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I’m pretty sure that hole 14 is drilled in the south east.
Looks like it from the drill map , that’s the assay to watch for (amongst others) I think

I've just had a listen to the CB presentation video (having attended in person on the night).
Please someone correct me if I am wrong, but it looks like the " we definitely, definitely, definitely have 2mt " comments have been edited out. So thats defintely a favour for current shareholders from CB.

Watching again I would say that CB appears certain about 2mt, confident of 3mt plus- so there is a chance of 4mt plus if the SE extensions show up . This is a World Class Deposit with the Open Pit alone, according to CB.

So someone said how about a positive forecast for the weekend:
Lets go with a 3.2mt outcome - @ $7500 copper price (pretty conservative) @ 2.5% valuation percentage (given location and stripping ratio etc thats pretty conservative I think)
Thats $600m @ 1.37 = £438m for Bushranger alone
over 1bn shares = 43p per share for Buhranger alone

there is potential large upside in Africa but lets say 4p for all of that -

46p share price
5.9p today
7.8 x today's share price

(changing a couple of parameters: 4mt @ $8k copper @ 3% valuation gives a £700m GBP valuation and 70p + 4p per share price or 12.5 bagger)

Hope everyone has a restful weekend

we are due plenty more assays, wouldn't be surprised to see more first thing tomorrow for a big spike

that drill diagram surely looks fantastic for our prospects here...and gold to boot as we get lower, lovely stuff :))

Just looking at the XTR balance sheet and cash income and burn for some estimated figures:

I calculate phase 2 has consisted of 15 drills for a total of 10,716 metres drilled to date @ $250 per metre @ xrate 1.38 = £1.941 million spent on drilling

At end of June we had £8m so £6+ million in the bank . Lets say the alluvials/manica cash is now covering overheads this year. Missing figure might be assays costs, either way substantially in excess of £5.5m cash in bank now I believe.

It does look increasingly very likely that strong cash flows of £350k plus per month will be incoming from Africa by the new year, say minimum £2million over 6 months.

So a minimum of £7million available over next 9 months which is enough for 30,000 plus additional metres, close to 50,000 overall by that point.

This ties in with Colins strongly worded statement at the investor meeting that he didn't forsee the need for another cash raise and was very keen to avoid one if only for selfish reasons.

Cash is king and we have plenty of it for the forseeable. We can drill out and expand the resource, in a sensible and targeted way, in 2022 until the case for a buyout is compelling.

Happily the decision of what price xtr goes for will be out of the hands of everyone on this board
(Unless cb goes under a pseudonym)
When Colin thinks the price is right the game is over regardless of whether some would prefer two in the bush .
Just don’t sell the majority of your holding and get an absorbing hobby .

probably a bit of a short term leap, but I think we can be pretty confident copper won't spend much time below $9000 in the next 3 years

I'm not sure 2mt plus contained copper is that marginal, especially as was pointed out at the meeting, the porphry in the open pit is lying on its SIDE and NEAR the surface - most porphrys are upright therefore more expensive to get at.

so this is a relatively "easy" one to mine - at even $8000 per tonne thats $16 billion dollars in the ground or $533 million gross per annum over 30 YEARS.

I'm sure a big reason the buyout was inserted was that on the offchance Prospect did find a whale, AA wouldn't want the embarrassment of BHP /Rio whoever making an eventual fortune out of it. I think this might still be a reason why they will be willing to pay now good $ to get their hands on it.

Imagine if the SE got bigger and footrot too after a sale and it went to another player - oops

Caveat, yes there was a mention in CBs talk that he had got into trouble with regulators at Bezant for apparently tardy release of drill results (as a result of a poster's complaints) and that , conversely, he had been pulled up for issuing too many RNS at XTr - he said he had argued hard against that, but no doubt he will have taken note of the rap on the knuckles, so it makes sense to receive more grouped RNS at XTR I think

Couple odf other points that spring to mind:
the price per share being floated (I think in a way he was making the point that we dont quite know yet) would be only for the OZ assets (my impression would be that the sale would be for all Oz assets) - thereby leaving a good few P per share for the African assets.
He made the point again that any of Moz or Zam or Oz on their own should currently sustain a 5p share price.

also, in terms of spreading the word, I did speak to a few pretty well connected brokers (including company principals) who liked what they had heard and would be passing the word through the "usual channels".

so even though today's trading didn't reflect it, I believe the good news will start to percolate.

It was also confirmed to me that IIs would not invest in XTR as it is too speculative and it will be driven by PIs and of course the value realisation event which , in my opinion , could occur any time from spring 22 onwards.

Ella, nothing was discussed beyond Footrot, which he said wouldn't be focussed on until the Pit is proved up and the Pendulum has swung one way or another vis a vis the SE anomaly.

Screen - yes I think we are seeing the opening rounds of the poker game with small blinds for now - the discovery is open ended so therefore must the price be for now. He was keen to say he wouldn't let them have it on the cheap. With our cash incoming we have at least one Ace in the hole, some very strong results in SE give us AK or AA I suppose.

So SteveM , one could take the meaning that such valuations are for the open pit - if there is something amazing SE then I guess that must change.

Just a recap from me on last night with a couple of observations thrown in:

Colin’s presentation was lively and on the money. Very reassuring to see our “junior miner” in such good fettle! with the passion to deliver and then sell this project. It does seem that Colin has a very clear path to realising the value of Bushranger in his own mind.

He was very clear: we DEFINITELY have 2mt – not a shadow of a doubt in his mind. His goal is to end up with 1 billion plus tonnes of copper ore.

It’s a game of poker first with AA and then anyone else should that not work out. Colin quoted extensively from the Kenny Rogers classic The Gambler to make his point. It could be an approach by AA or a decision to mine that would spark off the negotiation, which at that point would proceed pretty quickly.

In my own mind it clearly makes sense to do quite a lot more proving up and at least get some idea of the validity of the SE anomaly before starting to get into a negotiation.

The conversation will initially and primarily be about the existing open plan pit, but a deal would encompass the whole of the Bushranger and Footrot, as no way would AA do a deal and then allow Rio or someone to be sat next to them.
As soon as any offer might be made that differed from the stated buyout protocol, e.g. an offer for 100% of the asset, this would override the original mechanism and it would be open season to include other bidders potential.
The buyout provisions are really a roadmap, and the actual deal is likely to look quite different, eg there would be a 100% buyout, neither side would want XTR left with 20%.

CB also confirmed that AA would have no interest in our African assets – he did mention in the Q&A the possibility of a re-float of XTR2 holding these assets, certainly the shareholders will be left with them one way or another.

In terms of price, I heard Colin muse about 25p or 30p sale price and then, in his words, people might say after a couple of whiskeys, something like 45p.

He was adamant that he would not sell the asset cheaply. He also reiterated his desire to avoid any dilution for the foreseeable, an aim clearly massively helped by incoming African income. He also pointed out that his own holding is relatively small in XTR so this approach is very much in his interest.

I thought the sausages were really good!

Come onnnnnn!! Great work , proper gold income incoming - we are on our way here

It says phase 2 drilling done by the end of 2021, not summer 2022
What it does give is the possibility to fully explore the potential of the discovery as and when required

I wouldn't be at all surprised if there was a big 7am RNS with news of the updated model at least.
maybe more assays, maybe holes 2021 results

GLA

I too believe that XTRs would, could, should be worth many hundreds of millions of $$s in due course - in fact it COULD eventually be a monster worth $1Bn - personally I'm going to let at least half my money ride onto the "realisation event" even if that is a way down the line.
Just saying that if someone did slap down say a $250m offer in the near future I wouldn't be that surprised if the hand was bitten off by the BOD

Btw Once we have confirmed African revenues hitting the bank account in excess of £400k per month as many have stated will happen , then of course that buy out minimum would tick up significantly to 20p plus plus
We would have a far better negotiating position and the ability to wait and develop the prospect ourselves . But obviously we still wait on thar cash flow

Interesting debate on valuations and exit strategies.

In simplistic terms the resource will be what someone is willing to pay for it. It has to get to a certain (large) size to warrant attention from the biggest players - “only one of the big boys can take this on”

Then it might be about timing for the buyers and the cash strength or otherwise of our negotiating position.

I’m actually of the opinion that an opportunistic deal could be done relatively soon and relatively quickly. News has pointed out the perils of waiting too long.

If a half sensible amount of money is put on the table I have a feeling that CB and the BOD would take it. For me the absolute minimum that should be would be 15p per share.

Nothing is derisked as much as cash in the bank

(Apart from in 2008 of course!)

I read into that RNS that there will be no significant cash flow from Manica this year , quite possibly no production either.
Not the end of the world as we have plenty in of cash at hand , but getting that serious revenue flowing in Africa is seems like an interminable wait, always just over the horizon .
I always find it next to impossible to work out the net net cash profit from the alluvials to XTR- but I am sure that it’s very minimal .
More patience needed !

what a great interview. so many hints dropped there. basically saying "I can't tell you the whole story here, due to stock market restrictions etc, but listen to iceberg he's pretty much on the money" ---world class asset. bit of patience is all that is needed here.

But who was the wally that had the chance to question Colin and quoted 2m x 9000 = 180 billion, not once but several times lol colin was relatively polite to him

Benched