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>>he may well be in the final 10/15% of his life

Cheers jezzoo laughed at that, incidentally what cut-off variable have you used in your calcs?

Agree too joeman/bob
If the intent is as stated, to find and drill the shallow high grade component at Ascot, that would show the potential that Ascot could be developed as a second open cut mine.

We know they are looking at both resources as separate entities, I guess that would mean in body as well as from financial viability. To show open pit potential of Ascot would have huge impact on the overall project with the capability to share a single processing plant.

If 2mtCuEq is declared from the RC model it’s not going to automatically trigger the buy back until Xtract are ready to approach. He did say, they haven’t decided yet wether it will be 2mt or decision to mine to approach AA which would suggest the tonnage will be there. Reaching the threshold is, or was more important to the company leading up to it. Now, if it is in the bag, it’s not as important anymore and the company can concentrate on the final definition work to get the project ready to sell.

Unless of course we find another, another bonanza!
Sorry, couldn’t resist

>>The Phase Two drilling programme has been extremely successful in defining Racecourse and partially identifying Ascot, which remains open ended and relatively untested<<

Would that suggest more exploration to come from Ascot ‘other than’ identifying where the high grade component is and then to follow up with the shallow drilling?

They will more likely than not, embark on the near surface drill programme in a third phase of drilling at the Racecourse deposit, with the intent also, to do the same at Ascot as it was stated in recent podcast they believe there is a high grade component there too. So we know with a degree of certainty, these needed, and so were going to be drilled anyway. So folk shouldn’t be too disappointed if they thought we had all been given a bum steer from CB in that was it, for exploration and a sale was imminent, it would ‘appear’ that he has gone back on his word or was even lying, that is simply not the case. Why take that metallurgy sample from Ascot If they were only going to outline a basic resource with some joined up strike, dip etc? Metallurgy is normally done when mine planning, and to support financial evaluation which is where the higher grade component comes into it.

Whatever, they need to drill at Ascot to locate the crown will still add to increase the overall resource there, let’s not forget that.

I don’t see that any further drilling at Ascot, is a result that RC has ‘not’ come up with the 2mtCuEq, Ascot is too significant for the project that warranted previous, and warrants more drilling. It was said by Jeremy Reid referring to RC, “it was never going to be a question of wether there was enough rock.” We have had, the statement in RNS ‘we have the tonnage and the grades to justify a rework of the conceptual pit.’ We will soon see hopefully where RC sits as an asset. Big hopes for Ascot too.

Good work Andy the only thing I could add is fairly obvious in that, did you consider the different orientation of 28 and 54 ( not drill angle) that would change your cross sections combined and why mineralisation trend does not tally.

I’m certain the high grade crown shown there bob is the very same within the current inherited resource going by it’s orientation. But certainly if is decided to increase the high grade parcel to increase recovery to 8years no doubt there is already a viable target area determined.

I think that sounds about right to commence the new conceptual pit model. It is the resource model that had mineralisation guesswork fed into it from core analysis which was referred to as the interp model. It was then updated with the assay data as and when they came in. The conceptual pit will have the financial evaluation to go with it with results from metallurgy test work now being able to be released with the study, now that all assays are back.

When I say hopefully eureka is ramped up, there is a couple of points to note there. We are into the third quarter now so hopefully ‘operations’ as stated could well be under way again.
Secondly it’s not actually that clear in the audited report if commencement will still be into further drilling and testing with more trial mining, running the ore for processing or both? So may not quite be there just yet from reading into the report. Whereas Colin in interview has stated once the pit dries out from being hampered by the rains it ‘will’ start producing.

But, it is clear enough they are doing all the right things to get into the geology to fully understand the ore body to extend open pit to the north west, 300m of strike has been added and is open down plunge too, as the historic pit was not dug deep enough to get to the core of the deposit. Loads of potential with a detailed mine planned and with the objective to get ore to a local processing plant where there is an agreement in place to start getting some income.

So it certainly does look promising that Eureka will make a fair contribution and more importantly, soon!

Expected to shift 250,000TPA over 3years, are there any estimates of average grades, income expected etc?

Frustrating being kept in the dark but there is just enough information in the domain to piece it together.

Hoping that clears up the confusion from their interview stating full production by last quarter. Ella is likely correct then as corresponds with last quarter being sept as end of their financial year.

It’s up and running that’s what counts, and with Eureka hopefully ramped up to full chat now after it’s long test production run, it can only be better, than ‘still good’ previous months revenue.

Rose tinted view against a more negative view on size and tonnage.

The way to look at it is if Colin has simply over egged his estimates of RC and potentially needing to drill more resource from Ascot to make up the deficit it hasn’t come at any further cost to shareholders through dilution! As long as there is a legit 2mt minimum resource or a decision to mine to trigger the buyback mechanism it will be available either way to go to market and be sold to whoever for multiples of current mc. All indications that have been given through RNS have indicated greater potential than expected, so for me I am in camp tier 1.

I think to conclude, it’s not unreasonable to be asking for how much this will be sold for! Not, wether or not it will in fact be sold at all. That for me is fairly decisive from ALL the supporting evidence to date.

The biggest wait times are no doubt from assay turnaround,
They had Veritas secured exclusively for assay analysis of just BR cores. Can’t recall for how long, but I don’t see it that samples are ‘actually’ being turned around in the 15-20+ weeks we were seeing earlier on in the year. They no doubt, and essentially confirmed in a podcast that results were needed to be held to understand “the interdependency” of certain groups of holes before the release of the assays to the market. Also consider the apparent strategy at play to covertly build the resource is having a big influence on turnaround.

Been back down to one rig ( as far as we know??) for a while now, so lab would be under less pressure, but would not expect to still have exclusivity though. The discovery hole of Ascot was reported in under 6weeks!

Certainly don’t think it will be assays that will drag this out. There is clear potential for normal or average turnarounds. If the lab did suffer huge backlog, they have had enough time to get on top of it anyway.

What Colin is suggesting, is that even chinas policies to keep their inflation down will not stop the recovery of new world commodities. Does he have a realistic point?

If we do see the tide turn then be ready, as all the resource models could well be done and dusted by then. Once we have our maiden resource there should be nothing to stop the market being informed ahead of approaching AA which we ‘do’ know now will be dependant on some kind of recovery in copper particularly, as gold is already forecast to be stronger.

CB >>>The next step is to find whatever wherever ore we can find to feed the plant and then start engineering the next stage of the plant for the sulphides and transition<<

I’m definitely not going mad !
That sounds more like the leech plant is being built! but at the very least additional engineering to increase overall capacity.

Agree lucky
Strong hint, the implication seemed to be that they will sit tight on BR until the market turns again, he is hoping for maybe September to when commodities will break free from global consequences from chinas policies to curb their inflation.

Thank you antsquasher, the wording honestly threw me, a wood for the trees moment, thought I was going mad, I did say ‘is it me’

Thanks naughtygordie I got it now

And thank you Ella who had already suggested confusing the original agreement but I still couldn’t see it. Think I might have gold fever

Thank you for replying again Ella
I’m not implying that there is an impact either way, there is no hidden agenda, quite simply trying to understand the announcement regarding plants in production and in planning. That is simply how I read it.

Reading once again still not sure.
Maybe some basics first,

>>MMP and Xtract have entered into a collaboration and profit-share arrangement whereby MMP will build, finance and operate a carbon-in-leach (CIL) plant to process ore mined from Xtract’s concession.

MMP reported to Empress that it is mining and processing the oxide and transitional ore at Fair Bride and other deposits on the Concession at its 42,000 tonnes per month processing plant which utilises a CIL process.

Are they building the leech plant at fairbride?
Where is their 42k tpm plant?

Hey Ella, it’s probably more my misunderstanding of where the processing of oxides and transitional ores are happening.
MMP have a 42000 tpm plant already where its being processed, but also states they are building a plant.
Could you kindly explain.
Is it me? Lol

MMP reported to Empress that it is mining and processing the oxide and transitional ore at Fair Bride and ‘other deposits’ on the Concession at its 42,000 tonnes per month processing plant which utilises a CIL process.

What is and how is that deal structured for Xtract on processing of oxides from its other assets? Empress just confirm that the 4 deposits that make up the concession, being FB, boa, GF and Dots and that MMP and Xtract have entered into a collaboration and profit-share arrangement whereby MMP will build, finance and operate a carbon-in-leach (CIL) plant to process ore mined from Xtract’s concession.

The last para is contrary to what Empress state on production ‘now’. From their update today

https://empressroyalty.com/site/assets/files/6280/emprnr2022-07_manicafirstgoldpour.pdf

Am I reading it wrong or am I completely missing something?
Oxides and transitional ore are being processed now, off site from Fairbride? MMP are building ‘another’ Leech plant?

Yes, good timing, good start, good job!

Significant landmark in the growth of the company to one that is cash positive. Onwards and only upwards.

Is a month old but can’t recall it being posted up before.
Is the 12 stocks portfolio update with xtract mentioned on 19mins.

Nothing we don’t already know, but listened to along with the understanding from most recent posts on gold production this morning in mind. Also, bear in mind the podcast was released before the share price slid down even further into the 3’s to just drive home how undervalued the share price is now against production only.

The gold income will be so compelling to the potential upside value of market cap and yet ‘still’ without the Oz asset factoring yet in real company value.

https://podcasts.google.com?feed=aHR0cHM6Ly9hdWRpb2Jvb20uY29tL2NoYW5uZWxzLzUwNjQ0MzcucnNz&episode=dGFnOmF1ZGlvYm9vbS5jb20sMjAyMi0wNi0yNTovcG9zdHMvODEwOTM5Mg%3D%3D

Something will give soon and if the markets turn soon, companies like Xtract will be in such a strong position anyway to underpin a strong market cap with solid income to value it by.

Yes that would be something! Some good fortune with 38 to intercept the gold veins, followed up with the correlation from 39. This last hole of phase 2 is a really important hole, couldn’t come at a better time with gold forecast for a bullish run. The success of this hole, particularly if the evidence suggests a deep gold system below the surface intrusion, accurate targeting will be from the culmination of all the experience gained throughout both phases. The geos will earn their money with this one, if they get it right, and with a little luck, it will be a massive tick for a buyer, huge implications for the financial model and longevity of life of mine as will be for Racecourse too.

Bear in mind the processing plant, tailings dam , the whole production facility, that will service both pits has ‘already’ been shown from the current 71mt resource financial model, that it will all be paid for, before ‘ANY’ phase 1 or 2 data has been added!

Drilling started with nearly a km of copper mineralisation, it would be fitting and quite frankly rude not to end with a km deep gold system.