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Zambian drill campaigns for both xtr and glr likely to commence in next couple of months now! Previously April was mentioned. Least is confirmed has not yet underway. Ducks being lined up or usual African slow pace of doing anything.

Indication given that both drill campaigns inc xtr have not yet started, anticipating to start in next couple of months with contracts still being worked on.

Is a foot in the Zambian door and could open up other opportunities in the copper space.

Strategic opportunism.

Midweek takeaway for BZT joining the Zambian party. Last half discusses update on drill programmes in planning.

https://x.com/RoastPR/status/1800814962887250095?t=ctMlf2daxq3-MA429biHnA&s=19

Https://x.com/RoastPR/status/1800814962887250095?t=ctMlf2daxq3-MA429biHnA&s=19

NtM, that reminded me of another legend 😉

Cloughie- “Now then young Edward”

Teddy sherringham- “Everyone calls me Teddy”

Cloughie- “I’ll call you Edward, because that is what your mother christened you”

Last of the 24,800,000 warrants that were issued of share options have until July ‘26 to be exercised at 10p. These were offered back in ‘21 to employees and consultants of the company on the assumption of rewarding staff etc in the event of BR being sold.

Is still on course for that and not just from BR but with Zambia to consider too now. So there is a price point Colin and team will want to aim for before those lapse too, as did the last batch in ‘23. Could well be where the “Tell them where to stick it if they offered 10p” comment originated from.

I still believe Colin wants this, or a sale to happen for shareholders and certainly for his staff that have worked tirelessly on BR. For them, and consequently us, to be rewarded.

Anything below that threshold and the 850 or so million shares in issue now will remain that and not the estimated 1B shares that would have been in issue if ‘All’ share options would have been taken up with a 15% uplift in value return from our investment case that was based on that 1B shares being in issue.

As it stands that is !

Get a womb

Just noticed a mistake in Charles Archers written article on Xtr which is significant enough to be very misleading. Although his article is generally spot on, he states that the Racecourse orebody is not amenable to ore sorting. This is not entirely true. Yes, the Tomra results showed that their ore sorter did not add value at this stage, but there are other options for bulk ore sorters such as NextOre which use magnetic resonance sensors and was or is being trialled at Cadia and used in large porphyry mine in Chile.

There are also alternative pre-concentration methods that can be looked into, particularly Grade Control Engineering also referred to as Selective Blasting which takes advantage of natural characteristics in rock where mineralisation occurs, the host rock is generally weaker than the surrounding unmineralised or very weakly mineralised rock which is harder. This simple method of Selective blasting and primary crushing controls fragmentation which can be screened and separated effectively with resulting copper grades increasing up to 50% at processing similar to BOS tech.

Worth the mention with studies ongoing.

https://investingstrategy.co.uk/mining/investing-strategy-the-xtract-resources-edit/

No ANALysis, as of yet from you Cruella on incoming funds under the Manica disposal agreement, of which Xtract will be paid:

* 12 quarterly instalments of $750,000 from 1 March 2024, with the last payment 1 December 2026

* A further $3 million in cash before 1 March 2027

* An additional $3 million deferred consideration payable in three instalments through 2025-26, should MMP decide to build a sulphide plant

You surprise me after your previous analysis on attempts to value the company going forward which centred around revenue where production forecasts where uncertain. Much easier now eh 👍

Howzat jez LSE had dripped the closing price to make it appear as though is up two days in a row yippee

Invite sent to a Stephen D…. If is your good self 👍

Hi Steve I don’t think I joined through an invite,

Download it here: https://telegram.org/dl

Then join ‘XTR Xtract resources’

Try that 🤔

Thank you Prickly, good to hear the event didn’t go by completely unnoticed. The Xtr edit is a welcome refresher from someone else banging the drum for the company, particularly to self fund these latest acquisitions still leaving surplus cash in bank.

Will post link on xtr TG

Anyone go to this event?

https://youtu.be/42X6Cp5oOBU

Another trio of highly prospective licences adj to the two others and AFP’s. Further positive statement made on funding of initial buy in, as well as self funding any 2nd phases of all 5 licences now subject to outcomes of phase 1 with Xtract anticipating “funding this exploration expenditure from existing resources and current ongoing operational activities.”

Ha ha yeah maybe a politician I would dazzle with diamonds in my manifesto, if that doesn’t work I could baffle them all with bull 5hit.

But seriously, all I’m trying to say is the evolution of the project has followed the pathway and general expectations of that initial study for Racecourse more closely, and still is, than Colin’s dream of a 3km long continuous ore body that didn’t quite materialise as the grades in between both porphyry’s fell away leaving Ascot isolated.

The updated pit study was just a snapshot showing the current economic performance that once the plant and op cost optimisation studies are completed and input, along with a sustainable higher copper price, it may just get the economics where they need to be.

This is where interpretation of what CB says sometimes may come into it. When he spoke of being profitable at 8,9, 10k, and along with what is stated stated in the original conceptual study-

• The Conceptual Study concluded that the Racecourse deposit contains significant low-grade tonnes of copper and gold which may be economically recovered at a copper sales price above US$4 per lb’

The study is referring to mining costs to be viable which does not take into account the CapEx payback included. I’m sure CB was probably doing the same, it’s what miners tend to do. Just as the cut off grade only takes into account mining costs and not any CapEx payback. There just needs to be enough cash margin once CapEx is finally included from resulting plant optimisation which is also highlighted in the preliminary conceptual study as potential to improve the project economics.

The success of any investment case for BR was always going to be on the likelihood of a sale down the line, not for how much. Investing should have been driven by the current conceptual study that clearly gives anticipated low bulk tonnage grades and potential break even costs. All of which are in line with, along with the strong potential now of that higher copper price to carry this ‘new age’ potential mine. You make out a higher copper price is required to save the project when in reality it was always a requirement.

Got to remember xtr are only doing what they need to do to show a viable concept, nothing more nothing less.

Hey Dani sorry yes 1m paid for concessions but don’t believe that included taking ownership of the existing JORC resource from AA if that’s of any relevance now.

SK is a good prospect with good high grades to kickstart a mine and potential of bulk lower grade tonnages for any mines longevity