Member Info for Andrew4444

Looking at historical day by day weather figures, there was little wind in Manica over last few days so all fine re poss damage. However, rain fall was torrential 24/7 so very likely lost a few days work..

Hope its now stopped or reduced .

Hello CE

Further to the six questions I asked you to ask CB in my post on 7 March. There are three additional questions that I think are pertinent and all shareholders would benefit from getting answers to:

1. What is Xtract's group monthly costs now? You said that CB informed you at the last AGM (I think it was at that meeting) that total group costs were circa $85K a month (not just for alluvial production but all group costs). What are they now?

2. What is the latest plan for ex Moz gold plant? Use when and for what purpose? If sell, when?

3. What plans has he got for all the stored Gold? Sell soon? When?

Sorry for all the questions but I think all shareholders would benefit from some clarity on answers to these questions.

My concern is that CB may try and avoid talking about manica, use Zambia as a decoy and keep trying to get the agenda around to Zambia, hence imho the need to keep him focused on Manica and getting answers on, what is, our main asset.

Thank you CE

para 2 should read

started as stated

Daz

I'm very relaxed about Zambia projects as long as the are funded by CF from manica and a bit of CIB. If so then great idea and worth a punt. If he does a placing to fund these projects, then at this sp it would be a disaster. All trust would be lost as and many i think would sell-up and move on. I would be amazed if he did a placing until sp is much higher - above 2p.

If Sino Mk2 has not started second plant then again trust would be hit. That would almost certainly mean two announcements in an RNS that did not happen. Again sp would be hit imho. I think it very likely they have stated as stated.

No chance of HR starting this quarter now and probably not for some time if you read between the lines in his interviews. If we were on track then he would have said something in last weeks interviews as 'heads-up all is fine'.

I can only see one realistic driver of sp over next few months and that is alluvial income. And by Q2 is may be looking very good.

That said, I will be delighted If CB proves me wrong and announces Omnia HR agreement this month !

Stevensd

Caveat Emptor said he was going to the show and I posted a few questions I'd like CB to answer. CE very kindly said he would put them to CB. I have no doubt CE will be asking some pertinent questions to CB and won't be fobbed off !

It was noticeable during the last two interviews on Vox and Proactive that he kept trying to get the conversation back to Zambia and copper every time manica was mentioned. I was very surprised when he said 'Manica is now all beded down' ! With no HR agreement and none likely for some time, I found that statement by CB amazing.

I would think anyone going to the IS will be asking him some relevant and important questions re manica and wont be fobbed off with CB's constant narrative about Zambia and copper (if that is his decoy strategy).

Whatever CB says or doesnt say about manica at IS, the alluvial income results in 6 weeks time will tell us a lot about manica, good or bad.

I just hope he can confirm at IS that sino MK2 definitely started second plant on 1 Feb as he said they would. I would be surprised if that was not the case - but with CB, not amazed if they hadn't yet !

Hello H50

I agree with you that hard rock news could come at any time, but not knowing when is part of the problem. It could be this year or 2020 or later !

As others have said, it would be great if CB could give us some great news just before the investor show - but he won't be able to if there isnt any in the next 3 weeks. Its not a choice he has.

Move into Zambia and copper could be a very shrewd and profitable venture. But didnt CB say exactly that about manica!

I'm sure alluvial income will increase due to increase in plant - but question is by how much and will it be enough?

I agree £3m mc looks cheap.

Pearls

You have nailed your colours to the mast on this - and how!

Either you or Smartie2 are going to be very wrong. We should know who - soon !

NtM

Just before Q4 results were released, the sp hit 1.3p based on hope, hype and rampy posts (no substance). If we ever did get an RNS confirming hard rock agreement then I would expect the SP to quickly hit 2p, probably more. Not many has ever doubted the potential here but the question has always been, can CB unlock that potential?

So far the answer has been no (hence current SP).

For me, the Q1 and Q2 results will be pivotal. If we get good results in Q1 and improvement in Q2 (Q1 only had 2 months of 2 x 200 tph) then we may see alluvial income covering all group costs inc any exploration costs. If so, then I would think the sp would be over 1p again - just on alluvial income.

If the Q1 and Q2 results are not significantly better than previous, then I can see SP falling back to 0.7p (approx). Next alluvial income results will, imho, show that either, CB knew exactly what he was doing with new ventures or he's just gambling with our money.

I've dismissed any chance of hard rock income by Q2. Earliest I think that will happen is Q4 but probably next year.

I can get a quote of 3.7p for 400K

Took a few goes

x-o account. Never had a problem before getting quotes. Struggled this time

Big order being filled?????

Bought small amount as a a punt - binary bet imho

NTM

I don't have a problem with CB speculating on two exploration ventures - could be very profitable if he's lucky. It's a gamble, as all exploration is.

My issue is, can it be funded through manica income levels? Pre Zambian projects, the additional income from Sino Mk2 would have seen all group xtract costs covered and put us in a genuinely profitable situation. But there is now a risk that Zambian projects could suck money from manica and leave us, as a group, loss making.

Your view that there is a greater chance of a placing is exactly my concern. If we end up being loss making, even with additional alluvial income (because of additional Zam expenses) then the share price will be hit hard as we will see cash burn and know we will be out of money in x months. That means placing coming.

Raising to increase production (and therefore income) is fine and an investment. Raising to buy more lottery tickets with more exploration is very worrying.

That's what most Aim co do until they go bust. CB has rightly majored on the fact we are a PRODUCER and at least with alluvial production, profit making.

For me its all down to this. Will the increased level of alluvial income cover ALL costs inc Zam projects. If it does then no worries - good idea CB. If not then very worrying and some may say last throw of the dice by CB.

We'll know, either way, soon enough.

Ngup

I think the negative comments / scepticism / concern re two new exploration projects is probably down to the fact we don't know, for sure, what really is happening at manica ie Hard rock, level of alluvial income. We do know what CB says is going to happen - but that's different to what may happen (as we have seen many times). It has not be proven that the manica income, as yet, covers all group xtract costs (it may cover all alluvial operational costs).

You rightly say how we develop manica hard rock is important, but why doesnt CB finish this important project off before starting more? Manica has not been all beded down as CB said. It's still a work in progress.

CB may claim that there is going to be ' significant gold production in 6-8 months' for hard rock, but he's said so many things that have not happened I'm not sure another one-liner promise can be taken as reliable. RNS stated Q1 hard rock production.

This may all work out as CB has indicated but after many failed promises and missed targets, I think its understandable that some may be slightly negative or sceptical.

CE

Many thanks.

When I said overburden in Q2, I really meant the terraces - obviously we know they have been working the river bed and quick wins.

Thanks

I appreciate some of these questions may be answered by time Investor show is due.

Hello CE

I agree its not very clear what CB is saying and you can interpret it in a number of ways. I would be more than happy for Omnia to have all of the Hard rock concession inc FB. A JV with Omnia getting 50% to 75% would still make it a very profitable venture for them even with a $10M mod to do. Even if we got just 25% of all profits of ALL Hard Rock (FB and non-FB) the SP would rocket on that deal (IMHO)

I won't be able to attend the Investor show but if you are able, it would be good to get some clarity on these points:

1. Did Sino Mk2 start working 2 x 200tph plants in early Feb? If not when did they?

2. Have Sino Mk2 started working the overburden yet? If not when will they start working this part of alluvials?

3. When does he think Omnia will start Hard Rock mining?
(There seems to be a difference of opinion from many posters on this. Either imminently or end of this year)

4. Will Omnia now be processing all hard rock from FB and non-FB or is the agreement still just for non-FB.
(Clarity on what he is saying in recent interviews)

5. What is current level of Cash In Bank?

6. Are we still pursuing Moz Gold compensation claim? If so any news?

If you can, any info on these issues would be greatly appreciated.

Thanks

LW

I would be very surprised if that were the case at this moment in time. There is high levels of overburden to remove on the terraces and CB has said, many times, that smallish alluvial contractors find this too costly and high risk. I think that is what saw off Moz Gold and possibly Omnia?. Sino have been working the riverbed so did not have this issue.

One view could be that Sino Mk2 were given all the concession only because CB could not find anyone else to try and work the terraces with the high overburden. It’s interesting to note that he said in June that ‘other’ contractors would be working the area and these new contracts should be signed very soon by August and ‘nothing like 4- 6 months’. It took him over 6 months to announce the contracts so it is not unreasonable to assume that there were more problems than he thought in finding a contractor who could work the terraces.

If Sino Mk2 were the obvious fit and knew how to work the terraces (from their experience on the concession over the last year) why did CB talk about other contractors and why the delay in placing contracts? This may be a case of CB saying to Sino Mk2, ‘you have a go and see how you do’. Sino Mk2 have been doing OK on the river bed which is the ‘low hanging fruit’ as CB calls it. I think they have now doubled-up the plants (24/7) on the river bed first.

We may get another announcement soon saying that they have additional and different types of plants working the terraces? The question is – have they the equipment and experience to successfully work the more challenging terraces? If they can then the gold grade and income should significantly increase as this is were the nuggets are found.

Ngup

Thanks.

It appear that a few of us now have come to the same conclusion from listening to CBs recent comments. It would be nice for clarification from him so we know if that is the right interpretation.

JDAU has a different view. He said yesterday....

"All of you ‘completely balanced posters’ seem to have wilfully misremembered that our Hard rock FB project is separate from the Hard rock JV projects with Omnia.

It really demonstrates how little you lot know about the projects when you’re getting up in arms about being given new information on a timescale for our flagship asset (Fairbride) and interpreting (poorly) that it’s CB ‘delaying’ all of the previously RNS’d information"

May be he's right. Clarification by CB would be good. Hopefully we will get an RNS soon.

Ngup

Thanks for clarifying.

So I assume there has been a material and significant change in CBs strategy, in that, FB HR project is now NOT separate from the Omnia JV Hard rock project? It's now one over-arching project?

I assume that is correct.

If so, I'm pleased about that as it seems sensible to me. Would be nice for CB to confirm something as important as this - rather than try and get us to join up the dots !

I wonder if CB wrote Dusty Bin 3-2-1 questions :)

(showing my age !)

IWTO

My understanding from Vox cast and Proacvtive Investor interviews was that we will now be using Omnia plant for non-FB and FB hard rock. At 12:30 secs min in vox cast interview he seemed to lump in FB with all other Hard rock deposits which he usually avoids doing. They were talked about as two distinct projects before.

I may have got this wrong, but CB appears now to be implying in his interviews that Omnia will now be doing ALL hard rock inc FB. He has stated, in the past, this COULD be an option but has never stated this as fact.

I may have misunderstood him and FB is still up for grabs for another contractor, but it seems to me we will be using Omnai's plant (after modification) for all hard rock work now inc FB.

I'm sure if that is wrong someone will tell me :)

Bat

Thanks for clarification. That was my understanding yesterday so said CB would not be able to meet his Q1 Omnia production prediction in Oct RNS.

This then leads to the obvious question, how are we going to fund the upgrade modification and the two new exploration ventures?

We now know Hard rock income wont happen until late this year so is CB thinking all this will be covered by alluvial income?

I'm not trying to be negative but just asking the question. I think a very valid question !