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BR was never about consistent continuation of the high grade central zone which formed the bulk of the Inaugural JORC that was inherited with the aquisition. The grades that followed through Racecourse delineation of the surrounding mineralised zones were consistent with what was expected to be returned in grade and continuity from the first conceptual mining study that XTr commissioned on the 72mt original JORC which also gave recommendations on resource optimisations.

Everything that has followed has been done in line with those recommendations from that original study to where the resource sits now. Although the average grade overall on RC fell short in the end, which without closing off the campaign and sending all the assay and other supporting data from RC and Ascot to be validated by external consultancy it cannot be properly determined.

The typical nature of porphyry intrusion mineralisation is very unpredictable, it thickens and thins falling in and out of pay and non pay and be discriminated. Where the majority of blame sits surrounding the 2mt target lies with the failed hope that Racecourse and Ascot could be joined up with commercial grades through the bit in the middle that would have created the potential of a 1.5km long open pit.

So as it turned out, the two porphyry’s are currently separated so the economy of scale that it would have created could not benefit the later mining and pit optimisation study which led to the overall bulk tonnage at RC having to support the mining economics on its own which fell short.

Now, however CB decided to play his hand those facts remain the same.

Most shareholders still don’t appreciate what this junior company have actually managed to achieve with their resources. They still have only scratched the surface of what is at Bushranger. But hopefully now the economics are enough to attract interest.

Now come on LW I don’t do one sentences, but you are right, I don’t know any more than anyone else, only having access to the very same information as them. In which case then, why do certain shareholders ask these childish questions and have apparent ‘residual doubts’ but not actually giving any reason why to substantiate their doubt for constructive debate.

So was just giving the benefit of the doubt that Eastern hasn’t been paying attention to their investment or have the memory of gold fish. Or is it more likely their investment is far more heavily weighted elsewhere, so just want to drag back down any glimmer of hope there is a positive change in sentiment ‘here,’ as ‘actual’ mining is in sight now there is a clearer timeframe to first concentrate and revenue generation ramp up and just want to distract from that most important recent news.

Certain posts are just plain telegraphed. 🙄

“We need a strategic update.”

Thought JDAU had covered this in regards to expectancy of updating individual projects.

BR is in the hands of third party consultancy and / or waiting on steady state 13k copper price which we clearly are not there yet.

Western Forelands is waiting on exploration season to start.

Kakuyu is not a priority at this time.

Chilibwe is at the mercy of third parties due to the court proceedings.

Although Morocco is due an update on mining agreement and an operational update which is the next biggy. But is still essentially in the hands of third party compliance.

They ‘invested’ in ‘purchasing’ the ore dump material. Can draw sensible conclusions from that.

But generally I think the best you could hope for eastern , will come in June as a comprehensive operational update in the full year report. Last one we had was September in the half year report. I know it’s not a strategic update going forward, but CB cannot be criticised for being cautious in giving any more forward looking ‘projections’ than what he can be confident of delivering until there is material news returned that can be acted on.

“Even I” can do that sum!

That was predictive text not JD text

Thank you James good to see you and a few of the old regulars back, have trust in your math as always. The 500 ton per day will be ramped up to quite quickly, within 6 months is stated, although with further crusher, processor and another bank of flotation pods in parallel with the modular design capability cb seemed relatively confident but naturally reserved in stating we could expect to see 1000 to 1200 tons throughput per day achieved with those further plant optimisations by this time next year. If so evening can do that sum.

Beyond that, there is still the possibility that an even bigger plant will be needed if it can be underpinned by future large scale exploration defining a significantly bigger mineable resource.

One step at a time though best not get carried away. 😊

Late evening drunken ramble over a tall glass of JD Honey 😋

Looking at the SK plant video again and reading back the RNS it is clear that this is ‘not’ a micky mouse operation. Is a very modern, modular designed plant that can continue to operate while adding another jaw crusher, ball mill and further flotation circuit without shutting down operations while additional work is ongoing. Designed from the ground up with optimisation in mind.

From the RNS this paragraph is tantalising mining porn.

“There is an opportunity to commission and optimise the processing plant with freshly broken ground and to compare actual ore distribution against the resource model.”

I think this has largely gone under the radar, what it means is they can more accurately predict the resource model with actual clean virgin mining data. Remember the resource is currently just an in house estimate.

They will also be able to adjust future mining and blending strategies to suit based on any discrepancies they also might find well in advance.

So with virgin ground being mined with the ability to analyse their mining operations accurately it will aid in decision making, improve resource extraction methods and ensure that the plant is operating at its best, all based on REAL TIME DATA.

This is ultra modern efficient mining using innovative practices to increase output while reducing costs.

Impressed? It may not seem much but I really think you should be impressed. Oval mining and CL are dragging CB kicking and screaming into the new world order. They are a class act.

Was going to add that I don’t think the company would have bothered raising the capital to buy in if they didn’t think it would create any shareholder value to shift the share price.

5-6m USD per annum is Xtracts 35% share from the base case model. This could expand significantly with a much larger resource defined through the exploration JV with future plant funding through the small scale JV, not from the JV parties.

And your scoffing at minimum 5m usd annual return for just 1.5m usd investment, in a project that has already seen 9 months of engineering development works already and will start producing cash flow within 3 months. We will hopefully get far more than the base case delivers.

Not forgetting XTr are not a one trick pony, Antimony he alluded to a similar revenue generation, the dump material effectively being able to cover company operating costs and more.

Plus BR, Kakuyu and Chilbwe on the back burner. The company could very well become the next AIM darling growth stock.

This broader range of assets gives all important diversification to the company.

Video posted from Oval mining on TG of the new plant. Very impressive build.

https://youtube.com/shorts/7gpPXGG0XBU?si=QJq0XLhx74drPqQq

Do hope so lucky, now XTr and Bzt have been derisked a bit more let’s go….. shoppiiiing.

Silverking could become a processing hub running a much bigger plant in a few years I suppose. The dump material regardless of ownership would be toll processed whether at SK, Kabwe or any of the local plants and would have to carry its own economics anyway, so even under the mining license JV discounts would not be given or an extra premium paid out . We would only benefit from any shared resources , admin etc. I like the positive vibes jez, you never know!

A confident no!

The partners have designed a plant that can sustain ore feed of 500ton per day throughput, with measures to mitigate risk of bottlenecking in the milling process. So they are no doubt confident of supplying enough material with the planned set up at full capacity after ramp up until such times as a bigger plant is needed as drilling increases the resource and reserves at SK over time.

To run outsourced low grade or dump material through the plant would only displace the high grades from SK lowering yield.

Using the dump material as bulking to help with their blending strategies at SK will also, only weaken the ore head grade lowering yield. If it was even compatible.

Kakuyu on the other hand, could in theory ‘augment’ the high grades of SK as it too, is good quality ore. From Kakuyu last update, there is ore on the ROM pad ready to be processed and cut backs in the open pit have already been done to gain better access to replenish run of mine material.

But for now, they simply don’t need it unless there is a plan in place to follow, we are not aware of yet.

I reckon Kakuyu ore, could be used to help underpin economics of a larger plant at SK later on to push out the mine plan perhaps. It’s only about 5-10 km’s away at a guess and may factor at some point

It’s a seperate JV for small scale mining to the large scale exploration JV. So how that all ties together with final ownership I guess is why cb was unsure of giving that figure before.

“CB said that could be a hurdle when it comes to selling BR, although I can't remember the details.”

Hi jez. He did say that but also said at an AGM they will likely end up just negotiating a higher NSR royalty. Originally set at 3.5% likely to up it to 4% imo. This was the new Royalty figure they used in the BR pit optimisation summary of costs.

He also said it is in their (AA’s) interest to agree.

So a seperate JV vehicle to the large scale exploration JV that gives a better risk profile being the minority partner in a far more easy, both technical and geologically simpler operation than the Moz mine XTr disposed of. So plant build circa 5-6m with a ‘daily’ throughput capacity of 500t. Taking into account the rainy season we are looking at around 200-250 days per year production. It will be difficult for them to report expected head grades going through the mill due to the resource not being JORC compliant for them to report against. But they will be targeting the high grade material. Consistent 1.5-2% at the mill??? Should be enough to roughly crunch numbers to get some scale.

Said all along they already had the mining license, Lukonde had said in one podcast they already had it and Tolai who had stated in the Roast Zambia copper special in Feb ‘24 they intended to do small scale mining So this was clearly being planned by Cooperlemon and Oval ‘before’ XTr aquisition/ JV of Silverking which wasn’t until the April in ‘24. So is pleasing that they chose XTr to partner up with in the first place.

Glad to see you back Andrew, yes the dilution was a kicker but if small scale mining can be re invested to increase scale of resource and future plant then the small scale plan could be far more value accretive to XTr in the long term.

Silver will be a credit recovered from the copper concentrate sent for final processing I believe

One way to get your post count up I suppose mc1 😉

Seriously though, whatever it might take to give col a nudge to update can only be a good thing. Getting restless now.

For mining licenses to be granted requires them to show they have financial stability to progress through development and into production, as well as the more obvious technical feasibility which the company have produced a summary report of all the aspects bought together for the first time that would satisfy compliance.

Apart from environmental and social statements and all filed correctly, I would agree with you prickly, the process is more a compliance tick box exercise rather than fill it all in , file it and then just wait, hoping for a yes or no.

Very first post of the day -

“Is anyone surprised that no institutions want to invest in XTR?” - Mc1

No I’m not, nor should anyone considering II’s don’t invest clients money in such high risk junior explorers.

That’s where my contribution to today’s chat ends now until next update or other.

This initial drill phase of the ‘deeper’ anomalous EM survey signatures that they are testing now, are reconnaissance in nature. They are more to understand the mineralisation with the data from them used to update the geological model that is overlayed with all the previous ground and air survey data to ‘then’ be able to more accurately target grade and continuity better in later rounds.

The geological team would not expect to hit high grade mineralisation first time round, it is not the purpose of recon drilling to chase high grades. So shareholders should certainly not expect them to be high grading over long intercepts without this initial data to be able to interpret the geo model.

This is standard normal stuff and essential to get best value per metre of drill core over the coarse of the programme.

It is fact that most geologists dont hit any mineralisation with first one or two sighters, but rest assured every single new hole gives invaluable information to the modellers.

All the best.

WE AS SHAREHOLDERS OWN THIS COMPANY.

That is true but you should also own your investment which involves protecting your capital value and preventing or limiting dilution of your ownership stake.

If to remain ‘invested, doing nothing is not good practice. Some trading elsewhere and averaging down, rebalancing etc. I have done it really well and am nearly within reach of my break even.

What you are doing by venting is pointless and potentially damaging to your own investment.

Like I say, ‘anyone’ can participate in fundraisings or company equity placements by opening a broker account with Shard Capital who are xtr’s broker. I know some have constantly given misinformation as though were fact regarding ‘only’ Colin and his mates being privy to cheap shares which just isn’t true.