Member Info for andmillsy

Further increase in spot

Spot Uranium: 7300/7425

Longer time frame strong 7375/7500

Jan-24 CVD 73.75 74.02 0.13 75.00 IND

Feb-24 CVO 73.75 74.51 0.13 75.00

25.11 was trigger point to switch on ATM and raise funds.

Not sure James but could it be that no revenue was reported for FY2022 for FB - its not clear from the annual report if they did get income during ramp up in Q3, Q4. Gold was 1136 and 2546 oz total of 3682 oz from production reports.

If it is related to a catch up then the $250k discrepancy would mean $68 per oz for their 23% share.

The lack of reference in the 2022 report to income from FB makes me think this could be the case and operating cost per oz would have been high in a slow ramp up period. Arguably some provision should have been made for this income but if there were loose ends in definition of operating profit then perhaps they were allowed to omit it.

Might be worth checking with Joel ?

I have posted this before - not sure what lessons can be learnt from UPC historical performance duirng U price spike.

https://x.com/ValueSituations/status/1697588353351229684?s=20

Interesting video. Thanks. $300/lb !!!!

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.

Yes ZB largely in agreement

I don't buy MMP were busy on FB so alluvials and hard rock went down becuase they were separate contracts with others I recall mainly Chinese producers.

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.

Caught my attention as well and took a quick look. There seemed to be a few large trades, 3 or 4, totalling c100k volume just after the open which appeared to cause the dip.

AIM trading suspension since 3pm and sput up 3%

Longer timeframe bids have moved up

Apr-24 CVD 69.25 >>> 70.00

Jun-24 CVD 69.50 >>> 70.25

Sep-24 CVO 69.00 >>> 69.00

Dec-24 CVO 69.25 >>> 73.00

:)

Need Andre to initiate buyback and close the NAV gap

Tick up

Spot Uranium: 6950/7075

Thanks for the link

Please let Colin know he isn't the only one let down by others timescales.

Did you know Rick Rule has a decent stake in Empress?

Spot Uranium: 6900/7000

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.

Agree Jez. Unjustified.

"Cash/gold position"

I was surprised to see a £45k loan provided to Xtract in the most recent Galileo financial statements.

The silence is deafening.

I just did...