Member Info for Benhowell459

*most here are already invested, not bonkers!!!

"The company has delivered on performance whilst the shareprice has gone down... ultimate value investors dream."

Stark raving bonkers. Most here are ALREADY bonkers. I'm balls deep, like many here, having believed Colin's spiel about tier 1 and "this is massive Zac!" This is not a dream for most here, seeing share price increase being completely and utterly inversely proportional to company progress. This is the exact opposite of a dream to me and many others. Colin HAS to deliver and fast. Telling AA to shove a 10p offer seems very far off right now, and your delusion and lack of realism is not helpful!

Your positivity is (on occasion) to be admired, despite it being founded on naivety and crackpot ideas.

Tell me this: What does CB have to do to provide some sort of shareholder value?

What news does he need to release to increase the market cap here?

Is he underperforming currently in terms of his PR of this company?

It seems, the chirpier you are about this being a dead-cert winner, the more the sp falls. You note that it's OK if it falls to 1p so you can buy more. BUT that means the market trusts Colin EVEN less to deliver. Therefore I refer you to my questions above. He HAS to deliver something to turn this around. Currently there is NO evidence he is able to and there is NO plan that he has published that suggests a turnaround in fortunes and therefore an increase in sp.

CB, if you are reading this, something needs to change. The sp is declining. The market doesn't believe we will progress here. Can you outsource Comms? Can you do another webinar? Can you provide a clear plan of action with associated timelines?

Can we possibly stop feeding the trolls please. It's clogging up the board with utterly mundane and pointless gibberish. It adds nothing to this board and causes visitors to think it's a bit of a mad house.

There is a lot going on here and lots in the pipeline. Some might say imminent...

Could almost say sp appreciation is inversely proportional to BCB's enthusiasm.

PALM down 60% if not more. Cobra not made an sp progress in 2-3 years. November 2018, sp was 1.75. I bought in at 2.75 in 2021.

Or perhaps the appreciation in sp in inversely proportional to drilling progress. At what point do shareholders get anything back on their investment?

Rupert sounds great but then so did our last CEO with his magical pathfinder ideas. Bigger resource but shrinking business.

Hopefully we will see a turn in fortunes soon.

Littlewing, you mention "supporting studies will have to be accepted by AA."

CB has mentioned and several have confirmed that in Oz, the "Decision to mine" is an official term with quite specific parameters. I would also like to think the contract which Xtract took on when acquiring BR was watertight with whatever needed to be done to trigger this clause. Presumably Colin knows exactly what he needs to do to go down this path (and we are currently on it). AA won't be able to sit there for years if we are able to implement the decision to mine clause. CB at the AGM last year gave me (and others) the impression that he would like AA out the way to sell to a wider market. I would like to think a) Colin and AA have a reasonable relationship that they won't screw us around and b) Colin wouldn't have taken this project on if it wasn't going to be feasible making money out of it. Time will tell though.

On a slightly different note, let's compare to the situation that developed with Kiwara and First Quantum. 5/10/2009, CB announced they were getting Snowden to conduct a PFS, which was expected to be released Q12010. (This gives us an idea of how long a wait to expect)

23/11/2009 - CB announces they have agreed to sell to FQ.

A PFS was therefore not necessary to sell. Obviously, AA may operate differently and we are tied to the contract. But the situation implies we may already have the data to ignite interest from AA and others.

Let's remember we are also in a vastly different situation to 2009. Copper price higher and supply issues in the pipeline.

Can't actually see this year's presentation on my phone. Keeps going to the 4 minute media interview. I can however see the 10 minute presentation at the same conference for 2019. They were pretty happy that IAMGOLD had just joined them in a JV.

Shame there's been no interest (that has materialised or gone anywhere) in 4 years despite lots of progress in the field.

Eureka has great grades. Opportunity for exploration. Potential IOCG. Heard it all before. What sets this apart from the others? Why would anyone invest based on kakuye when the past two copper ventures have basically failed (they have brough 0 profit or shareholder value to Xtract since their acquisitions)?

Never understood the need for having multiple accounts on LSE unless you are playing games or have weird intentions/trying to manipulate. Was it father ted /porv who had multiple accounts? The guy who claimed porphyries halfway up the Andes might be a better investment. He did say he'd come back to compare fortunes. Wonder how his predictions have gone..

Writing in code is ridiculous and just strange. Let's get back to normality.

Excellent work howezap. The person currently shouting the loudest about XTR from the rooftops is writing in code and getting on everyone's nerves. So we need quality reminders like this to drown out the nonsense. Only comment if planning to do it often going forward - bullet points might be easier to read for those checking in briefly...

*Be affected by

Typing on the blower on here is getting harder and harder.

Completely agree. Why on earth should our operations by Cameroon having a new mining minister, as sad as the circumstances may be. As you say, hunniford, it speaks volumes about the way things are done in this part of the world. We are dependent on being in favour, if you like. Hopefully nothing is affected, licences remain in our hands and we can prove we are making progress and bringing benefits to the local skilled workforce.

"is it a possibility or a probability that Sareum will get bought out in 2023?"

I hope the answer is not the same as Mark Baum's.

Let's hope Parker is not confused with someone from Bank of America.

Beautiful to see the blue and confidence come back here. Very grateful to those who went to the AGM and posed such thought provoking questions. Glad to hear the confidence across the board that we will get to the clinic by whatever route works for us. Nice to hear about the approaches from pharma, but then if we trust the science then that was always going to happen. I'm hopeful Q1 2023 will be enlightening and show good progress on more than one front here. Thank you to all those who fed back their thoughts on the AGM.

Nice to see the buys come back. At this rate of rise, we'll be back at 9p old money sometime next week ;)

Rupert needs to learn a lesson in expectation management. Just like Colin Bird at Xtract, if you promise news at a particular time, you'll get hammered when it doesn't come to pass. Yes, we have a great resource with REs on top of gold but delays are frustrated. It all sounded great when set out neat and tidy in a presentable timeline but something is awry. Rain delays drilling but surely can't delay office or lab based work.

I don't see much value in the IOCG potential here. Xtract have basically given up looking into theirs in Zambia because it takes a huge amount of drilling to define the system. We may well have one, or even two but for us to present a bow on an IOCG would take a huge amount of work, and therefore dilution. Much better to use funds to define the RE system in my opinion. Lots of positives here but expectation management key, from the CEO right through to the BB.

The Alacran deposit bought for 100m US (50%) is 101MT @ 0.41% copper, 0.26% gold and around 2% silver. Would love to see the cut off used ;)

Interestingly, the first 6 years has a higher payback. Copper at 0.61% will be mined. LOM is only 13 years though. Perhaps they could explore further.

Positives for us:
- deals are being done. Presumably companies are listening to the warnings about the world being short of copper and are actively pursuing new/current leads.
- our jurisdiction better, easier to recruit experts to North of Sydney rather than north of Medellin!
- our mine would be bigger
- interesting that this was bought, possibly due to capex being paid off by the high grade portion close to surface (ring any bells?)

Negatives:
- our grade is lower
- we are behind their timeline (their PFS was published in Jan 2022) so a deal will have to wait presumably.

Potnak, my guess would be the latter.

However, we need to raise questions about the obvious elephant in the room.

A) what has PH done to improve Sareum's appeal and reputation among investors since they were hired?

B) Did they raise the issue of consolidation? If yes, do PH and/or Sareum consider it a success?

Blunt questions. Need to be asked. Need to be answered honestly. No dodging.

I'm quite disappointed with my 27th place to be honest, way below Nice to Michu. Or perhaps it's a compliment, saying I write balanced posts ;)

I actually think it's out of date - CE and news have hardly posted recently. I do wonder what's happened to them.

Steve, thanks for the speedy reply and the honesty. I would be interested to know if there would be a point you would reinvest in Xtract and what criteria you would have to have your confidence. Perhaps it is too early for that after the drama of the last few days. Either way, good luck with your future investments too.

Steve, I have appreciated reading your posts over the past couple of years. You and several others have contributed well to mature and engaging discussions. I respect your argument for selling and your defence of said argument. I am, however, surprised you have had the time (and inclination) to spend so much time on the board over the past couple of days, especially as you say you have a respectable role as Director. I fully appreciate you could be on AL etc.

Having said the above, I would be keen to hear your thoughts moving forward.

Are you:
- Intent on contributing to this BB despite now having no financial interest in the stock?
- Intent on continuing to put forward the narrative surrounding the economic unviability of Racecourse?
- intending to find another stock to invest in?
- intending to buy back into Xtract at some point, should the company provide compelling information so as to change your mind about Racecourse?

You obviously have every right to be here but it is intriguing as to what capacity you are contributing, as it is not as a shareholder and presumably not as a hobby in your free time?

Cheers,
Ben