Member Info for howezap

Hi Eastern,

BR next steps?

Going on what Colin has specifically said in podcasts about the various ways that BR could be monetised. One of which was to separately list it. (ProspecOre) under a likely dual listing??? (A seperate entity to Xtract but still under the holding company in my opinion) The obvious reason for doing this would be to raise capital to self fund. So it is highly likely that there is a real intent to take BR onto pre feasibility which would be the next logical and project evolutionary step. Another was to JV it to bring in someone with deeper pockets to fund the PFS.

So the outcome of the ongoing optimisation phase is really important toward them making the decision to go to pre feasibility, which I think is going to be the next big step.

If the numbers still don’t stack up, then there will need to be further drilling to increase the high grade tonnages to the north of RC that has also been discussed in the past by Colin. But it would essentially then just prolong any decision to go to PFS.

That decision will be monumental when it comes!

Starting to look attractive now for various ways that BR can be monetised just on the base model.

Add in all the optimisation that is ongoing that includes additional metallurgy and Pre concentration, will all have a positive effect on the economic performance.

Particularly a satisfactory outcome of pre- concentrating the ore feed which will,

• Reduce processing and operating costs

• Reduce pre-production capital expenditure due to a significantly smaller concentrator

• Improve concentrator recoveries due to higher feed grades

• Generate more coa-rse dry rejects that are easier to manage

• Reduce the size of the tailings dam due to less concentrator feed.

Will see break even reduce sub 10k from that base case making BR profitable at not only future higher copper price but at current levels.

Jez

Wouldn’t call it a grey area as such but there is much room for interpretation of the rules with reporting of exploration results. They can withhold results if they form part of a programme, potentially stretching the boundaries further if even part of a wider exploration programme. Such as withholding initial survey results for example, until results of later drilling and assays can confirm initial findings.

This approach to reporting could also be considered to reduce share price volatility.

After a rise of 100%+ you would expect a retraction as profit taking occurs. But not knowing what project could be up next for a news release. It will make it extra difficult for traders to call.

Is this it now, with a concerted effort by the company in rallying the share price much higher or has the PR drive not even started yet?

Can recall Colin saying when it turns, it can turn really fast and even catch out management!

On thing is for certain, with these latest acquisitions on top of the existing ones XTr are not having to rely on just one asset or so this time round to pin all hope on. Diversification is the best overall risk mitigater .

If a new PR drive has begun, then I wouldn’t be surprised if there is a reporting lag with SK assays close to being, or even returned already to be released strategically.

So Roast PR have backtracked and have now called out XTr being the pick of the bunch from the CB stable again. And all from off the back of one RNS. Did fall out of favour recently as Bzt was pushed forward.

With multiple assets that should all see various development works to advance them from treasury, the sheer volume of potential news flow over the next and ongoing reporting period is always going to be an attraction for new longer term investors. And not just the 10% club that trade off the back of one good RNS.

There will be so much news to follow to keep up the momentum.

typical andrew, stop being so precious. i singled you out simply due to our past conversations on the whole blame game and our history of banter. i even put a winky at the end, so stop with your posturing.

you had previously said you felt cb was 80% to blame for the share price drop with only 20% attributed to greater market forces which on reflection looking at the whole sector you must now see that ratio as looking more unrealistic.

see where i was going with this now?

but ouch what a *****

Hi Andrew, although my post was on topic in regards to Steve4077 it was however more tongue in cheek bringing you into it and I will admit leads to believe you continually gave L2 analysis, which you didn’t.

There is a but…..However I can recall on occasion you ‘had’ done so. On that basis you were fair game I’d say for a bit of banter.

I would never knowingly lie, I have a good memory.

Respect, Guy

It was Steve 4077 that throughout their time here, were considered a well respected knowledgable member, a particular focus of theirs, was demonstrate continually through L2 access that the share price drops were not consistent with huge sell offs and were in fact from MM’s continually having to widen the spreads to create liquidity to generate their profits as buyers across the whole sector, not just CB companies, were being attracted elsewhere. That has been going on since the highs of ‘20-‘21.

Ironically though it was then Andrew4444 who for some time continued where Steve left off, in showing how further drops in share price were always being done so on very limited volume. And yet has continually blamed CB solely for the fall in share price ignoring the greater market metrics, which on that basis, doesn’t make any sense 🤷😉

Hopefully now we are finally seeing a return of sector buying again and CB can win back the confidence of LTH’s . 🙏

Bingo Cyber

agree with you art on cb being blamed for what is a very poor market (post 13.37).

also what most have not considered is colin could have been heavily influenced by jeremy reid who arrived alongside the br acquisition in a project director role with prospectore who maybe had his own agenda or something to prove as br (i believe) was his baby from his time at aa. he was influential in early pr with the very first webinar and instrumental in the early resource development. cb would have taken advice on br as he was on the phone to jeremy and the team in oz almost daily at the time.

jeremy reid later resigned as a director and has not been heard of or mentioned since which may have had something to do with it all. jeremy may still be with the company but i personally don’t think so.

*****ain hills, as lead geologist just did his job, and is still working for prosoectore i believe in a freelance role as he has always done before. he signed off the last technical report submitted to nsw titles management for br so i know he is still actively working on br.

prospectore is the oz subsidiary company of xtr that br project is held under.

Finally beginning to see the signs of the start of a commodities bull market. With the amount of news to come from assets new and old now, that can be delivered in succession over the next couple of years in what is essentially, a news driven sector, also with AIM typically being a capital market platform, if XTr can demonstrate the ability to not require any extra funding certainly in the short to medium term notwithstanding any significant opportunity that will create genuine growth, will also attract new investors.

What is a really positive factor with SK is that it has been a producing high grade mine previously and so will be relatively cheap to recommence operations again. Silver was mined historically at around 300 grammes per ton hence the name so would certainly still have good silver credits as well as the copper.

It is apparently quite remote, although the roast pr boys did confirm when they were there last year, there is electricity there and processing nearby, with Tony from Cooperlemon their host when he showed them around had said they already have a mining license for Silverking and anticipated at the time in May ‘24 after some definition drilling they are into now, could easily go into production within 18 -24 months.

I still think Silver king is the dark horse and could become a king pin asset to deliver.

“There isn’t a time when both markets are open”

Thank you Jerryspaniel I just made the assumption that there was an overlap. But at least has opened up an interesting debate I don’t think has been touched on before in my defence. Some me good points made people 👍

Release of company news will be simultaneous to maintain compliance with both exchanges and to ensure all investors get the same information at the same time. One would assume during when both exchanges trading sessions are open and overlapping. There will not be a primary and secondary listing as both exchanges have access to the same shares.

Best, Guy

Hi chef,

Iceberg originally said he would sell up on the updated racecourse JORC. Was still invested after but I believe eventually sold out as didn’t like the way the company was run by Colin after they fell out over icebergs much misunderstood ‘minimum’ 5p Valmin code valuation, who then went on to later criticise CB in return over his handling of the backlash from Steve4077 flawed analysis of the RC JORC.

Hit 7p off the back of 1 strategically chosen drill hole at a time when there were plenty of hungry buyers around that were enticed in from only the one asset, most new investors were not interested in any of the other assets including the Moz alluvials and Fairbride.

Given we do see a bullish market return where new money floods back into the sector, currently all we are seeing is companies with half decent news just siphon money back and forth out of one and other. So hopefully with the amount of news flow from multiple assets this time round there will be opportunity for a fresh PR drive and a decent correction.

There is plenty to be positive about looking ahead with the quality of the Zambian assets particularly and the reach of non dilutive funding, but essentially needs a return to bull market conditions and buyers return hopefully starting and throughout ‘25.

CP- “And some transactions may be parry to party, without mms. Only one has to report in those circumstances, and I understand sometimes both parties report to the market causing a little confusion.”

Occsionally we may have all seen these identical trades of each a buy and a sell. Is where an agreement is made between, for example, two investors to transfer shares from one to other. So one of those transactions relates to the sell, the other to the buy. Executed both sides of the deal at exactly the same price, no margin, no market maker

Only found that out myself quite recently 👍

Let Antipa get diluted to oblivion in producing a fesasibilty study to de risk for GGP, for them then to have to come to the negotiating table with a far weakened hand financially and having to apologise for their decimated share price from giving away a lot of their project NPV through financing.

No need for GGP to take on the extra risk burden at scoping study level currently, much better to wait for Antipa to do that to derisk and then for them to try to monetise it.

Mad for GGP to give up their strategic advantage this early on.

No worries Jackbal, I did say first off that it was “all I could come up with as to a reason,” which got some good comments back. I will of course continue to give opposing or alternative views to defend critical views on what I believe is a good strategy and hope you continue to post and same for everyone. I’m sure we will all meet somewhere in the middle at some point when the market turns bullish and the real status quo is realised if CB, you, me and everyone invested in the company are proved right to believe in the copper story and the strategy. No ne should be invested here if they don’t! But remember there is nothing more boring than debate where everyone agrees.

Best, Guy

Hi Aeris,

I’m sure kakuyu will not have seen ‘major’ work done based on Colin’s comment in a podcast that, it is now an exploration play. There needs to be a better understanding there before committing to any mining plan I think is the take on it but is just my opinion based on past comments. Sure he also mentioned something about “they don’t believe it would support sustainable mining on its own.” Options could be to join it up with other ore sources or increase the scale of operation through further exploration. Really don’t know, is best guess. What do others that recall his comments understand from them?

Hi Eastern,

respectfully take fully on board what you have said and could not be in disagreement to be fair. There has been inconsistency in reporting since BR programme, were certainly spoilt, but more could clearly have been done on this occasion. Thank you for your courtesy.

Hi Jackbal,

Just because salaries are being drawn, that doesn’t mean ‘fiscal efficiency’ cannot or doesn’t exist. As the MD, Colin doesn’t just decide what he should be paid, his salary is agreed by other board members on the remuneration committee of which he is not party. Whether in agreement or not if Colin is worth his salary, it will not change how the company is run. It has to be one of those ‘agree to disagree’ points otherwise will continue to go round in circles. As for BS, this started out as a respectful debate, can we keep the dialogue constructive and respectful.

Hi Eastern I was thinking the same as you, the only thing I could come up with as to why the company had not updated us of actual activities is just keeping costs down. in general, to release updates, of no real significance that are not share price sensitive, is a waste of valuable funds and therefore not actually in ‘all’ shareholders best interest, even though our human emotions would argue in disagreement.

Each RNS is chargeable up to a couple of thousand pound. There will be additional costs on top for services such as drafting it, legal review, or financial advisory services, which can all add to the overall expense.

With costs annually between £300k to £500k just to list on AIM, it’s no wonder why PR is reduced down to bare minimal. Every penny should count so would disagree in that it has been unprofessional if you take money management into consideration.

Respect, Guy