Member Info for Andrew4444

Its Martyn Churchhouse not Churchill.

MARTYN CHURCHOUSE

Managing Director

Martyn Churchouse is a Geologist and consultant with over 40 years’ experience working in the mining industry. He graduated from the University of London with a BSc in Geology and also has a MSc in Mining & Exploration from the Camborne School of Mines. Martyn has had experience as a board director and founder of many AIM listed mining and resource companies. Since the beginning of 2022 Martyn has been a consultant to an exploration company with oversight of exploration and mine development programmes covering multiple targets and resources on the African sub-continent.

This is the first time I've known CB to mention succession planning. Churchouse is mid 60s so a young buck compares to CB, :)

I really wonder what would happen to the share price if Churchouse took over on Monday.

Lets just say, I doubt the SP would go down !

CB is like a football manager who has lost the confidence of all the players and supporters (OK 99% not all). When that happiness its time to get a new manager in,

They look a big co though !

I think they will know what they are doing :)

Founded 1863

Headquarters Brisbane, Australia

Number of locations 350 sites, 70 countries, 6 continents (end 2022)[1]

Services Testing, Inspection, Certification, Verification

Revenue Increase A$2.421 billion (2023)[2]

Net income Increase A$320 million (2023)[2]

Number of employees Increase 19,000 (2023)[2]

https://en.wikipedia.org/wiki/ALS_Limited

"I still feel like the ARCM bod could learn a bit from the old saying ‘it’s better to under promise and over deliver than to over promise and under deliver’."

And so could every other small cap CEO :)

Its in all their DNA !!

"How long can we realistically drill for in Zambia before the rain?"

Until mid Nov - usually.

James

Thanks

Hi James

Many thanks.

"Kukuyu on its own is likely to small with a high strip ratio so if it doesn’t join up is likely to be to high-risk low reward to take forward "

So if it doesnt join up then another small copper exploration venture could fail ! That would be 5 on the trot

James

1. Was there any dissent or pointed comments directed to CB re the SP performance and lack of deliver?

2. How many were in attendance?

Many thanks f

I assume the AGM is now finished,

Good news is that there has not been a wall of selling from those that went :)

If anyone did go it would be good to get a summary of what CB said.

For some balance, I'm going to try and be optimistic (this post comes to you with the approval of Howzap) :)

There is going to be a large scale drilling programme in Zambia commencing spring 2025 (at the latest)

by late 2025 / 2026 BR should have much better economics from more work done and with the help of higher POC. Possibly ready to be sold?

We are fully funded with sale of manica funds for next 2+ years

The future COULD turn out Ok or even better than OK but there is probably nothing to see here for 12 months at the earliest. Bottom drawer.

Happy for CB to prove me wrong (in a good way !) .

Over to you CB

"expect to commence drilling"

EXPECT gives him get out if we dont.

In all my years here, I have never known CB to meet any timescale and I don't expect him to do so with this.

We may get a bit of drilling started before the rainy season comes in mid Nov but even that is not likely iMHO

"we expect to commence drilling before the end of the third quarter this year."

So that ,means Q4. Probably Oct / Nov?

Rainy season starts in Mid Nov. I doubt we will get much drilling done this season and 50/50 if we do any drilling this season imho

Usual deflection RNS just before AGM. ire don't look over here, look over there.

The waffle may be not that we have started anything, but that something is "imminent" and about to start.

The "Imminent" CB time scale being 6 to 9 months.

He's used up all his "tricks" and the curtain has been pulled back for all SH to see the real Wizard of oZ

Below Xtract shareholders discovering the truth about CB :)

https://youtu.be/-RQxD4Ff7dY

GLR just announced drilling has started in WF.

I wonder if CB will announce soon that we have started drilling at our licence in WF?

AGM in a couple of days so opportune time to give some good news??

We'll see.

Ben

We can't get rid of him.

Look at shareholdings. Small PI don't hold enough

https://xtractresources.com/shareholders/

He's 81 soon and I think age, frailty or ill health will be the reason he steps down. As others have said, why would he want to get off the gravy train?

I just hope he gets to know how small shareholders really feel next week.

btw, the 60% rise in BZT was massively sold into yesterday and SP is back in 24 hours to where it started.

Few believe CB is going to deliver sustained SP appreciation so many are selling into any rise. A damming indictment on his record.

I see CB has finally (after many years) delivered some good news over at BZT

I wonder how long we will gave to wait for our turn :)

Tick tock....

"What if CB retires"

The SP instantly doubles :)

Billy

My point was that there must be a commodity price in all commodities, that would mean production was shut down. Or started up again with a higher commodity price.

My main point of disagreement was your view that

"POC is irrelevant"

I think we will just have to agree to disagree :)

The economics will determine the POC breakeven figure. We know what that is against current economics from the study so know how much the profit increases with a higher POC. Its not as if we have no idea what the break even figure is. Hopefully that may be reduced with more work?

If the POC went down to $1K nearly all mines would close even at great economics and recoverables.

The debate on which is more important (POC or economics) is like asking which is more important in determining the area of a rectangle? Length or width

They both are important so POC is not irrelevant

Abso

That was using option 5 of the study with POC at $11K

" Option 5 - 20mtpa @ $11k/t copper with 0.10% CuEq cut-off grade"

I doubt anyone will want to buy BR or it will be progressed unless POC is at $12K + and that is highly likely at some point in the future. $12K will significantly change the economics.

I think CB will get lucky with BR (and by implication all shareholders) simply due to the massive rise in POC over the next year or so.

Without that rise I think BR would be dead.

I think CB sold FB as he eventually realised MMP could drive a coach and horses through the agreement and claim many things were part of ongoing expenses which were payable by us, which could be used to manipulate and reduced our share of the profit

It does look like CB got played in this agreement and thats why many just go for a more transparent royalty agreement.

Its probably better we sold than let MMP run rings around us. But a royalty agreement would have been so much better and water tight.

IMHO

I've just seen link in flipper's post today which sums up my point.

But the BR buyout may not happen for a while yet?

I actually quite like that long time horizon here (IMHO) as it gives me opportunity to put any profits from the other near term shares into this longer term one.

AIMHO