Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Unfortunately not HZ it was base salary.
https://xtractresources.com/wp-content/uploads/Xtract-Resources-AR2022.pdf
Lnking it to cash generation may be an idea linking to profit would just play into the provision they used in the half year.
See note 10 to year end report. It's salary rather than bonus. There was a bonus taken in 2021.
Regarding CB pay rise.
From H1 report
>>Segment results represent the profit earned by each segment without allocation of the share of profits of associates, central administration costs including directors' salaries…………
Could that mean his salary is linked to profit share
I think we were very close to a raise at the turn of the year. So I'm kinda heartened if they used a loan to bridge this squeaky a#@e period instead of dilution.
It's getting past time though for publishing the study results imo. Even if they show that we need a copper price at 10k..... at least then we will be able to see what we are aiming at
What payrise did he get in your opinion then Duella ?
Agree Jez. Unjustified.
Good morning my besties
Really good answers this AM . Thanks Ben for clearing up BR SITUATION
JEZ
shut the DUCK up about dear C🎯l 30k payrise FFS
Grafting at the moment. Will comment later
Yet CB got 30% pay rise.
Some disconnect !
"Cash/gold position"
I was surprised to see a £45k loan provided to Xtract in the most recent Galileo financial statements.
The silence is deafening.
Personally I would have spent our gold profits on drilling BR to hopefully increase the resource to at least 2mt, you never know we might even hit some ground worth digging up without running it through a grade optimiser.
This would be much more favourable in my mind than rainbow chasing in Zambia.
The copper price is sticking ATM but I think it will move up significantly in the next 18 months.
The smell regarding our up to date cash/gold position is getting stronger.
Where are our profits Colin ?
We need to know.
Ps. I am disappointed the two experimental drill holes into Footrot came back as negative. Forgot about Footrot being joined up to Racecourse - it appears from the two holes that there isn't anything there worth looking at (currently). In an ideal world, would like more holes there but need to focus on Racecourse/Ascot at the moment.
Many contrasting views at the moment about BR. Do we need to drill it out more or not? Some say yes, others say no - wait for Cu price to rise.
What is clear is current situation not good enough for buyout. Sp is low as confidence of Colin sorting a deal is extremely low. Either we drill or Cu price rises significantly. Can't get out of AA buy out option as we have neither 2MT proved up or the ability to call their bluff with the DtM option. Colin always been guarded on the actual specifics of this - like many other things, which annoys me hugely.
Wish we could get news on many fronts - complete lack of clarity across all projects and strategy too. CB seemingly lost interest in promoting us and telling the wider market we are in profit and doing well. Bizarre.
Dani,
BR covers the whole district. That is the name for the district, IE the 4 licences we own currently.
Buy back option is for licence EL5785 (I believe code is correct. This includes Racecourse, Ascot and Footrot (and other potential targets as per April 2020 presentation - still the best document to view 3 years later, how depressing).
You can't split the licence. If Racecourse goes, then Ascot and Footrot go too. The other 3 licences could be explored though although no indication of targets apart from proximity to Racecourse etc.
Hope that's clear.
Zap
Love you essays in reply to my yes no question ⁉️
Missed that bit about Footrot not being joined up
Just asking could XTR keep Footrot to develop further on down the line?
Ok another question for you
What is next stage for BR
News? When?
Ask cos dear C🎯l said about getting AA to say Nay to project when POC is low and that there are 3 other contenders interested or looking at BR
IS this still the case❓or have I got my notes all muddled up?
Thanks as always
Dani🌹
It may be that they are confident pre concentration alone will be enough to get the economics to where it needs to be. He also said (from other attendees) that there are other ore sorting companies out there that they could look at. I’m sure the hope would be to increase economic return of the higher grade too, which could reduce the CapEx payback period.
One thing that I have realised just recently is that they had gone to the trouble of testing Footrot, knowing that it would not join up, so is unlikely it would have played a part of any initial payback phase being standalone some 7-8km away. Yet they haven’t tested the large western lobe next to Ascot with either a reconnaissance drill or from extending the IP lines when the survey was carried out in phase 2.
https://www.rns-pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf
You would think there would be increased impetus now to understand what is down there as not only would it dictate how a conceptual mine design would be planned around it, but it could also, If there is the potential there, similarly to Ascot and RC’s shallower high grade zones, to be included in any CapEx payback phase if needed.
Still too many questions we don’t know the answers to for me remain. But importantly there is clearly that continued optionality.
Hello zap
At AGM dear C🎯l said
BR will become a mine and no more drilling for BR
Is this still true in your opinion?
Only factor we are waiting for is rise in POC and lower interest rates - is this correct?
Thanks
Building a new mine has become an increasingly difficult proposition anyway with new environment, social and governance requirements which have added significantly to CapEx costs.
Recent volatility has made it worse with higher interest rates pushing up the cost of capital and increasing Op costs. As has been said, rates will come down.
Can’t stress enough the challenges that new projects around the world will be up against to meet newer ESG requirements which are likely to include electrification, green energy and low water usage, toward getting its permits and financing. A new mine will need to be carbon neutral and will likely only be allowed to be developed if there is green energy supplied. This is where the significance of the bulk ore sorting comes into play, the advantages of it include improving resource utilisation, reducing environmental footprint, increasing feed grade, reducing energy and transport costs, reducing water and chemical reagent usage and minimising tailings.
The other relevant factor toward wether BR will go on to be developed is jurisdictional. The NSW climate and energy action plan is seeing a boom in the energy system change to 100% renewable which already has around 53% transition of total generation capacity in the state.
These are the factors that will help make BR very desirable when a decent enough economic performance can be shown with the influence from BOS , that will utilise the resource and the bulk low grades.
The future looks good, but I guess the question is how long do we have to wait ? :)
https://www.mining.com/web/us-steps-up-efforts-to-access-africas-critical-minerals/
https://www.reuters.com/markets/deals/miners-seek-partners-copper-assets-ma-heats-up-2023-10-11/
I'm expecting poc to be $12K + in 2 years and by then interest rates will be lower than now
However, the sale value will be nothing like CB implied and will take a lot longer.
Https://www.mining.com/web/miners-seek-partners-for-copper-assets-as-ma-heats-up/
A good point and made on the mining.com website today.
Agree with a lot of the posts!
My concern with talk of higher copper price is, you have to also consider the cost of capex, opex and inflation. Its all well and good saying that at $10,000 copper price, BR puts out great profit (Colins words at AGM) but at what price of extraction have the calculations been made.
Once we get to a sustained copper price of $10,000, that the majors accept as a base to evaluate a project....what will be the opex and capex, and said time!
$10,000 copper may not mean the project is sustainable at future capex and opex cost when $10k copper is considered the norm.
This is my main concern and until the official reports have been made public, we can not make an informed investment decision.
"Just wish you would ‘more’ concentrate your ‘valuable’ input in a positive way."
I think being honest and balanced is a valuable input. Much better than continuously taking a positive spin on everything or a negative spin on everything.
But I appreciate that approach may not fit with many agendas here :)
I`m just hoping he does something to turn this around and never feeds people so much bull ever again, because I`m sure some here will have major losses, which really comes down to the terms he spouted and nothing else, for that reason alone he should hang his head in shame. GLA
A good post A4444.
I've been saying the same for a long time but I'm afraid that's not really allowed on here.
Even when using evidence such as direct CB quotes you run the risk of being accused of not being "real", a "non holder", a "whiner" a "basher" etc.
It's only when these quotes are brought in line with what actually has happened ( the truth) that we realise how shocking the misdirection and misinformation caused a lot of us to put substantial amounts into this share and consequently lose many thousands (on paper in my case) I haven't sold a share.
The reason I haven't sold is this, I still believe I will get my money back as long as CB carries on rinsing and repeating. We are at the rinsed (and so many of us have been) stage but if CB is true to form he will soon have a new project to rave about and we will get some kind of a repeat.
And of course, I do think the copper value will rise eventually and bring BR into a viable situation.
If I didn't believe all that I wouldn't still be here and there is still potential for buyers in this range to do very well.
I'm hoping for my money back and a drink for my time.
We''ll just have to wait and see.
Not disputing what cb has said read my post again I’m talking about the geologist management team on the ground. Particularly Jeremy Reid through his long running association with BR. Very doubtful the chairman has any real operational input.
Just wish you would ‘more’ concentrate your ‘valuable’ input in a positive way.
" it doesn’t mean to say that BR hasn’t lived up, more in line to management realistic expectations"
I don't know what you mean by "realistic management expectations" or how you define them as the only expectations anyone can go by is what the management say imho.
Such as:,
We know we have the grades - not worried about the grades
If they offered me 10p I'll tell them to keep it
Tier 1 project
We were biting our nails re the 2mt but now we've discovered ascot there's' no need to do that
This wont be a death by a thousand lashes (re sale)
etc
if all the above were not realistic / honest, CB should not have said them
For the record I have not written off BR as I think it will be monetised when POC much higher but nothing like the value CB previously said or his time scales
AIMHO
He certainly has not help my cause