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Discuss...
Presumably not enough interest in 1.1 has led to bundling Racecourse and Ascot together to reach a bigger number.
Interesting how market will react
Nothing like what CB had implied, but still a big resource.
As ever, expectation management is CBs problem.
Looks disappointing to me. Was expecting a lot more to be honest. U
"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
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.
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.
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.
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
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 ?
Bird, you are so full of ****!!!!!!!!!!!!
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.
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. :-( :-)
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.
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.
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.
Agree L520 - Just get it sold and no more of your bull-**** Bird
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?
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....
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.
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?
Roast boys interviewing Bird today.
Apparently they get shares in exchange for these interviews? so don't expect a grilling
I certainly hope the for sale sign is up and we can all move on from this bitter disappointment.
3Card - The Bushranger project consists of all the targets/licences I mentioned. RC, Ascot and Footrot are all within the licence that is subject to the AA buy-back clause, they have all been drilled and will all contribute toward towards the final resource estimate.
Yes and the ramping was all about RC
That aside , can anyone still imagine a 35p valuation for the whole project?