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Hi LW what proof do you have to suggest Manica cash is being spent on group activities if that’s what you mean and not, just Xtract’s contribution to the activities at group level. I’m sure GLR are paying their way. AFP too unless they are tied to FQM and cannot benefit to the same degree.

If Ivanhoe, FQM or other hit a big target the Xtr licenses will become prime real estate without them committing to contractual drilling.

Not saying it’s what I think is going on, but if any offer came along the company would have to seriously consider it, and better to have not committed to drilling, save money and accept what would have to be a fair offer. That’s just business. A drill phase under their belt does not guarantee the ground is going to be worth more to an acquirer as obvious exploration risks will prevail.

So xtr do not necessarily need good or any drill results for shareholders to benefit.

Colin previously stated they don’t expect to hit mineralisation with the first drill.

What’s to say…….

> Ivanhoe executives hinted the Western Forelands could match or even surpass the scale of Kamoa-Kakula. “There’s much more than one or two mines in that place,” said one executive, adding that the area could host multiple large-scale operations.”

I often wonder why Tolai from Cooperlemon had been so overly optimistic on the prospects of the licenses. Actually saying in the Zambia special a while back, “We expect to find something” Thought at the time, that it was a bold thing to say. It even had Colin playing it down at the time curbing ‘her’ enthusiasm.

What do Ivanhoe already know?

Group licenses are sandwiched in the middle of it all.

Martin Churchouse is the most likely candidate to take over the roles of Colin in Xtr, Afp and Glr when he decides to step aside.

On subject of getting Zambia drilling underway. Why the hurry anyway? Xtr dont have to actually spend any money committing to an expensive drill programme to receive 55% of a sale or other trade from first two licenses and 50% for same from the other three.

This extract is from first two license JV terms,

“Consequence of Trade Sale: If there is a trade or any other sale of the Licences and / or the Joint Venture during Phase 1 of the joint venture then Xtract will be deemed to have a 55% interest in the Joint Venture. A sale requires the agreement of both Xtract and Cooperlemon.”

Their 65% interest in the JV buy in is conditional of spending a minimum of US$2m during the phase 1 period. They are already committing cash toward that with fieldwork and mapping etc it doesn't state they have to spend all that money.

Friedland is buying up exploration ground, licenses could be under offer for all we know.

There's the smart money!

Exploration has started…GLR have deployed their rigs.

In one of the last interviews with Colin, he said something along the lines of, not knowing who would start drilling first but “thinks it might be Xtract”. This could have implied that whoever deployed first, would be the Guinea pigs in that first reconnaissance round, to feed that initial data to the groups geo team where the drill cores magnetic susceptibility data is used to help interpret the modelling of the magnetic data from the EM surveys to greater understand the architecture toward a more targeted drilling campaign.

Why pool the resources to prioritise the Zambian efforts if they are not going to utilise every tool at their disposal at group level to maximise potential and ultimately increase the efficiency of the programme to deliver the best results possible from expenditure.

Agree CP are exceptional grades and not anomolous and plucked out of the blue to dazzle the market with.

Drill intercept NAL2305 returned a high grade of 256g/tAu over 0.5m at Nanulaq 75 vein extension. AMRQ highest grade to date, but historically the Nanulaq orebody main vein averaged 70cm thickness and hosted variable high grade gold grades ranging up to 5,240 g/t this vein has already been previously mined unfortunately.

The 75 vein is as big as the main vein and potentially where mining rate will be ramped up to the 300tpday current nameplate capacity from.

So with the close proximity of Eagles Nest to the plant at Nanulaq , if it develops into a mineable high grade ore body would conclude this is where the modular design of the plant comes into its own to increase nameplate capacity up to 150,000 tpa from current 104,025tpa with additional mill and flotation.

Roll on results and Updated MRE next year!

On a lighter note while it’s quiet,

How is it that gordonbennet is 1 place (4th) behind bamps (3rd) in LSE ‘top’ recommended users list? What the hell?

Not a particularly valuable stat me thinks

Ps. MH01 (5th) - must try harder 😉

Keep up the valuable effort and work you put in along with all other contributors that make this a quality source of information. is much appreciated.

https://www.lse.co.uk/profiles/?search=

Hi CP

“Well, I don’t know that Amaroq can’t.”

Would cost upwards of US$50m over 5yrs just to get to feasibility for an initial CapEx payback mining phase that could then see development costs from between US$1B anywhere up to US$10B + depending on geology and geography and can take 15 years to develop until first ore is processed to start seeing a return.

Porphyry are a different proposition, huge in scale generally need on site processing plant nearby to be viable as mining rates generally range from 10- 25 million tonnes per annum, high voltage power supply and large infrastructure and footprint for tailings and stockpiling depending on mining method. Need very deep pockets unless a mid tier is willing to give most of the projects NPV away to a major in a JV but would be bogged down for years and committed to their % of capital costs without a controlling interest.

Is why only a major can take them on.

From last month but quite sure was not posted up here. Endorses the high prospectivity and exclusiveness of the Xtr licenses and relates to comments in Sunday roast.

https://www.mining.com/ivanhoe-to-explore-zambia-with-a-view-of-replicating-success-in-drc/

Rick Rule commenting on the Zambian licenses on Sunday Roast;

“I think they are excellent exploration bets” and given the size of their land package, wishing they would, “bring in deep pocketed counter parties”

Not wanting to see these juniors spending their market caps developing an exploration thesis, the then not being unable to capitalise.

Understand his investing rationale, as he doesn’t go in at speculative levels before good drilling results.

I think his is just a generalised view of your average junior that takes advantage of the capital market to raise funds and is pinning all its hopes on its only, or just its main asset.

Xtr particularly, has all the funding it needs to fulfil its buy in phase 1 commitments and further funding availability if those results are favourable to fulfil its phase 2 commitments. Giving them a far greater opportunity to capitalise on any ongoing structured deal or outright sale later on but against the obvious risk burden of failure and unrecoverable losses of course.

Importantly the rewards are going to be far greater if Xtr, can define any resource within its Zambian licenses and position themselves firmly for far better M&A terms through their JV with Cooperlemon and have full cost and operational control in doing so without being at the mercy of a larger funding partners timeframes and expectations. Consider what has happened with progress for AFP from the fallout of FQM’s Panama situation. Which was touched on briefly too.

Repeating Rick Rule;

“I think they are excellent exploration bets”

Relevant from 51min but all worth watching.

https://youtu.be/TLE7cICpxQI?si=jNdz8RevXod6_ueJ

Porphyry and Epithermal system understanding vid, goes on to give a very simplistic explanation to the comments referred to in latest video on the preservation of the high sulfidation that covers intact multi porphyry intrusions below.

These system have the potential to be absolutely huge, individual porphyry can range in size anywhere from half a million tonnes of rock each, to over a billion tonnes with their whereabouts around the world along major tectonic mineralised corridors, generally well known. Southern Greenland is relatively unexplored due to its geography and previous lack of the modern techniques that are available now.

Financing and exploitation of their ores is usually only achievable by the majors that can handle a potential tier 1 mine.

https://youtu.be/tpvkyukklXo?feature=shared

Johan Dahl Land licence is one of most recent granted by MLSA.

A ‘high’ sulphurdation epithermal Copper gold system and “hugely exciting”

Apparent intrusion formation across the belt has been fed by the magma flow at depth from the west in an easterly rising direction which is showing to have the best opportunities at shallower depths the further east.

Very early days but with the identification of porphyry related mineralisation at Target West, confirmed in ‘23 from drilling. It gives a really strong indication that other porphyry along the belt are mineralised. If one in a cluster is mineralised all others will usually be.

The comment that at JDL21 is looking to have the best preservation potential I think refers to a prognosis that entrapment of the magma flow as it was forced toward surface millions of years ago will have insured more concentrated levels of mineralisation with maybe less dissemination which is fine grade spattering typical in porphyry intrusions. Also higher grading potentially being closer proximity to surface. Any starter mine will 100% require a high grade early CapEx payback phase as porphyry deposits a very heavily front end loaded.

As said ‘very’ early days but they may have just found what could unlock a larger scale mining operation at JDL21

Unlike the majority of its peers Xtr has income coming in up until Q1 ‘27 from Moz mine to be non dilutive and continue to advance its projects. Other companies are either having to park up projects or suffer highly discounted cash raises now and going forward. So bottom line is that although the sentiment is currently low the company are in a strong financial position and better placed to cover those necessary operating costs to grow the asset portfolio and be better positioned when we come out of this global 5hitstorm.

Bar company expenses, contingencies etc circa $10m is going into the ground over the next few years. There will be a lot of news expected along with a PR drive which should have the potential to seriously rally the market, and at a time when most others will be almost dead in the water to compete with the Xtr news flow.

Case of when it will start??

My take , but with the current mood there will be many that have a different view on the company and its management.

There is no doubt that having further joint Canadian and Icelandic listings is helping to iron out the volatility that is more typical of AIM. Increased liquidity, overlapping trading hours and access to a different type of knowledgeable investor that are maybe more aware of mining high up in the northern hemisphere and with AMRQ being of a higher profile particularly to Icelandic investors where mining does not play an important role in their GDP. Looking to their Nordic neighbours so will be a degree of sentimentality there too. I follow a fair few companies closely and there is certainly a different trend here in terms of price movements. Both hose cross listing markets have been shown by CP to be influencing the share price rise at times.

Hi Jackbal

Superior in the high prospectivity of the region in that the 5 western foreland/thrust fold licenses has enabled the group to position themselves amongst Tier 1 miners that are active with the noticeable absence of any other juniors in the area. Silverking is not an unknown, high grade supergene enriched mineralisation. Has historical data from mapping, rc and diamond drilling to back up the prognosis that it is open ended in depth and strike having and been mined above and UG down to only 70m depth. With work done by Glencore to prioritise targets for drilling was aimed at looking for a tier 1 asset so not followed up.

All would not have been possible without taking the decision to remove the company from the risks involved in mining the sulphides at Manica. Whatever the reasons anyone personally believes they had for the disposal, the company believes the strategy to prioritise Zambia exploration over Moz mining is the best for shareholders.

Thing to remember is continuing with the 23% share of pre tax profits was ‘not’ a viable option, so now ‘all’ of the sale proceed ‘income’ can be spent on these prospects and under reduced company overheads too. As without all the available funds and to be non dilutive, they would had to have targeted more inferior or just fewer projects to acquire under the companies clear growth strategy.

“I imagine we can expect further comment from him.”

Only took 5 hours from RNS CP.

https://thatstocksguy.substack.com/p/amaroq-arc-rome-and-helix?publication_id=1504413&utm_medium=email&utm_campaign=email-share&triggerShare=true&r=4j2ztm

In fairness to hijacking’s the Manica thread, it has been the disposal of the said asset that has paved the way to take on more superior exploration asset JVs such as the SK one with the buy in spend commitments covered from the staged payments. So even though it’s been sold, technically it remains as such like a primary asset, that could lead to greater returns through other assets in the long term from that remaining income.

The share price will recover when a new shiny thing can be dangled in front of the market. The amount of drilling that can be done with the money coming in to create that in ground value will be what positions the company ahead of most of its peers when the copper crunch comes.

Really upbeat commenting from the company. I think naturally the most crucial information to take from overall exploration is centred around its primary asset that will be the main drivers to the share price in the short to medium term. The Completion of 2,895m of resource drilling in 11 holes has laid the foundation for a planned underground drill definition programme toward the updated Mineral Resource estimate says pretty much all we want to hear at this point. Which will position the company for the much anticipated further resource development that will extend mine life.

Refreshing reporting style, it’s fluff free and reasonably transparent. Unlike many junior miners that leave you with more questions than answers .

Overall, all good, like it.

The potential size resource of Silverking, if Tony’s comments in the Zambia special from May are to be taken credibl, and considering the 2nd Breccia pipe and potential for economic bulk lower grade tonnage in between, then this will become a prime target for a M&A, it’s high grade and could be huge. The main focus is firstly, on defining a Mineral Resource centered around both those high grade pipe structures before any responsible decisions can be made. Exploration has been ongoing since acquisition. His timescale is reasonable for them to make a decision based on scale of any mining operation that it would or could warrant.

The grades, the focus to define a resource and ongoing exploration have been subject in RNS. Stitch that together with what Cooperlemon have said and it then becomes very reasonable to agree.

Lucky could well be right, put a package together and try to sell it on while concurrently developing a small mining operation there.

Tig,

accurate? No, projected yes,

There is a roadmap in the presentation if not aware

Transformation Acquisition of Havieron and Telfer – Investor Presentation — Greatland Gold (LSE:GGP)