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“so far it feels like a bunch of hopeful amateurs digging at random” 😅

Don’t fret, I know you may have said that tongue in cheek but just a reminder that the day to day management, drilling, geological interpretation and modelling has all been contracted out to Apex Geoscience Consultants who are independent, to manage day to day exploration at Red Setter. So the company funds are in the best hands.

“Our new operational model of engaging highly experienced specialist geology contactors for turn-on-turn-off geology tasks will ultimately help us execute these types of programs in a far more cost-effective manner than if Wishbone ran them and it will get the job completed more expeditiously."

https://www.lse.co.uk/rns/WSBN/apex-geoscience-appointed-to-undertake-exploration-1ivy9iskkit15qj.html

For sure, there will be some of the subsurface included in the maiden MRE from TK but there would be a cut off point for drilling data inclusion. The drilling is ‘ongoing’ however, so would expect MRE2 will see when more significant subsurface amounts are added.

Yes, what a good geological location. Is a really important one too. Colin gets accused of over optimism but this really is all quite different where that optimism can be very easily justified from recent developments where the company has intensified exploration activities at ‘both’ projects with the objective of defining a combined MRE.

Whilst Teufelskuppe is a highly significant project in its own right and in any other scenario be a primary asset to focus activities solely on, current ‘evidence’, not interpretation, suggests Kieshöhe could be even bigger with more tonnage than Teufelskuppe, but certainly rival it.

So they have adopted an ambitious but measured plan to integrate the two projects, so the joint MRE due by the end of September will lead to an updated financial model and project valuation that will be far greater than the in-house gross project valuation (NPV) of US$ 400M that was for Teufelskuppe only. This is significant.

This decision shows the confidence they have already and has major implications on actual scale and direction of Bonya project as a whole that both projects are complementary and not that KH will just play a supplementary role.

BT hope you will accept some humble pie when he delivers the fast tracking of 3 operational revenue generating mines by end of year across the stable. That doesn’t even begin to take into consideration the advancement that will have taken place by then on the Namibian REE’s as rest assured they will not be stopping for a breather. The project are far too important to the company

Now go and tidy your room.

“It’s all about confidence in the mine plan with scheduling. “

Bottom line is they have a lot of waste to shift in the first years so fully understanding the ore body and its characteristics are really important if they are to efficiently exploit the contained metals and limit what goes through into the waste factions.

With confidence in the mine plan they can give more accurate production forward guidance and importantly meet that guidance if BZT is to be taken seriously by larger institutional investment that will follow with a higher market cap.

There’s a big difference between in ground resource and reserves. As the mine matures they will systematically drill to bring more unclassified resource into classified, and upgrade current resource to continually bring more ‘converted’ reserves into the mine plan.

Only measured and indicated resource can be converted into proven and provable reserves respectively. Just as we have already seen with the new ‘26 MRE.

This type of resource drilling done routinely and annually, will begin to push out a bow wave of increased mine life in front of the mine ( a beautiful Shaun day GGP analogy) which is the most important thing to concentrate on.

It’s all about confidence in the mine plan with scheduling.

Ouch @SeasiderDan93 brave to set a stop loss in such a volatile market.

Plus by doing so you are setting a sell order.

Most “MM manipulation” is just low-liquidity behaviour, automated systems matching orders, continually moving the spread around to create liquidity to make their profits on the spread. Hoovering up sell orders, it’s all liquidity provision and can have a drag on share price. Think twice.

Jump back in, hold for revenue, there will be a correction when that happens by Sept into q4.

Yes agree, thank you Pricey is a really important number needed to form a firm investment case and exit strategy.

With the exposure the mine will generate for the company going forward, particularly when first concentrate is sold at ‘the gate’ which means immediate payment and not having to wait months for smelting returns. This could very well hit a 50-100% day increase in share price on that day, paving the way for that rerating over the following months as production ramps up as throughput and recoveries are increased toward plant capacity.

When the plant is finally operating within its expected parameters, it’s then on toward phase 2.

Greatland’s rise to success was the darling of AIM through ’25, with the growth potential of BZT, along with hitting their revenue projections with an aggressive marketing strategy BZT could be the next popular stock and next darling of AIM in ‘27.

Would be brave to consider an exit strategy based on a perceived limit to upside over the next 2, 5, even 10 years.

Consider that any future satellite mining will only then have to carry minimal ongoing CapEX and OpEx to be viable once a bigger plant is built and paid for. As an owner operator with the kind of revenues projected that is 97km of blue sky growth potential.

People assume buys should push price up and sells down, yes ok liquidity overall is driven by supply and demand over time but it is the spreads, limits, off-book trades, and order-book imbalance that actually drive movement. Those pesky mm’s!

Was certainly a buy 😉 have been heavily adding in trenches as is being derisked now.

Could they potentially float ProspectOre the holding company for BR with an IPO on the ASX sounding the strongest possibility?

Colin touted the idea a couple of years ago with an IPO or equity funding. IPO would be a type of dual listing with that holding company still under xtract.

Any ideas how else it would be structured? I’m pretty much guessing

There is Ascot, higher gold content with Molybdenum that could eventually go on to be the starter mine at BR.

The solitary borehole 33 drilled into a seperate, eastern outlying gold anomaly that assayed 15.5g/t of gold over 2m

Holes 38 & 39 also identified 2 near vertical mineralised gold structures with indications they increase in width and grade at depth.

Early assayed indications of deeper, multiple porphyry under Racecourse.

Geophysics identified two ‘new areas’ of interest, significantly a fault up to the north east of RC , this a known mineralised corridor that Rascecourse JORC could readily be increased with higher grades.

The evidence clearly indicates that bushranger is a multi-mineralised copper gold porphry system like cadia ridgeway (gold copper)

Safe jurisdiction, high voltage power line crosses the license, water abstraction from nearby dam, has major road and rail networks, large city with port and towns nearby that will be supportive of a workforce with their expertise and experience in a mining nation with licenses having no indigenous disputes over land rights typically seen in Australia.

There is also the western anomaly to the left of Ascot on the lower left hand side of the EM signature identified in AA’s historic geophysics.

https://www.rns

pdf.londonstockexchange.com/rns/8649O_3-2021-10-12.pdf

I just think it will be a real shame if they don’t get around to investigating what is there. Which leads me to think the plans are to keep BR longer, with the real question being, how will it be monetised as they can’t afford to advance it alone.

Like to think by now xtract has picked up a few more new investors off the back of recent Iinterest in both mining start ups. The company has another really important asset are probably aware of but maybe not of the significance of the asset ‘beyond’ the JORC and due to be updated mining study.

So for those and a reminder to all of the global resource potential of Bushranger’s multi mineral, multi porphyry identified deposits and further untested ones localised within approximately 10sqkm area at surface and deeper underground. So beyond current defined resource of Racecourse that the mining study will initially be focused on.

What else is there that makes BR investment of about £12m worthwhile?

Or MrTriumph?

Wouldn’t argue with that pj, is in very capable hands. Still very much development risk there for the longer term though, This journey has really only just begun with the fast tracking of the final build and commissioning of the NLZM plant.

The real prize being a far greater processing capacity with a bigger and scalable all new plant which will very likely be in a new location nearer the mine site that would be centralised where satellite mines can offer supplementary ore feed to give far greater optionality too as the mine matures.

This is where real company growth can ramp up if they can bring it to feasibility and mitigate against the many risks there will be along the way. It’s never easy but getting the starter mining phase underway is usually the most difficult.

Not sure what you mean ‘found out’ he only gives analysis on company fundamentals that are already in the public domain that anyone with a reasonable grasp on financials and what it takes to bring a project from discovery through to development can be checked out for themselves, before making an informed decision based on their ‘own’ DD to invest, not just on someone else’s analysis.

Of course he is a paid promoter but has strict criteria for the companies he is involved with but nether the less, puts out disclaimers like all others do.

It should be said that anyone that does not have a good understanding for ‘themselves’ of what they are buying into should certainly not be investing in junior resources particularly. Substack should just provide another tool for steering your own research.

Wouldn’t be surprised to see a Bushranger RNS soon. On the latest BZt episode from the roast Archer asked about BR, Colin said he was in discussions, doing all they can with various parties as there ‘is’ interest.

In that respect I would lead me to believe there has at least been a positive outcome with the additional pre concentration test work with results to follow or at best the mining study and economic model have now been finalised for release.

Bushranger @32min 50sec

https://audioboom.com/posts/8916274-the-sunday-roast-featuring-bezant-resources-and-active-energy-group-plc-bzt-aeg-rcgh-umr-afp

How so flipper? Not MMP as are privately owned Moz company

Not your typical deep dive into a particular company or asset but a real thought provoking article on market liquidity over the next few months from Archer.

Then consider the position with xtract”s suite of assets that are due to see cash flow generation in H2 plus potentially news from other exploration plays that will ‘all going well’ see a flow of positive updates to coincide with the end of the summer holidays and the usually quieter market period.

https://open.substack.com/pub/thatstocksguy/p/conviction-only-matters-when-the?r=4j2ztm&utm_campaign=post&utm_medium=email

Naturally the company will be very ambitious, and of course is still in the early stages to talk about any kind of mine yet, but worth setter a realistic bar, which isn’t as high as some seem to think it needs to be.