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Alkane jumped about 23% today on some impressive additional drills at Boda, more gold than copper but some very good copper in there too:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211216:nASXrV1kR

at the risk of playing Scrooge, the early spike to 9p was on the basis of a gargantuan > 1km continuous copper drill.
the gasps that were coming from the XTR camp at that time and some of the interviews etc made a lot of people think that the grades were high.

They weren't, they were adequate. A lot of the last few months has been about adjusting to that equation - eg is 0.3% o2 0.25 average copper enough for a viable mine if there is a lot of it - the answer pretty much yes as we have been learning - but quite a bit different from a very large HIGH grade deposit and a more difficult concept for the market to understand . It is all about the volume.

So as far as SE Ascot goes, once again we are hearing about how the grades look very relatively high - they might be, but then again they might easily not, although similar to Racecoourse would still be good news if there's plenty of it again.

So its assays, (esp those in SE) african gold and pit model showing 2m++ that will get the crowds back I'm sure. If not we will be getting closer to selling it off anyway! GLA

I think every RNS now is leaving 2mt in the open pit comfortably in the rear view mirror .

Very solid drilling update

there's plenty of stormy weather in the market just now and resources stocks (well mine anyway :) generally down, appetite doesn't seem to be there. Gold and copper bothe down for eg

A bit of me also wondering if a lot of small investors didn't lose a bundle in that Bitcoin flash crash a couple of weekends back - a lot of leveraged positions and of course the small guys get hit worst in such conditions.

Not a bad thing if all of our good news is delayed until the weather clears a bit - honestly wouldn't be massively surprised to see 4.5 again in the absence of big news as much as it seems illogical - thereafter there is masses of upside with gold, assays, pit model , assays, assay etc

GLA

Abso I said possible - and no way would I hang anyone’s hat on that - but v nice grades in south east would be a scenario where no one would complain about another raise .

The team were very excited about the recent drills there , their length and content, so let’s see.

I agree with professor cheese post at 13.13 ~ unluckily for the share price Colin does have a bit of form regards over optimism - the alluvials spring to mind.

But , I’m very confident on the 2mt + in bush ranger as the investor presentation was the setting and he didn’t have to do it, and he was unequivocal.

But but I would normally be less sure on a raise denial were it not for the 3rd party corroboration from Empress that production is incoming.

Should that be delayed for 6 months then yes mind the funding gap with Ascot work.

Iceberg alluded to possible higher % grades at Ascot - maybe 1% copper and a lot of it? Neither the market or shareholders are going to mind funding a bigger program if we hit a few long runs anything like that grade - will definitely blow the doors off ... hopefully!!

My own take on the deal making aspect is that CB and team will do a thorough job of defining the open pit at 2m ++ and open up the probability of great upside at Ascot and longchamp without proving it up fully

Give me 25 -30p for the lot , be open to offers in that range - African gold income preventing any kind of fire sale

There is no doubt the RNS with all of the back up confirming 2mt will be the tale of the tape - as soon as he does that tho the AA option will also be in play.
Given the context and the certainty of the 2mt statement and the nature of the audience I for one have a very high degree of confidence in it being genuine IMHO

Going back to the Investor Presentation on the 14th October , colin Bird our Executive Chairman said " we definately 100% have 2 million tonnes of confirmed copper read my lips" or words very much to that effect - other attendees will confirm.

He said that in a room that contained shareholders or their representatives for I would guess 30%+ of the shares in issue - maybe quite a bit more. He would only have said that if he 100% believed it.

That was 2 months ago and we have had plenty of extension of the pit since then.

And now we have the South east/Ascot which they are extremely bullish about.

Confident we have 4mt plus now, quite easily 5 or 6mt - just stay patient.

African gold will give us a big boost.

great update from the team there - showing the massive upside confirmed by Ascot in the SE.
How many times did we say on here that IF the SE anomaly proves up just how transformational that would b.

I do just wonder why this gets released on a sunday rather than a trading day? hope plenty of people get to see it.

It stands to obvious reason that the share price only reaches close to its maximum as and when a deal is done or very near .
For those of us that are interested in the share price movements prior to that date there is plenty the company can do to manage that movement in the right direction .

share price levels in the interim are very relevant as they will determine dilution levels should another raise ever be necessary.

I don’t see one on the horizon for reasons already stated - some on here predicting it for their own ends , BCB and other traders of this share for example.

Big caveat is a delay to African income , but the 3rd party empress investment reports give us a lot of confidence on Manica production.

Should we need to raise more money it’s the Boards job to make sure it’s at 8 or 9p in 8 months time as the rewards are a no brainier .

I guess we will see if it’s Santa or the grinch pre Christmas:)

Bitcoinbuyer the current cash balance and likely cash flows in 2022 say otherwise. ie we are indeed funded even for a good look at Ascot and further exploration.

However the risk factor is definitely the confirmation of full production at Manica, if that got delayed by 6 months then the situation does change.

I'm personally convinced that RNS confirming Manica production and then cashflows will be a big inflexion point for this share, along with a fully updated model sometime in Q1

XTR has £5million plus in the bank - $6.65 million dollars . $5m gets you 20,000 metres of drilling from here.

To state the obvious, that is a lot of funded drilling.

$500k per month african income (should be more) gets you an additional 12,000 metres over 6 months, 24,000 over 12 months - you get the idea -

so that's a likely 45,000 metres funded for 2022, and we should still be cash positive after that, great position to be in

not sure what you are basing the short term raise on? when did he say that in the interview? how much cash do you think we have at hand at the moment?

we have plenty for current spending - for sure confirmation of Manica production will be a big reassurance , will be great to get that before christmas or very early new year

I do think that its really time to give the XTR PR effort a bit of a shake up now.
yesterday's RNS was massive news - quite possibly doubling or more what was already a very viable and eventually saleable resource.

We have a PR guy/journalist on the board, Alistair Ford? what is he doing to promote the company and it's progress?

If I had to be totally honest I think Colin fumbled the bag somewhat with this morning's interview, a little bit waffly and unstructured. We should be looking for interviews with someone apart from Zak Mir (although credit to him and his questions) and also articles in the relevant mining Journals. And also bringing in the Oz team who gave so much credibility with their analysis last time.

None of the above detracts from the fact that the recent progress at XTR Bushranger is tremendous - surely becoming a really substantial future copper resource, so in that respect a massive thumbs up for the team, time to spend £30k on some proper PR.

I think it would be nice to wheel out the egg head geologists to give some additional perspective to the current situation.

This is just amazing news all round though . Ascot could and should be at least as big as Racecourse- about 1.5k apart so 2 x large open pits , with a nice spot in between for all the processing plant -

Fantastic when you think about it - the capex now split between 2 major deposits. - the economic case getting even better

Another round table with the Aussie guys before Christmas after a few more assays would be fantastic

OMG
what an RNS

Many thanks for that breakdown Andrew - and hopefully there is more gold to mine there than historically estimated .

Somewhere in the empress document there is a total figure of 833,000 ounces , which at an estimated xtr share of even $150 per ounce , equals $125 million

Current market cap of the whole of xtr = approx $50 million

As it’s only a matter of weeks before gold production at Manica starts , was interested what people thought about the net per ounce mined for xtr will
Be ?

I know we are on 23% of net after operating costs of production- has Colin or anyone stated what that cost per ounce for mmp will be?

I seem to remember $550 per ounce from somewhere - any help welcome ??

I don't think anyone will be using $9500 per tonne