Member Info for CaveatEmptor

Many thanks Andrew,

Makes good listening. Nice to hear that CB still has his 400M market cap target for XTR.

I would be over the moon with half of that TBH.

I haven't been around much the last couple of days, can somebody please post a link to this latest interview?

Many thanks.

They seem very confident that phase II will prove up 2Mt and trigger the AA option clause - they also seem confident that the phase II drilling programme will help to find further drilling targets outside of the existing porphyry - for proving up in Q1 2022.

So 2Mt and AA option activated by end of 2021! We started drilling in December 2020 - so about 6 months ago and it seems we will have our 2Mt by the end of 2021 - in about 7 months time. Looks like we are almost half way through our journey to an AA buy-out?

Having been here for so many years, I am definitely happy to hang around for another 7-12 months to see how much we can get for bushranger as a whole...

And hopefully with both the POG and POC back on the march northwards, we will have some decent income rolling into the coffers whilst we wait.

>>In a sane world the lack news in this situation should be a reason to buy<<

Agreed, Cygnus - but then, AIM has always been a little world of its own - however even AIM punters tend to catch up in the end...

"In addition, we have appointed an independent consulting firm to model various open pit development scenarios in the upper part of the porphyry system, using a range of grade cut-offs and copper price parameters."

If we are in negotiations with a prospective partner or partners who may be willing to invest the Capex to start short-term open pit mining ( much cheaper and faster than underground mining) then the shallow deposit grades will be of utmost importance and central to those negotiations - particularly once we know the economic cut-off grades at the current POC.

As this type of agreement could well be a company maker, I am pretty sure it would be a good enough reason to keep some assay results out of the public domain during the negotiations themselves.

On the other hand - the lab may just have a massive backlog of samples to assay and CB has decided it is not worth reporting?

Annual accounts and notification of AGM are due this week - so a perfect opportunity for CB to reveal all IMHO.

Hello NTM - you said it yourself, by mentioning "good news" several times in your post.

I remember the time when all that we had was bad news or promises of what might come to pass.

The fact that the has been so much good news over the last 9 months is certainly a refreshing change from a year or two ago. During that period we have probably had more regular updates than virtually any other AIM listed company ( when you include interviews) - and yes, when compared to a couple of years back, I do class that as CB having a reformed character!

As stated in my post - I just hope he doesn't have a relapse...

Hello Colin,

I hope you are reading these posts.

Remember your promise of "Warts an' all" ?

Can you please release any information that can be published to help put all this speculation to bed as it really is not good for either the company or its shareholders.

Many thanks.

As we have said many times before - all is speculation, so we just have to wait and see what happens - but I do hope that CB lives up to expectations as a reformed character as it might be difficult for him to recover from a major lapse back into his old ways...

I agree, PD.

Of course, if CB is in talks with one or more of our suitors and, quite understandably, does not want to show his full hand, that would certainly explain the radio silence in a period that would otherwise be expected to contain a lot of news.
However these types of talks are generally subject to an NDA, so if nothing comes of them ( for instance if they want to wait for more data before being willing to pay what CB wants for the asset or if they want to wait for 3D models before confirming an offer), we may never find out about them - In which case I am sure there will be many on here that will be criticising CB for months to come over his 'bad communications' - sometimes it is hard to win as an Exec. of a listed company - especially on AIM.

Should read: keep his head down,

As none of us really know what is going on and all views posted here are merely speculation, I thought I would add my tuppence worth...

I agree that the recent radio silence ( literally!) from CB following a good RNS that would have benefitted from some additional explanation in an interview, is out of character.

If any assay results had been received that would impact on the SP ( and let's face it - regardless of whether good, bad or indifferent, they would impact on the SP) then I feel confident that CB would publish them unless he has been prevented from doing so.

Equally I see no reason not to have informed the market if there is a delay in receiving back the assay results - after all, the lab delays are now common knowledge so the new would have little impact on the market.

So I am left wondering what could have happened to make him keep his head following good, but purely factual, news AND hold back SP sensitive news.

Reading back through the posts on this BB, there seems to be only one scenario that fits all the facts - and that is hardly a reason to sell, IMHO.

ATB

We must be due some news from Africa soon?
From the Empress Royalties website:

Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract’s Resources Plc mining concession licence 3990C which includes four main deposits being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck.

MMP and Xtract have entered into an to a collaboration and profit-share arrangement whereby MMP will build, finance and operate a carbon-in-leach (CIL) plant to process ore mined from Xtract’s concession.

Fair Bride is the main deposit and has a SAMREC compliant resource statement and Empress is currently in the process of updating this to National Instrument 43-101 standard. Engineering and construction of the plant is also advancing. Empress will provide a further update on Project progress in due course.

Agreed Cygnus,

I also seem to remember that Colin mentioned the appearance of suitors on more than one occasion - Until 2Mt are proved up or we decide to start mining AA do not need to be popped the question - so no harm in doing a bit of discreet flirting ...

To be fair, Joeman,

Colin did state in his interviews that following phase 1 drilling it would then all be up to the science and that science often took longer than he would like - so it is hard to condemn him out of hand for the gap between drilling phases - we just need to hope that the science ends up being as good as we have been led to believe it would be...

True, Iceberg, but the warrants represent about 6% of the company and would raise about £4M.

If that kind of money were needed following the fully-funded phase 2 drilling we would expect the company to be able to have a fundraise with the SP well into the teens - so about half the dilution.

I would much rather pay tax on £1,025,000 than £1,000,000 - that extra £20K in my pocket could be very useful...

True, the placing shares have completed - but no decision has been made on the warrants yet - that needs shareholder approval - and with any luck they will never been issued as they will be a major drag on the SP (and more dilution) and they should not be required in a company that expects the SP to rise in the near term as any extra funding required after phase 2 drilling should be available at a price considerably above that of the warrants - so less dilution for existing shareholders.

Hello Steve,

Could that mean that CFEP has a sell order to fill ( warrants?) and that once filled, the ask is likely to bounce back up?

It has been extremely difficult to buy since opening. Suggesting the main action is going on behind the scenes before retail investors get a bite?

It seems to be taking a while for the market to wake up to the fact that Sandfire has calculated that it is worth investing in GLR at over 2.6p - and there is no way they will not have carried out due diligence before committing to the deal, so they obviously expect to make good profits out of the transaction ( as we have done with their shares).
I guess it will just be a matter of time before the penny drops, and that will probably lead to a well-deserved re-rate in SP here.

Hello Oiltap - the licences are they have bought are still virgin so the initial drilling, whilst a good new, will only be the first of several steps in proving up the resource. - that $80M really is a long way down the line, but that doesn't matter because we have plenty more fish to fry and the cash paid for the licences is financing our own exploration. Sandfire will have to pay a lot more for our retained licences once we have done a bit more work on them - so a win-win situation