard.
If they don't find anything with a better grade all they will be doing is demonstrating more uneconomical resource.
Risky.
Had a listen too James again last night and thought the same thing, but also I think its important they do a bit more recon drilling at BR, After all, Colin only implied in the podcast there will be ‘no more’ drilling to increase the resource up to 2mt. That does not mean that there will not be any more drilling to increase the resource to north of RC to improve the economic performance, or to test ‘other’ anomalous targets from those initial ground and air surveys to identify further porphyry.
This could be of importance if it is to show the possibility that any other porphyry, share the same style of mineralisation spread as Ascot, which was referred to as a semi-porphyry, in that any gold if present is exhibited in skarns or dykes similar to Cadia. Which could be of significance in the supporting evidence to an acquirer as could add significant ‘future’ value to make the project more desirable now.
Not saying they will, but why not if this latest round of optimisation still doesn’t get it there, they will be sourcing a drill rig to go north anyway.
Just tbc an acquirer will only pay for what is in the JORC.
Make your mind up BTTS !
lol!
I do enjoy oldschoolviews contributions. It always brightens the day.
His assertions that shareholders should be really grateful for all Birds' efforts in creating shareholder value and establishing a company that must be the envy of the whole of Aim.
OSV . Please keep them coming.
My bet is that we hear something about Kakuyu, and the short term cash flow that’s about to come from this asset……
This is purely based on the fact I listened to a roast podcast yesterday, and this asset was mentioned a couple of times. Obviously I take anything mentioned on there with a pinch of salt however they clearly discuss things with CB so I’ve put 2 and 2 together and come up with something
You'd think they would hold on until the General Meeting, it's only two weeks away.
I'm betting we get at least one RNS nearer the date, Bird needs to sweeten this pill in the form of a stronger SP.
I'm guessing this is the final dregs of those short term speculators, who came on board off back of that recent Manica deal announcement RNS - in 1.25 p to 1.45 p buying range approx. - dumping and running.
I think this Manica sale deal will be voted thru.. and I think Mr Bird will find a way of being around/calling shots - even if that involves him appointing a yes man CEO or COO or PM etc alongside him as Chairman - for a fair while yet, towards having one last go round at hard core rainbow chasing ....... in Aus and/or Zambia... etc..
For a meaningful rally, we need some serious momentum generation from our exploration plays asap.. be that any/some /some combination of POC rally/JV for exploration/Drilling momentum/ cutting a deal with AA to get out of that contractual bind at Bushranger/ cutting additional licence deal... etc ..
The strategy is clearer to me now, at least.. and while not my first choice strategy, I still think the exploration assets here are potentially very good.. and the s/p far too brutally low now versus those exploration assets ALONGSIDE the ongoing fairly guaranteed cash coming into our Bank a/c
PS: If I wasn't at my max. bet size allowable here already I'd be tempted to average down at anywhere 1p ish here.. ( and while I have played this well plenty previously, my current bet is of course suffering badly now.. )
Worse, now you've appeared we know we are in for a bad time.
i had a feeling oldcolbird might be watching.
hi colin, sort it out will you !
you only appear when we are in the **** again don't you, i notice you didn't appear last week crowing.
why i are we still here ?
because you've still got my money.
Small private investors endlessly bleat about the share price whilst resilient supportive meaningful investors understand that wonderful opportunities have been acquired here. Quite why the whining few are still here is quite baffling.
I said the market wouldn't like him selling our first income in about 8 years.
When it gets to .25p I'll think about averaging down.
Mind you I did that at 3p, 2.5p and 2p, if I do it will probably slip into under .10p
The SP is half what it should be because CB is in charge. It is time for him to go.
Why say it then ?
If anyone listens to me they got to be wary haha
That's exactly why the SP has tanked.
That $16m might as well be $160m as far as the PI is concerned, we won't see any of it, it will be spunked on rainbow chasing, the higher the figure he's got to spendthe more risky the "investment" with CB.
We need evidence of direction and investment ansd if we don't get it before the 13th Feb I think we should vote against the sale. It's not what I want ideally but it's the only tool we have to get CB to do the right thing.
Is Colin representing XTR at Indaba this year or just his other companies?
I know Bushranger is OZ but I would have thought that such a major announcement from XTR would be best made before going to Indaba.
He did say that it was his job between the announcement and the vote to persuade shareholders that this was the best option for us all. it would be a pretty poor show to then announce something the day before the vote.....
Market has no faith that CB will put the funds to good use.
Keep living off the proceeds for a few years, drill a few dusters then retire to sunny climes. All good
Confidence in Colin clearly at an all time low with people selling at .9p wow.
He has just pretty much banked $16m over the next 3 years with the market cap at £8m or so.
I’ve already averaged down as much as I can or want to but that is seriously cheap now.
I suppose it will only change if he shows he can still pull off a deal or two, maybe in one of his other’s companies GLR AFP etc
It would be revealed in an RNS though wouldn’t it