Member Info for andmillsy

I just did a quick check on NSW TMS for any new applications for EL5574. I can't see any new open applications for drilling. I am slightly concerned that my access may have changed however as some older applications are no longer visible.
I'll keep checking occasionally.
Typically new applications appear to take 6 - 10 weeks for approval longer lead time for exempted area approvals.

https://audioboom.com/posts/8135633-midweek-takeaway-with-colin-bird-executive-chairman-of-bezant-resources-aim-bzt

Not listened yet as traveling today

Similar thoughts howezap on questions not related to the raft of questions on Bushranger and comms:

1. XTR has several exploration options - what is priority ? Either Manica, Eureka, EL5574 or other Oz licences? How would income from Manica be allocated to exploration ?
2. Timescale and potential for revenue at Eureka ?
3. I feel they should focus on what they already have and not go after new projects eg until BR sold - I'm sure there are other opinions especially Colin who thrives on new projects...

Other matters
Quarterly gold reports not fit for purpose and don't reconcile for last 2 years to annual reports.

Thanks for the Jezzoo was just reading about it and Caravel which I mentioned before as having some similarities to Racecourse was up 18%.

https://stockhead.com.au/resources/its-the-takeover-news-copper-heads-have-been-waiting-for-as-oz-minerals-rejects-bhps-8-3-billion-bid/

Thanks NtM and Prickly
Hope to see you, and others, at AGM.
To be honest I only invested in miners and AIM just over 2 years ago - it's aged me!
Learnt a hell of a lot from so many on this board and still feel I've an awful lot to learn not just geology and mining but game theory, pyschology, timing investment entry and exit and how to manage illiquid investments.
We've sunk c£8m on BR and we've been told "it isn't a 10p porphyry aka £100m"
Most of my research is trying to assess the validity of this 10p statement. The opportunity and immediacy of Manica income was a surprise due to my inadequate research.
I've reasonable confidence that this "not a 10p porphyry" is probable and whilst this gives me a level of reassurance I'm still rather uncomfortable given current SP versus my average versus my exposure. This would be an unbelievable entry point a year ago and so much has been proven in this time and yet the SP is down c40- 50% versus the day after the announcement of Ascot discovery. I know because I topped up then :(

My biggest gripe is comms and expectation management and definitely not the quality of assets or the team on the ground.
Cheers

NtM
Took a look at Annual Reports to try and figure out what has been spent on BR
All spend at BR is capitalised this excludes central costs e.g. director salaries etc. There is a breakdown in the annual report of additions to intangible assets.

2020 spend £1,383k including £1,290k purchase of Prospectore
2021 spend £4,270k presumably all drilling, assays, geo phys, geologists etc
2022 estimate at 2021 run rate until 31/7 £2,500k this might be a bit high as we have been one rig for most of this period from memory.

So about in the range of £8Million.

Anyone who is wanting to vote in a specific way at the AGM you need to vote before 17 August if voting electronically or at least that is the deadline for the way in which I voted via Broadridge.

Agenda and voting
https://xtractresources.com/wp-content/uploads/Xtract-Chairmans-Letter-and-NoM-July2022.pdf
1. Accept accounts
2. Re-elect Alastair Ford
3. Reappoint Auditor
4. Authority to issue shares
5. Pre-emption rights

My shares are held via Fidelity and the process to cast your own vote rather than allowing your custodian to vote on your behalf was surprisingly straight forward and requires registration via Fidelity with Broadridge.
Also a reminder to send a note to info@xtractresources.com if you plan to attend.

Don't wish to rain on the parade but that trade flag TNCP seemed unusual
There are some comments on other couple of boards about these type of trades at the same time e.g. BEN, ZPHR, AGL, CGO all big volume at 15.55.
I'm none the wiser about what TNCP is having looked at London Stock Exchange. Its a Non Price Forming Trades...
You can't see trade type / flag on LSE for example but you can see it on London Stock Exchange.

Please don't take those tickers as cross ramps - basically everything is a bag of crap at the moment !

Hole 53 completed 23/5 and hole 54 30/5 both assays RNS'd on 27 July so maybe 8 weeks.
They need a level of geo review before RNS produced so they are likely back from the lab sometime before that and depends on geo workload.

agree Steve and I found the statement "Its gone over the markets head that we are producing gold at Fairbride" hardly surprising and rather self inflicted !

vox markets not listened yet
https://www.vox markets.co.uk/articles/trader-s-cafe-with-zak-mir-colin-bird-executive-chairman-galileo-resources-4d47b9d/

Quite a lot to digest in that RNS. My thoughts below:

Hole 47 and 48 - not much to report and again confirming what we have been told in previous RNS that the grade between Racecourse isn't likely strong enough to be economic

Hole 49 seems interesting and potentially adds a lot to Ascot. It starts c500m SW of Hole 35 and the drill looks to be about 300m due South of Hole 35. There are others who can better interpret "hole intersected altered sediments and volcanics with zones of weak to locally strong porphyry related mineralisation throughout from 386m downhole depth to 862m downhole depth." but it looks to have potential to add decent volume and hopefully after assays MT.

Hole 50&51
A) Don't appear so great from description but I guess we need assays to confirm gold.
B)They appear to be from same pad as 35 and similar Westerly azimuth yet there is a surprising statement in the RNS "BRDD-21-035 was drilled sub-optimally towards the west".
C) I can't reconcile the statement about 50 with drill direction "BRDD-22-050 was planned to test a strong IP anomaly to the east of the mineralisation intersected in BRDD-21-035" this doesn't appear to have been successful anyway.
D) Reminder about 35 - decent assays which were fast tracked for 19 Jan. Extract "BRDD-21-035 delivered a best interval of 64m at 0.58% CuEq from 552m, within a broader zone of 164m at 0.34% CuEq from 552m. The mineralisation intersected in BRDD-21-035 is amongst the widest and highest-grade copper-gold intersections recorded to date on the Bushranger Project." - But it was sub-optimal !!!

Hole 52 and 55 seem quite promising about 500m to the West of 35
A) Hole 52 "trace mineralisation was intersected throughout, along with locally weak to moderate zones of mineralisation at between the depths of 112m and 664m." May have achieved objective of proving up shallower mineralisation subject to assays.
B) Hole 55 - I think geo observations not completed unlike other holes so less detail about metres where mineralisation shown but it looks promising "the mineralisation styles interested in BRDD-22-055 were of a similar nature to those observed in drill hole BRDD-21-035 (refer to RNS dated 20 January 2022) and offer the potential to extend this mineralisation by up to 100m at depth in an area with potentially high copper and gold return" (yes 20 Jan is a typo and should be 19 Jan ...)

Bring on the assays ! Oh and it would be nice for 36 to make a long overdue guest appearance.

I agree Lucky that Phase 3 as described has a very wide remit possibly even wider in the final statement "... Phase Three drilling programme which will focus on in-fill and upgrade drilling of the current known resources; resource extension drilling; and testing of further IP/geochemical anomalies outside the Ascot and Racecourse prospects."

With you 100% Joeman

Just to conclude my post from yesterday related to Caravel - A$3m placing at 14%d discount
https://hotcopper.com.au/threads/ann-3-0m-share-placement.6876097/

All the videos from the diggers n dealers event are on their youtube channel. Sandfire and Newcrest ones were fairly informative unfortunately neither of them mentioned an upcoming acquisition :(
https://www.youtube.com/channel/UCeSnbgsRrmmHjFxtw-BtDpQ/videos

Bit of news from Oz is that Caravel Minerals based in WA and with a porphyry perhaps similar in size to Racecourse currently have their shares in suspension awaiting news of a capital raise. Could be placing or could be a major taking a stake - will be interesting to hear what it relates to.
https://newswire.iguana2.com/af5f4d73c1a54a33/cvv.asx/6A1102885/CVV_Suspension_from_Official_Quotation

Annual report is worth a read imho just released https://www.yellowcakeplc.com/wp-content/uploads/2022/07/Yellow-Cake_IAR_2022.pdf

Shareholders with major holdings:
Shareholder
Number
of shares
Shareholding
(%)
MM Asset Management - 19,900,028 - 10.87%
Kopernik Global Investors - 10,021,129 - 5.47%
Global X Management Company- 9,934,107 - 5.43%
Interactive Brokers (EO) - 9,476,805 - 5.18%
ALPS Advisors - 8,869,146 - 4.84 %
Hargreaves Lansdown stockbrokers (EO) - 8,093,628 - 4.42%
Brandes Investment Partners - 7,761,508 - 4.24%
Uranium Royalty Corporation - 6,957,431 - 3.80%
Clearstream, Luxembourg - (beneficial ownership undisclosed) - 5,615,005 - 3.07%

Directors have the following holdings
The Lord St John of Bletso* 26,302
Sofia Bianchi 13,186
The Hon Alexander Downer 29,925
Alan Rule 18,837
Alexandra Nethercott-Parkes – –
Andre Liebenberg 121,478
Carole Whittall 49,918

Capt Bob and Howezap
I was also looking at how the high grade and mineralisation has "evolved"

54 was from same location as 28 but this isn't really mentioned in the RNS only in the map and the cross section for 54 surprisingly doesn't build on that for 28 which has been done for some other assays including the Ascot ones today where 45 and 46 built on 44.

I've tried to join together 28 and 54 to visualise it.
Any thoughts ?

combination of 28 and 54
https://drive.google.com/file/d/1PZoIpJx_-ohiz7jkT9XrhdU5-S32j1OJ/view?usp=sharing

28 cross section https://www.rns-pdf.londonstockexchange.com/rns/7889G_2-2022-3-31.pdf
54 cross section https://www.rns-pdf.londonstockexchange.com/rns/9509T_4-2022-7-27.pdf

Also surprisingly 53 and 54 don't show combined cross sections yet 53 is only about 100m North of 54 and combined cross section picture was done for 28 and 30 given close proximity.
53 cross section https://www.rns-pdf.londonstockexchange.com/rns/9509T_3-2022-7-27.pdf

Perhaps you should, if interested, take another read of the feasibility study you reference which is about to celebrate its first anniversary.

This was produced before phase 2 had any results and was based on c7km of drilling rather than c30km ++ of drilling now completed.

The feasibility study was based on a conceptual open pit with a crappy 9 year life at 20mt pa. Hence high cu price assumption required to repay capital but I think you know that.

The economics change dramatically, which I reckon you also already know, when we're at 20 or 30 years at 20mt which is substantiated by indicative volume and grade from porphyry number 1 at Racecourse.

Consider the statement in the feasibility study "· The Conceptual Study concluded that the Racecourse deposit contains significant low-grade tonnes of copper and gold which may be economically recovered at a copper sales price above US$4 per lb" and what that has now dropped to.

WA and Caravel need a buyer but it'll be a fire sale with a challenging debt burden. Good job we're funded.

Good luck with your choices.

Cheers

They just tweeted and from memory it is an updated presentation with some new photos of Manica
https://twitter.com/quakes99/status/1551595686692409344?s=20&t=CZrveQVaX73lOhS8dkyS3g
Link to presentation
https://empressroyalty.com/site/assets/files/6274/empress_royalty_-_presentation_-_july_2022.pdf

From page 13 "Pre-Production - Forecasting Revenue Q3 2022 "
Page 21 "Manica Commence full production Q3 2022"

Time to secure assets elsewhere?
https://www.mining.com/chile-rejects-second-anglo-american-project-in-two-months/