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Certainly lots of news due next month or so. There will also be results from aero survey

There has been a number of times now, referring to AA buying back ‘in’ to the project. Wether this term is generalised or we are seeing a change of tone from colins earlier comments regarding his lack of desire to enter into a JV. Even questioning why, a major would not want to commit to buying 100% (words to that effect)

With the escalating scale now of this system ,with the speculative potential, of a multi porphyry corridor leading to footrot some 10k away. Of which is characteristic of this type of system. As is like Cadia Ridgeway and Boda

Is the whole ‘tie a bow round and sell it’ comment now unlikely short to medium term. As am now trying to understand if is more likely now we could be working alongside a major in the future exploration of this project.

Agree will be very interested to see what comes from drilling south/south west to see how far the system further extends, also to see if any gold rich zones can be found when more is understood of the system.

Would be good if a initial drilling plan was released but with the intention of getting to 2mt threshold I think the bulk of drilling will be intense infill around the shallower higher grade mineralised part of system to the north and central. Certainly to give option of open pit scenario. As results are returned and the average ticks up to target it will then become clearer, how many further exploratory holes will be available in this ‘next’ drill phase to explore other prospects. So I would guess any initial drilling plan could be subject to change as the programme runs down.

Personally I’m very excited to see what comes from drilling the IP target to the east. Could be very significant if it shows to have the shallower, higher grade mineralisation as from historic results of existing resource.

Good point Andrew re the new project director and project manager particularly, of which I agree. They have a proven track record and good reputation that precedes them coming onboard and will not wish for that to change. It goes without saying they will have full operational control with project decision making going forward.

I felt a hint of this was given in interview, the way Colin petulantly ‘insisted’ they do some test holes to the east within the next phase when the priority is to prove up the 2mt threshold.

Wonder if he will get his way.

>>>Howezap is possibly the most enthusiastic liar here.

Works both ways Dougal how can you possibly conclude the whole prospect is sub ore based on 2 out of 3 results which potentially covers a strike length of 2.5km and of width that is still undetermined. Holes 2 and 3 of which were angled across the system intersected mineralisation deeper. Missing the >> “higher grades above which occur at shallower depths, enhancing the open pit potential of the deposit.” (From RNS)
There’s one clue there’s plenty more if you look and listen.
No lies or bs

Let’s not forget it is most likely the decision to employ the independent firm to undertake the technical and financial modelling for an initial open pit mine was made by the new project director.

The model will be based on estimated grades anyway with varying cut-off values if I recall

Stop bashing bird everyone his reins are now on.

We had a brilliant take on Craig David song by stevemocal my choice is the David Christie hit ‘saddle up and ride your porphyry’.

I suspected at he time of the continual news blitz that it was outside the realms of ordinary reporting. Put it down to colins over enthusiasm and excitement.
We were spoiled with the frequent news and interviews coming out then, which is now having an adverse effect as news has dropped off (completely) it seems.

With the appointment of Reid and Hills running operations we will see a different professional approach now anyway. With crunch time approaching, where it is now very close to hitting that threshold of 2mtCuEq and with the comment from Reid “see what they want to do”. Can be sure there is a lot going on in the background and would guess the company would like to keep things quiet until there is some certainty of their intent.

Could the remaining unreported assays along with IP data, be crucial to establishing a probable average of copper content of 2mtCuEq which does seem the more likely due to Reid’s comment. Opposed to the JORC being updated when target is hit to then present to AA. Any thoughts ?

It’s all going to plan otherwise, IMO, the board have their reasons, strategic or otherwise as to the reporting of news. I still have faith especially now hills and Reid are running bushranger

Agree, we are due updates from Africa and would expect something soon as revenue is expected to fund further exploration in oz as Colin has stated that is the intent. So the lack of Africa news will also be having an impact on share price as the projects are linked.
It’s bloody frustrating the share price is drifting down, but, there is so much good evidence presented so far. Things are looking good overall at this still, early stage.

I agree this is going to be a slow and steady return back to six or 7+. Any major hikes in the share price will be when negotiations with AA begin or the JORC is updated when the exploration program of racecourse is finished. The latter being the most likely to arrive first in my opinion. Jeremy Reid stated the option to mine was “a possibility down the line.“ “The priority is getting us over the threshold of the 2mt buy-back option to see what AA wants to do.” Have doubts as to wether the shareholders and the market would by party to this discussion or reporting if any decision is even made.

It comes down to the importance of what I have come to understand with having the updated JORC in place before any hard negotiations can begin.

I of course will stand corrected is just my thoughts after listening to Jeremy Reid’s comments and understanding.

Ella- Jeremy Reid spoke of the aero survey is to help understand what is there and build confidence to help target the next drilling programme.
I can only guess they are just prioritising racecourse potential at this stage that seems to be the main focus at present.

https://youtu.be/GBSaqFttIyY

From 20mins

‘Operational reasons’ as to why survey could not be completed to south west. Looks open ground from last point taken.
There looks to be remains of an old open pit in about the same area and distance from that point. Right in bottom corner of that open area.

Could there be any connection?
Ground contamination maybe that would affect EM current

https://www.rns-pdf.londonstockexchange.com/rns/7490Y_2-2021-5-14.pdf

Google Earth Link

https://earth.app.goo.gl/ch8mWa
#googleearth

Tried being polite in just humouring you mate in hope you would just be ignored and go away.
Why oh why Andrew lol

Thanks for posting that FTF racecourse is on track to tick all the boxes if the drilling proves to increase overall size as per the IP suggests, more significantly the grades are returned as hoped. Then yes definitely right place at the right time, not only going into an alluvial supercycle but a industrial revolution with the change to renewables and EV Sustainable high copper demand for at least a generation

Enjoyed the cheeky swipe at ‘currently’ being 27th btw would not have expected anything else ;)

CE- good link to block cave mining, informative with nicely done short vid for us laymen to understand
Thank you

On a number of occasions historically, Colin has only ever previously commented on their intent to sell on. The last interview was the first time I can recall that the ‘decision to mine’ buy-back option has been mentioned by him. He just explained the mechanics of what would need to be done to trigger that option, and IMO, not necessarily showing any intent of doing so.

My initial impression his comments were possibly to just stimulate the market.

CE- Ultimately the decision to actually mine would possibly be of a JV. We know colin has strong objections to this but he did also say, “unless it was a Very good deal!’ So who knows. But, I just don’t believe it’s likely, due to the timescales involved, and it flies in the face of colins ‘tie a bow round it and sell it’ comment.

As for a mechanism to just trigger that option, I don’t see why, with measures now in place to accelerate the next exploration phase, why would this be an option? As stevemocal states “We need to finish phase 2 as a minimum before doing a deal.”

I would finish by saying once again that either way to get to a valuation the exploration has to continue.

3cardbrag- hi I accept there are investors whose personal expectations may have fallen short at this early stage. My gripe is more to do with the lack of understanding of the buyback agreement. That being , once the company show there is 2mt contained copper that’s it, sell the lot as the buy-back will be triggered.

Points taken from the agreement such as - AA have the opportunity to ‘buy back’ giving ProspectOre a mechanism to monetise “exploration success”
Which refers to EL5574 containing Footrot and other potentially viable targets, is quite clearly understood. And, ‘If a deposit of “greater” than 2mtCuEq is “ultimately”identified...... is quite clearly understood too.

My understanding being that , once the BOD are happy that exploration of EL5574 has been successful then AA will “then” have option to buy-back at fair market value in accordance with JORC

The agreement has been in place since acquisition of tenements. If folk can’t be arsed to do their DD and understand what they are buying into then of course that is up to them.

Been looking into JORC code requirements to understand the relative proximity of infill drill locations. To see if there are any parameters set for the distance required between drill plots to an industry standard requirement for example. Was considering how far can drill locations be spread over an area before the core sample data becomes unreliable to give a balanced estimate.
Am quite clueless still if I’m being honest. Would appreciate any comments to help understand

Littlewing- I totally understand if investors have gone into this basing their investment on racecourse and on what was known about the deposit potential at their given time of entry. With expectations at the time that this will hit the tonnage/grades to trigger the buy-back within 6 months+ from now. Now, seemingly will have to wait longer for that return on their stake.
Worst case now if grades are of a poor ‘economic’ average the increased tonnage potential now has de-risked their investments somewhat increasing value to the stock. Come about only by further exploration of the deposit. I’m sure it’s not going to stop there.

Have considered JV or a licensing deal going forward but there is no evidence to support this or any hint of, so at present I have dismissed the idea.

Personally, as an investor in an exploration mining company I would be pi55ed off if they weren’t doing what is expected by exploring every possible, potential target getting the maximum value for my investment over time.

Just for some added clarity and perspective after having read through some of the posts from Saturday. Mine included.
The phase 2 estimate of between 16,000m and up to 22,000m of infill drilling will be enough to hit the target of 2mtCuEq to trigger the buy back option. That being the company’s prediction after the completion of phase 1 drilling.

Now, after the IP survey has shown racecourse deposit to extend way further in some directions and is mirrored to the east with Colin referring to this now as a saddle shape. If that can be joined up and proven to be in mineralisation with the grades that Colin is confident are to be found, we could be potentially looking at anything up to 4mtCuEq in racecourse deposit alone!

Baffled as to why folk are so desperate for a quick sale when there now is this potential huge deposit waiting to be realised.

It’s not just about getting to the 2mtCuEq target to trigger the buy-back but anything that is over the target as per the agreement.

Hi Jamie....
Yes you are correct, the 2mtCuEq target is required to be from racecourse deposit alone to trigger the option. However if further targets within the license area are identified they will come into play too. Managed to track down the interview from April where this is covered. Hope it is of help

https://www.share-talk.com/colin-bird-executive-chairman-of-xtract-resources-xtr-l-interview-2/#gs.2limnk

Last couple of minutes to end

Thanks for the heads up Andrew on asset revenues. Was going to question wether a contingency would be available for further drilling but seems very unlikely they would do this having capital in the bank for 6+ months earning nowt in this current climate. Just a ramble, but yes, some updates from Africa will be very welcome.