Member Info for Ella10

I think technically around the 1st Nov 19 was when they were admitted so there may be another couple of weeks before they expire.

Yes, apparently the red wine was very good on Thursday night
https://www.**********.co.uk/articles/the-sunday-roast-podcast-with-zak-mir-dr-suzanne-dilly-ceo-valirx-3c30602/

The following gives what I believe is the latest info we have on the drone EM survey
https://www.lse.co.uk/rns/XTR/further-drilling-progress-update-at-bushranger-24dfyxo1wg307gz.html

Taking the annual report covering up to 31st Dec as the starting point of options and warrants outstanding and attempting to account for all issue and exercise since then I got a total outstanding warrants and options of 209,030,355. There could be any level of discrepancy in my calculations. I suspect they have listed all outstanding options and warrant and therefore suspect the discrepancy of 3,081,041 between my calculations and the block listing is probably me missing some option or warrant exercises. This at least appears to confirm that the block listing covers most, if not all, of the future dilution currently in place. There are still quite a few outstanding options and warrants with an exercise price of 2.8p or lower.

Thanks guys.

Hi Cyberiachas,
When you say 'the whole of the Bushranger and footrot'. Footrot is on the Racecourse licence so I would definitely expect that to be part of the sale. I can also see that a major would want to give themselves scope for expansion if they are setting up a new project. However, the terms of the purchase mean if we sell the other licences for greater than a certain value within in 3 years then AA get 50% of the excess - this condition is not applicable to the Racecourse licence. Therefore to my mind this means either we do minimal exploration to keep the licences in good standing or we do exploration to get maximum value but plan to keep them until the end of 2023. Was the subject of the exploration of the other licences mentioned?

Thanks Bozi,
Do you know is there a reasonably up to date list of warrants and options, with their exercise price, anywhere?

Do the exercise prices of warrants/options not normally get printed in a block listing?

Steve,
I don't disagree but perhaps with Colin in the driving seat the vision came to life? I'm sure Andy had a word with Colin, Zak and Phil and the message will be irresistible in future.

https://xtractresources.com/wp-content/uploads/XTR-Presentation-14.10.2021.pdf

That is a misleading statement. LEL stands for Large scale Exploration Licence. You can look in the Zambian mining cadastre and on the ministry of mines website for confirmation.

'Small scale mining licence number 8248-HQ-SML was converted into an exploration licence and now forms part of licence number 19906-HQ-LEL.'
An exploration licence does not cover mining activity. The mining licence no longer exists. There are two types of licence, a mining licence and an exploration licence. You need a mining licence to perform mining. An exploration licence only covers exploration activities. We do have exploration licences (even if some are in dispute) but we don't have a mining licence.

Hi Bobvance,
There was already an exploration licence in place covering the area. An exploration licence does NOT PERMIT MINING. The mining licence no longer exists so there is no authorisation to allow mining in the area.

I think it will be very interesting to see what RNS we get in the next 2 days (before Tuesday midday) and how the market reacts - I'm expecting 2 RNS but more than happy for there to be only one.

Hi Kully
'Once Kalaba is resolved, whats stopping production to commence again = copper is $10k per tonne.'
There's the slight issue that apart from the court cases there is NO mining licence. The last RNS confirmed the mining licence no longer exists.

So if we got 1% of copper over the whole 6m length of mineralisation what would that be worth?

Hi Andy,
I hope you enjoyed your evening - thanks for the feedback. I assume it ended promptly at 9pm.

19906-HQ-LEL is one of the licences in dispute and it does contain the Cheyeza target.

I guess the market is beginning to take notice...

That could be quite an RNS with an updated model, hole 20 and 21 updates, the chance of some more assay results and a peak at holes 22 and 23.