Member Info for Gixxer-600

I'd, personally, be joyous at 10p. It's been a long time coming waiting for Bird the return shareholder value.

No disrespect but He's not getting any younger, how much longer can he kick the can down the road if he wants to see a sale here....

I think there's a bunch of them that go cycling together?

Can't recall when the source of that was...

I'd say there's has to be a fair level of detail to highlight the process/costs involved. Critical to determining an NPV, no? As I recall Bird stated AA no longer have geo's/Engineers skilled in such areas as they now just buy out small miners. The whole point of them selling the project and have someone else to the graft.

If I were buying I want to see all the data laid out 'on a plate' for both parties it would make for a faster sale process.

Highlighting Bird's comments WRT a lack of skilled recourse kept in house, it does make one wonder if the current contract would be scrapped and a deal made whereby AA expect the geo's would continue to work. You would Imagine, should AA buy BR, they would undertake a large drilling programme to fully understand what is in ground at BR. Who better to do that than the Chaps who've been involved over the past few years...

Just relistened to the latest podcast and picked up on this comment 'it's likely we will designing an open pit'

Am I missing something or was this supposed to be the plan anyway? - I'd assumed, based on company comments, that the geo's would already be well into this? - They can hardly declare a DtM without this?! If they've not started this, which I imagine will be quite time consuming, it would appear we are still a long way off entering meaningful sale negations.

Obviously the current contract could become moot if AA are keen enough.

WRT the 'beggin bowl' comment, hearing it second time around Bird could have just been highlighting it as fact and not as a heads up for an impending cash call. The SP is anyway so deflated it would be horrendous, we'd be back @2p

Engineer: The glass is twice as big as it needs to be

:)

Optimist: The glass is half full
Pessimist:The glass is half empty

FWiW - I don't subscribed to the comments regarding him using companies as a cash cow, I'm sure he has enough and doesn't need to take a few 100k salary. I think he's be better placed in the background seeking out new projects and letting a dedicated CEO to do the day-to-day running of the company!

He complained about the cost of a CEO some time back, but then he bought on Alastair Ford who 'appears' to have done feck all but take a salary. That money would have been better spent towards a dedicated CEO IMO. We can, just about, afford it now.... can't we?

NTM - If your sift through my grumbling you will find that I have praised Bird, and indeed defended him on here.

IMO Bird likes to spend his time looking for new projects, the next big payday if you will. The problem is he's not the best of day to day company running IMO .We'd have had far less cash calls if he's been more focused on getting the current assets on our books generating cash. I'd be very pi@@ed if he goes and buys another 'pet-project' before the sale of BR.

>>In conclusion, I remember not that long ago when this share was close to half a penny. - You have to ask yourself why it was so low, CB has been in charge a long time and the SP/MCap is now lower than when I first invested (Under JN/CB). Almost 10 years ago! When will investors see the much awaited return on investment?

NtMu - Certainly not averse to risk, Almost all of my trading has been on the AIM market over the last 10 years and almost all of that in Bio/Oil/Mining. (Some painful losses in bio taking 'tips' from mates)

The problem here is that we have a Exec that continually makes fundamental, and ultimately costly, mistakes when investing in new projects. Wasn't one of the latest finding out the mine was too far out in the 'sticks to get power to or transport ore'? - And this was 2/3 years down the line, I mean.....

Not only that he's constantly BSing shareholders in terms of timelines and, much more importantly, forward guidance on ultimate return. He sort of reminds me a little of an 80yo Jay Cartwright, every knows it's BS but not quite sure how much...

How is one supposed to make an informed choice in terms of selling/buying when you have to try and filter through the BS? - For the life of me I'm shocked he can get away with saying what he likes, verbally, with no legal repercussions. Not so long ago he was telling shareholders in a presentation BR would have a 100y mine life!

The faster he releases this update and sells BR the better, for me. I can then stop giving the Old Dog a hard time...

I am a sticker for detail, it's the old academic in me, but it's made me some decent returns over the years. I'm also quite forgiving, no one is free from feck-ups but sooo many over the years...

>>I think its a bit too early to give any verdict on Bushranger and lump it with Moz Gold - Not fully there with that Andrew.

IMO, the saving grace at BR is that Bird was kept away by C19 and that we were already up and running with a great team running the show in Auz.

I have no doubt it would have been a shambles had Bird been more involved in the setting up of the project.

BTW, I did predict this back when he bought BR. Its always the same, he gets excited jumps on a new project and there's a flurry of news/excitement from Bird. Then it fades as he gets bored, he buys another pet project and the pattern continues...

Bird not an idiot, not so sure on that. JN bought Manica, it's taken Bird 5 years to get it up and running with so many mistakes along the way, the clueless alluvial contractors he bought in early on, sued by our partners and the diamond miners we gave, 500k to?, that walked away.

Then there's 'company making' assests he bought, at huge cost/dilution to shareholders, along the way have turned out to be useless.

We will shortly have an indication of the true worth of the BR project however, based on his recent comments it's not close to being what we were led to believe.

I still think there's some profit here but not if he's planning on another spending spree.

>>For the record, I don't expect there to be a P3 campaign or another acquisition, and I still think a major will buy out Bushranger with what we have now.

I hope so in the near term, it's been a fecking baptism of fire here that's for sure.

The recent large buys of late would suggest there's something going on the background (XTR has always been a leaky ship WRT news). I'd initially thought it was the HR assets pumping out big numbers but based on his comment in the interview (I think he said a total of 35kg last month) it appears we are still a way off the 90-110kg Bird has predicted.

>>Tbf, we can't yet say CB was wrong with 2mt RC comment until the amount has been confirmed. Never know, it may be 2mt at RC...but I'm not expecting it to be !

OK - not official yet, but didn't he state in an interview that the anomalies north of RC would 'get us to the 2MT'? - apologies if that's wrong I'm not paying as much attention to XTR as I used to.

The 'not been out with the begging bowl' statement is also of concern, another raise to pay for the purchase of another one of his 'company makers' or a P3 after all.

If it is I just hope he does his DD for once and it's not a mine owned by some local gangster/ A company using diamond plant to run alluvials or an IOCG that turns out to be a pile of mud....

>>It would also give the impression that AA or another major are not interested with what we currently have now, as the intention, just a few months ago, was to sell what we had.

Agreed, he's already backtracked on the 2MT statement at RC. I rewatched the footage today, it's no misunderstanding, he highlights RC when he makes the comment.

>>So XTR can refuse the first evaluation and then have to accept the second. - I'm not 100% on that, however, as I've mentioned before I'm sure AA legal team would not make an easy out of the contract. Otherwise it would be easy to reject any offer from AA just to break the contract and sell to another company.

I guess, once all the DTM docs are out XTR could get offers from other companies. perhaps those near to out licences :) - Should the independent valuations be low it could be show that higher offers are on the table, possible leverage there.

Bird has suggested that the independent valuations would not favour us especially with the limited drilling in areas to date. Third party interest would help IMO should we end up going down the independent evaluation process.

As I understand it, the company can only refuse the 1st independent evaluation. A 2nd, and final one, has to be accepted.

Saying that, we have the 20% as leverage as I'm pretty sure any potential buyer will not want a partner. That is our ace...

My thinking is circa .27 also Andrew, although I've no actual workings for reaching that number.

Nothing would surprise me TBH.

Although, based on his 500e6/25yr mine life comments the numbers don't add up for such a low offer.

Unless the avcu is super low like ~e.g.0022 with a low ball copper price, say 7k or the mine set-up/running costs will be much higher than his previous comments...