Member Info for Ella10

Prospectore will probably be sold rather than Bushranger. Does that then mean that it is uk tax rules that apply?

Hi Slurms,
The cash and cash eq seems to not much more than cover the outstanding liability for the surrendered shares which appears to be £2.748m
Are you able to provide any light on the following?
Share based payment expense £2,356,000 (1)
Current payable £490,000 (2)
Long term - other payables £2,258,000 (3)

I haven't checked that this tallies with the approprate value from the RNS but the accounts seem to state all 3 payments are related and only related to the share based payments. I expected the total of 2 and 3 to equal 1. What am I missing? Surely there isn't a large associated payment of interest as well the lump sum for the surrender of shares?

Thanks Piscator1 - I've a bit more reading to do - the articles of association.

Hi Piscator1,
I'm not suggesting the exercise of warrants is negative. However, as CB has been able to exercise warrants he is not in a closed period so isn't in posession of any material news that needs released to the market prior to him dealing. It is that aspect the surprises me - due to the imminent expiry of the warrants I had expected an extension on his portion.

I'm surprised CB was able to exercise warrants.

Hi Bob,
What's not to like about reorganising our licences for a potential commercial transaction?

In the context of all the latest media it is worth revisiting this. I particularly like the bit at approx 1 min 55 seconds in
https://youtu.be/6gxQqtWPMas

I can sort of understand the requirement for surrendering a portion of licences. It seems to be an incentive to get them developed but it also appears to be unrealistic to expect full exploration of areas to be completed in the time between licence renewals. Has this surrender ever been enforced? I came across an interesting post on the other board from 2015/2016 Where someone asked about the surrender requirements in an investor meeting. It seems that if this had been enforced Zamsort would now have about 6% of the licence areas that they currently have.

I think sapphires are more likely in the area they are drilling

Thanks Iceberg.

Hi Iceberg,
It is nice to see a little more gold. Where do you get the possibility of 1km from? The Toodyay ASX Ann does state there is a potential for structurally hosted gold-arsenic mineralisation associated with faulted lithologic contacts south east of the Racecourse prospect but I assumed they were probably referring to much further south. Good to see decent intercept and grades - I'm not at all obsessed with the gold!

Hi Keith,
At around 21:35 in the Q&A Ben is asked about Mike Moles from a shareholder who is obviously keen to hear from Mike. Ben responds that we will be hearing from Mike in the not too distant future.
https://twitter.com/i/broadcasts/1dRKZljMyWDJB

I thought there was going to be an IC after the first drill results? Was someone telling porkies???

I know we need to conserve funds and be as green as possible but I really hope it isn't the same guy who used his bucket and spade to dig the zinc now on the pedalo. Using the same person will be really inefficient as it he can't be digging the zinc at the same time as the previous bucketful is being transported!

Westlad,
In spite of the now poor prospects of recovering the rig that did make me laugh:-).

Hopefully the updated KSZ geophys modelling means that we are soon to hear from Mike Moles and and Hillary ( as previously promised).

Hi Glenmorangie,
After Friday's RNS I took the annual report as a starting point and attempted to reconcile all options and warrants exercised or granted since then. There could well be major errors in my calcs so take it with a pinch of salt. My current outstanding total for warrants and options is 207,598,537. I assume the block listing contains all warrants so there appears to be a small discrepancy in my calcs.
1p 9,875,000
2.5p 45,560,875 B warrants
2.8p 1,428,571 Broker
4.25p 68,959,091
4.25p 3,000,000 Spectral
8.5p 38,800,000

Options
0.8p 2,725,000
2.5p 2,600,000
2.8p 13,400,000
3.3p 3,500,000
5p 12,250,000
7.5p 5,500, 000

I want to check the difference in the director warrants quoted in the annual report for the end of April 2021 and the end of December 2020 to ensure the total warrants quoted in it include all that resulted from the financing in Apr 2020.
Please let me know any errors you discover in my numbers

Hi Bob,
I believe Prospectore only completed acquisition of the additional 3 tenements recently. I'm sure I did see the definitive date recently (I thought it was in the results but can't find it at the moment)
From Nov RNS
'On 13 August 2020, the Company announced that it had satisfactorily completed its due diligence to verify ProspectOre's legal and beneficial ownership of the Tenements as well as the legal right to acquire three additional exploration licences from Anglo American Exploration. The Company had also received approval of the Acquisition Agreement by all seventeen shareholders of ProspectOre.'
If you look at the Dec 2020 doc here you can see the tenements were only transferred to Prospectore in Dec 2020.
https://search.geoscience.nsw.gov.au/report/R17004664
 

The 50% of any excess over A$100,000 within 3 years does not include the Racecourse tenement- it has the buy back clause. I posted previously that my thoughts are thet either we do minimal exploration on the other tenements, with a view that the purchaser of Racecourse would want them or we explore extensively to get maximum value but with a view of not selling until after the end of 2023.

I would not really expect XTR to go further than an inferred resource for a sale to AA BUT for a 'serious' decision to mine I would expect a higher level of confidence to be required. I don't know what that would mean in terms of triggering the AA option, on a decision to mine, prior to reaching 2mT.