Member Info for andmillsy

I am concerned the lowly share price makes us a serious target Hope I'm wrong...

I thought the same CE and seized the opportunity

I am not sure if it is of any help to others but to try to keep track of the drill results I've dumped RNS data when phase 2 holes have been reported as completed into an Excel. It needs to be read in conjunction with the map in today's RNS. Unfortunately LSE don't have a mechanism to share files but I have posted it in Twitter as a static image. I am sure there will be errors but take a look and see if helps.
I did this in order to provide some more evidence as to size of this resource.
I'll update it when we have some more assay results with that data as well.
https://twitter.com/andmillsy/status/1446091159328149512?s=20

We appear for the 13 holes completed to date to be at a cumulative 9200m of drilling.

This was discussed earlier ART it is an historic hole and not the phase 2 BRDD-21-009

ART I think we need to see the full assays relevant statements for continued drilling were in RNS of 2 Aug:

EXTRACT FROM RNS BELOW:
Colin Bird, Executive Chairman said: "Hole BRDD-21-007 was extended beyond the planned depth as the mineralisation in this hole was more persistent than anticipated. The next two holes in the current drilling phase have already commenced, with BRDD-21-010 progressing beyond 200m, and sparse copper mineralisation already evident. We are very pleased with progress to date."

Phase 2 Drilling Progress to Date
Drilling continues to progress rapidly at Racecourse from two drill pads utilising one diamond drill rig at each pad. Hole BRDD-21-008 was completed and reported previously (on 29 July 2021), while the second hole, BRDD-21-007, has now also been completed. Drilling on the third hole, BRDD-21-010, at the first drill pad is at 202m depth and continuing, while the fourth hole (BRDD-21-009) has just commenced.

BRDD-21-007 was drilled at an angle of -55 degrees towards the northeast. Multiple porphyry units were intersected and disseminated chalcopyrite copper mineralisation was persistent throughout the hole from 46m depth. Stronger vein/disseminated mineralisation was developed over a 173m interval between 239m-412m depth in the core of the system. Detailed logging and core cutting are in progress to prepare samples for laboratory analysis.

Thanks for the clarification on hole 9. Looking forward to formal information on 7 which appears promising.

Downloaded the pdfs quickly.
Time to buy ?????
9 looks good two on the other pdf James 169m at 0.46 ....

I am with you Ben that we are still waiting for 7.
What is on the drill map looks good imho
155m at 0.47
including 110m at 0.55
including 38m at 0.69
wonder if we have been given a sneak peek of work in progress...

Thanks everyone for the input on questions for Colin. I appreciate I'm being optimistic with some of the info I'm trying to glean but nothing ventured nothing gained.
I suspect it will be a bit more conversational and will clearly have to cover all the horses in the Bird stable. Some of these horses may have a slight temperament based on my participation in other bulletin boards!
I think as a group it's helpful to have a rough idea what we'd like to get from the meeting, and this is a group who refreshingly and generously share knowledge, ideas and opinions. I think on the evening it is likely we'll have to adapt to the order of events.
I'm also hoping for some RNS('s) before the event and these will determine what questions are relevant.

news there is still an open question as to whether this event will be live streamed. I'll let the group know if this is decided and share any details which I see on Twitter. I have to confess i I'm uncertain I'll provide any live updates. My excuses are poor multi tasking skills and not wishing to appear like a disinterested teenager using my phone.
Anyway I'm sure those who attend including me will endeavour to share any useful information at the earliest opportunity. But of course reserving the right to withhold any sp sensitive info until after approximately 8.30am ;)

Ps I'm quite encouraged to see XTR finishing flat today which is a pleasant rarity in the red sea of my portfolio

Thanks Ella the Tweet on 12 Aug appears to be about 4 hours after the RNS. I have tried to make sure that all times are on consistent (UK) basis.

The timelines suggested by Iceberg, using the RNS information, seem realistic. So as usual we will just keeping waiting (im)patiently until the process runs it course and delivers the stellar results we deserve with a healthy dose of gold.

oh dear it appears the tweet of 12 August is inconsistent with the RNS's. Someone please check I'm not going insane ....

Extract from RNS of 19 August · "Logging and splitting of core from hole BRDD-21-007 has been completed and samples have been dispatched to the analytical laboratory, with work continuing on the remaining holes"
Extract from RNS of 12 August "Logging and splitting of core from hole BRDD-21-008 has been completed and samples prepared for dispatch to the analytical laboratory; similar work is progressing satisfactorily on the remaining holes "

So it looks to me like it is 7 is at lease a week behind 8 in initiating assay work
Also hole 7 was 847m rather than 591m for hole 8 so will be longer in the lab.

I know I've moaned about the social media updates but this rather takes the biscuit !

Whilst there is a risk that Colin gets early sight of the exam paper I thought it might be worth us thinking what questions we would like to ask at the meeting on 14 Oct. The meeting appears to be for 3 hours so hopefully there will be some time. My starter for 10, literally, is:
1. Can you describe your plan with main steps and timetable to trigger the AA option to purchase? Through either a decision to mine or proving up 2MT.
a) If proving up 2MT what would be the next steps e.g. infill drilling, inferred resource, full JORC - possible timeline and any funding required
b) If XTR wish to make a decision to mine what would be next steps - JORC, PEA, permitting, environmental and possible timeline and funding required
2. Will an updated model for Bushranger be provided and when ? Eg similar to earlier Webinar with Jeremy which was very much appreciated ?
3. Colin's view on how independent valuation of Bushranger would be determined - for example 2MT @ $9000 p/t @ 3% ?
4. Can XTR reject independent valuation of Bushranger in the context of AA option to buy?
5. Is Footrot a part of the AA option to buy?
6. Could XTR benefit from any subsequent resource uplift if AA trigger option to buy ? e.g. valuation at 2MT but subsequently uplifted to 2.5MT ?
7. What is XTR BoD preference - asset sale of Bushranger or sale of whole company or a different approach e.g. separate company to hold Bushranger and possible independent listing?  
8. Is XTR at risk of a "hostile" takeover at an opportunistic valuation given apparently low share price? If at risk how to protect from this risk?
9. Has AA option to buy acted as a deterrent to other majors taking a stake in XTR ?
10. Future plans for Eureka?
Other ideas / suggestions/ additions / refinements ?

Fyi
https://www.sandfire.com.au/site/PDF/94b99f71-5adf-43b3-9223-e1501d4376b4/CleansingNotice

Thanks Shorn
Agree with your observations and would add:
1. "Limited number of M&A opportunities for copper companies... this lack of opportunity continues to RAISE THE STAKES FOR THOSE WITH ASSETS AVAILABLE."
2. "ANGLO AMERICAN  recently highlighted that there are limited new copper supply options"
3. Two of the five M&A targets highlighted in the report are in Chile and given recent tax changes in Chile the attractiveness of these assets is likely to be lower

As an aside:
1. One of the top 5 assets mentioned in the report was Casino owned by Western Copper and Gold (WRN) and this seems similar to Bushranger and Xtract.
2. Although the report states "construction planned" at 2013 this must have been for a radically different/smaller proposal as they are still going through approval process and only very recently completed a revised PEA. Through 2019  they were completing an infill drilling program.  So I think Bushranger may not be that far behind.
3. I mention this because when the report was written in Jan 2020 : MCAP of WRN was $82M and they had wholly owned Casino porphyry copper-gold-molybdenum deposit located in Yukon, Canada. The project contains 4.4Mt of copper.  Report states 0.155% Cu equivalent but recent updates state 0.36%. Bushranger may (hopefully) have better grades
4. After report was written Rio took 8% stake in WRN in May 2021 for US$21M so valuing company at approx US$262M. MCAP today is cUS$225M.
My conclusion is that it appears Bushranger is not far from being at a stage where a major may wish to take a stake similar to the action undertaken by Rio. Clearly the option agreement with AA may limit our options for this being anyone other than AA at this stage and they may wish to simply wait for the 2mt.

Isomer
Zak Mir, the event organiser, was asked this question yesterday on Twitter. Zak said he will revert. If I see further details or a link on Twitter I will post it here.

Thanks for the link Ella
For anyone trying to access the link it has been scrubbed by LSE.
To access it please replace ****** with
vox markets
removing the space between the two words

Caveat / Shorn / Gheko
Just received confirmation for my attendance on 14th Oct with following guidance:
"Please note a smart casual dress code applies (denim, sportswear and casual wear are not allowed)"

You may be interested in looking at the linked report.
I haven't had time to fully digest but my takeaway is
1. Unfortunately XTR / Bushraner wasn't on the radar for review
2. If we were then our geographical location would be unique and highly desirable
3. Colin is moving us up the value chain from explore to feasibilty
4. Prices quoted are a little out of date only up to 2018
I am sure there are many on the bb who have more knowledge and can draw more insightful conclusions on what this means for XTR.
Happy reading
https://classicvalueinvestors.com/wp-content/uploads/2020/01/Copper-Projects-Review-Jan20-1.pdf

CE I have requested to attend as I hold XTR, BZT and GLR. XTR is my largest holding.

Gheko
6pm -9pm at the City of London Club Oct 14 Broad Street.
Suggest you
(a) DM Zak on Twitter @ZaksTradersCafe I contacted Zak this morning and he asked me email (b)
(b) Email waltie@xtractresources.com I have sent an email but am waiting confirmation.

Hope to meet you there.