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😆 very much enjoy reading your reserved views in your unique writing style CP, not gibbon.

One thing is a little clearer now, with todays release and the subtle terminology being used, particularly “investing in organic growth,” it puts to bed for many of our members for the immediate time at least, that any M&A activity is ‘not’ being considered at this stage as organic growth is attributable to expanding on the companies own resources and improving output.

Hence why I’m sure the head of business development Rowan Krasnoff is joining Shaun in Wednesdays conference call to discuss these important matters.

Concentrating all efforts for now on the first horizon of their growth strategy before looking further afield.

I certainly believe that once they appoint a head of corporate development, that is when they will start looking elsewhere in the Paterson with M&A activities

>>>>>>>>>>> They are developing the WDD without any FS study

Good point Element1, usually a DFS is only required just for financing purposes as per the Hav study. It just confirms infrastructure around Telfer will be financed in house and potentially not drawn down from the working cash flow debt facility either.

Nice spot CP, heaps of encouragement in that one comment

“……..with Greatland growth strategy based on 2 other horizons where liquidity will be essential for that. It comes down to how aggressively the company intend to persue them. “

"Closing cash of A$398 million and no debt establishes a very robust balance sheet and importantly allows us to invest significantly in organic growth and extension at Telfer,” Day said in the statement.

There you have it! Growth will be the next buzz word.

Really solid quarter reported with good transparency.

Hi sageman,

Your rationale of why borrow when they may have the cash in bank is no doubt a popular one and can fully appreciate why.

Apart from the obvious risk burden that is always carried in any major engineering works in building the mine and being bogged down further with any unforeseen additional expenditure if problems arise on the way, which is always likely. So there would also be a need for a circa 20% contingency fund to be in place on top of all development costs including all the optimisations which would take capital requirement to well in excess of A$1B potentially approaching 1.5B. As with any major works, funds would need to be in place beforehand to satisfy all the engineering works contractual obligations.

Currently a 17% contingency exists in the base case Hav development which will be re- evaluated in the DFS.

I just think It’s a big ask on the treasury in such a volatile political and economic climate that can almost change overnight and with Greatland growth strategy based on 2 other horizons where liquidity will be essential for that. It comes down to how aggressively the company intend to persue them.

Got to remember that with owning 100% of Telfer and Hav, it carries 100% of the risk burden so again, liquidity is important.

But would not mind in this case if proved wrong as have total faith in Shaun and his management team to deliver in combining Telfer and Havieron.

Respect, Guy

Hi Sageman, read your couple of posts from this morning with interest and I believe the company would very likely to be funding the bulk of the development of Havieron by using the debt facility available. (Agree Freddie)

Why tie up own free cash flow against the Havieron engineering and development risks instead of using the banks cash to get the starter mine producing up to the first stope ore?

There will no doubt be increased costs that will come from the outcome of the DFS such as the bitumen haul road upgrade, plant upgrades and potentially a second decline that would need to be scheduled for it to be utilised in any later mine plan. This additional upfront capital would likely be covered from treasury and then recovered from Hav cash flow.

Surplus free cash flow can be far better used elsewhere for expansion of the company looking at near multi mineral resource opportunities on the horizon as Telfer AISC already carries exploration and resource expansion costs to keep Telfer going.

Guy

We all know shaun pulls the strings at corporate level, but it is the management team that have been tirelessly driving down costs and streamlining new Greatland in the back ground.

It will be interesting to hear what Rowan Krasnoff (Head of Business Development) has to say about where gains have been made and what aspects of the business the team have focussed on streamlining.

Bringing him in alongside Shaun in the conference call is a positive sign of things to come.

Guy

Think It’s an intenational telephone number lucky.

To say natural resources are stuttering back into bullish trend is a flipping understatement. Just a matter of when we will finally see rock bottom. Mm’s are typically dragging the spread back down again. But when it turns, XTr must be in a great position now to get the jump on most peers.

Had a taste of that potential of how quickly even speculative news can move the share price with the SK drill update, which now on reflection could consider that RNS a wasted opportunity maybe releasing too prematurely. So frustrating, but simply cannot see a full marketting strategy coming into play with continuous news to drive up the market cap when there is still more of this uncertainty.

Maybe they haven’t yet even reached their ideal or preferred portfolio of projects that can be managed and run with. Could they still be considering other opportunities that are no doubt out there, before they can finally prioritise allocation of treasury funds to projects?

Incidentally, Colin actually did a really good job in growing Jubilee during his time there. Everyone seems to only consider kalumbila as his only success. But with what he achieved at Jubilee, if he could create only half that success here, XTr will be doing just fine.

His experience in strategic metals acquisitions helped expand their resource base and market positioning, he increased their profit margins through successfully optimising their operational efficiency, seeing improvements in its financial performance including revenue growth.

But his strategy on market positioning is not his first rodeo, he expanded Jubilee's market presence, particularly in South Africa, where the company established itself as a significant player in the PGM recovery sector and I think by having the financial clout along with his industry respect to be able to position XTr mainly in highly prospective region of Zambia has probably gone unappreciated to be fair to the man.

Success isn’t just about discovery and selling an asset on to create shareholder value, it starts with laying down the foundations first, to positioning the company to then be able to benefit later when the supply deficit really comes into effect.

He left Jubilee for this very reason, as he felt that his experience and skill set was better suited to growing smaller companies, with someone having a different set of skills would be better suited to running Jubilee in its evolution as a company at the time. That was from the horses mouth! Btw

CB stepped down from Jubilee a few years ago Roggy.

Don’t get the fuss, XTr are committed to phase 1 earn in of £2m over two years , plus an extended period after if successfull. Why would FQM buy or JV before XTr have identified something for them to be interested in? And why would XTr want to sell or JV with a major before any potential resource is outlined and they have fulfilled their buy in commitment to attain 65% interest in the JV?

There could well be plenty of other interested partiee that might want to help develop the licenses but XTr are funded to do it themselves regardless.

Let’s get it on!

Most stocks were down today, was not necessarily a result of what Rick Rule said for the drop.

Hi Glenmere

thanks for your views.

Greenland as a whole is generally in its infancy as an accessible mining jurisdiction due to its harsh climate and demanding geography, where modern technology and receding ice caps has allowed Amaroq to quickly establish itself at the forefront. They are able now to leverage their expertise, deep knowledge of the region and first-mover advantage to exploit a stronghold with a fully integrated infrastructure, energy and servicing platform.

So these additional aspects of the business they are growing, are not only to provide cost benefits to the core business but to capitalise on their niche position in the market where currently there are no competitors in a ‘very’ demanding environment.

The coming years is expected to see huge interest and investment in Greenlands vast, rich critical minerals, so if Amaroq can establish a solid framework and suite of services to exploit their position they will monopolise.

Bearing this in mind, would be very interested to hear if you would still apply the same rationale.

Would value your honest opinion

Respect, Guy

Have asked If it was good time for the team to re visit AMRQ for an appraisal and perhaps a health check on full results.

Archer said he will cover AMRQ “briefly in the monthly review, but in depth next week perhaps.”

Sure one of us will post here accordingly.

The ore is consistently blended to achieve around 14-15g/tAu head grade for milling. Current processing is from just the gravity circuit through commissioning period until flotation circuit is added in phase 2 by end of ‘25. Yielding (top of head) circa 80% recovery from gravity with circa 95% after flotation.

Nalunaq Gold dore bars would likely contain a ‘higher’ average of gold concentrate from the typical ranges of 60-90% of dore weight, due to the higher head grade and quality of Nalunaq ore as dore bars would typically contain impurities and other minerals too.

But, on first gold pour, they state they ‘produced’ 1.2kg (39 Troy ounces) ‘of gold’ and not given as dore weight, so recovery appears to have been factored in.

The Corporation did not have significant amounts of gold-in-circuit or gold dore in inventory as of 31 December 2024 to report on.

Production and throughput estimates for the year were delayed and will now be available in May Q1 results due to the company concentrating on commissioning the plant.

Q1 results will give production from that reporting period, however actual gold dore inventory and gold sales ‘may not’ be reported until next audited report. But will see in May Q1’s how the company will report going forward.

Guy

“£5 - 10 per share would be lovely to see and realistic, right?”

Should that have read, “£5 - 10 per share after a consolidation, would be lovely to see and realistic, right?”

Otherwise with current share count, I think £130B market cap is stretching the imagination of even the most enthusiastic on here.

On that note Bob, here’s a dilemma….

Entering into what is apparent now a more bullish market, now we have seen how half decent news can have a positive and significant effect on the share price, any considerations to buying more if the share price does drift back down again? I’ve got about 4k I’m considering to add if drops sub .70p and any lower.

Well…. why wouldn’t I ?

Be a bit rude if I didn’t.

The bird effect is utter nonsense.

The Colin bird stable of companies are not rated any differently to any other AIM junior or any other index stock, they are simply driven by good old fashioned supply and demand. That’s it!

What I understand of the basic principle of MM’s to create liquidity in a flat market when there are ‘normally’ not enough buyers around for them to make enough profits, they will drop the bid to help stimulate buying conditions to increase liquidity. The more unloved the stock the more then that spreads are widened to make more money off each trade to get their profits which in turn then begins to stifle further buying pressure so they increase the spread…….. It’s a vicious cycle. I’m sure most have seen it on most junior resource stocks that have tanked over last few years. It’s certainly not resigned to just the CB stable.

Any rise from news soon gets sold off so MM’s can then drop again under what limited volume there was. Money has just been getting siphoned back and forth from one and other on any news.

Moving the spread around to trigger stop losses is another way they can profit. Answer, don’t use them unless setting a realistic price as by setting a stop loss MM’s can clearly see them as you are setting a sell order.

A big correction will come as the market turns more bullish. We are starting to see clear signs in the sector now.