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If HE1 haven't signed the Rig Contract before the presentation next week then there will not be a lot for them to add that wasn't already said in the recent (and very informative) presentation.

"Selection of Exalo as preferred drilling contractor with MoU signed and final contract negotiation nearing completion." The rig contract needs to be signed asap. Another week and a day has passed since the Project Update.

Sadly the 'rig mobilisation before the end of the year' is looking doubtful, especially as sources on this board have seemed to indicate that the current users are due to be using the rig for some time yet and allowing for Xmas and New Year the rig is unlikely to be mobilised this year.

Who is going to sell after all the positive news in that podcast? answer - no one except GoldPlat.

Creeping up slowly - very slowly..........but upwards it is.

Maybe just too many podcasts.

If you stick to what has been officially released in RNS's then it is a very different picture. Nothing has been said even about selling the company or the asset rather.

Up again.

I knew that someone was selling - that someone being GoldPlat according to aprogerson - as otherwise with the continual buying this would have been up 100% quite easily.

And the other trouble here is that this board has been full of know-it-all posters who long ago decided that they are far better at running this company than the management. They got it into their heads that this was all going to be sold, even before it had even been drilled properly, and even kept giving the share price at which it would be sold. They didn't want XTR to raise any more cash to continue drilling, even though that is the way every other company goes about their business. And now they have decided that the whole asset is uncommercial and no doubt valueless. It is quite farcical.

Let the management run the company.

Then perhaps he wants to get a major or mini-major involved to farm-in and to pay for some further drilling to properly JORC up the whole prospect. By rights, this is what XTR should have done all along rather than do it themselves but the confusion was caused by the AA clause.

I think that it is obvious that the trouble here is Anglo-American and that quite ridiculous buy-back in clause that they left open to the previous holders.

Mr Bird wants to offer this back to them - with a shortfall from the 2 Mton target and make sure that they say 'No. its not for them'.

Then perhaps he wants to get a major or mini-major involved to pay for some further drilling to properly

In the meantime I am still holding a nominal amount of shares at just over 5p, having sold most when I realised that this was going to drag on for some time.

I think the problem many have here is that they bought far too many shares and expected far too much far too quickly. These big porphyry projects take time to be drilled and explored properly. Personally, I will be disappointed if XTR do not drill more - Ascot, the bit in between Racecourse and Ascot and any other interesting prospects.

That was all a bit long-winded. In a nutshell, in a couple of years I can easily see this being 20p/25p and even 30p.

What's the rush.

Sorry that got posted prematurely.

Back in 2013 SOLG took on the Cascabel project and after some initial drilling success over a period of about a year the share price rose from around 2p to a peak of around 13p/14p.

Then when it became clear that the project was going to take time to get drilled and developed the share price started to fall back and over the next couple of years fell all the way back to 2p and even as low as 1p. All of the early buyers got ****ed off and sold at a loss as the drilling continued but the share price was glued to the floor.

Then suddenly out of nowhere a couple of majors took an interest in the project - and not in the way that Newcrest farmed in to GGP - but just a minor shareholders and the share price suddenly started to rise again and over the subsequent year or so rose back up way past 13p/14p and as high as 30p/40p.

I suspect that much the same will happen here and after all of the early birds have sold off and disappeared off to the next big thing this will stagnate for a while until a large player shows some interest and then the share price will start to rise up towards the 25p/30p level.

This share reminds me of SOLG and I was going to post this a few months ago but then I couldn't quite see what was going to happen to send the share price spiralling downwards to justify the comparison.

Back in 2013

All buys - I'm not sure where the MM's are getting the shares from to support this sea of blue but if they run out at any time the SP will jump upwards quite violently.

Of course, the last time there was a placing, and the only time so far except for the IPO fundraise which was at 2.84p, there was no talk or expectation of HE1 needing to raise any cash as they were fully funded for the upcoming drilling campaign. Without any worry about a placing being on its way, the share price rose freely. That rise allowed them to get the placing off at 10p.

This time it is different as it is pretty certain that a placing is going to be required and so it is unlikely that the share price will rise as freely as before.

This means that the placing is far more likely to be around the 7p level rather than 10p.

AJMHO

Sorry, I've just remembered that he didn't mention raising the funding to get into production but he talked about using bank funds/equity - so pending a discovery this could get into production with none or very little additional dilution. Sounds good. Bring on the drill. Hopefully the bigger rig will do the business.

Sorry, the figure was the cost of getting into production, pending a discovery.

DM gave some figures towards the end in response to one of the questions and I seemed to hear a figure of $/£50 Million - not sure if it was £'s or USD though there isn't too much difference these days.

Considering that the m/cap has already exceeded £150 Million during the first drill campaign and that if they hit Helium in reasonable quantities then the m/cap is most likely to be more like £300/400/500 Million then to raise circa £50 Million to get this into production is no big deal.

Yes it was a one-hour presentation, so there was either going to be a shorter presentation and more questions answered, or the full presentation and fewer questions answered. Considering that a lot of the questions we did get were covered in the presentation then they seem to have gone about this the right way around.

Did anyone make a note of the figures DM gave towards the end of the presentation during the questions? ie. the cost of getting into production - which I think he said was quite low - and the quantity and value of what I thought he said was 1 truckload of Helium per week?

Sounds like the bigger rig may make all the difference here.

In 2020 there was a 5-week gap between the appointment of the drilling contractor and the mobilisation of the rig. That would take us through to the beginning of next year, allowing for a Xmas and New Year break, even if the rig contract was signed today, which it is not.

Also it then took another 6/7 weeks from mobilisation to spud, so a similar timescale would take spudding to the end of February or into March anyway so it sounds like the Q1 2023 spud is doable though it might be tight towards the end.

10p placing again must be the target surely.

Sorry, I'm rushing. The Interims were on 28th March 2022 (not 2021).

It looks like they have only had to pay for an ERT survey this year so that sum might be largely intact. So a placing might not need to be too big.