Member Info for Andrew4444

A lot of that FB revenue will go on costs and tax.

POG $1800
Production tax (6%) $108
Direct cash costs (CB said not more than $600)
Prod tax + Direct cash costs $708
Corporation Tax (32%) (32% of profit) $349
Net Profit per ounce $743
Margin % 41%

Xtract get 23% of Gold production.
We are not paying anything towards capex so AISC not relevant to Xtract just production costs and tax.

30,000 oz x $1800 x 0.23% x 41% margin x 0.73 $ to £ = £3.717M FCF

=£310k a month PROFIT approx

Still a significant amount and large increase. I'm confident this will start before the end of the year.

I can't sell any on x-o account either. Not had "no quote" for any sell amount before.

Strange.

Having been here for over 7 years I have learnt (eventually) to take CB's timescales with a "large sack of salt".

My explanations for his consistent overly optimistic timescales is that he is very aware of the short term time horizon (circa 6 months) many Aim investors have, so if he was completely honest with timescales he may be worried that many would sell up and only buy back nearer to news event. That would not help the sp or sentiment.

However, just because his time horizons are not accurate, doesnt mean that the predicted event wont happen - albeit later then stated.

I think FB production will certainly be a good example of that. And probably the Zambia projects as I believe they will deliver.

I'm still here because I believe that much of what CBs says will happen - but not when he says it will happen !

From CB's previous guidance, I have a note in my calendar for first assay results w/c Monday 13 Sept. So not late.... yet :)

Steve

Your view is consistent with CBs previous MO in the past.

And one that I agree with.

Manica is a good example of timescales. Its a very small open pit mine in comparison. We had some of the processing plant already built and from concept to completion it will be 4 years. I just cant see how we can realistic start processing the ore before CB decides to retire or has to retire?

He will be over 80 before we start processing, even by the most optimistic of times scales.

"In my opinion I don’t think they have any intention of mining it themselves, even though they have stated a few times now the possibility of doing so"

I've said that many times before. CB is playing poker with the majors.

He has said before that it will take about 10 years to build a large mine from scratch. Lets say it gets done very quickly in say 8 years. CB will be nearly 86 by then ! (he's 78 in Nov).

I suspect he wants one last big finish before he retires at, probably, 80. If so, he's got just over 2 years left to deliver.

Yes, a few things arnt clear and there are some questions and clarifications required on a two way basis (Q and A) - rather then one way via pod casts or interviews.

That's why I think an AGM would be very beneficial.

With many covid restrictions being eased, I cant see any reason why we cant have one now. Many other companies are having them F2F.

Hopefully we will get one before the end of the year?

Lucky / Iceberg / Ella

Thanks for your thoughts. That sounds more plausible than my theory!

On a separate but related point, after so many very good drill results and little sp reaction, the market is clearly waiting for assay results before it starts to believe.

Hopefully things will start to move up here from mid this month as assay results start to come in.

Hopefully thats the reason Lucky !

I just thought it was very strange because, as far as I am aware (without checking) I think that was the first time only the length had been reported and no mineralisation start and stop points?

Strange and interesting !?.

Unless i've missed it, I was surprised that the start of mineralisation length was not stated for H14. Usually the start length and other lengths are stated in a drill holes results. H14 just had the total length only and narrative.

Is CB trying to hide something (as in very good news) from the market??

Just a thought. Maybe nothing though.

H13 at -50 degrees drilled to a depth straight down from surface 655mtrs

H14 at -55 degrees drilled to depth straight down from surface 670 mtrs

"In the past, when results have not been as good as hoped, CB has waited for additional news before issuing the RNS "

That is what I was thinking but didnt want to dampen the mood with that alternative view!!

I think the delay is, 90% chance, due to good news. But CB does like to delay bad news or try and wait for some positive news before releasing bad news.

Hopefully his recent 2m buy makes that alternative view unlikely.

$250M at $1400 POG = $321M at current POG = £234M

Swap it for Racecourse? :)

On seconds thoughts, no. They may well be getting the better deal !

So basically as far as xtract is concern then, its Directors holdings.

Moir / Bird / Read total holdings = 23.1M shares (at date on website) which is 2.75% of total 841M shares in issue .

I was getting bored, so I thought I’d look at CB’s holding here and try and work out his average (I did say I was bored !).

Difficult to work out exactly total cost paid for all his shares as he did buy a few million many, many years ago without buy cost known, but most of his holding has been bought within last 4 years with costs stated.

We know his total holding is 14.587M shares and I’ve calculated from declared info that his total cost was circa £367K - so his average is circa 2.5p.

However, he also has 10M options (3,333,333 at 1p, 3,333,333 at 1.25p,3,333,333 at 2p).

That would take his average down to circa 2.1p

As others have said, his recent buys this year were all averaging up.

He also has another 10M options at 10p but obviously that wouldn’t affect his average unless sp went above 10p.

So at 20p CB would get:

£2.5M profit from 14.587M holding
£1.858M profit from 10m options 2p and under
£1M profit from 10m options at 10p.

Total £5.358M profit before tax

At 15p I’ve calculated its £3.68M profit
At 30p I’ve calculated its £9.23M profit

I very large increase in profit if CB starts to get the SP over 15p so a big incentive for CB to deliver !

I really hope he does well out of this :)

I dont check trades on LSE for that reason. Many are missing.

I check trades on advfn . They seem to all appear in real time there.

Your 85K buy is showing there at 3.7p at 12:31 hrs.

2mins 15 secs in

Very quick update but still on for Q4 !!

https://youtu.be/HnZJUvLttSM

I think its more like 2 steps forward and 1 step back.

The other way round would mean we really were not going to progress :)

Not sure why this can't be called now. Many companies are having physical AGMs.

UAE (where CB lives) is not on the Red list so CB does not need to quarantine assuming he's double vaxed and I'm sure he will have been at his age.

Even if he is in SA (unlikely I think) , he can travel to UK but needs to quarantine. I know that's inconvenient but I think now he should be considering that as that rule may still be in place for months. We can't wait until next summer before we have an AGM.

I would like to know why we can't have an AGM.