Member Info for Andrew4444

Hello CE

As I previously stated in another post, we only know what we have been told officially (you may know more from your conversations with CB) . it’s one thing the contractors chasing the higher grades but that doesn’t mean they will find them.

Further, In the mine prophets chat room CB mentioned the new alluvial Mk2 income and he said it was going to be ‘modest’ - his word.

I really hope we do get income of $200K a month, but I stand by my comment that the $200K prediction is more than what has been previously implied – at least compared to info from official channels.

You cautioned about ‘unrealistic expectations’ and the danger of shareholders compounding this. I can’t agree more and that is exactly why I am being conservative with my expectations.

To this end, I’m predicting £100K to $150K monthly income by end of year from GF + BE + alluvial Mk2 income. If the $200K prediction is correct, just from just GF + alluvial Mk2, then my estimate will be easily exceeded - and I hope it is.

It will be interesting to see what the actual figures are come end of the year and if my rather conservative approach has proved to be more realistic.

Gixxer

Yes agreed. Its all very frustrating. I'll believe the $200K income by end of year when I see it. It is substantially more than his previous guidance a few months ago.

Although CBs comms is terrible, as is his forward guidance. I still believe the mine will be built and therefore we will get a substantial rerate in SP.

However, I think that will now happen later then I previously thought.

Hello CE

Many thank for the update. Greatly appreciated.

I’m sorry if CB is upset at the inaccurate and un-informed posts, but that’s a reflection of his poor comms. If he communicated with all shareholders as he has done with you, then we would all be fully informed and there would not be this lack of understanding.

From what you have just said, it appears that he will soon be doing that. I hope so.

The $200K a month income from GF and alluvial II combined by year end is new info and , is substantially more than his previous forward guidance stated in the pay wall chat room pod cast a few months ago.

Thanks again for the update. Lest hope you are out of a job soon as Xtract PR man :)

https://logisticsinsights.agility.com/COVID19/south-africa/

South Africa to Mozambique Slight delays / disruption Land borders open with extra checks Slight delays / disruption

Hello CE

Many thanks for the update.

I would like to think all the mine prep work in Moz has been completed by now, especially as the shipment has been delayed for months. I can only know (or think I know) what CB has said and he has repeatedly said once the borders are open the mine construction can start. He didn’t mention any other delays re prep work due to MMP project manager being in lock down etc.

I appreciate that you have said some posters are making ‘unfounded speculation’, but that’s down to the void CB has created due to not keeping all shareholders fully informed imho. I don’t believe CB has ever given the news, in a public forum, re MMP Proj manager and lock down.

I agree with you: a ‘full and factual operational update’ is definitely required and would be helpful to all shareholders. Or put another way, CB improves his comms and that may stop the 'unfounded speculation'!

Thanks again for the update. We'll see if CB gives us an update re shipment this month.

Hello CE

My understanding from the RNS and listening to CB today, is that the C19 issues are not border crossing issues, but more broader than that. Yes of course, if it is just down to border crossing issues then the work in manica will not be affected as the plant is already in country.

If I’m wrong about the wider C19 issues, and it is just border crossing delays as you say, then that’s great and we will be getting notification this month re shipment.

That said, I would have thought that if that was the case then CB would have mentioned the likelihood of equipment being transported this month, or soon, in the interview he gave today. That would have ease many peoples fears and been a very positive statement imho.

The fact that he didn’t mention it at all, seemed to imply me that the C19 issues are more than just border crossing issues.

I guess we will know who’s right by the end of the month.

I really hope you are !

Gixxer

Unfortunately, that is the conclusion I am coming to.

We are asked to believe that C19 issues only affect the HR plant construction (we know equipment can now be shipped) but has not caused any issues with the other contractors in Zambia and manica .

I'd like CB to explain what the C19 issues are and how they only affect the mine construction.

If C19 is causing other problems (in addition to border closures) then why didn’t he say this before? He certainly gave the impression, many times in interviews, that the only issue was the border closure. And as he said...once that's open, we're off !

In addition, how come C19 is not stopping the alluvial contractors working or the free milling contracts which are due to start very soon. They seem to be managing fine and working within the C19 restrictions.

This doesnt pass the 'smell test' imho.

Ntm

Yes MMP own the equipment, but CB can't abdicate responsibility as he is the defacto CEO and he was the person who agreed the contract with MMP.

It would be like someone employing a builder who sub contracts out the electrics on the job. If there is a problem, the builder cant say to the customer - nothing to do with me, its all the electrician's fault.

That said, hopefully CB is pushing at an open door as MMP will benefit more than we will when the mine is built.

The most worrying thing in that RNS was that comment imho. If we are going to get an announcement soon re the equipment being shipped then surely this would be the time to announce it- as a counter to the placing?

If we dont get any news soon re shipment then it would seem that CB is using covid as an excuse why he cant ship the equipment - and that's worrying. More worrying is that we now have a loan facility for some time... maybe because he knows the mine wont be built for some time and the substantial income we all expected will be delayed??

I hope he proves me wrong and delivers the RNS re shipment soon.

In the RNS today CB said....

'The Company is considering other means of combating the effect of the COVID-19 border restrictions in Mozambique and South Africa and will keep the market informed."

He has said before that once the borders are open we can ship the items and start the HR mine construction. Well the SA border will be open tomorrow and as long as you have had a covid negative test within 3 days of travelling, then you can cross the borders.

Moz borders already opened. I don't know what restrictions he is still talking about?

The fact that he hasnt mentioned the borders opening tomorrow or imminent shipment of equipment is a bit worrying. He has repeatedly said once SA borders opened - we're off !

20 June not 30

On 30 June CE reported that CB had assured him that he has no intention to raise funds for the 'foreseeable future'.

Now I guess its down to the interpretation of the phrase ' foreseeable future'. Some may say 3 months is outside that period so CB's not mislead anyone.

Others wont see it like that.

A guess it could have been a lot worse. Not much further for the sp to fall so hopefully we wont be down much today???

We'll see.

It's impossible to say as there are too many variables. Eg The Bush ranger project could be the best thing CB has ever done in his 45 years in the mining game, or it could be another O'kiep venture which cost Xtract $1.5M and we got nothing from it.

What will POG and POC be in 2 years? Collapsed or much higher?

CB said recently that he wants the co to be built into a £400M MC mid tier co. It could be IF all the potential is realised. That's highly unlikely IMO and if it ever was we would have many more shares in issue by then.

If I had to guess, I'd say I think SP in the 20p's would be the highest sensible prediction and I'd give that only a 20% chance. I think its 50/50 if it goes above 10p imho. By mid 2021, I think 4p minimum is realistic.

But it's all speculation due to the many variables and unknowns.

I think the reason Xtract is still under valued is mainly due to the market not believing CB’s forward guidance re time scales or income levels. There may also be some caution re the possibility of a placing (I'm not saying there will be).

CB has said many things in the past that have not happened, either ever, or much later than stated: ie

Share talk interview 2 Aug 2019

1. CIL plant should be in production Q1 2020 (pre covid issues)
2. Possibility of gravity production end 2019 (pre covid issues)
3. working on multiple of earnings income should be $800K to $1M a month this time next year. (ie By Aug 2020)
From Zambia and manica.

The $1M income a month (Manica + Zambia) is now moved from Aug 2020 to end of 2021. When will we get $500K a month manica income? Will income levels be as CB has implied?

IMHO, I expect the mine to be built and income levels to substantially rise, and therefore the SP will follow and rerate.

However, I think due to so many false dawns here, many now want CB to ‘show us the money’ before they believe it. That could be the reason why we are still only valued at £5M.

Of course, AIMHO

I would like to think / hope CB would put on hold all non-essential work rather than do a placing to continue work in Kalengwa or Eureka.

The free milling Gold should produce some additional income by November and even more by December. Even IF required, is It worth doing a placing to cover just the next 6 weeks?

I hope thats CB's mind set as well.

Hopefully MMP will be driving the delivery as much as CB. They have more to gain then we do.

SA infection rates are going down so I can't believe there will be such a dramatic change in the next week to stop the opening of the borders.

Borders will be open for business on 1 October so I am sure nothing will delay the shipment now. I would like to think CB will be making sure MMP are packing the parts ready for 1 October shipment.

I would hope / expect delivery should be in the first week of October and that we will be getting an RNS when items arrive.

I would think that will start the rerate and we should be back over 2p by end of October / early November....hopefully.

I don't think there will be a placing but if there is it would be one hell of an opportunity to top-up prior to rerate imo.

A wall of buys today with x8 buys to sell.

Down 9%

MMs playing games ????

Fundamentals have not changed from 3 weeks ago when sp was 2.2p

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