Member Info for andmillsy

Thanks Prickly - good to get that clarity on AGM - cheers

There should be plenty of gold being produced very soon.
Pre production announcement by Empress was 13 June - 5 weeks ago.

Just to remind us after pre production phase we are ramping up to:
•480,000 of ore tonnes per annum mined
•Average grade 2.72 g/t mined

So soon we should be at 100 tonnes processed per day per RNS 4 Sep 2019 on agreement with MMP "Commercial production is defined in the Collaboration Agreement as a being installation of a processing plant with a throughput capacity of not less than 29,000 tonnes per month (being 70% of the planned 42,000 tonnes per month throughput)."

Prickly
Please can you ask why notice for AGM hasn't been issued. In annual report it was mentioned as being around 29 July but 3 weeks notice is required to call AGM.

Thanks

Information from DIGS if of interest

Location of Historical holes including BDR006
HoleID /GDA94_E /GDA94_N/ RL/ Dip/ Azimuth (True) /Depth (m)
BRD001 748688 6252180 1100 -70 90 866.4
BRD002 749230 6250300 1195 -80 90 122.4
BRD002a 749230 6250300 1195 -80 90 528.1
BRD003 748959 6250281 1156 -60 270 596
BRD004 748510 6252781 1106 -70 75 797.6
BRD005 750438 6248050 1169 -60 180 555.4
BRD006 750460 6245407 1125 -60 90 701.3
BRD007 751063 6248276 1192 -70 270 342.6
TOTAL 4387.4

Historical data from hole BDR006
BRD006 was drilled at the Footrot Prospect to a depth of 701.3 metres, testing a discrete chargeable anomaly detected in the MIMDAS IP survey and anomalous Cu mineralization at the base of nearby historic RC drill hole FT005. BRD006 intersected an intrusive complex with extensive porphyry system type alteration. The upper 300 metres of this drillhole intersected a sequence of “green rock” (epidote-chlorite) altered, intermediate to mafic volcaniclastics intruded by a distinctive porphyritic granite, minor narrow magnetic-chlorite-calcite altered bands within the volcaniclastics are observed. Below 300 metres to the end of hole the drill hole intersected a sequence of highly sheared, sericite-chlorite altered volcaniclastics and monzonites, interrupted by a number of significant structures with bleached selvages. A four
meter interval of pyroxenite is present at 642m. Disseminated pyrite is present throughout the hole with minor amounts of chalcopyrite as clots and disseminations. Unlike the other holes drilled at Bushranger, pyrrhotite is only present in trace amounts.

Results from BRD006, at the Footrot Prospect, include; 2m @ 0.2% Cu and 0.22% Zn from 434
metres and 2m @ 0.16% Cu from 526m. Maximum concentrations from BRD006 are:
Au – 0.083ppm @ 121 – 122m
Cu – 2280ppm @ 435-436m
Zn – 2540ppm @ 510-511m
S – 11% @ 124.2 – 125m

This was discussed the last couple of days.
I was looking to see where historical drill at Footrot by Anglo was undertaken following yesterday RNS. This is the red dot in the attached image.
It appears that the Power Line is close to that location. Pink line running North South.
Blue lines are EL5574 boundary.
Could the picture in the annual report be from Footrot ?

Here is a screenshot from Minview
https://drive.google.com/file/d/13wK2zgWyiahqlFxtjUXncjWKIrSxSMjt/view?usp=sharing

Thanks Howezap - if you are on Twitter let me know which is your account on there.

My shares are held through Fidelity. I believe I can instruct them to vote in accordance with my preference but will need to specifically request this. Others may need to do the same.
We should get a plan imho on the questions to ask and requests to improve reporting of revenue which doesn't reconcile to quarterly statements, disclosure of gold stock in ounces. We should also have a clear request about future reporting of alluvials, hard rock and Fairbride as current quarterly statement isn't fit for purpose. I am unsure how Fairbride is best reported given it is share of operating cashflow based.

vox markets
without the space

https://www.**********.co.uk/rns/announcement/cb9ebfbc-f00e-4a0c-b6b0-3cb62c6db8c3/

Howezap if it helps this map from minview shows the power line in a light pink colour running north south to the south of Campbells River Road and then veering North East when it crosses the road
https://drive.google.com/file/d/1GWzje8aJFxt-odcj8dUuyxXzy0tDX8XD/view?usp=sharing

Trying to put a balanced, okay maybe positive, perspective on the financial statement https://twitter.com/andmillsy/status/1542862115941355522?s=20&t=aGHANYhgLSO5FBmdp6tZWQ

Hi James
Hope to join you at the AGM and to receive clarity.

As you've rightly highlighted before the quarterly statement on production and sales really aren't fit for purpose and they don't (easily) allow the necessary reconciliation.
I missed your post on AF when I posted mine but similar perception

Flipper56 I think there needs to be a thought around succession planning and I don't frankly see anyone in the current directors as being Colin's successor but this comment would apply to his other companies equally.

The expenditure on directors remuneration is in note 10 of the annual statement. Please remember when looking at this that the bulk of spending is on share options and these will only be realised above a strike price of 10p.
The RNS related to the share options is below
https://www.lse.co.uk/rns/XTR/award-of-share-options-m86nqgci5sa5gs0.html
Eduard Victor name was a surprise.
Not sure as a non exec what Alastair Ford is doing other than audit and remuneration committee. The statement also states "Retirement by Rotation In compliance with the Company’s Articles of Association, Alastair Ford will retire by rotation at the Company’s forthcoming Annual General Meeting and will offer himself for re-election."

The 2020 revenue figure was surprisingly high when announced last year and didn't reconcile with 2020 quarterly RNS statements.

"The 2020 financial statement revenue figure is £1,725,000 and all revenue is shown in the segmentation analysis on page 63 as coming from Mozambique alluvial gold sales.
The Q4 2020 alluvial RNS published on 26 Mar 2021 provides quarterly analysis of the revenue for the year end 31 Dec 2020. Total attributable revenue for the 4 quarters is $1,222,350 approximately £962k"

I emailed the company quite some time ago about it and was informed that 2020 included sales of gold on behalf of 3rd parties.

It's a pity the commentary on the 2021 statement doesn't make this clearer.

Howezap inventory is actually £177k note this is valued at cost and not at saleable value. Unfortunately ounces aren't disclosed. Inventory ounces should imho be included in quarterly RNS.

Think it means Kendrick is now based in Zambia , Namibia or Botswana !!

Full report now posted on website
https://xtractresources.com/wp-content/uploads/Xtract-AR2021.pdf

My takeaway including para 7 in point
0. Not full extract of accounts e.g. lots of notes missing as well as auditor statement and I don't understand why prior year P&L has restated in the header - looks identical to last year
1. Explicit statement on don't foresee needing funds in next 12 months.
2. Drilling (underway?) for 1 hole at Ascot and limited holes at Footrot
3. EL5574 - The phase 2 exploration programme is about to be completed and when we have modelled and evaluated all the raw information, we will be well advanced on the value curve and able to position the project in the global market. (Why state global could it be construed as have AA have declined but I guess they are part of a "global" definition so not necessarily)
4. Operations will commence Q3 at Eureka
5. Chongwe is revealed - small profitable project - but short shelf life
6. Kalengwa has been written off

Iceberg
Good catch.
Found this news article in the website
"Lots has been happening at Hetherington. Since our last edition of the Hetherington Post, we have had the privilege of becoming the custodian of Mining Title Services (MTS), which is now part of the Hetherington Group, welcoming a number of new clients and continuing the great work diligently carried out by Bob Harrison over the past 53 years."

The following statement gives an indication on the increasing M&A or asset acquisition in Oz
"Reflecting Australia’s increasing appeal to overseas investors, I recently joined the Board of Barker Henley Global, to advise on the acquisition of mines in Australia and internationally, across all commodity groups."

Small bone for Ben...

There's been a development on NSW Titles Management System.
We have a new agent for all the licences including EL5574.
The new agent is Hetheringtons who replace Mining Titlrs Services Pty Ltd.
New ones seem to have a more comprehensive set of services and these also include Due Diligence and VALMIN reporting...
- Due diligence for tenure acquisition
- VALMIN compliant reports for prospectuses
- Independent Tenement overview reports

New website https://hetherington.net.au/
Old agent http://www.amts.com.au/

Thanks James for your interpretation I had missed the change in alluvial %. This closes the gap in my calculations.

Iwantthatone - production tax at 6%. Don't get me started. I don't think we know the what to which 6% applies. I did try and look at this some time back and threw the towel in. In my earlier calcs today I conveniently ignored production tax which is almost a footnote at the end of the RNS's.

I have never been able to determine the relationship in any quarter between amount paid in production tax and gold produced either Oz or approx value of productio. It's too opaque and I think there are allowable costs, which can be deducted, before 6% is applied.

I think statements such as "Explorator will therefore initially retain 28% of the sales value of all gold produced (equivalent to 22% after payment by Explorator of the applicable Mining Production Tax of 6%" from Jan 19 RNS are too simple.

Fully agree James the quarterly RNS needs to be improved.

If anyone can solve the mystery of production tax I'd love to hear!