Member Info for HawaiifiveO

They have always delivered news within specified timelines, as such I expect an update before the 31st.

The lenders have extended loan timetables in the past, with gold rising (with bullish forecasts) I will be staggered if the banks pull the rug from under this company. Put simply it will not be in their interest.

Another aspect which could play a part in the news timeline is they may be collating information on Q4 production.

This is now a binary play, win or loose, IF refinancing is secured with a reputable CEO appointment the SP could hit 2p-3p in a flash. IMO

I do believe Mr Bird must be allowed to respond to investors who are ill at ease with all things Xtract currently.

I would urge entities to try and contact him via every means possible before any further action is taken which could be detrimental to all shareholders.

My view is he needs to be made aware that communications at the company need improving, not just lip service. Shareholders have every right to email Xtract and receive answers (so long as they are not seeking price sensitive info) This is impossible currently.

I would suggest,in the 1st instance, we demand either a live BRR podcast in the New Year or alternatively he could call a shareholder evening in London where there can be debate and frank discussion. I think both Vox Markets and BRR would be able to contact him in this regard.

From an operational perspective we need answers and shortly, I am staggered he is keeping below radar as he surely knows there is investor unrest building, he does read these forums!

This is a very upbeat podcast, to me this is an exceptional recovery play..........

https://audioboom.com/posts/7116180-hummingbird-resources-hum-europa-metals-euz-block-energy-bloe-and-chris-bailey-on-sdry-b

Indeed one of the reasons proposed by Colin Hutchinson ahead of the GM was the ability to raise cash would strengthen their position in the SR - as soon as shareholders allowed them to raise they swiftly cancelled the SR.

No wonder trust between shareholders and the BOD has long gone.

At the AGM Bird was asked how much the Moz Gold plant would sell for in the 2nd hand market, I think he said around $800k but from my research I believe $500k would be more appropriate and realistic, one assumes XTR has possession of this plant, this is yet another area of debate.

In any case, assuming XTR has the plant, it should more than cover the loan of $400k to Moz.

There was a photo of the Moz Gold plant at the UK Investor Show (one assumes it was genuine!) Mr Bird said it was worth around $500k if sold on the 2nd hand market (I have researched this and that price guide seems OK for the relevant plant) I can confirm the plant was designed for gold extraction.

Mr Bird said at the AGM that the plant could be subbed out to a third party contractor and/or modified for use by Omnia concerning the Hard Rock gold extraction at Manica. In other words he implied it had purpose, of course, since then there hasve been no updates.

The fact shareholders have to potentially resort to an Open Letter to communicate and question the BOD is outrageous, Colin Bird is clearly aware of the same but seems happy to sit by and stay silent for whatever reason.

He promised improved communications and has totally defaulted on this.

Shareholders have a right to ask questions to the BOD and expect them to be answered, this company is a ghost ship and changes are needed on the PR front as a bare minimum IMO.

Attended the Turner Pope presentation on Monday, seems nailed on a fund-raise is coming IMO, one attendee asked about when and the presenter refused to discuss. I suppose until the raise is completed it is a bit of a red flag for prospective new investors.

Another question was asked about high G&A (£1m) and reasons behind listing on 3 exchanges, based on replies given it seems they will keep the SA listing due to cancellation costs but may be considering coming off the ASX at some point.

The presentation was recorded and should be available on the Turner Pope website shortly.

Did anyone see the late RNS from Acacia Mining, make of it what you will.

'Acacia has been in contact with the SFO about the allegations of corrupt activities in Tanzania which are the subject of proceedings in Tanzania'

https://www.investegate.co.uk/acacia-mining-plc--aca-/prn/correction-to-media-speculation/20181214182840PD8F7/

Bird mentioned on the recent GLR podcast how woeful the sector is at the moment, saying something like junior resource companies are a dirty word in the market but suggested this will change next year.

Like everyone else I have no idea what is going on, we were told that there were interested parties for Fairbride (the company jewel) he had interest from a number of new alluvial contractors who were supposed to have started in August. Since then silence on both fronts.

As I mentioned in an earlier post, around $7m worth of gold has been produced at Manica in the last 12 months, however XTR has seen only a few $100k of that, that is a poor deal and nothing like the $300k a month we were told would come in a statement made in the mid 2017 podcast. The new alluvial contractors were supposed to fill the gap left by Moz Gold and Omnia but no sign of these.

Bird seems to have defaulted on his promises of updates and PR made at the AGM and the rare appearance on Vox. I am very unhappy about his ever growing number of directorships at the age of 74.

At the AGM he talked about acquiring companies that were 'stale' where the BOD had lost appetite and/or focus, how odd that, surely this is exactly what has happened to Bird concerning Xtract. I would add that he said he would only do deals when XTR paper was 'worth something' at the time the SP was 1.3p having fallen swiftly from 2.4p it is now .70p

I agree with others his method is well established and very unlikely to change despite shareholders being very vocal with him at few occasions he does appear in public, I noted at the AGM he arrived in the room about 1 minute before the meeting started and failed to mingle with shareholders after the event as is usual procedure.

This company has been a graveyard for shareholders especially thoise who were sucked in by the Chepica/Nelson hype when the market valued XTR at £40m, however an investment now with the market value sub £3m is an entirely different proposition.

At some point XTR will be bought again and volumes will return, it just needs Bird to deliver something.

Pretty sure Paracale (29% shareholder) will support them, to get $1.2m via a placing would be penal and exceptionally dilutive.

My understanding is that Paracale are backed by a Filipino billionaire and Bill Trew, put on the BOD by Paracale is Chairman of Goldstone.

The former director award is an inconvenience but does not put the company at risk IMO.

Hopefully operational news-flow will be strong in 2019.

Buyers taking out stock at .65p now, news next week is possible in my view.

High risk but exceptionally high rewards for the brave, if they re-finance that debt without resorting to heavy equity dilution this could easily hit 2p-3p IMO.

Why is it that these latest positive news reports for AST's gas are subscription only yet all the negative ones are free to anyone?

It is clear as crystal that there is no market interest in this company, volumes have dropped to a dribble of trades each week. This time last year this BB was full of optimism and the share price was over 3p based on many upbeat comments coming from Colin Bird about forthcoming progress expected in 2018.

I have no idea what is going on, why the complete silence on Fairbride, why no update concerning new alluvial contractors which were supposed to start in August noting about Mox Gold, their plant or their debts owed to XTR either.

I am staggered he has not kept his word on communications which were promised at the AGM, he has remained silent ever since that Vox podcast in the early summer soon after that meeting.

One has to bear in mind that the AIM junior resource sector has taken a battering reminiscent of the crash in 2008 this year, out of 45 junior companies on my monitor only 5 have risen and the rest have fallen, on average 55%, with one or two down over 80% since January.

When a sector takes such a battering it usually turns up unexpectedly, that up move can be fast, I do not think XTR are in all that bad place actually, having a reasonable level of cash, low G&A and some revenue plus a half decent gold mine in the waiting.

If we had a proactive CEO with a good emphasis on PR I am sure the shares would not have fallen 75% this year, it will not take much to reverse this fall if the right news comes.

Still waiting!

I am afraid to say Hutchinson & Co seem to be doing exactly what I thought they would do once they gained the ability to raise cash, namely sit and wait it out, what have they to lose?

Had I been able to go to the GM (which I had planned with accommodation booked) I would have forcefully demanded a process from the BOD in respect of time-line action or vote against the cash raising.

I believe ARSO should have been given a deadline of X weeks to issue or decline the permits, once that timeline passes the BOD should immediately pursue damages through the courts. It is simply not acceptable for shareholders to be kept guessing in the process anymore.

I have a modest investment here but am quite a activist investor nonetheless, I attended the shareholder event in March, it was well attended, maybe it is time for another event where shareholders can iron out their thoughts and grievances with the BOD. Evening events are far better attended than 9.30am General Meetings !!

I have no idea what Hutchinson & Co are doing behind the scenes but I re-iterate the ONLY option here is seeking damages in the European Court, I would suggest shareholders have the appetite for this now, waiting is NOT an option IMO.

I simply cannot see AST getting any permits under the current regime, in respect of media comments these are clearly biased and distorted against Ascent, clearly dark forces are at work.

Hutchinson said they are seeking legal advice on a no win no fee basis, given that the claim could well be in excess of £100m I am sure some very reputable legal firms would be interested - more-so as this would be deemed a high profile case.

My fear, which I have re-iterated before is Hutchinson & Co will sit it out for more months, doing nothing, in the hope of permits, that is a bad bad policy, these permits are not going to come plain and simple.

Court action MUST be the way ahead, what is there to lose given that shareholder value has now been all but totally wiped out. I say get on with it ASAP.

I attended a presentation last night where Europa Metals were presenting, during that presentation they showed a slide featuring the management team, to my shock/horror who was sitting right at the back in a T shirt Mr Colin Bird, yet another directorship.

During networking one or two folk mentioned the fact that Mr Bird was involved and said that was a red light for them.

Looking at their annual accounts it lists all his directorships, now ask oneself how on earth can he give Xtract Resources the time it really needs to deliver shareholder value, the man is 74 years old. I would like to see some succession planning.

Director of Bezant Resources plc (AIM: BZT)
Director of Jubilee Metals Group Plc (AIM: JLP)
Director of African Pioneer Plc (ISDX: APPP)
Chairman of Galileo Resources Plc (AIM: GLR)
Executive Chairman of Xtract Resources Plc (AIM: XST)
Director of BMR Group Plc (LSE: BMR)
Non Exec Chairman Europa Metals Plc (AIM:EUZ)

Let's face it this company was initially set up as it was Tanzania focused, their expertise was all things Tanzania however over the years the country has become a nightmare investment destination.

The Government has messed around in just about everything business related, to the negative, it seems they are now investigating their own Tax Office in respect of alleged corruption. Hundreds of millions of US Dollars are owed in VAT refunds to companies across all sectors, Shanta Gold have been trying to get the $20m they are owed for an age, still no sign of receiving the money.

I mentioned in a post last year, in the absence of LC at the investment show, I had a chat with Christian S, even at that time he suggested investors would be best focused on Kibo's other project in Botswana, I suspect things have been difficult in Tanzania for longer than has been implied by LC.

The failure of LC to address investors in London for over 18 months says it all in my book, I also noticed they are not appearing at this years UK Investor Show, if so that is disappointing.

One has to wonder where the money is coming from to advance all three power projects, no doubt the bucket shop brokers will be licking their lips in anticipation.

MTL could produce 45-48k ounces of gold this year but if ongoing operation performance increases that could rise to 70k-80k ounces next year. If so the debt (once refinanced) could be easily paid back and managed.

Obviously he main issue is this debt, they are paying $5m -$6m in annual interest, the debt is stated at $96m currently.

I will be very surprised if the funding parties do pull the rug having supported the company throughout far more difficult times, what have they got to gain by doing so, ownership of a gold mine in a difficult jurisdiction where MTL management have been working satisfactorily with the authorities for many years.

The fact the bulletin boards have been infiltrated by troll bashers, who had previously had no interest at all in this company, suggests to me that someone knows there is money to be made here.

In a nutshell they are trying to put off retail buyers so their masters can accumulate in the background, making major money should a positive outcome arises.

I expect the shares to continue to recover, high risk but exceptionally high rewards dependent on near term events.

DYOR

Whilst there is an element of high risk there are also very high rewards for the brave.

I recall that AAZ had $50m of debt, the shares fell from 80p to 5p, however the company had the support of it's major shareholder who loaned them money to survive operational difficulties, in two years they repaid the debt and are now paying dividends, the share price is now 97p.

The clue is major shareholder support, MTL have that, why would MTL's major shareholders advance $6.5m recently if they thought the company was going bust by December 31st.

Operational performance has improved over the last 9 months, gold production could surpass 50k ounces this year, that could hit 70k-80k ounces next year all being well, with a debt restructure the company could easily start to pay back it's borrowings.

This could be a clone example of what happened at AAZ, if so buyers punting modest sums of cash could do very well indeed. I have added.