Member Info for captainbob

I have

I seem to remember Jim saying it would need a crushing unit among other things that would need 3m in investment and he was not willing to put that sort of cash down, Kaengwa also written off in my mind. Gave impression there were many other ready to mine opportunities where investment would be far less.

At the agm he said blasting had started at Eureka

The difference being them having to raise the 330 million one way or another, that will require dilution, or JV, (also dilution), not to mention time scales for seeing return on the investment, no idea of their CIN status or the like but it would seem selling the asset must be a far faster and less dilutive way to realise shareholder value.

Regarding rainy season, the method used by the Chinese families is little effected by the rains as no trucking is involved. Colin indicated we will most probably continue ourselves once they have completed the areas they were allotted, and signed off as completed, re-covering much already done and also to do the areas they skipped.

Precisely, and the board know that, thus why I say their statement regarding projected income, and no forseen need to raise ant further cash will already have these matters factored in.

The good thing is that the CIB already holding AUD enough to cover the drilling / assay of phase two with income already from 5 Alluvial teams, boa esporanza and Guy Fawkes ramping up.

Colin stating at AGM that Chinese team from BA expecting 11 kg mo from the mini open pit.) These projects will run well into next year by which time Fairbride will be churning.

We already know that September alluvial production was 50% more than any previous month , so say bare minimum 6 kg (based on info from RNS 14th October,) or USD 360k per month until Fairbride hardrock in production plus BA and GF, it all adds up, not forgetting Eureka is also mining, with Colin targeting 75% of the proceeds. They know more than we do, and have stayed in half yearly report that:

"As at 30 June 2021 the Group held cash balances of £8,084K. An operating loss has been reported for the Group, however, as at the date of the release of the consolidated financial information, the Group's assets have been and continue to generate revenues.

During the first half of 2021, the Group raised a total of £10.5 million before expenses.

The Directors have assessed the working capital requirements for the forthcoming twelve months and have undertaken the following assessment....

....
Upon reviewing those cash flow projections for the forthcoming twelve months, the Directors would not expect for funds to be raised through equity raisings, or require additional financial resources in the twelve-month period from the date of authorising the consolidated information to enable the Company to fund its current operations and to meet any future commitments in the event that the Company decides to continue with further exploration work including drilling campaigns in Australia and Zambia."

Very confident statements, so everything looking very good to me, them not expecting need to raise cash until late next year, and I am pretty sure they will have better idea of start date for Fairbride than we did/do too. Warrants if triggered would raise over 4m also, meaning massive dilution is not an issue we need worry about in any way at all.

Relatively speaking, the other little alluvial and hard rock projects should still be producing / ramping up income, however it is most certainly looking closer than ever before, good things come to those that wait, (feel I must have said that more than a couple of times)

Howzap, yes that is correct, that was what Colin was saying. Saying these were small financially stressed projects, where minimum expenditure required to get them up and running, ready for production.

Colin's comment about this being a US $700 million mine was interesting, as if that is the case, basis 20 million tons a year mine, with 2 million tons contained copper to extract, via open pit, it would seem to be very low cost, with near surface ore covering the capex very early in the cycle, when looking at potential return over LOM.

And that is just racecourse....

It really would appear to be developing into something very saleable indeed...

Years

I am sure there was mention of A$250 per m of drilling, which would require AD 5.5 M, might have been USDA, even that gives plenty of room as far as I see.

They did also mention that Aussie Dollars had been forward bought, hedged to an extent, again suggesting there is still plenty of the placing cash remaining.

Plus the two raises earlier this year did allow for advancement in Africa in the RNS at the time.

Therein the warrants would be in a way nice to see triggered, as that would carry us nicely into any further drilling, and of course by then we really will have much better idea of the conceptual, (becoming reality) pit, and SP of course double what it is now as bare minimum, that is my belief anyway, tye disconnect is huge due to the very 'pessimistic' pit analysis based purely on the givens before allowing even for the phase 1 drills. We have so much more data now extending in all directions eating up the waste material, expanding the footprint of any mine.

I feel they must consider the holes into conceotual pit will be enough to orove the 2MT, thus the more speculative drills into the new system, (SE Anomoly) which Colin does not want them to name yet, :)

Also the comment about it not being a good idea to start mining yet as basically, need to find a barren area to site the plant, tailing dams etc.

Everything just seems to be getting better, Colin's excitement says a lot, having met him several times over the year, this is by far the most upbeat I have seen him.

GLA

Trhee is no u in rbalme.
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Regarding funding, at the AGM he was asked, and before answering, asked Joel to confirm we had enough money in bank for the planned drilling and Joel nodded agreement.

They also mentioned a few smaller projects in Zambia that they are looking to progress, (also further exploration in Manica, as most is untested, and area very fertile with gold, they have several targets,) to increase income for further drilling programs if required, but saying these in themselves would be funded from projected cash flow, and only when can be done without detracting from Buahranger requirements.

They also took pains to say they did not want dilution, and that African projects are on course to see good income going forward.

My two little buys into the kids new ISA's both went through kill or fill, no problem

Uncrossed trade, result of auction. They effect the share price, regardless of stated bid and ask, a tool used by those with greater knowledge of the mechanics than me.

Not forgetting that is purely for racecourse.

It can only be weeks now till Fairbride hard rock mining commences production, plus drilling and assay at Eureka too.

It is for XTR to determine the resource, and then approach AA, so it would be nonsense to think AA are making any sort of offer until our board have numbers with true conviction themselves, however I suspect this is a case of when rather than if, obviously the tonnage looking good and it is about assay's to confirm the probable overall grades confirm the visual expectations.

Listening to Colin at the AGM, and again last night, he really believes passionately in what we have, well worth a listen from around 7 m 30 s in:

https://tinyurl.com/c2mm8v3u

I am very much looking forward to hearing how much ore is in the conceptual pit, along with assay results, as they are added in. Any JORC will after all be based on drilling and assays, and in the past there has been mention that the modelling they use, allows for different pit design capex and opex estimates as they go. Not so much guesswork just results and data speakung for themselves.

At the AGM, he commented on 500MT ore saying if 0.3% then 1.5 MT CuEq, but if 0.5% then 2.5 MT CuEq, then last night talking about the pit expanding in all directions even deeper if desired, and repeating belief in it being a tier 1 deposit.

Good day Lucky, yes that was pretty well the gist of it, I did mention same the other day, he supposed AA may even farm out the deeper stuff to a company more used to that type of mining, AA preferring open pittable stuff.
He also talked at length about the process, and the independent assessment is certainly a back stop if price is not to their liking, and of course any offers prior to that will be based on the modelling and results they have, of course if both agreed to a valuation then what is there to be gained in a separate independent valuation. After all AA would do their DD based on the same data XTR are working with...