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“So all things being equal BR will still be unloved by the bigger players, it will still be one of the last to be picked for the team.” - Jez

Hi jez porphyry deposits are and always will be more favourable to the majors due to their long mine life as they are better for riding out swings in the economic climate for one. BR fell short from the first attempt but has much potential to be optimised by pre concentrating and further extension drilling to increase it to the north of RC as

this area is the most prospective due to the fact that the type of rock already containing the copper and gold is already proven and shown to extend along strike. ‘A proven mettalogenc corridor’ is the term for it.

But it’s not about the grade, it is about what can be shown to be economic to extract in that payback phase. BR has a very low economic cut off grade. So the high grade that ‘can’ be targeted if they eventually do, will positively increase NPV.

“Maybe copper price will break new highs too.”- Jackbal

The all-time high price for copper was reached in March 2025, when futures surpassed $5.35 per pound. With the previous high reached in 2012 of $4.62. If you consider the inflation adjustment since then, it would need to reach $6.67 ‘just’ to be worth the same as it did 13 years ago. So copper price has some way to go still and should surpass and sustain that adjusted figure when the supply v demand deficit really starts to hit hard forecast to be in 2026.

Agree with the approach to be more concerned about the margin of free cash flow than just putting increased tonnages through production which Shaun previously stated. One aspect toward achieving that is to always focus on material that will yield higher returns to begin with.

Baffles me JDAU the lack of basic understanding from many to grasp what this company is even about. Or certainly seems that way.

You only have to visit the homepage of the company website to understand in the simplest form, why the company is diversifying the way it has been able to. It shouldn’t really be leaving anyone invested under any illusion what the Manica income is being spent on by now but importantly why.

“Xtract Resources PLC (AIM: XTR) is a mineral exploration and development company, well positioned to capitalise on the green energy transition through the targeted acquisition and delineation of scalable mineral resources.”

All projects follow a recognised 5 stage exploration model. Of the acquisitions, some are further advanced but that pathway remains the same to hopefully become quality assets supported by quality data behind it, that will attract top dollar with a feasibility study PFS/DFS. Or go on to be mine it themselves. Not all will be viable hence why diversification is essential.

Reconnaissance-Desktop studies, mapping, sampling, airborne geophysics, ground geophysics, reconnaissance drilling

Environmental management, rehabilitation of all drill sites and community consultation.

Target definition. Extension and close spaced drilling.

Prospect testing

Project Development Studies.

They have to put the work in and spend the money to scope the best options, to then further advance those on that path toward feasibility. That is the goal to position xtract in the strongest possible way to grow the company as a miner and explorer.

All we have to do is have patience, and support the company we are invested in. Quite a fair trade off I’d say.

“Ernest Giles is sat on a few billion in Gold. Could be where our dividends come from in 2-3 years!!”

Like the sentiment, in fact I love the sentiment, but if various prospects become anywhere near approaching tier 1 or even tier 2 discoveries they will essentially become victims of their own success, in that long before any optimised mineral processing option can even be determined, they would need to have a very detailed understanding of the likely global resource for ‘any’ particular Project. So any would have to follow the 5 stage exploration model which is the minimum Oz standard.

Recon work.

Desktop studies, mapping, sampling, airborne geophysics, ground geophysics, reconnaissance drilling

Environmental management,

rehabilitation of drill sites and community consultation.

Target definition.

Extension and close spaced drilling

Prospect testing

Project Development Studies.

All takes time but until they know the scope and size of the processing operation they need to develop, it would very likely to be more like 12-13 years up to any mine commissioning phase. And that’s only as is jurisdictionally very favourable. ESG can double that timeframe if in an ecologically or environmentally sensitive region.

Earnest Giles is a highly prospective region, that is so vast it probably has its own ecosystem. 😂

To have Goldman cover GGP is a good endorsement and all helps toward exposure. Can kinda tell was AI generated as is typically generic but nether the less, putting their endorsement behind it is the main thing. Slowly seeing GGP getting up on the world stage.

This time next year…….

Eastern, put simply, after the phase 1 buy in has already been met by XTr from expenditure so far we are currently now up to 51%. If CL and XTr jointly fund the 2nd phase by putting up half each the partnership would remain the same percentage. But likely xtr will fund it all to gain 70% but if a circumstance arises and CL take on the full funding commitment then only then would it see them get back their original 70%.

But they need to take up their option now by participating, not after some time into the second phase.

“Both Newcrest and Newm9nt thought otherwise fella”

Oh Victor as much as I would like to play bat and ball with you, I really don’t have the inclination to but appreciate its your opinion, however illinformed.

Are you another spawn of Fathertedfeck by chance?

Victor unless you fully understand the whole backstory behind how GGP have managed to use their minority interest in Havieron to leverage them into the strong position they achieved you are just p155ing in the wind.

The combination of Telfer and Havieron together is the ultimate mining scenario.

With respect

Guy

Really good synopsis pernickety 👍

Undoubtedly, the DFS is critical for ensuring actual viability, including economic, technical, and environmental aspects.

It gives a development roadmap for timelines, budgets, and operational plans and as is a bankable level study, it gives detailed costs, rates, revenues and expected returns on investment which are also of importance for financial institutions, as typically they would want to see a DFS to assess these potential returns and risks before committing funds for investment.

So essentially it the single most important milestone for any company to reach for showing how strong a business case it is.

“Or a raise at all, with outside help” that is.

Don’t give predictions, but my observations.

Here’s one, folk may not like it if they don’t fully understand what needs to be done to bring break even costs down further than just waiting for sustained higher copper price.

We know from Colin’s comments in the report they have reworked the BR financial model from positive CPF study results “The value added by this study demonstrating to the Board that Bushranger will undoubtedly play a role in global copper production in the future.”

Very positive words but in the absence of an updated economic model, ‘just yet at least’, it would suggest the next round of drilling may now have the green light to increase the resource targeting the high grade to nth of RC subject to funding, which now in light of those positive comments may be more a probability to update the JORC with any additional copper/gold they find estimated earlier to be contained in 200-300 million tonnes of additional resource. Then have the updated resource increase incorporated into that financial model. Will be huge for NPV particularly so in light of a smaller plant footprint and smaller mill which has not in any previously released mining scenario yet been investigated!

Andrew gave good summary, I have nothing else for you Ben, although as the PR push hasn’t clicked into gear yet they are clearly not concerned about the share price. Which is actually a good sign meaning any potential raise for BR phase 3 will not happen any time soon or at all without help.

Waited this long, H2 should show us what assets will potentially deliver.

Hi Andrew, seems we are on the same page after all. Is imho the most optimism you have shown in a post for a time at least, but of course I appreciate you have your reservations within that. Yes, it is safe to say I am optimistic but like yourself have spread my investments about a bit since the BR hype days so if I still qualify as an eternal one then I’ll take that over your alternative no 2.

Best,

Guy

Buys Colin another easy year…Cmon billy you are no fool, anyone investing in CB companies now are doing so with the belief in the copper story. It’s not going to happen overnight but through discovery, prioritising the best options toward feasibility to positioning them in the market place.

The important factor you mention about the cash balance is optionality to continue to look for opportunity to diversify the portfolio to mitigate failure risks with regular income into the treasury. If all assets fail then I’ll say f*** it was my call, but it only takes one to make the company and us money after that focus is established.

We have a couple of years to scout out the best of the bunch to progress. And same couple of years to establish some further income streams bottom line.

Material results pending yes, but many shareholders fully understand what they have bought into and are not looking for the door. Rebalance or just take profit maybe, granted.

Whatever the legal complexities are the license is still in a highly prospective region. With the collaboration XTr have with Cooperlemon with WF licenses and Silverking it obviously extends to being in association with Lukonde who is Chilibwe director and co director of CL. So to suggest a lack of due diligence by XTr is a little presumptuous.

By committing to exploration could be part of the legal process that will assist Chilibwe to be released from their disputed JV showing they have the support and a funding solution to advance the project in line with the terms of the ministry.

XTr proceed until officially told otherwise, they now have skin in the game and could make a stronger case for Chilibwe.

Another scenario is that their disputed JV partner is dragging this out to deliberately liquidate Chilibwe so they lose the licence for them to pick it up.

But by all means Mary, just concentrate on anything negative and ignore the other positives. Yawn 🥱

Reading between the lines then, which is par for the course in this great big guessing game. After re working the BR financial model from mett test results on the CPF by Novacell Colin says that, “The value added by this study demonstrated to the Board that Bushranger will undoubtedly play a role in global copper production in the future.”

That sounds a really positive step toward the next phase the project will undoubtedly go into. PFS?

But both operational highlights in the report, being Morocco and Silverking post year end, appear now to be the focus of the company to bring additional new revenue into the company with dump material leading the way, but not from the Zambian dumps.

What’s going on there ?

And a strong cash balance end of year a sign they are being sensible with the income balancing between advancing projects and new acquisitions to diversify.

Clearly now prioritising and rightly so.

Look forward to H2 updates and results due.

I kinda wish it would implode! And I don’t mean the share price

This bit of the aquisition RNS is intriguing;

….The companies main activity is mining, exploration and extraction in Morocco. Wildstone has 15 licences for the exploration and extraction of copper, silver and antimony which are situated in Central Morocco and are not contiguous

Stating “extraction” and they are “not contiguous” could either imply they are already mining, with these individual operations reasonable in size to warrant being viable as standalone or, simply meaning that is their focus toward future activities.

But do agree, an update would be good to give us a better overview of what there is.

Where Ernest Giles potential is concerned, a low grade resource does not mean it is going to struggle to be economically viable. Particularly as a lower cut off grade is likely to be applied. A cut off grade is usually applied to an exploration project, whereas NSR cut off is applied to reserves.

So, a lower grade resource does have a big benefit with a low economic cut off, it would indicate that any future exploration only needs to be above it to add profitability to the project. But importantly, If additional exploration finds grades much higher then the extra tonnage would contain a huge amount of extra profit to improve resource and future NPV.

With economy of scale and this high gold price, just small changes to inputs in any future economic model can have a significant effect on outcome.

Obviously early days but one to watch closely.