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It will not be a problem as such, revenue from Africa is anticipated to be meaningful, the warrants will trigger to top up the drilling kitty. Racecourse will get probed further to be scoping and pfs ready, then possibly a raise mid next year to define Ascot deposit. By then would expect a much higher market cap so dilution would be minimal.
This is a huge undertaking now and would be naive to think a fund raise of some kind will not be needed.

Fantastic to have that confirmation of the new system I had been quietly confident since CB mentioned the team in oz wanted to name it earlier but Colin didn’t want to until he had this further proof.
Other than that, the huge amount of information that would need to be assimilated into the model by the team, are no doubt working flat out on it. So would hope this RNS today although hugely significant in its own right, is all part of his strategy to get maximum impact to drive the market cap up before the release of the updated resource model. Also before it, we could for example have an interview to discuss Ascot deposit with a mention of the possible resource estimates now. Maybe an RNS with some news on revenues from Africa that will ease funding fears going into the next exploration phase. Then, hoping they will be kind and release the model pre-Christmas break. Who knows?

Agreed gixxer it’s not as though it’s an off the cuff comment either. He has repeated the claim on other occasions so he must be very certain or simply already knew. He also mentioned it the day before on the 8th nov in a Galileo interview. That’s when he said the model will show how much rock there is but won’t be able to confirm the copper content until assays later. Suggesting a model update anytime now. I honestly don’t think it really matters if they have changed the plan, be good to know but we are still drilling anyway. Whatever numbers are crunched now will not be the same next year or the year after that if this a multi system like cadia

https://audioboom.com/posts/7976437-traders-cafe-with-zak-mir-colin-bird-executive-chairman-xtract-resources

Last time cb mentioned the new model was in interview on 9th november. He said, “ We are working on a rock mass calculation that I believe very sincerely it is to be 500 million tons. I think we’ll be in a position to announce that in the not too distant future, Will apply various grade scenarios and cut offs to that 500 million tons and we will be able to tell you how many tons we think of contained copper.”

Worth a listen again or any members that missed it.
Brimming with confidence

The Traders Cafe podcast with Zak Mir / Traders Cafe with Zak Mir: Colin Bird, Executive Chairman, Xtract Resources

As if we would quote AIM rules ntm ! can’t guarantee that after dark tho ;))
I’m of the opinion now they may as well wait until all assays are in, within conceptual pit at very least and release the resource model in the new year. Be black and white, no guesstimates no misinterpretation. The fickle market cannot ignore it, the clever ones anyway.
I think we established that if the company are collating results toward a resource model that is ok??

My thinking too Cygnus, also, the radio silence is not likely to be because of not hitting initial expectations, could just be not wanting to give anything away before the updated model is ready. Colin has difficulty in curbing his excitement and with one slick question from Zak…….

Phase 1 of Pebble mine proposal will destroy more than 80 miles of streams and 3,500 acres of wetlands. Create a toxic pit lake filled with 61 billion gallons of mine water.
Simply put it threatens the communities and ecosystems that depend on the bay's abundant wildlife in the pristine Alaskan tundra.

This is an extreme case given its geographical location. Environmental legislative changes will no doubt only get stricter as social expectations increase as we strive to protect our planet. Making open pit mines particularly, in ecologically sensitive locations much less likely to get their permissions.
Something has to give though eventually, if electrification through renewable energy is to succeed. With the demand for copper and battery metals soon to outstrip supply, it’s not likely environmental legislation will ease in the future. Leaving once uneconomic or smaller resources to now become viable as world copper price surges, we could see huge capex increases on startups as more safeguards are required to protect the environment such as water treatment works.

Certainly this will not be the case in the Lachlan belt which is not particularly an ecologically sensitive area. The belt already has numerous operational mines. Resources such as racecourse will be very much sought after.

Pebble mine in Canada a resource of some 5.94 billion tonnes, has been denied it’s federal permit, due to overwhelming opposition from the tribes that live under its shadow and the catastrophic environmental risk to the Nushagak river Bristol bay watershed.

In 2014, the environment protection agency, based on a three-year, twice peer-reviewed scientific risk assessment, concluded that the project poses a “catastrophic” risk to the region and the worlds greatest wild salmon fisheries.
The Trump administration allowed the owners Northern Dynesty time to apply to the Army corp of engineers for a federal permit by pausing the review. The army then did their own 3 year review and denied it too stating it is too risky, not in the public interest and should not proceed. Then again in June this year the EPA were again asked to take action under section 404(c) of the federal Clean Water Act.

The owners have still not been deterred by the EPA, the federal permit denial and an unambiguous statement of President Biden that Bristol Bay “is no place for a mine.”
It said that it will do all within its power to develop the ore body buried in the upper watershed of Bristol Bay. Recently, through press releases and its latest corporate presentation, it has sought to “re-invent” itself as a green company, portraying its environmentally indefensible project as central to a green energy future. 

You couldn’t make it up , oh the irony.. But still it goes on, assuring potential investors that “we are by no means at the end of the road or dead.”

This destructive and reckless mine should be dead!
Long live Racecourse in its very mining and politically friendly jurisdiction.

Many thanks for the info captainbob
More than happy to be wrong on this occasion, with colins confidence in a feasibility study not being necessary toward a sale and with that “if we are still the owners” comment, it seems apparent to me he has been in contact with our buy-back partners :))

Ah yes Andrew my apologies that was my reference. I did trawl through the Steve’s posts quickly to find it as was sure was one of theirs.
We all make mistakes…. Said the dalek climbing off the dustbin

An even better omen is to continue that straight line from racecourse, through cadia a further 111km and you hit northparks mine

Courtesy of one of the Steve’s I think

Dibs yes they do take time but will be essential I believe with a tier 1 asset.
Not heard cb verbally mention but in the drilling license update on 13th Oct it quotes

>> It is also comforting to have the exploration licence extension until June 2024. This is a significant amount of time for us to continue our exploration and feasibility study programmes, and take the project to the next stages."

Would add that having an appropriate feasibility study in place for the open pit would give serious kudos and help underpin a value that potential big investors can attribute to. These big boys want something set in stone, having an revised JORC will go a long way, but a feasibility study will confirm project viability. It will be when they arrive that we will see the biggest gains going into the latter exploration phases.
IMO

Cygnus
The outer margins would still need to be delineated, or any further targets adjacent defined. I just feel the open pit and it’s associated future production facility positioning, would conclude that parcel of asset, as they could then conclude their feasibility study programme. Before, further drilling to the SE, if that is not viable to be included into a, ‘potential’ pit extension, and is either a separate pit or to be cave mined. Hence further recon holes to determine. Is a methodical approach to proving up Racecourse. Not to necessarily increase the level of geological confidence. It certainly would not mean any offers would come in, CB has made it very clear any sale would have to include any other targets including footrot.
It will be so much clearer once the revised resource model is released and the conclusion of the remaining assays.

Would agree with robsaunders, and I could add, the extent of the viable to mine ore around the open pit boundaries would need to be defined as to determine potential location of production facilities before any of the feasibility study programmes can complete anyway. Any offers would be subject to feasibility.
I go back to my previous assumption that the next drilling campaign will concentrate mainly in and around the conceptual pit. No doubt will be further recon holes into the SE too. Still a way off yet but trying to understanding the bigger picture is interesting.

As suspected, holes 28 and 30, the last remaining holes inside the current conceptual pit to have been reported completed now. Leaving the reporting of the updated resource model clear to follow soon, one would hope.
Colins last comment on the model was it would be released to show the size but assays would confirm the copper content etc. So it should be coming soon.
Are we likely the new model will just confirm the increased ore body inside the current footprint of the pit model, with any extensions included in a later revision when more geological knowledge of the is known to the SE?

Great watch Steve gave me a warm fuzzy feeling.
I wonder if mr buffet would scoff at the idea of going in with 100% in an exploration miner on the AIM index in probably one of the most volatile sectors?
Don’t think he would, if your research leads you to be confident in your investment. These opportunities do not come about often for exploration miners, let alone private investors. As he says, “ if you only put 20% of your worth in, you could waste the opportunity of a lifetime.”
So, ask yourselves, Does the eventual sale of the Racecorse deposit and associated assets fall into the “strong possibility category?”

When the fundamentals are simply too compelling for the market to ignore any longer, it will then start to move up. Until then this will bounce along between 4 and 6p it would seem. Personally I have been quite content to increase my holding as the assays are confirming increases in the resource as they come in. Yet, market cap has stayed low possibly being kept down with the prospect ore shares being sold on and other general market influences. So happy to be paying peanuts for shares still as I accumulate. This stagnation would have previously given me the jitters. Nobody likes to see their capital stagnate. I have almost 100k GBP invested here accounting for 90% of my capital. Sound investment strategy went out the window a long time ago. But, as I am reassured by my own research I do believe in my current strategy to create meaningful wealth.
Who else is almost or all in based on percentage of capital?

The current conceptual pit was based on the inferred jorc resource. An updated model is not likely to be released as a standalone RNS like the first as it will be based on a range of estimates. Could be included in an RNS of the confirmation of the completion of the remaining holes that were inside the pit boundaries.
Just a thought but doesn’t really matter as long as we get it soon.
There is so much news to drop could be cluster bombing.