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That is rather hypothetical but generally yes, as you wouldn’t have to mine as much so ongoing op costs would be less in working out the NPV model for starters.

Without closing down the programme there is no point in updating the JORC as they would want to include all ore to date in the revised statement. It is the JORC send off for the financial modelling to be based on, so they will not know if the drilling to date was successful or not at that point anyway. Obviously from the interim report optimal suggested the ore sorting due to the potential amenability of the ore. The company will follow the recommendations that the expert consultants suggest. Not every ore type will be amenable to bulk sorting that will have the most profound effect on the financial performance of the model due to the potential to reduce start up Cap and ongoing Op costs. What will happen now anyway is that further optimisation of the modelling should happen later to improve on what they have. Wether through more drilling or optimising the pre concentration steps which seemed a little unclear from feedback from AGM.

James yes you probably right about MC not having any input on keeping JR on, his experience is mainly in Africa. But I’m assuming JR appointment was ‘probably’ not conditional in the acquisition of BR so they no doubt felt his skill set and experience were good enough. Alongside Qui ntain there is or was a strong team, I’m sure QH was freelance.

I suppose another point I was trying to make is that CB’s input may not be as much as we may think in the decision making process??

Guy

Hello James

JR could not have been positioned better to project direct BR with his association from his time at AA. He has a wealth of experience which is of huge benefit in the project pathway. You could also consider that with Martyn Churchouse close and long standing association with CB and the stable of companies, as im sure he would have been consulted on Jeremy, so would have come highly recommended if MC had any input into the decision making.

Also MC is one of the reasons am confident that Kakuyu will not turn out to be worthless from his association with the company. MC is an independent geo and mining consultant of 40+ years who certainly is highly respected in the industry.

Got to remember his appointment was from external so would would have been taken lightly as a project director to be entrusted to spend £12+million of the companies and shareholders money.

Hello Da I did sight you out almost immediately. So was my hello

Listened to a mining stock education podcast. I won’t paste it but from it is an interesting topic relating to BR.

Top three criteria for any junior mining investment.

“It’s management first, management second; and management third. And then it goes from there. Good management can take a mediocre asset and make it work. Bad management can’t generally make a bad asset work. And bad management can screw up a good asset.”

Before replying, just stop and think before slating CB.

BR management couldn’t be in better hands with Jeremy Reid!

Hi Dani what kept you

The rumour goes that he was spotted living above a chip shop in Ascot!!!…….. Go figure NtM

No he’s still knocking about in rehab since he arrived in November as a slimmer version of himself, he might be smaller than most were expecting but he’s also a lot leaner these days so will be sought after when he finally goes on the road and should sell out.

‘I just can’t help believing’, ‘Always on my mind’ and ‘I should be so lucky’ are a few of his smash hits…..probably.

Had a rummage down back of sofa and found a couple of quid so I’ll go first, might just start the stampede you never know!

It’s just us idiots/master investors left.

Brilliant comment Jezzoo, in that no one has a bloody clue what category they fall in 🤣

it’s not funny I know!

Thanks Andrew, as I thought. 👍

Just for clarity to the casual observers.

From Q1production update.

>>>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.

>>>even in an RNS it seems !

Andrew, are we still on the same page believing that the market will not respond to income generated until it sees cash in bank. Currently Q4 ‘22 and Q1 ‘23 have just reported gold produced. Do you think this is still the case, and waiting for mid year audited report?

>>HZ you are saying it’s acceptable or understandable to completely mislead shareholders.

I got called naive for once suggesting they couldn’t hold back results as was against AIM rules.

All I’m saying is CB is clever and careful in what he actually says.

Right or wrong is subjective of course. Do I agree, not particularly as if I had known early days this would likely take 3-4 years then I would not have initially invested. But with a far better understanding now I am happy to wait longer.

Hi cyberiachas >> Turned out to be nearly all complete rubbish- BR anywhere between 1.8 and 2.6 million tons lol 


Those assumptions were made before Ascot was identified as a separate porphyry, you could argue his assumptions were based on if all of what would have been racecourse with the strike extension of 3+Km identified was delineated and drilled out, may well exceed 2mtCu/Eq

At present there’s 1.3mt classified but we do not know how much more there is at racecourse and particularly Ascot that has been drilled but did not make it into the resource statement.

If he had said we are looking at a JORC of between 1.8-2.6mt then that is clearly different.

I do tend to agree Jezzoo, although one can loosely compare it to a weather forecast in that it is based on assumptions that are made at any given time. Once there is a change in the meteorological/ geological picture in this case, then the longer term forecast changes. CB has really pushed the boundaries of what is morally right considering our money is at stake.

What folk need to consider is without any hard hitting promo to get the share price rallied into the 5-6p range the £10m+ fund raises would have killed the market cap with massive dilutive effect even at 2p. So with Fairbride commissioning and ramp up taking as long as it did, he couldn’t risk a collapse in share price if a further raise was needed at that time so the over optimism and exaggerated statements needed to continue up to the resource statements being released.

Just on the subject of BR.

Valid question from Kevin on subject of 2mt and DtM- “When do you start the conversation with Anglo?”

Colins answer- “When that goal is achieved.”

Hate to keep playing the devils advocate, but someone has to! He covers himself with this answer quite clearly. Of course he is using plenty of artistic license that is at his disposal to plug the project setting targets for talks, but they are just targets. They are not a statement of intent or a promise.

On production, all the info is in public domain from DFS to mmp agreement to understand potential revenues.

Agree though, should not be taking promotional podcasts seriously without first fully understanding the company financial position and the status of the assets from company website and official news releases, and certainly not as a substitute for proper research in continually evaluating an investment.

I think I'll believe any Kakuyu income when its declared in an RNS !

I thought that was my point Andrew

They mentioned some production from Kakuyu that could add to Q2. Some decent in pit ultra high grades of 15-25% Cu evident they may have targeted to draw some initial income from, to get the ball rolling. Half year report will be very welcome to get a better update from across all the projects, but no disputing Manica income will be the one everyone is looking to.

Newcrest operations are managing Haverion, it’s into DFS , which was already due but are waiting to optimise further.

Wouldn’t say no other major is interested as they couldn’t compete with Newcrest as their Telfer mine is local to “potentially leverage Telfer’s existing infrastructure and processing plant”

Hi ma no offence was taken, have been busy.

Bit premature to go ‘into’ royalties but not unusual to see a bolt on for selling on, or in resolution toward any number of stumbling blocks all the way up to DFS. Was just saying that it is a possibility.

Good morning Ma, I don’t ignore anyone. That would be rude. Not sure who you think I maybe, you keep fishing but you are wrong! I’m a very private person, I don’t have any other type of social media whatsoever or feel the need to reach out. I don’t know anymore than what has been put out by the company and admit any theories made are from that information, an understanding from my own research, but also just tied together loosely based on comments made in podcasts.

If anyone thinks I’m anything to do directly or indirectly with the company other than just a shareholder (I don’t see why they would) then that is dangerous. My opinions formulated are just that and sometimes not necessarily what I might actually believe. But if something seems to fit then why not put it out there to see what others make of it.

So please don’t rage ma