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Hi Daz.

Is fair to say that a decision to JV ‘could’ be made by GGP on the economic model if it’s performance was good enough and a decision has already been made to go to pre feasibility on that outcome.

For GGP to consider a JV they would want overall control of exploration so even a 50/50 split in costs would not favour. Any split JV you are committed to your portion of expenses toward the JV.

….at scoping theres reasonable enough information they can start providing ore.

Not in a million years! Just to develop the ore body ready for mining will cost hundreds of millions of dollars. No one is going to stump up that kind of cash without proven ore reserves. Let alone the infrastructure and potential plant on top. And certainly not GGP without a DFS

Respect

Guy

Antipas Minyari is only at scoping study level guys/gals, to see it advanced through to being a viable resource with ore reserves with DFS would be looking at many tens of millions of Oz dollars outlay in drilling, modelling, metallurgy and study work etc. They would potentially have to get it to Pre Feasibility where it could then attract equity funding or alternatively bringing in a partner to cover the costs.

Let them or their partners spend out up to feasibility and then see if the economics stack up for GGP to get involved. It is in their interests to push their own project up the value curve and In Greatlands interest for them to de-risk it before even considering looking for projects outside of the current Greatland owned stable.

‘Majors’ buy success for a reason.

Im going round some blokes house to give him a quote for tearing down his condemned extension and building him a new one

Although there has been lots of progress made on the decline, the DFS is critical for ensuring the project is actually viable, including economic, technical, and environmental aspects.

It gives a development roadmap for timelines, budgets, and operational plans.

The company are optimising all aspects of current and ongoing Telfer operations since taking it on, to streamline all operations and drive costs down including major corporate restructuring. The Hav DFS will then lead into further optimisation’s that will then improve on overall operational efficiency and importantly, profitability.

It will be a bankable study, required to satisfy the development funding debt facilities in place as 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 the company to reach for combining Telfer and Hav. Wasn’t a stupid question at all snorkler

Seriously, I had to look both them there words up Mary, but please enlighten me as to what is false and how is it trying to deceive anyone?

Regardless, It’s my opinion so I cannot possibly be wrong 🤷‍♂️

Being a minority silent partner in a gold producing mine hardly set the share price alight anyway. To have continued, the company could not have diversified as much as they have clearly been able to do, and would have seen certain dilution to buy into a sulphide plant to get a controlling interest for the risky transition into underground mining. With a further and higher than previous, company operating cost structure, which has been reduced somewhat since the disposal.

There are always going to be the few that buck the trend that have likely seen a paradigm shift or from those companies evolution to producer; AMRQ, GGP….that become the hot stocks that have siphoned a lot of their gains from other sector companies!

Based on 1 billion shares being in issue at that time, if all previous options and warrants were taken, not 2 billion. It was my simple mistake which I did follow up to correct. Back in ‘20-‘21, I had 2 ‘million’ shares just mixed the two.

So a 50m MC, why not? It hit that with one strategic drill hole and see a saturated PR drive that followed to pull off £10m + capital fundraising for major exploration which massively reduced dilution for the very long term holders. Folk tend to ignore that important bit.

Being realistic, I think will see 2 or 3 mill raised for BR racecourse drilling to increase economic performance through extra tonnage of the high grade if someone doesn’t come in to help before then, or other..

otherwise we should have a couple of years of project funding to advance toward outlining new resources or toward developing, to start income streams that will not be high cost front end loaded to establish, from current income.

But the share price should be at a much higher premium to today’s price if and when anymore capital is required. But potentially now, not being a one trick pony anymore, relying on just one project to pin all hopes on. The company is really well positioned, well diversified and importantly has the cash, experience and expertise in house to best exploit any project potential and increase values.

I think XTr will do well, but it would be naive to think there will never be another raise.

Best, Guy

The biggest issue is the sector currently, if news is dropped however positive it may be, who is there to buy into it? All we have seen over the past year or so are one company after the next release news that basically siphons money out of other languishing stocks as the market flits in and out between companies with generally the same pools of investors and cash. There needs to be a major shift of sentiment back into the sector, bringing new money back in with it.

If just a small portion of the trillions, expected to exit retail, the AI tech bubble or other, filters its way down into natural resources it will drag up with it, the junior sector. With the amount of news that’s due across multiple assets, Xtract will be streets ahead of most of their peers in attracting the kind of investors that are looking for the best value where there is current undervalue.

Bull market conditions need to come about and not soon enough!

When it does, and it will, most will wonder what wtf is going on.

As per subject header, when all is said and done, the reason for investing in the company would ultimately be because of sharing the same vision as the board to focus on the growth in green energy. Particularly with the impending demands on copper that is central to that and the looming supply deficits, through lack of previous investment to find new big discoveries, the depletion of older existing mines with lower outputs due to decreasing lower average grades and ever worsening political agenda, environmental tolerances and social acceptances of mining.

So investment in the drill bit from the income from the ‘disposal’ of Manica, to develop the assets is two pronged, to identify mineral deposits, increase any resource in size and in geological confidence, but to also, increase value of projects toward M&A focus that will hopefully follow on from discovery.

So if we believe that just one of the assets could be decently monetised, (why would anyone be invested otherwise) in one way or other by attracting a buyer, partner, or equity funded then 5 or 6p should be in reach considering the fair price market cap at that, alongside a change in sentiment and investment in the sector that will need to be concurrent. This is shareholder value, and why creating it will be achieved by investing through the drill bit.

Translating that shareholder value into the share price and see it being sustained, will come when the economic landscape is right.

Opinions?

Thanks for sharing Gixxer. Have seen many discrepancies in the past while the Zambian ministry transitioned to a fully digitised cadestre. But this likely not related to that now, but does not appear to be of any concern regardless.

Canadian regulators have real time monitoring of the market and the ability to intervene, ie halt trading and even cancel trades as a series of market volatility controls to protect investors, triggered from some hefty buying

‘Pending contact with the company’ was not because of any corporate action which has now been followed up with them stating there have been no material changes so would expect Canada will resume.

The technical report is not for a new Resource estimate but from the Feb MRE4 upgrade.

Roast PR are getting busier with Kev stating on Archers TG group that they have got lots lined up for next few weeks!

Not XTr specific but I would not be surprised if PR finally got moving with the amount of projects that would have been advanced to various degrees and are due updates.

Waited patiently this long……..

Would XTr give up any of their WF licenses?

We have had far more success in early reconnaissance prior to the end of last rainy season, identifying copper anomalies with targets to follow up with detailed ground electro -magnetic (EM) and magnetic surveys, that if positive will lead into diamond drilling. Wheras , GLR still had and potentially still do have some more work to do into the new season, before they can identify anything to follow up with.

XTr are ahead of the game in that respect with 4 out of their 5 licences having identified copper anomalies , but is still way too early to be giving up their foothold in the region with potentially only the one license yet to see some targets for follow up with of more detailed surveys.

I think to the contrary Paul, this early reconnaissance work is essentially to gain understanding of geological architectures, every drill hole yields data as you say, that is fed into the geo modelling.

Bringing in a porphyry and epithermal specialist at this stage is a significant step that would be justified by discovery.

These type of systems need specialised exploration as mineralisation continually thickens and thins and sometimes be disseminated so mineralisation trends are not as predictable as typical skarns or Breccias. Though different, hey can be and usually are enormous, with huge bulk tonnages.

Porphyry particularly, often swarm, they are essentially escape routes for magma pressure, one is used, it blocks off, then another one forms. Porphyry’s tend to be unloaded with regards to mineralisation. However, when they are loaded or mineralised as have been identified as being very proximal, they are usually in localised clusters so if one is mineralised they tend to all be.

So mapping and extensive early recon is paramount. It’s not necessarily a time for just chasing grades but more building the picture to increase drill targeting success.

Very promising and exciting year ahead for the strategic minerals JV

Unfortunately Matty, Greatland have to take their ESG very seriously so is this company actually a good fit for your portfolio? 😉

What a topsey turvey world we are in for me to say that.

Am bit of a tree hugger.

To expand your good post chuffchuff regarding the gradual steps that can be made. All to which will reduce the mines carbon footprint.

With Shaun stating that they are more concerned about the margin of free cash flow than the grades or just putting tonnages through production. Ultimately, this approach to efficient mining and scheduling is driven by economics and the main reason behind why lol single train processing will be preferred when Hav is in steady state production.

But secondary is the resulting reduction in energy consumption and water usage that will score in their ESG toward reducing their carbon footprint.

Electric drills, shovels, loaders and electrified bulk handling conveyor at Havieron, where viability will be dictated by economics first and foremost but the ESG benefits are important as the company has a big responsibility to its own shareholders to operate sensibly, with an innovation led pathway to sustainable mining. Will be safer, more efficient, but importantly with a much reduced environmental footprint.

Mulled over that one Bamps while washing up , was a really good question I thought and right up my street usually, but you gave such aa good reply I will not add!

Investing in the drill bit is essentially that. Before the bit even turns though, there is a lot of work done beforehand to determine anomalous targets for follow up drilling. It isn’t just on blind hope. Starts with ground rock sampling through to Electomagnetic ground or airborne survey sweeps to detect the magnetic susceptibility of host rock and ‘or’ induced polarisation lines laid out at intervals to detect the electrical chargeability of ore bearing rock.

Those results are 3D modelled and data would lead into an initial targeted reconnaissance round of diamond drilling, important for determining the lithology and the architecture. These are important drills where initial results may not necessarily hit strong mineralisation and can be widely missenterpreted by the market, but important for understanding or confirming geological trend where drill core data can be overlayed with the EM or IP data to assist in more accuracy in targetting, put as a very simple example.

Once mineralisation is confirmed it is essentially then a phase of delineating the outer limits of the ore body which by its very nature can produce some weakly mineralised drill results from the extremities of the ore body. Again can be widely misinterpreted but really important to define the resource model for strategic drilling to then build the resource. With ever drill core providing an ever increasing understanding of the ore body.

I have a real passion for exploration and it’s really not a good combination to be invested directly in junior resources particularly. Just as in general, it’s not a good idea for a geologist to run an exploration company!

The share price volatility can be unbearable to some. Luckily for Greatlanders now, this will not be an issue. I just hope as the company grows more,

there is still the availability of these regional exploration results offered to the market.

Optionality.

Retaining a large inventory of stockpiled ore offers a buffer toward production optionality to keep to a steady throughput rate and also gives flexibility in their blending strategies to keep a consistent head grade going through the mill that is necessary toward the efficiency of down stream recoveries.

It will not become just a big pile of ore they will eventually have to send for processing before Hav ore is available, some of the higher grade may go through if necessary, but as new areas will inevitably be bought into the mine plan, these will go through the plant retaining and replenishing the ore stockpiles as a constant operational buffer going forward to give ongoing optionality.

Miners want huge tonnages at consistent (blended) head grades from the simplest methods available of extracting and processing over decades to be a cash cow. Huge ore stockpiles give them the operational flexibility to achieve that.

Anyone invested from ‘21 will have based their investment case on approximately 2 billion shares.

Edit- 1 billion shares, not 2.

Gixxer no disrespect but BR is a huge proposition always has been promoted as being a new world, low grade, bulk tonnage mine that was ‘always’ going to be dependant on higher copper price.

What this minnow company have achieved so far is quite unprecedented and work is still ongoing toward being economic.

Cadia in New South Wales for comparative example, was discovered in 1994. Following its discovery, it took several years of exploration, feasibility studies, and development before it was confirmed as an ‘economically viable project’. Just look at it now! It took a not too dissimilar pathway to BR in its infancy.

Also compare to Aitik in Sweden , which started its life quite differently to become the monster it is today. Aitik started with a small reserve of just 50mt, by 1998 the mine had yielded 300mt of ore. As of November 2009, ore reserves were 747mt with its grading only at 0.25% of copper and 0.14g per tonne of gold. 

Aitik was small scale at first that grew its operation massively over many years, BR could be taken toward development with up to a billion tonnes resource. But the point is there is lots of options still remaining toward economic viability, with Pre-concentration looking promising being the front runner to give BR the economic kick start to justify taking it toward its PFS.