The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The next update of FB production volumes can be derived in late November from the Empresss Q3 report. The link is here
https://empressroyalty.com/investor/financials/
Empress have a track record of reporting in a timley manner ....
Empress royalty is 3.375% and can be used with an assumed gold price to derive a production volume if not quoted in their management analysis. Their commentary is noramlly quite transparent. This will only give an inidication of volume but could be useful to see if Colins indicated July uplift is being achieved and maintained.
The missing piece of the jigsaw will be operating cost and XTR profit based share which I believe will unfortuantely only be apparent in the full year XTR results.
Positives:
1. Realised gold price at 1989 per oz is decent
2. Empress numbers can be used in future as accurate and earlier indicator for XTR. They reported H1 as 340kg 10931 Troy Oz an age ago.
3. July apparently is a big step up in gold produced 82.9kg versus June 62.6kg
4. Improvement in production across most metrics is good quarter on quarter ( tonnes mined and process, grade and recovery)
Less positive:
1. Operating margin at (1989-1215) 784 per oz is at lower end of my expecations. However it is stated this was due to inflill drilling but unclear if this is one off in nature.
2. Alluvials and Hard Rock seems very low.
Would have been helpful to get an updated view of cash position and collection of the operating profit share from MMP as it appeared at half year end this was largely accounted through as a provision and not reflected (fully) in cashflow.
Tick up on Numerco Spot Uranium: 6875/6975 USc/Lb U3O
I can't recall if we saw bids out on longer timescales before - is this normal ?
Currently showing the following bids.
Apr-24 CVD 69.25
Jun-24 CVD 69.50
Sep-24 CVO 69.00
Dec-24 CVO 69.25
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.
68.78 is stated as max they can pay now. Back up sheet indicates they may have paid 70 but to be honest I don't have a good grasp on this.
https://docs.google.com/spreadsheets/d/1cH_2BM6T48FJDP8ShHBL9IRGFbR99ChH_SPSAWRGvt0/edit?usp=drivesdk