Member Info for HawaiifiveO

Attended AGM notes taken, no advice intended, DYOR etc

AGM notes

AGM was attended by 5-6 shareholders.

After all resolutions were passed Colin Bird (CB) happily took questions from the floor for around 90 minutes.

.

Alluvials

Sino are performing very well, it seems they have hit a sweet spot, CB asked the CFO, he confirmed May was a ‘very good month’ I expect to see a very decent production update in mid July therefore.

It was explained they are learning more and more about the ground, CB said he was thinking of dividing the alluvial land into 2, north and south. The north has good gold, larger flakes & nuggets but at depth, he was in discussions with a reputable outfit with experience/equipment that could deal with the depth and deliver good gold production.

As mentioned Sino are performing very well on the south land, he expected production to continue to build, many months of good weather ahead. He continually mentioned the word ‘profitable’

Cash position

Cash position was stated at over £1m plus $200k in Mozambique, he clearly stated there would be NO PLACING unless it was for acquisition. Again he re-iterated ‘profitable’

Moz Gold

Will leave the project immediately.

Xtract will take possession of their plant which CB said would cost new £4m, a question was asked how much the plant would fetch on the open market, he replied circa £800,000, which more than covers the $400k loan. He said the plant could potentially be leased to the outfit who will take the northern deep gold land at Manica

Omnia hard rock

He was limited what he could say but progress was being made, he said their plant was excellent, talked about transporting pay dirt to their plant from the Manica site. I would expect to hear more on this soon.

Fairbride

Again limited what he can say at the meeting.

Still in discussions, he said it was important to build the mine how he wants it built or shareholders may loose out if a contractor simply took the ‘easy gold’ and moved out after a few years. Very interestingly he said he felt he could get the mine cap ex cost down to circa $20m from the DFS stated $43m.

Still wants to negate shareholder exposure to debt so prefers to go down the 18%-20% royalty route.

Wants to secure more land to extend mine life, further increasing value.

Conclusion

A fairly upbeat AGM, good cash position, cash will build if alluvials keep performing as CB expects, news, on alluvial north land (new contractor) news on Omnia hard rock progress + Fairbride expected.

CB said there was no reason at all why the share price has gone from 2.6p to 1.3p he said Co in very good position compared to many many AIM junior mining Co’s, re-iterated by CFO.

He expressed frustration over not being allowed to update market on many topics because of Nomad & regulations, he said he will either do a pod-cast on VOX or another Q&A session like BRR, he wants to get the message out.

For the benefit of doubt it is exceptionally hard for shareholders to vote a CEO from the BOD unless there is an exceptionally concerted effort beforehand. There was no such effort made at AST so therefore Colin Hutchinson remains. The proxy votes would have been counted in the background, a show of hands is used as well but the proxy votes would come into play if there had been any doubt. For example I attended an EGM where the Chairman lost a vote by a show of hands by around 30 to 1, the proxy votes eventually came into play, they saved his position by a few million shares. He remained in place despite disappointment in the room. AGM's are carefully regulated, to suggest AST 'fixed' the CH vote is ludicrous

Let us see what can be gleaned from the AGM, look at the farcical valuation of GGP, currently £36m, all early stage projects, now compare to here with a ready to go gold mine sitting there + alluvial revenues, all for £5m

I have compiled a list of questions for the AGM, I am hoping a few other shareholders will also attend to lighten the load. I am really hoping for another RNS before the meeting but as each day passes it seems less likely I have to admit. Surely it would be prudent for Colin Bird to update concerning Moz Gold, the Omnia hard rock situation, he claimed in Feb/March production could start in August and 'progress' re Fairbride, the couple of parties that had expressed interest. If nothing else I will demand answers to questions that I consider relevant.

The market has, over the last few months, dropped a number of high profile stocks by 50%, note the RNS from Thor Mining yesterday, their shares have fallen from 4p to under 2p. Given the seeming lack of progress at Kibo re the PPA & SML etc etc the share price has held up pretty well in the circumstances.

Historical alluvial production at Manica is circa 100 oz week SO FAR, 1200oz produced in Q1 and nearly 1300oz in Q4, whilst Q4 was setting up mode given all the plant on site (evidenced by the website photos) Q1 production was pitiful. As an avid follower of the Gold Rush series, featuring 3 separate alluvial producers in the US, they deliver, on an average basis, 150oz-250oz weekly each. There HAS to be a significant increase at XTR from the current 100oz a week, surely 300oz to 400oz has to be a realistic number based on two operations. I am still expecting another update ahead of the AGM, we will see, if Moz Gold have defaulted on their modest repayment structure then this HAS to be RNS'ed, we have to assume they have not. I believe the company to be significantly undervalued, note the RNS from Thor Mining today (who have also lost 50% of value in quick time) saying how woeful market conditions in Canada Aus and on AIM are currently.

Worth watching this again. Colin Bird quotes in April re Xtract..... https://www.youtube.com/watch?time_continue=774&v=fmrAJ3Bt4HM 'Company is currently worth £8m - frankly it is worth a stack more than that' It is now worth £6m !

I would not usually comment concerning a BB entity but I would suggest RTN is a particularly flippant poster who is clearly trying, for whatever reason, to distort market sentiment. This entity was bashing XTR just like now at AST, then bought in and quite unashamedly ramped the stock like no tomorrow. My view is the alias is either a representative close to the market (market maker/broker) or a determined swing trader, someone who has 18,500 posts on this BB clearly stands out from the crowd. In respect of AST, I was in the room where a vote was held in March concerning future capital raises, the vote was overwhelmingly NO at current price levels, both Carver and Hutchinson said that was a very clear signal to the BOD. Anyone who knows anything about AGM proposals will understand that there is usually a resolution concerning a increase in the share capital. I personally believe there will be a positive outcome to the SR

All being well I will attend the AGM on Friday and obviously have questions to ask in respect of a number of issues. If anyone wants me to ask a specific question kindly post it here is clear format (which I can cut and paste and then print) and I will add it to my own. Bear in mind the question cannot be of price sensitive nature. I am hoping there will be another RNS before the meeting clearing up issues concerning Moz Gold, an update on Omnia concerning the hard rock project as discussed by Colin Bird in March and hopefully some news on the Fairbride situation. Both in podcasts in February/March and then at UKIS in April Colin Bird implied news on all three were within spitting distance, I am hoping he keeps his word but if not he has made a rod for his own back by over-promising on these issues, I also hope the AGM will have a few other investors present.

Keep bashing away, I will keep buying just like I did ahead of the rise to 4.5p in Q4, I am sure other, more astute, folk will also. Bargain basement, the herd is out currently but XTR is on lots of watchlists!

Well there is one RNS I suggested may come before the AGM next Friday. No surprises that the alluvials are producing more gold than in Q1, the weather has improved significantly. I think the next RNS will be concerning the hard rock Fairbride mine, what was the outcome of his trips to China and USA? This is where the real value is and Colin Bird knows that, he also knows that shareholders want the progress he promised. I would not be surprised to see another RNS before the AGM concerning the main hard rock mine.

This one is in late February promising ever increasing alluvial income, Omnia collaboration agreement re hard rock mining, producing gold in 6 months (from February) + talks on Fairbride ongoing. A very upbeat Podcast, talks about fast tracking etc, includes the now famous statement 'cannot move the world in 4 months but will do my best to move it in 6' (meaning late April/early May https://audioboom.com/posts/6687420-colin-bird-executive-chairman-of-xtract-resources-xtr-210218 I think it wise interested folk should listen to these 2 podcasts and relate to current events, there were lots of promises made, interestingly he has not podcast since March 7th. Any one of these bullish undertones could be announced at any time.

I think it is worth re-visiting the last few podcasts ahead of the AGM - here is the one in early March concerning Moz Gold and alluvial discussion it lasts 8 minutes, https://audioboom.com/posts/6710677-colin-bird-executive-chairman-of-xtract-resources-xtr-060318

I think everyone (inc CE) is waiting for the AGM, having been present in front of CB at UKIS for 1 hour and latterly at the presentation it was very clear he had plans for the hard rock and suggested news would hit in due course (I did not hear him say 2-8 weeks) What I will say is I felt he was genuine about the hard rock proposition, he gave away the fact that he was travelling to China and also mentioned the USA, companies of substance were his words if I recall correctly. He needs to restore trust with his investors, this will happen IF he delivers the news he implied. Currently the jury is out but what price the shares if he announces a hard rock deal with a reputable outfit. I am exceptionally disappointed with the 50% drop in the SP since that event and still believe the drop is unreasonable based on the AR statement, we are where we are but on AIM, as we know, sentiment and share prices turn quickly. Unless Mr Bird delivers some news ahead of the AGM I am sure he knows he will be in for a bashing, pretty sure will will get something ahead of 22nd, still 7 trading days left. DYOR etc

I will be attending the AGM, whilst I appreciate it is speculative I fully expect an RNS ahead of the meeting. As I mentioned in my post last week nothing much has changed at XTR since the share price was near 5p in Q4 and most recently near 3p. I stand my this, in my view the current price offers an outstanding entry point into a company with a ready to go highly profitable gold mine, I have taken advantage. I have made a number of investments in Colin Bird companies, namely JLP at around 1p and GLR around 2p, both offered multi-bag returns. I met Colin ahead of both investments, all I can say is he delivered what he said he would. In respect of the matter of PR and ability to contact the company this is frustrating but remember XTR has reduced G&A costs from �2m to around �550k, in a nutshell the Co is being run on a shoestring, do we really need expensive PR events and executive stooges sitting in plush offices to answer the phones? There are 9 trading days till the AGM, let us see what news is delivered. DYOR etc

https://audioboom.com/posts/6889090-versarien-vrs-ascent-resources-ast-w-resources-wres-john-meyer-on-arcm-and-chris-bailey-on-auto-dty-cmcx

I have to say, having met XTR twice over the last 2 months, how insane the reaction to the Annual Results has been, the share price drop from 2.85p to 1.3p even more baffling, remember it was 4.8p in Q4 2017. Nothing in those results was unexpected to anyone who had taken a modicum of time to research 'issues' over alluvial income, the loan to Moz Gold was discussed in detail after the UKIS, secured on plant which would cost, $4m new according to Colin Bird. The loss of one (possibly two) alluvial contractor(s) was already being worked on by Colin Bird at the time of the same show, we await news on this aspect. The company is currently valued at only �4.6m, Colin Bird confirmed at UK Investor Show in late April there was �1.3m in cash in the bank and he expected to deliver news on the key hard rock mine within some months, he said he was speaking with at least two resourceful companies from overseas. We await news. The hard rock open pit mine has a conservative NPV of $42m based on gold priced at $1250, it is ready to go, capex payback is only two years which is excellent, cash costs only $556oz, again excellent. So direct me to a company on AIM that has a ready to go gold mine with such excellent economics currently valued with a enterprise value of only circa �3m? Does not exist! I have added at current levels, on AIM you get wild over valuations and wild under-valuations mainly due to sentiment, buy when blood on the streets comes to mind. I will be attending the AGM and expect news beforehand, we will see. DYOR etc.

I am extremely confident shareholders will get a positive outcome from the SR, I was fortunate to attend the presentation in March and also speak with CH in April, I have increased my position in AST ever since. I believe there are a number of initiatives going on behind the scenes that could deliver shareholder value beyond the SR. There is a clue in the article! Looking forward to the next few trading sessions.

I would urge readers to translate the full article as there are some variances and some items missed out from the Twitter thread. http://www.delo.si/gospodarstvo/novice/vlagatelji-zaskrbljeni-zaradi-pridobivanja-dovoljenj-in-nedelovanja-vrtine-56399.html Hutchinson has clearly fired a heavy shot across the bows of the Slovenian authorities stating, in as many words, they have had enough of the delays and bureaucracy of the country and want the permit so the project can move forward or there will be damaging consequences. I fully agree with this approach, it also seems very likely there is significant interest concerning the SR if the Government plays ball. For the astute reader he says that AST managements experience in the region has benefits which would be beneficial to another company with nearby assets outside country, he does not say it in exact words but hints at a merger with another outfit, implying scale would be beneficial. I think we will get more on this in due course, I fully support his rationale and purpose behind the interview.