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8ead, It would be amazing to generate such profit levels and were this to come to pass, then a £50m mcap would be reasonable. Sadly, whilst this is a technical possibility based on current known figures (as shown by Prickly's friend, Chat), neither BZT or CB have any track record that would enable such a leap in SP at the moment. CB has an uphill battle to win any confidence back.

As I have said, I believe that only when the first shovel hits the ground this SP will move.

Prickly, this is interesting research, thank you. The only issue is there are 15bn shares in issue not 5bn , will this affect the proposed valuation ?

I would be happy with .33 ( my initial buy in) though I cannot see how even with ASX shares and Hope, a £50m mcap could be justified.

Oh well, digits in our assets column are always better than digits in someone else’s. Let’s see what CB does now with the newly minted licence and this sudden growth in assets.

A licence in one hand does not mean a shovel in the other. Let’s see the details of everything that has been developed in the background whilst those wheels of bureaucracy turned. I would be disappointed if rather than a construction plan we are informed of more drilling just to ‘firm things up.’

I am not bothered if the mine is delayed to Q4 or even Q1 2026 so long as construction starts.

Irish. Where will the income from Blackstone come from ? Are we selling our shares as they do not pay dividend. As for BZT, investors need returns if the company is to grow.

Pricey, this is where the confidence and credibility factors are weighing against what should be regarded as excellent news.

I am pleased with this BUT I want to see transparent plans and more importantly mining to start. I would also like to see how this will translate into shareholder returns by way of dividends and buybacks. I will be less then impressed if we just see bonuses for the board.

Jez, spot on and don't forget what an amazing middleman this is ! They also allowed us to buy some scrap heaps and gave us the not to be missed , once in a life time, opportunity to do some drilling on some land they may or may ot own. Oh how fortunate we are to be involved with them.

Tarquin. You are correct, our new holding will increase the paper value of the BZT and be significantly higher then the current mcap. The problem is so what? This deal looks excellent because of the collapse in the SP and the massive dilution that has occurred over the last 7 years. Mankayan should have been ours to develop, not sell on. We have excellent prospects at Hope and Gorob but are now held by government bureaucracy and such is the lack of confidence in CB that even with a fully issued mining licence there is a lack of willingness to believe and actual mining will take place; it will be subject to one delay after the next with lots of promises of jam tomorrow thrown in.

I will believe this when the first shovel hits the ground and only then I believe the SP will start to move.

I see we are being yapped at by the company intern again. They should look at the stagnant carefree culture that permeates the leadership at XTR and then read a book on professional management before criticising those with valid concerns.

I agree with NTM that Guy presents an idealist view of what this company can and should be delivering. Guy clearly deserves a job in the White House press team. Each morning those folk have the mammoth task to polish and explain the erratic and nonsensical decisions of their leader in much the same way.

Sorry. I mean Gixxer. Auto Correct!

Ginger. Thank you. I hope you are correct and that this is just an admin error.

Zap, your comment on the WF licences makes perfect sense. It would be illogical and dubious to willingly hand these over to GLR who have made little progress themselves. It would be tantamount to asset stripping XTR.

Given the published cadestre, perhaps the company could issue an update clarifying ownership and progress before rumours start to fly about shady arrangements ?

According to the RNS on the 2nd April, we still need the physical licence to be issued. We have the ECC but need the final bit of paper which needs the wheels of bureaucracy to turn.

Prickly, I do appreciate your measured optimism but I would be careful setting dates with BZT such as the AGM for key developments. A certain Irish poster tried that once. We are in the hands of the Namibian bureaucracy here and there is no telling when we will get the final licence. Commonsense would suggest it is in everyone's interests to get this issued but we are dealing with bureaucrats here.

An interesting discussion and I for one am comfortable with the share option of 1.3p and agree with Howezap about the expiration of the earlier warrants. 1.3 p is still higher then where we have been recently.

We talk of confidence in XTR but on what is this confidence based ? On credibility of the BoD, track record, informed news-flow, transparency of decision making ?

BR has potential but it is simply not backed up by any of the above criteria, nor are most of the other projects in the portfolio. This is our company as well.

OSV - I will try not to rise to this one but how about, 'Regretful and Disappointed ?'

Once you have cleaned and re-filled the coffee machine and cleared the junk emails, could you suggest to your bosses that they provide some updates to the owners of the company ?

Pepe, I would like to say 6p. However, where would you get a valuation of £48m from with regards to this company ? Drucker once wrote 'Culture eats strategy for breakfast' and this is true with XTR; we need a change of culture prior to any such valuation being realistic.

I do not expect to be spoon fed [cue company intern] but I do expect Timely, Trustworthy and Tangible updates by way of RNS and other media. This must apply across the now varied and potentially valuable operations in play. We cannot have a leader who treats this company like a veteran gambler playing five card stud muttering, 'One more deal, One more deal.'

I genuinely believe this company has potential but not in its current format. With the professional updates and proper due diligence on current and new ventures which are open to and capable of withstanding scrutiny, 6p is achievable.

I am an LTH and according to the likes of OSV (company intern ), a basher. I will never ramp this share to lure others in following MY mistake of trusting CB and some key contributors on this board about the potential in Bushranger.

That said, credit where it is due, we have had timely updates on the assay results from Silverking. Having digested the mine-speak, this latest set are not overwhelming but still positive and this site has potential so I am quite happy with this so far and look forward to further updates.

Averaging down is tempting but I will not do so until I am satisfied of a positive news flow in relation to Bushranger where our last update was nearly a year ago. We also need updates on the other projects including the odd-ball ones in Chilibwe and that scrap metal pile. This is where CB is failing as LTH's can remember things and some of us also know what a professionally run company looks like.

I know they are desperate but really ? I thought dinosaurs developed into birds ? I have never looked at a chicken and thought to myself, 'Wow I need a leather jacket made of this.'

I suppose if they can develop the skin , they could also develop the meat in a similar manner to the pork fillets they can already make. Now I could see myself ordering a double T-Rex patty with a side of gherkins and fries.

Mr A, I am doing well. Remember the good 'ol days four years ago when BARC was struggling to clear the legendary £1.90 fence ? Now we are discussing how far into the £3 range this will get before the next tantrum in the playroom sees the blue bird get launched out the window.