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Building a new mine has become an increasingly difficult proposition anyway with new environment, social and governance requirements which have added significantly to CapEx costs.

Recent volatility has made it worse with higher interest rates pushing up the cost of capital and increasing Op costs. As has been said, rates will come down.

Can’t stress enough the challenges that new projects around the world will be up against to meet newer ESG requirements which are likely to include electrification, green energy and low water usage, toward getting its permits and financing. A new mine will need to be carbon neutral and will likely only be allowed to be developed if there is green energy supplied. This is where the significance of the bulk ore sorting comes into play, the advantages of it include improving resource utilisation, reducing environmental footprint, increasing feed grade, reducing energy and transport costs, reducing water and chemical reagent usage and minimising tailings.

The other relevant factor toward wether BR will go on to be developed is jurisdictional. The NSW climate and energy action plan is seeing a boom in the energy system change to 100% renewable which already has around 53% transition of total generation capacity in the state.

These are the factors that will help make BR very desirable when a decent enough economic performance can be shown with the influence from BOS , that will utilise the resource and the bulk low grades.

>>It did change after the real situation became apparent. 


Hey Andrew just banter on my part in that post. In response to the above part of your reply, can assume is in relation to BR missed targets and timelines he gave.

I am of the firm opinion that the pathway that the project has actually taken, along with the updated RC JORC where the lower peripheral grades have been added to make up the bulk tonnage, are ultimately more within the project ‘managements’ expectations when you consider what they would have known from all the available early AA data and the outcome and recommendations from the ‘preliminary’ conceptual study for phase 2, particularly where toward resource optimisation was concerned and the forecast of requiring $4/lbCu

Yes, there is always going to be some disappointment from hopeful expectation of grades. But the single most significant factor that contributes the most to the viability of a project has, and always will be the future value of copper.

What I’m getting at is that, although CB has not been completely honest ‘previously’, it doesn’t mean to say that BR hasn’t lived up, more in line to management realistic expectations. I know many have written it down off already and shouldn’t.

Peddling a porphyry project on a UK indices was always going to be difficult knowing how long and how much money is required. He would never have got away with it on ASX.

The downturn in global economy hasn’t helped his cause.

>>i also had a similar top up today. i will do so again if ask falls below 1p 


was wondering why you had been more vociferous in ****ging cb off recently andrew.

silly me, and i thought you were just chasing likes 😉

>>had a lightbulb moment which explains everything

As long as it’s not a Eureka moment!

CB has the right individuals in place across all his companies with the specific capabilities, values, and experience to manage and move projects forward. If he couldn’t keep on top of his own workload across his various companies, he is astute enough to do something about it. If it were at the detriment of any those particular businesses. As an example, he stepped down from jubilee metals as at that time he felt a more suitable candidate with different set of skills would be better for them in the next phase of their evolution as a company. CB admitted his skills were more appropriate to companies which are at an earlier stage of their development. 

He has vast experience needed to grow xtract into a ‘sustainable’ mining, exploration and development company, now that the company is at a pivotal point in its own development. There will be increasing, positive cash flow to sustain that growth now.

The market will catch up when investors looking for value return when interest increases finally in the sector and the company can start to push the PR again (when all the ducks are lined up) have some patience and let’s stop blaming the little fat chap. (His words)

Many thanks for the clarity through the Empress royalty Andy, it would make sense then that delay relates in some way toward operating costs and ultimately Xtracts eventual net profit share. As xtr would be the last to get paid and through MMP we would be at the mercy of their accounting for release.

There is a 3 month reporting window, but there would no doubt be a cut off period for ‘final’ payment to be received with full operational breakdown so could it be that there is not sufficient time be able to report the full quarter analysis within that window? Could be a future precedent set there for ongoing full audited results and HI. It wouldn’t affect quarterly production reporting.

Would assume payments are staggered throughout the quarter and not just one lump sum.

Just offering a less cynical alternative view with one which tallies with the comment in H1 that “…. projected figures for this second quarter on target. 


NOT summarised zap ⚡⚡❓❓

No not Q2 ma, there was this,

>>Following the prolonged rainy season in Mozambique , production gathered pace in the second quarter ended 30June 2023 with projected figures for this second quarter on target.

So full figures for Q2 not complete to have been fully incorporated. Potentially seeing a further increase on the reported £1.67m revenue for that period ??

You after getting more smiles per hour from the Vette with your blat to the dentist jez

Fair one Jez, when I have them doubts I go out for a blat in the Camaro and they all go away. 😎

From H1 report

Financial- During the period, other revenue which relates to Xtracts profit from Fairbride amounted to £1.67m ……….

Just not summarised.

Flipper>> I don't think that value was wrong at the time.

Maybe I should have put based on fundamentals at that time.

It was driven up off the back of an absurd PR drive and forward looking statements.

Not forgetting RNS’d at start of a hole then RNS’d on completion of that hole, sometimes half way through it. It was extraordinary, never seen that frequency before of some, such pointless updates.

Well…. there was a point 😉

Looks a lot worse with xtr share price demise as it was from the spike with a 50-£60m market cap!

Which was really stretching it if were being honest.

That demise doesn’t look as bad using a longer range moving average.

Just trying to gloss it up a bit 🙄

Almost feels like there’s an agenda at play and through the roasties are encouraging the lemmings to jump across to other companies in the CB stable. Maybe to nudge up market caps there to drop a fund raise or two. How do those other companies shape up financially do they need cash to progress their assets.

New money is certainly not coming from the market in general until there is a change in the economic climate.

Prob stuff and nonsense but just a thought.

Positively cuckoo yu

🔸Says who and at what copper sale price?

🔸Pre concentration is the key to unlocking the low grade bill tonnages at BR that will bring them into play. If plant size can be reduced so is mining only half the amount of ore then CapEx and Significant OpEx reductions will also impact the NPV model. But yes copper price affects model considerably.

Not an essay 🙂

“Short and to the point answers will do”

Don’t know that one 🤷

‘Next’ results should shortly confirm production figures for Q2 but as for actual financials, then will be waiting for the fully audited year end report next June I would say.

As per…

Xtract will be reporting production and gold price statistics for Fair Bride on a quarterly basis with Xtract's 23% net profit share to be included in its annual and interim financial accounts.

My mistake wires crossed on assets. long day and all that. But still, spent over two years on the new JV

The objective at Kakuyu is to get cash flow coming in from hauling ore off site to pay for that $2m more extensive exploration. He’s given over a couple of years guidance so plenty of time to start up the operation if they haven’t already. It will be self sustainable.

Hi Dani being saleable would suggest the results of pre concentration are sufficient enough now to be incorporated into the financial model. It does confirm they have now “instructed optimal to incorporate the TOMRA results into an updated economic model for the overall Bushranger Project.”

The difficulty in declaring the DtM now is that a key component, stated in the Valmin Code (which dictates what is required for the DtM ), is that a certain % of the resource needs to have probable ore reserves which are converted from the indicated part of the resource. This is what would support any kind of financier backing although having the money in place is not part of it in the VC. It would no doubt require a pre feasibility study, with a ‘lot’ more outlay to get to that next big decision point basically.

So I think once the full study is back showing what they have, there may be no reason to declare the DtM if it is going to be too difficult to prove, leaving xtr with the option to approach AA to negotiate a way out of the buy back agreement. (while copper price is still low)

Unfortunately still all guess work but going in right direction.

CB prefers to release late in day to give the market time overnight or a weekend in this case to fully digest results