Member Info for Gixxer-600

*[$] 440 million

Hi Ella,

He brings up the subject when discussing the AA deal, similar valuations and his research in to the use of the Valmin method:
He goes on the say he was nervous re: independent valuations as he thinks they will be conservative but is happy that the valmin tool requires the investigation similar sales in the last 5 years.

' The Valmin tool of evaluations requires that you look at similar, erm..., sales in the last 5 years, now that's very important.'

Then talks about the enterprise value 'You people that took the risk - me - it's got to recognise that shareholders have taken real risk' and you don't hand that back to AA

Then talks about the Rosemont project : ' so what's the nearest similar buy, well that's the Rosemont project in Arizona, that went for [$] 44 million, grades very similar, not as many tonnes and a modest contribution of molybdenum. so there's the sample' (not quite verbatim, but close enough. Hope that helps)

He also goes on the say he expects the final deal with AA will be different to the current.

I'm post the vid, which is well worth a watch, but the Author has asked that it not be shared.

The company I referred to CB mentioning in an earlier post is Rosemont.

https://financialpost.com/commodities/mining/hudbay-preparing-sale-of-arizona-rosemont-copper-mine-stake

Unfortunately, he mentions it in a portion of the Vox presentation that was cut (I have a copy of the 8m cut section) - Anyway he mentions that the sale was for $440e6 and that it looks like we have a larger find.

The Rosemont mine is in Arizona could perhaps command a higher % due to is jurisdiction? (USA) although, ironically, they are having issues getting permission to move forward with the project to protests over water usage.

A similar sale price for us would translate to 30p a share so in the ball park based on CB's comments.

If anyone wants to see the 8m cut section of the presentation, where CB says the 2MT trigger is a done deal you can do so by joining the XTR Telegram grp..

Saying that, I was in Mariana Resources a few years back when it got bought out - That was also sold for way below everyone's expectaions...

Without, in any way, having a dig at your calcs theiceberg, they do seem way off your statement a few week back 'Regardless of this, the SP will be nearer 50p than 5p when this happens so I don't think we will care too much.'

Out of interest, was this before you looked into such valuations in detail?

I'm certainly no expert but I can't fathom such a low valuation.

Not wanting to sound greedy but 25p for BR seems a bit low ball for a 2MT+ asset.

CB himself makes a comparison to a copper mine sold in the US, I forget the name of it however, he states that it went for ~$470e6 and suggested BR is a larger resource.

>> - JORC. I think maybe 4 or even 5 or 6 drill rigs may be a good idea here to get this speeded up.

And how will that speed up the process really? - We've already been informed that the Assay company are now working, solely, for us over the next 3 months.

Increasing the number of drills will just cause a backlog....And far, far worse (IMO) will mean further dilution to pay for it all!

Interesting that H22 heads towards H15 which are both the only holes to have 'intense' in the wording!

>>They are obviously very excited about hole 22. I don't think they have mentioned 'intense' mineralisation before.

Was mentioned in H15 but that's the only other to my recollection

Might not actually be a bad thing if H14 shows to be pretty weak in terms of mineralisation, especially if H25, and subsequent holes come in good. It would/could highlight nicely a delineation between two potential pit operations....

I certainly don't see bad news on the horizon....

I'm quite looking for to results from H11 in fact:

'19-Aug-2021
· Hole BRDD-21-011 was completed at 673.3m, having intersected 512m of visible copper mineralisation from 110m, including two intervals of stronger mineralisation over 43m and 162m lengths in the main (western) zone and one stronger mineralised interval in the eastern zone over a 49m length.'
Based on the wording from the RNS, almost 50% of the mineralised drill length is showing 'stronger' grades - Can we expect ~200m of ~0.5-0.7% cu?

Based on that supposition the rest look pretty good too, apart form H14.
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· Hole BRDD-21-14
, sited to test a new IP geophysical target to the southeast of the Racecourse Indicated Mineral Resource, intersected a wide alteration zone with pyrrhotite/pyrite mineralisation and associated copper sulphides
· Preliminary data from a drone-mounted magnetic survey indicates that BRDD-21-014 may be located within the margin of a new segment of the Racecourse porphyry system, with detailed modelling of the survey results and drillhole data to direct further drilling on this target
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14-Sept-2021
· Hole BRDD-21-015 was targeted at the Northwest extent of the interpreted mineralised zone and was completed at 780.5m depth having intersected 566m of visible chalcopyrite mineralisation from 204m depth
· The modelled resistivity low at 400m was interested accurately in hole BRDD-21-015 with a zone of more intense mineralisation from 399m depth within the interpreted high-grade crown of the intrusion
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· Hole BRDD-21-016 was targeted in the Southeast extent of the interpreted mineralised zone and was completed at 645.5m depth, visible chalcopyrite was intersected over a 492.5m interval from 93m depth, which includes two stronger zones of mineralisation from 162m to 302m and 430m to 525m.
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22-Sept-2021
· Drill hole BRDD-21-017 was completed at a total depth of 621.60m and tested the eastern contact of the porphyry, which has been little drill tested to date, and intersected a 607m interval of visible chalcopyrite mineralisation from a shallow downhole depth of 11m.
· The hole passed through a 150m zone of stronger visible chalcopyrite mineralisation from 159m depth.
· A second, 31m wide zone of stronger visible mineralisation was intersected from a downhole depth of 479m - this second zone opens up the possibility to define further mineral resources on the eastern side of the central porphyry intrusion.
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07-Oct-2021
· BRDD-21-018 intersected a 709.6m interval of trace to moderate visible copper porphyry-associated copper (chalcopyrite) mineralisation from a downhole dept

· Hole BRDD-21-010 intersected chalcopyrite mineralisation over a 356m downhole interval from 159m to 515m (main western zone) and also over a 168m interval from 600m to 768m (eastern zone)
o 338m @ 0.31% CuEq from a downhole depth of 178m
o including 86m at 0.52% CuEq
o including 14m @ 0.73% CuEq
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19-Aug-2021
· Hole BRDD-21-011 was completed at 673.3m, having intersected 512m of visible copper mineralisation from 110m, including two intervals of stronger mineralisation over 43m and 162m lengths in the main (western) zone and one stronger mineralised interval in the eastern zone over a 49m length.
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· Hole BRDD-21-012 was completed at 498.4m after intersecting a 187m interval of visible copper mineralisation from 204m-391m, with a stronger 74m zone of mineralisation intercepted from 204m to 278m.
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02-Sept-2021
· Hole BRDD-21-013, drilled at -50 degrees within the south-eastern part of the conceptual Racecourse open pit, was completed at 855.5m having intersected intervals of chalcopyrite mineralisation over about 305m length from 84m depth
· Drill hole BRDD-21-010 returned a very wide intersection, with higher grade intermediate zones as follows (see Table 1):
o 168m @ 0.25% CuEq from 140m downhole
o including 10m @ 0.39% CuEq
o and 28m @ 0.45% CuEq
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Looking back though my results table I had noted that H10/13 looked weaker, based on RNS semantics (no mention of 'visible' or 'Stronger')- It's not very scientific however, based on that, if you look at H11-12 they look to be far better. Perhaps the company wanted to get 'mediocre' results out of the way before they hit the market with some better grades in holes 11-12.

CE, then better to say nowt until 100% certain, surely?

E.G. - I think most were not expecting an updated model so soon (certainly I wasn't) so far better to surprise/delight the market with good news than have 'imminent' info arrive later than expected.

Indeed A4444 - We've seen it so many times over the years. The worst of which is Bird's prediction for Manica coming online (initial prediction was end Aug 2017 if I recall correctly)

Saying that he has improved significantly in recent times however, his over zealous predictions for news flow is something he just can't seem to learn from. I don't think he's trying top BS the market, not in recent times at least, and it's something he often mentions 'getting beat-up' on BB's. He really, really should temper such comments tho...

Not forgetting the test samples sent from Eureka, I'm interested to know the results from that.

'The Company is currently accessing the deposit in the pit to obtain bulk samples for amenability testing in nearby processing facilities'

Good points Dibs, although if most lose their jobs on a sale I guess it's fair enough...Apart from Alastair Ford who still seems to be hanging on after a shambolic interview on vo x and then nowt....

The warrants annoy me more, if the company had been as focused as much on progressing the African assests as they have with BR we'd have a damn sight less dilution...

I msg'd Zac about the presentation video last night. No response yet.

Conspiracy theory - A news blackout could be due to an offer from AA.

Probably to soon for that but you nvr know :)