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Cash banked and operating profit now reported.

All exploration spend for another year covered from cash flow anticipating no fund raise needed once again.

Does mention exploration spend for BR too which to me could signal some further drilling potential or other.

But covered nether the less.

First impressions are certainly positive

“but I wouldn't count chickens on the results.”

Will certainly see improvements on the economic study. It was Optimal not Colin, that noted that optimising the processing plant capacity, capital costs, operating costs and metallurgical recoveries could greatly improve the economic outcomes of mining Racecourse. The study offers a further example (case17) where opex was set at AU$8.41/t milled generates an additional AU$425M in free cash flow, demonstrating how much better the economics of the project could be given the further study work currently being carried out.

However this next round pans out, it will be further evaluated until the optimum economic performance is met. There are still options and time.

Yes agree Joeman, after optimising on top of which includes results of preferred pre concentration method. Which is part of the optimisation process.

I could have been clearer

“We have the grades, we’re not worried about the grades”

RC does have the grades that will make a mine, they basically aquired them from the high grade central part that had also been upgraded from the original JORC. He could quite easily have been referring to this could he not?

Colin has recently suggested that RC will be one of the next future ‘new world mines’

Which is not a new comment because BR was described as being just that back in ‘21.

‘New world’ refers to mines that will provide the next source of lower average grade copper that will become economically viable as the demands increase and as current operational big mines are being depleted of their higher grades and increasingly lower average grades become the norm.

Just a reminder of what BR is and how important it is to have. 90% of projects are not world class grades. Miners want easy projects, low risk, easy consistent grades, and economical. They want to use a simple method of mining, dig it out the ground without too much over burden, extract it, process i t using methods that have been around for decades and send it cheaply for final processing and smelting. They want whatever they mine to last for decades and just become a solid cash cow.

Bushranger will tick every box for this as long as the optimum economic performance that is achieved makes it desirable against a variety of copper prices. It should see the final break even price be sub USD10k after optimisation, CB said as low as USD9.2k.

Https://podcasts.apple.com/gb/podcast/the-sunday-roast/id1593750832?i=1000660276258

“Have you or anyone else decided who is telling the truth from the ramping brigade?”

Blimey TNR first rule of public discussion boards. Don’t believe anything you read on a public discussion board.

Everyone though does has the right to express their views in line with whatever agaenda they have. And ‘everyone ‘ has an agenda.

Is a good board when opinions are continually questioned particularly when presented as fact.

It would be more sensible to look at how the companies market capitalisation since inception has tracked and not share price as it does not take into account share dilution during that time and so can give a false perception.

From results would be good to see healthy and transparent financials but also some highlighting on what operational activity across the portfolio including Kakuyu there has been.

Full audited report due at end of the week.

😂👍jez

“not happy he used to be piece of cake”

Cru have you tried using some of that charm on him that you used to use to good effect on the boys when growing up, to ‘persuade’ them to let you go night fishing with them?

Whiter than white cru, a far cry from them days growing up in the woods 😜

Dani not ignored you just been busy. Re. your question, Colins chat with Zak Mir gives further indication that once these latest pre concentration results , if good can be finally incorporated into the conceptual design flowsheet where optimisation can then properly get under way, which ‘could’ also mean optimisation of the resource with drilling to increase tonnage at RC and potentially some recon holes into the BIG anomaly to the west of Ascot. Would be irresponsible if they didn’t tbh after coming this far!

No decision to mine now, it is a moot point just as the 2mt without giving a shed load of NPV away in a JV to go down the DtM route.

Im sure it is a number jez, as Mrs S has often told me I’ve only got two speeds, 0 and 100mph!

My point was they didn’t necessarily have to give an update as there has not been any material change or new information that would be price sensitive enough to warrant one.

Is a very welcome update on the next steps and importantly I think, one that keeps shareholders up to speed, or certainly enough to be able to re-set expectations on timeframe and what they are actually doing to optimise the economics and take away a lot of our guess work creeping in from the news vacuum on BR since Nov.

We know for sure now as reported that BR has ‘not’ been mothballed or parked up but very much alive and on track doing the very things recommended in the preliminary conceptual study and previously reported and stated by CB of what these next steps were and what is hoped they will achieve in reducing the break even price whilst copper prices further increase.

So can’t complain about this update, is much appreciated.

Problems with the cadestre system likely stem from its transition from manual to online applications.

https://www.mmmd.gov.zm/?p=2654

Have seen cancellations citing non compliance due to late pegging notices on advanced exploration projects!

Worth pointing out, the suspension is a result of the market volatility caused by the release and not the implications of the content directly.

The issue could very well be associated with the Cadestre system itself and not be accurate!

They have been having an issue with the Cadastre system for a few months now with inaccurate reporting on licenses.. they have had sight of this problem and are potentially still working on resolving it.

This previous release from the ministry notified that over 2600 mining and non mining licenses had been cancelled for non compliance reasons cited.

https://www.mmmd.gov.zm/?p=2787

Haven’t checked out the ARCM licenses as not a holder but I would not be too concerned if is related and the problems are persisting.

Hi Bob would certainly hope there is some kind of development by then, could see a similar start up as one announced by BZT for Hope & Gorob with the intent of diverting the cashflow to fund a ‘significant’ exploration programme.

May not see any free cash flow in the short term from surplus revenue but as per Colin’s comment to the BZT shareholders, “the success of which will benefit all stakeholders". With his comment suggesting rewards will not be seen in the short term.

Would be less costly to shareholders though dilution if a similar model is used for Kakuyu ‘if’ they believe it can be sustainable. Possibly might see some recon drilling first then to understand the ore body before muck away starts.

With what my experience in this sector has taught me is that not everything in a foreword looking statement is going to be a given and many times we have, not only here but elsewhere, seen a later RNS supersede a previous statement of intent made through any number of reasons where there has seen a material change in direction or strategy forced.

Reasons for a material change in direction at Kakuyu could have resulted from the geological landscape, internal political or economic landscape changing that impact the ability to see a development phase through from start, to its conclusion seeing an updated resource or onto a certain study level to understand what is best to do next to fully exploit what is in the ground to get it out most efficiently.

Adequate funds need to be secured beforehand to fulfill all obligations and eventualities.

The board have to decide where best to allocate funds to best position activities and hopefully see the best ‘potential’ return from its free cash flow. Kakuyu needs a more serious exploration programme as I understand it myself, to better understand the orebody and with the market cap where it is that is not going to be achievable by raising from the market just yet.

Shouldn’t dismiss any new Zambian opportunities so readily, the Minemba prospect is nearby to the copper rich pit at Kalengwa that produced 1.9Mt @ 9.44% Cu.

Got to be on the ground first to be in with any chance.

Yep A.. nothing new apparently!